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The State Administration of Foreign Exchange (SAFE) releases data on China's external portfolio investment assets (by country/region) at the end of June2019.The statistics show that China's external portfolio investment assets (excluding reserve assets) amounted to USD 560.2 billion by the end of June 2019, including USD 303.4 billion in equity investments and USD 256.8 billion in bond investments. The top 5 recipients of Chinese investments were Hong Kong, the U.S., CaymanIslands, the British Virgin Islands and the UK, with the amount being USD 179.7 billion, USD 144.3 billion, USD 47.9 billion, USD 40.3 billion and USD 18.1 billion respectively. (End) 2019-11-29/en/2019/1129/1601.html
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As shown in the statistics of the State Administration of ForeignExchange (SAFE), in January 2020, the amount of foreign exchange settlement and sales by banks wasRMB 1006.7 billionand RMB 962.5 billion, respectively, with a settlement of RMB 44.2 billion. In the US dollarterms，the amount of foreign exchangesettlement and sales by banks was USD 145.5 billion andUSD 139.1billion, respectively, with a settlement of USD 6.4 billion. In particular,the amount of foreign exchange settlement and sales by banks for customers wasRMB 913.9 billionand RMB 856.6 billion,respectively, with a settlement of RMB 57.3 billion; theamount of foreign exchange settlement and sales for banks themselves was RMB 92.8 billion andRMB 105.9 billion,respectively, with a deficit of RMB 13.1 billion.During the period, newlysignedcontractamountof forwardforeignexchangesettlementand sales was RMB 99.2 billion andRMB 37 billion,respectively, with a net newly signed contract amount offorward foreign exchange settlement of RMB 62.2 billion. Atthe end of January,outstandingamountof forwardforeignexchangesettlementand salesby the endof the currentperiod was RMB 500.4 billion andRMB 409.3billion, respectively, with a net outstanding amountof forward foreignexchange settlement of RMB 91.1 billion; the net Delta exposureof outstanding options was RMB -255.9 billion. Please note that the data for few banks isincomplete due to the disease caused by COVID-19. Addendum: Glossary and relevant definitions Balance of payments(BOP) refers to all economic transactionsbetween residents and non-residents. Foreignexchange settlement and sales by banks refers to settlement and sale transaction that bank executes for customersand for the banks themselves, including statistic data onsettlements of forward contracts for foreign exchange settlementand sales and the exercises of option, and excludingthe transactions in the interbank foreign exchange market. The statistic reporting date of Foreign exchangesettlement and sales by banks should be the trade day of theForeignexchange settlement and sales transaction. By definition, foreignexchange settlement means foreign exchange holders sell foreignexchange to designated foreign exchange bank, and foreignexchange sales means designated bank sells foreign exchange to foreign exchange buyers. The net position of foreign exchange settlement andforeign exchange sales could be position squared throughtransactions on the inter-bank foreign exchange market, and it is one ofthe major contributors to the country’sforeign exchange reserve fluctuation, though it is not equal to netchange in foreign exchange reserves during the same period Unlikethe principle of balance-of-payments statistics, which cover the transactionsbetween residents and non-residents, foreign exchange settlement and sales bybanks only cover transactions of RMB and foreign currencies between banks and customers or on banks for themselves. Thenewly signed contract amount of forward foreign exchange settlement and sales refers to the binding forward contract between designated foreignexchange bank and client that predetermines foreign exchange currency, amount,exchange rate and tenor which to be executed upon maturity. Thenewly signed forward contract enables corporate to lock inadvance the exchange rate for the purchase or sale of a currency on a futuredate to manage relevant foreign exchange risk arising fromRMB volatility. In general, bank will hedge its foreign exchange risk exposures arise from the newly signed forward contract in the Interbank foreign exchange market. For example,when bank has net foreign exchange long position, bankwill short the equivalent amount of foreign exchange in the Interbank foreignexchange market in advance, or vice versa. Therefore, the newly signedcontract amount of forward foreign exchange settlement and sales is also one of contributors to China’s foreign exchange reserve fluctuation. Theunwind amount of forward foreign exchange settlement and sales refers to, where client is unable to perform the original forwardcontract due to change in its real demand, client to fully or partially closeits forward position by executing another deal with opposite direction to theoriginal contract. Therolling amount of forward foreign exchange settlement and sales refers to client to adjust the settlement date of original contract dueto change in its real demand. Theoutstanding amount of forward foreign exchange settlement and sales by the endof the current period refers to the total amount of forwardcontracts accumulated from all non-matured forward contracts with client. Thenewly signed contractamount and the outstanding amount should satisfy the equationthat: theoutstanding amount of forward foreign exchange settlement and sales by the endof the current period = theoutstanding amount of forward foreign exchange settlement and sales at the endof the previous period + the newly signed contract amount of forward foreignexchange settlement and sales for the period - settlements of forwardcontracts for foreign exchange settlement and sales for the period - the unwindamount of forward foreign exchange settlement and sales for the period. The net Deltaexposure of outstanding options refers to the implied foreignexchange spot risk exposure from outstanding option contracts that bank executedwith client. Bank shall hedge such risk in the foreign exchange market for risk management during deal life cycle. The cross-border receiptsand payments bynon-banking sectors refers to the receipts andpayments between domestic non-banking sectors (including institutional and individual residents)and non-residentsthrough domestic banks, excluding receipts and payments in cash. In particular,the statisticsincludescross-border receipts and payments between non-banking sectors andnon-residents through domestic banks (including RMB and foreign currency), and domesticreceipts and payments between non-banking sectors and non-residents throughdomestic banks (temporarily excluding domestic receipts and payments in RMBbetween individual residents and non-resident individuals). Data are collected whencustomers conduct receipts and payments with non-resident counterparties atdomestic banks. Specifically, the receipts refer to the capitalof non-bankingsectors received fromnon-residents via domestic banks; the payments refer to the capitalof non-bankingsectors paid to non-residents via domestic banks. Thecross-border receipts and payments by non-banking sectors is based on cash basis,different from the accrual basis required by the Balance of Payments Statistics. The statisticsmerely reflects the cashflows between non-banking sectors and non-residents and does not include bartertransactions or transactions with non-residents conducted by the banksthemselves. Therefore,the scope of thestatistics is narrower than that of the Balance of Payments Statistics. 2020-03-06/en/2020/0306/1643.html
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The State Administration of Foreign Exchange (SAFE) has recently revised and issued the Measures for Administration of the Pilot Program on Domestic and Foreign Currency Exchange Franchise Businesses for Individuals (Huifa No. 6 [2020], "Measures"). SAFE Press Spokesperson and Chief Economist Wang Chunying answered media questions on relevant issues. 1. What is the background of the Measures? A: A pilot program on domestic and foreign currency exchange franchise businesses for individuals ("exchange franchise business") was initiated in Beijing and Shanghai in 2008. In April 2012, the SAFE published the Circular of the State Administration of Foreign Exchange on Issuing the Measures for Administration of the Pilot Program on Domestic and Foreign Currency Exchange Franchise Businesses for Individuals (Huifa No. 27, [2012]) to further expand the pilot program. Over the years, with its scope continuously expanded, the exchange franchise business has maintained stable growth. Featuring flexible service time, a large variety of currencies, small amount for exchange per transaction, and outlet location in transport hubs such as airports and ports, the exchange franchise business is a favorable complement to the bank exchange business to meet individuals' demands for exchange of domestic and foreign currencies. To improve administration of the exchange franchise businesses in line with the reform requirements of the State Council of delegating power, improving regulation, and upgrading services, the SAFE has revised the Measures for Administration of the Pilot Program on Domestic and Foreign Currency Exchange Franchise Businesses for Individuals based on its surveys and research, with no changes to the permitted scope of domestic and foreign currency exchange franchise businesses for individuals and the administration principles of foreign exchange settlement and sales for individuals. Upholding easy access and rigorous regulation, the Measures will be favorable for reducing costs of institutions engaged in the domestic and foreign currency exchange franchise businesses ("exchange franchise institution") and will have a positive impact on optimizing the business environment, guarding against financial risks and further facilitating domestic and foreign currency exchange for individuals. 2. How will the Measures facilitate business activities of exchange franchise institutions? A: first, the Measures will help streamline administrative approval. The approval for the qualification of exchange franchise institutions for nationwide operations will be delegated to the SAFE branches with whom they have registered. Approval for opening a foreign exchange reserve account by exchange franchise institutions and for preparation for market access by their branches/sub-branches will be canceled. Second, the Measures can help optimize processes. Exchange franchise institutions will be allowed to start electronic exchange business for individuals, sales and redemption of electronic travelers' cheques, and handle changes of business address after prior reporting. Third, the Measures will be conducive to license streamlining and offering convenience to the public. For market access, the supporting materials like business license and no-action letter will no longer be required from application institutions. 3. Will the Measures impact the domestic and foreign currency exchange businesses for individuals? A: No, it won't. According to the Measures, no change has been made to the existing administration principles for domestic and foreign currency exchange businesses for individuals. With their authentic ID certificates presented, individuals can easily handle domestic and foreign currency exchange through the business channels offered by exchange franchise institutions. 4. Are there any measures set forth in the Measures to guard against risks arising from cross-border flows such as money laundering? A: Following the reform requirements of the State Council of delegating power, improving regulation, and upgrading services, and the guideline of combining power delegation and stringent regulation, the revised Measures allows transfer of ex-ante approval for more administrative resources to enhanced ongoing and ex-post regulation. On the one hand, the Measures requires that exchange franchise institutions should build an effective mechanism for internal verification and correction, intensify monitoring and authentication of suspected exchange transactions that are cumulatively large-sized, and tighten management of customers handling unusual transactions, so as to prevent individuals from splitting its transactions through exchange franchise businesses and circumventing foreign exchange administration with fake certificates. On the other hand, the Measures requires local foreign exchange authorities to increase off-site and on-site verification of business activities of exchange franchise institutions within their jurisdictions and clarify scenarios where measures like risk reminder and rectification orders are implemented. (The end) 2020-02-19/en/2020/0219/1640.html
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The branches and foreign exchange administration departments of the State Administration of Foreign Exchange (SAFE) in all provinces, autonomous regions, and municipalities directly under the Central Government, and the SAFE branches in Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo, and national Chinese-funded banks, To boost healthy development of the domestic and foreign currency exchange franchise businesses for individuals ("exchange franchise business") in compliance with regulations, the SAFE has revised the Measures for Administration of the Pilot Program on Domestic and Foreign Currency Exchange Franchise Businesses for Individuals ("Measures") (see the appendix). Relevant contents are highlighted as follows: First, following the arrangements of the State Council of streamlining administration and delegating power, improving regulation, and upgrading services, foreign exchange administration departments at various levels shall tighten regulation of institutions engaged in exchange franchise business within your jurisdictions. Under the guideline of easy access and stringent regulation, foreign exchange administration departments shall intensify ongoing and ex-post management, and perform the responsibility of territorial financial regulation to guard against financial risk. SAFE branches and foreign exchange administration departments ("branches" for short) shall report to the SAFE for filing before approving for the first time non-financial institutions to engage in exchange franchise business in their jurisdictions, based on local situations. Second, domestic non-financial institutions and its branches/sub-branches who have obtained the qualification for engaging in the exchange franchise business before this Circular is published shall apply to local foreign exchange authorities for renewal of the License for Engaging in Domestic and Foreign Currency Exchange Franchise Businesses for Individuals ("Exchange Business License") before August 31, 2020. In particular, the headquarters of domestic non-financial institutions shall also submit the Letter of Commitment on Engaging in Domestic and Foreign Currency Exchange Franchise Businesses for Individuals, and materials stating automatic interfacing of their exchange business systems with the SAFE's individual foreign exchange business system. If they fail to submit these materials on time, local SAFE branches shall disqualify them from engaging the exchange franchise business and write of the Exchange Business License. Third, upon receipt of this Circular, SAFE branches shall forward it immediately to the central sub-branches, sub-branches, city commercial banks, rural commercial banks, wholly foreign-owned banks, Sino-foreign joint venture banks, branches of foreign-owned banks, rural cooperative financial institutions, and exchange franchise business institutions within their jurisdictions, while national Chinese-funded banks shall forward it promptly to the branches and sub-branches within their jurisdictions and accurately convey policy requirements to ensure implementation efforts. Fourth, this Circular will become effective as of the date of issuance. Meanwhile, the Circular of the State Administration of Foreign Exchange on Issuing the Measures for Administration of the Pilot Program on Domestic and Foreign Currency Exchange Franchise Businesses for Individuals (Huifa No. 27, [2012]), the Circular of the State Administration of Foreign Exchange on Relevant Issues Concerning the Handling of Exchange Business by Franchised Institutions of Domestic and Foreign Currency Exchange for Individuals Through the Internet (Huifa No. 41 [2015]), the Reply of the State Administration of Foreign Exchange to Franchised Institutions Providing Domestic and Foreign Currency Exchange for Individuals to Engage in Transport of Foreign Currency Cash into or out of the Territory and Foreign Currency Wholesale Business (Huifu No. 169 [2015]), and the Circular of the General Affairs Department of the State Administration of Foreign Exchange on Relevant Issues Concerning Standardizing Domestic and Foreign Currency Exchange Franchise Business for Individuals and Foreign Currency Exchange Business (Huizongfa No. 38 [2015]) will be rescinded. Appendix: Measures for Administration of the Pilot Program on Domestic and Foreign Currency Exchange Franchise Businesses for Individuals State Administration of Foreign Exchange February 13, 2020 2020-02-19/en/2020/0219/1641.html
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The State Administration of Foreign Exchange (SAFE) has recently disseminated the data on banks' foreign-related receipts and payments for customers for January 2020. SAFE Press Spokesperson and Chief Economist Wang Chunying answered media questions on foreign exchange receipts and payments for January 2020. Q: Could you brief us on the situations of China’s foreign exchange receipts and payments in January 2020? What changes have occurred recently? A: China’s foreign exchange receipts and payments remained generally stable and the supply and demand of the foreign exchange market maintained a basic equilibrium in January. The highlights are as follows: Firstly, the foreign-related receipts and payments of non-banking sectors remained in surplus in January, which hit USD 7.4 billion, indicating net inflows have been maintained since December 2019. Secondly, based on the preliminary data, banks’ foreign exchange settlement and sales represented a slight surplus in the month. Considering the forward foreign exchange settlement and sales, options and other supply and demand factors, the supply-demand of the foreign exchange market was in a basic equilibrium. Thirdly, foreign exchange reserves rose steadily. The balance of foreign exchange reserves stood at USD 3.1155 trillion at the end of January, up by USD 7.6 billion from the end of 2019. Fourthly, the cross-border capital flows via major channels were relatively stable, and foreign-related receipts and payments under trade in goods, direct investment and portfolio investment remained in surplus. Since the beginning of February, despite the impact of the COVID-19 epidemic, the foreign exchange market has maintained stable operation, showing the market is becoming more mature and rational. After a short adjustment, the RMB exchange rate has continued to show slight two-way fluctuations with both ups and downs. The supply and demand of foreign exchange market maintains a basic equilibrium, the foreign-related receipts and payments of non-banking sectors remain stable, and the foreign-related transactions of market players including enterprises and individuals are rational and orderly, indicating that China’s foreign exchange market has become more mature, and can better absorb and adapt to the impact of relevant events. Going forward, China’s foreign exchange market is expected to maintain stable operation, based on a solid foundation and favorable conditions. On the one hand, the impact of the epidemic will be short-lived and limited, while China’s economy is resilient, there’s ample room for macro-control policies, and the fundamentals sustaining sound and high-quality economic growth over the long term haven't changed, which will continue to bolster the stability of China’s foreign exchange market. On the other hand, China’s opening-up has been deepened, the domestic business environment has been improving, and the internationalization level of the capital market has been rising, which will continue to attract mid- and long-term investment. 2020-02-21/en/2020/0221/1639.html
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In January 2020, China’s international trade in services recorded receipts of RMB 115.6 billion, payments of RMB 268.8 billion, resulting in a deficit of RMB 153.2 billion. In the US dollar terms, in January 2020, China's international trade in services registered receipts and payments of USD 16.7 billion and USD 38.9 billion respectively, recording a deficit of USD 22.2billion. As the Customs statistics of trade in goods for January 2020 will be disseminated together with data for February 2020, international trade in goods for January 2020 will be disseminated together with data for February 2020 as well. (End) International Trade in Services of China (Based on the BOP statistics) January 2020 Item In 100 million of RMB In 100 million of USD 1. Services -1532 -222 Credit 1156 167 Debit -2688 -389 1.1Manufacturing services on physical inputs owned by others 78 11 Credit 80 12 Debit -3 0 1.2Maintenance and repair services n.i.e 10 1 Credit 28 4 Debit -18 -3 1.3Transport -319 -46 Credit 225 33 Debit -544 -79 1.4Travel -1269 -183 Credit 166 24 Debit -1435 -207 1.5Construction 8 1 Credit 56 8 Debit -48 -7 1.6Insurance and pension services -38 -6 Credit 16 2 Debit -55 -8 1.7Financial services 9 1 Credit 20 3 Debit -10 -1 1.8Charges for the use of intellectual property -124 -18 Credit 34 5 Debit -158 -23 1.9Telecommunications, computer and information services 25 4 Credit 153 22 Debit -128 -18 1.10Other business services 113 16 Credit 366 53 Debit -253 -37 1.11Personal, cultural, and recreational services -20 -3 Credit 3 0 Debit -23 -3 1.12Government goods and services n.i.e -5 -1 Credit 9 1 Debit -13 -2 Notes: 1. The trade in services in this table refers to the transactions between residents and non-residents, based on the same standard as that for BOP statement. The monthly data are preliminary and may be inconsistent with the quarterly data in the BOP statement. 2. The data on international trade in services are prepared in USD, and the RMB data for the current month is derived by converting the USD data at the monthly average central parity rate of the RMB against the USD. 3. This table employs rounded-off numbers. Definition of Indicators: 1. Services: includes manufacturing services on physical inputs owned by others, maintenance and repair services n.i.e, transport, travel,construction, insurance and pension services, financial services, charges forthe use of intellectual property, telecommunications, computer and information services, other business services, personal, cultural and recreational services, and government goods and services n.i.e. The credit side records services supplied, while the debit side records services received. 1.1 Manufacturing services on physical owned by others: processor only provides processing, assembly, packaging and other services and charges service fee from the owner, while the ownership of the goods is not transferred between the owner and the processor. The credit side records the manufacturing services supplied by the Chinese residents on physical inputs owned by non-residents, and vice versa for debit side. 1.2 Maintenanceand repair services: refer to the maintenance and repair services supplied by residents to non-residents or vice versa on goods and equipment (such as vessel, aircraft, and other transportation facility) owned by the receiving party. The credit side records the maintenance and repair services supplied by the Chinese residents to non-residents, and vice versa for debit side. 1.3 Transport:refers to the process of transporting people and goods from one place to another, and the relevant supporting and auxiliary services, as well as postal and delivery services. The credit side records the international transport, postal and delivery services supplied by residents to non-residents, and vice versa for debit side. 1.4 Travel:refers to goods consumed and services purchased by travelers in various economies as non-residents. The credit side records the goods and services provided by the Chinese residents to non-residents who have stayed in China for less than one year, as well as non-residents studying abroad and seeking medical treatment for indefinite period of stay. The debit side records the goods and services purchased by the Chinese residents when traveling, studying or seeking medical services abroad from non-residents. 1.5 Construction services: refer to the establishment, renovation, maintenance or expansion of fixed assets in the form of buildings, land improvement, roads, bridges and dams and other engineering buildings of engineering nature, relevant installation, assembly, painting, pipeline construction, demolition and project management, as well as site preparation, measurement and blasting and other special services. The credit side records the construction services provided by the Chinese residents outside the economic territory. The debit side records the construction services received by the Chinese residents in the Chinese economic territory from non-residents. 1.6 Insurance and pension services: refers to various insurance services and commission to agents related with insurance transaction. The credit side records the life insurance and annuity, non-lifeinsurance, reinsurance, standardized guarantee services and relevant supporting services supplied by the Chinese residents to non-residents, and vice versa for debit side. 1.7 Financial services: refer to financial intermediation and supporting services, excluding those covered by insurance and pension services. The credit side records the financial intermediation and supporting services supplied by the Chinese residents to non-residents, and vice versa for debit side. 1.8 Charges for the use of intellectual property:refer to licensed use of intangible, non-productive/non-financial assets and exclusive rights between residents and non-residents and the licensed use of existing original works or prototypes. The credit side records the intellectual property-related services supplied by the Chinese residents to non-residents, and vice versa for debit side. 1.9 Telecommunications, computer and information services:refer to communications services between residents and non-residents and transactions of services related to computer data and news, excluding commercial services delivered via telephone, computer and Internet. The credit side records the telecommunications, computer and information services supplied by residents to non-residents, and vice versa for debit side. 1.10 Otherbusiness services: refer to other types of services between residents and non-residents, including research and development services, professional and management consulting services,technical and trade-related services. The credit side records the other business services supplied by the Chinese residents to non-residents, and vice versa for debit side. 1.11 Personal, cultural and recreational services: refer to transactions of personal, cultural and recreational services between residents and non-residents, including audiovisual and related services (films,radio, television programs and music recordings) and other personal, cultural and recreational services (health, education, etc.). The credit side records the related services supplied by the Chinese residents to non-residents, and vice versa for debit side. 1.12 Government goods and services n.i.e:refer to various goods and services provided and purchased by governments and international organizations not included in other categories of goods andservices. The credit side records the goods and services not included elsewhere and supplied by the Chinese residents to non-residents, and vice versa for debit side. 2020-02-28/en/2020/0228/1634.html
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To boost orderly development of the domestic and foreign currency exchange franchise businesses for individuals in compliance with regulations, the State Administration of Foreign Exchange (SAFE) has recently revised and issued the Measures for Administration of the Pilot Program on Domestic and Foreign Currency Exchange Franchise Businesses for Individuals (Huifa No. 6 [2020], "Measures"). While ensuring the permitted scope of domestic and foreign currency exchange franchise businesses for individuals and the administration principles of foreign exchange settlement and sales for individuals remain unchanged, the Measures is designed to refine relevant administration policies and facilitate domestic and foreign currency exchange by individuals. The highlights of the Measures are as follows: first, streamlining administrative approval. The approval for the qualification of franchise businesses for nationwide operations will be delegated to SAFE branches with whom they have registered. Approval for opening a foreign exchange reserve account by franchise institutions and for preparation for market access of their branches/sub-branches will be canceled. Market access-related supporting materials like business license and no-action letter will no longer be required. Second, optimizing processes. Franchise institutions will be allowed to start electronic exchange business for individuals, sales and redemption of electronic travelers' cheques, and handle changes of business address after prior reporting. Third, driving business innovation. Franchise institutions will be allowed to accept non-cash RMB funds paid by domestic individual customers in their names in exchange for foreign currency. Fourth, improving market entry and exit mechanisms. Market access requirements such as volume standards, technical conditions, credit of businesses and managers will be properly optimized. Fifth, tightening ongoing and ex-post regulation. Franchise institutions will be required to build effective risk control systems and intensify authenticity and compliance reviews. The Measures will come into force as of the date of issuance. 2020-02-19/en/2020/0219/1642.html
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The State Administration of Foreign Exchange (SAFE) has recently published the preliminary data on the Balance of Payments for the fourth quarter of 2019 and the whole year. Wang Chunying, press spokesperson and chief economist of the SAFE, answered media questions on relevant issues. Q: Could you brief us on the features of China's balance of payments for 2019? A: As shown by the preliminary data on the Balance of Payments, China's balance of payments remained in a basic equilibrium in 2019, featuring a surplus under the current account and stable cross-border capital flows. First, the current account registered a surplus, including a higher surplus in trade in goods and a lower deficit in trade in services. In 2019, a surplus of USD 177.5 billion was recorded under the current account, accounting for 1.2% of GDP, versus a surplus of USD 49.1 billion that accounted for 0.4% of GDP in 2018. To be specific, trade in goods in the Balance of Payments recorded a surplus of USD 462.8 billion, up by 17% from 2018, while trade in services registered a deficit of USD 261.4 billion, down by 11% from a year earlier. Under trade in services, the deficits of travel, transportation and intellectual property royalties went down by 8%, 12% and 8% from 2018, respectively. Second, direct investment registered a net inflow. In 2019, direct investment recorded a net inflow of USD 59.1 billion, including a net outflow under ODI of USD 97.6 billion, and a net inflow under FDI of USD 156.7 billion, which remained high. Third, portfolio investment recorded a surplus. Initial statistics shows that China posted a surplus of around USD 60 billion under portfolio investment in 2019, including outward investment of nearly USD 90 billion and foreign investment of USD 150 billion. Overall, with its strong resilience and potential, China's economy will sustain sound and high-quality growth over the long term. The all-around opening up will be further pressed ahead with. Therefore, China's balance of payments is expected to maintain general stability and remain in a basic equilibrium in the future. 2020-02-14/en/2020/0214/1636.html
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To push forward with reforms that delegate power, improve regulation, and upgrade services, and increase policy transparency, the State Administration of Foreign Exchange (SAFE) has recently updated the Catalogue of Major Effective Regulations on Foreign Exchange Administration (Catalogue) and released it in the "Policies & Regulations" section on its official website to facilitate queries and use by the public. The Catalogue classifies 219 regulations on foreign exchange administration released as of December 31, 2019 into eight major categories, namely, General Foreign Exchange Administration, Foreign Exchange Administration under the Current Account, Foreign Exchange Administration under the Capital Account, Regulation of Foreign Exchange Business of Financial Institutions, RMB Exchange Rate and Foreign Exchange Market, BOP and Foreign Exchange Statistics, Foreign Exchange Inspections and Applicable Regulations, and Foreign Exchange Technical Management, and into several sub-categories further by type of business. In particular, new documents added to the Catalogue primarily concern promotion of cross-border trade and investment facilitation, streamlining of foreign exchange accounts, cancellation of evidence requirements related to foreign exchange administration, and standardizing of financial marketing and promotions. 2020-02-24/en/2020/0224/1645.html
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According to the statistics of the State Administration of Foreign Exchange (SAFE), the Chinese foreign exchange market(excluding foreign currency pairs, the same below) recorded total transaction ofRMB 13.43 trillion (equivalent to USD 1.94 trillion) in January 2020. Specifically, the transaction volume of the bank to customer market was RMB 2.17 trillion(equivalent to USD 313.7 billion), the transaction volume of interbank marketwas RMB 11.26 trillion (equivalent to USD 1.63 trillion), the cumulativetransaction volume of the spot market was RMB 5.89 trillion (equivalent to USD 851.5billion), and that of the derivatives market was RMB 7.54 trillion (equivalentto USD 1.09 trillion). Because some of the banks have not been able to submit data due to the disease caused by COVID-19, the data for customer market is incomplete. 2020-03-06/en/2020/0306/1638.html