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The State Administration of Foreign Exchange (SAFE) held on May 3, 2018 a seminar on "Deepening Reform and Opening up of Foreign Exchange Administration to Make It Easier to Do Business". Chaired by Pan Gongsheng, Administrator of the SAFE, the seminar was attended by representatives from The European Union Chamber of Commerce in China, HSBC, Standard Chartered Bank, DBS Bank, Deutsche Bank, PWC, BMW, and Schneider Electric. Based on their experience in company operation and customer service, the representatives discussed many issues such as the opening up and development of the foreign exchange market, the liberalization of the capital market and the promotion of trade and investment facilitation, and provided constructive ideas and suggestions. Pan Gongsheng pointed out that foreign exchange authorities will deepen reforms, boost two-way opening up of the financial market, promoting capital account convertibility, and enhancing trade and investment facilitation so as to serve opening up in all respects and the development of the real economy while guarding against risks associated with cross-border capital flows to create a favorable environment for Chinese and foreign-funded companies to do business. 2018-05-04/en/2018/0504/1460.html
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The State Administration of Foreign Exchange (SAFE) has recently disseminated China’s external debt data as at the end of June 2018, and an official from the SAFE answered media questions on recent situations of China’s external debt. Q: Could you brief us on China's external debt for the second quarter of 2018? A: China's external debt continued to grow in the second quarter of 2018. As at the end of June 2018, China's full-scale outstanding external debt registered USD 1.8705 trillion (in both domestic and foreign currencies), up by USD 27 billion or 1.5% quarter on quarter, primarily driven by the fact that overseas non-resident institutions continued to increase holdings of domestic RMB bonds. Q: What would you say about China’s external debt situations? A: Overall, China's external debt for the second quarter was steadily rising, and its structure was further optimized. First, as the domestic bond market has been further liberalized, the demand of foreign institutional investors to allocate China's domestic RMB bonds, especially medium - and long-term treasury bonds, continues to increase. According to relevant statistics, by the end of June 2018, the proportion of foreign institutions in China's treasury bond market had reached 7.28%, up by 2.31 percentage points so far this year, reaching a record high. Second, more than 70% of China's full-scale outstanding external debt increase for the second quarter was driven by medium - and long-term external debt, and the structure of external debt has been further optimized. By the end of June 2018, the ratio of China's short-term external debt to foreign exchange reserves was 38%, far below the international warning line. Looking ahead, uncertainties and destabilizing factors in the international financial and economic environment are obviously on the rise. However, with the constant transformation of old and new drivers of growth, China's economy will maintain the fundamentals of resilience, adaptability and ample room for maneuver, which will help promote the basic equilibrium of cross-border capital flows. The SAFE will continue to pay close attention to the changes in the international and domestic situations, constantly improve the management system of external debt and capital flow under the framework of macro-prudential management, and attach equal importance to serving the real economy and preventing financial risks, so as to promote sustainable and sound economic development. 2018-09-28/en/2018/0928/1461.html
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The State Administration of Foreign Exchange (SAFE) recently released data on foreign exchange settlement and sales by banks as well as banks' foreign-related receipts and payments for customers for August 2018. The SAFE press spokesperson answered media questions on recent cross-border capital flows. Q: Could you brief us on China's cross-border capital flows for August 2018? A: China's foreign exchange market supply and demand continues to stay stable. At the end of August 2018, China's foreign exchange reserve balance was USD 3109.7 billion, down by USD 8.2 billion from the end of July, a drop of 0.26%. In August, Banks registered a deficit of USD 14.9 billion in foreign exchange settlement and sales, and an accumulated deficit of USD 10.5 billion so far this year, down by 91% year-on-year. The deficit in foreign-related receipt and payment of non-bank sectors such as domestic enterprises was USD 4.4 billion, narrowed by 63% month-on-month. The wider opening of the capital market to the outside world continues to attract international capital into China, and the purchase of foreign exchange by enterprises and individuals is rational and orderly. First, the net inflow of cross-border capital under portfolio investment increased rapidly. In August, the portfolio investment posted a surplus of USD 17.5 billion in foreign-related receipt and payment, rose by 2.9 times month-on-month. The portfolio investment registered a surplus of USD 4.3 billion in foreign exchange settlement and sales, which is the highest since July 2015. Second, the import trade financing of enterprises continued to increase. In August, the balance of cross-border financing for import trade such as refinancing and forward L/C grew by USD 2.3 billion month-on-month, and increased by USD 16.9 billion cumulatively so far this year. Third, the deficit in forward foreign exchange settlement and sales contracts narrowed down. In August, the deficit in forward foreign exchange settlement and sales contracts was USD 5.4 billion, down by 65% month-on-month. In addition, foreign exchange purchase under returns of investment fell due to seasonal factors, down by 33% month-on-month; individuals' purchases of foreign exchange picked up in the summer overseas travel season and the period before the back-to-school season, but fell by 2% year on year. At present, international trade frictions are intensifying, geopolitical tensions are rising, and economic and financial turmoil in some emerging market countries is expanding. However, China's foreign exchange market has still maintained overall stability in adverse external environment. In the future, although there still will be many external uncertainties, along with the transformation and upgrade of industries as well as the steady and thorough advancement of China's opening up, China's economic operation will continue to maintain in a reasonable range, the two-way fluctuation of RMB exchange rate is expected to become increasingly resilient, and the measures for macro-prudential management of cross-border capital flow will continue to play a role in counter cyclic adjustment. Therefore, China can effectively cope with external shocks, and safeguard the smooth operation of foreign exchange market. 2018-09-20/en/2018/0920/1463.html
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Q: The latest data disseminated by the People's Bank of China on foreign exchange reserves show that China's foreign exchange reserves as at the end of June 2018 rose USD 1.5 billion month on month. Could you tell us why such a change occurred? What would you say about the future trends of foreign exchange reserves? A: As at the end of June 2018, China's foreign exchange reserves recorded USD 3.1121 trillion, up by USD 1.5 billion or 0.05% month on month. In June China's foreign exchange market performed stably and the balance of payments found an adaptive equilibrium. But global financial markets were more volatile and the US Dollar Index picked up by a slight 0.5% because major non-USD currencies declined against the US dollars and asset prices changed. As a result, China's foreign exchange reserves climbed marginally. In the year to date, China's economy has maintained stability while ensuring progress and gained momentum for growth. But due to divergence of the global economic recovery and rising trade frictions, some emerging economies have been under the pressure of capital outflows and currency depreciation. Nevertheless, in China, market expectations have been stabilized thanks to the robust fundamentals, and cross-border capital flows have remained steady. Looking ahead, China will focus on the supply-side structural reform, deepening the reform and opening up and strengthening innovation drive, indicating China's economy is sophisticated enough to maintain stable growth, which will provide a fundamental guarantee for the stable operation of the foreign exchange market. On the other hand, as trade protectionism rises, the FED continues to hike interest rates and reduce balance sheets, and global liquidity is tightened, the uncertainties of external environment have been heightened. Under such factors at home and abroad, China's foreign exchange reserves are expected to stay stable amid fluctuations. 2018-07-09/en/2018/0709/1466.html
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The People's Bank of China, the Ministry of Public Security of the PRC and the State Administration of Foreign Exchange issued the following reminder: Recently, some online platforms have been illegally engaged in foreign exchange margin transactions (also called foreign exchange security deposit, generally referring to such circumstance where customers invest in a certain amount of funds as deposit and conduct foreign exchange transactions within expanded investment amount at a certain leverage multiple), which has severely disrupted the financial order, resulted in property loss of the social public, causing adverse impacts and engendering serious potential risks: I. So far, the People's Bank of China, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission as well as the State Administration of Foreign Exchange and its branches haven't approved any institution to engage in foreign exchange margin business either directly or on an agency basis. II. In accordance with the Circular on Sternly Investigating and Punishing Illegal Foreign Exchange Futures Transactions and Foreign Exchange Margin Trading Activities (Zhengjianfazi No. 165 [1994]), any unauthorized transaction of foreign exchange margin by an unapproved institution is illegal; it is also an offence for a client (organization or individual) to entrust an unapproved institution to conduct foreign exchange margin transactions (whether in foreign currency or renminbi as security deposit). III. The public should be fully aware of the risks involved in foreign exchange margin activities, improve risk prevention awareness and ability, and guard against property losses caused by illegal transactions. IV. The general public should actively report to the relevant authorities if they find clues of illegal and criminal activities. 2018-09-14/en/2018/0914/1464.html
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Q: The latest data on foreign exchange reserves disseminated by the People's Bank of China show that China's foreign exchange reserves as of the end of March 2018 rose by USD 8.3 billion month on month. Could you brief us on the causes of such change? What will be the future trends? A: As at the end of March 2018, China posted USD 3.1428 trillion in foreign exchange reserves, up by USD 8.3 billion or 0.27% month on month. In March, China's foreign exchange supply and demand in major channels found a basic equilibrium, indicating a balanced foreign exchange market. Due to the combined impact of the rising risk aversion in the global financial market, appreciation of major non-USD currency exchange rates against the US dollars and changes in asset prices, China's foreign exchange reserves recovered. Since the beginning of the year, China's economic performance has sustained a strong momentum for growth while maintaining stability, with economic structure upgrading optimized and quality/benefits improving. The RMB exchange rate against the USD has fluctuated in two directions and maintained basic stability. The overall equilibrium in cross-border capital has been strengthened. Going forward, as the global economy continues to recover, the domestic economic stability is consolidated with a strong momentum for growth, and the reform and opening up goes deeper, China's balance of payments will sustain a basic equilibrium and cross-border capital flows will stay stable. Meanwhile, as the global economic and political environments remain complex and changing, the financial market may continue to be uncertain. Under such circumstances, China's foreign exchange reserves are expected to remain stable. 2018-04-08/en/2018/0408/1465.html
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To implement the spirit of the central government on deepening the financial reform and opening up, the State Administration of Foreign Exchange (SAFE) has recently released the Regulations on Foreign Exchange Administration of Domestic Securities Investments by Qualified Foreign Institutional Investors (Announcement No. 1 [2018] of the State Administration of Foreign Exchange, "Regulations"), and issued the Circular of the People's Bank of China and the State Administration of Foreign Exchange on the Management of Domestic Securities Investment by RMB Qualified Foreign Institutional Investors (Yinfa No. 157 [2018], "Circular") together with the People's Bank of China, so as to improve administration of domestic securities investment by QFIIs/RQFIIs and further facilitate cross-border securities investment. Major policies and measures are as follows: first, cancel the requirement that the outward remittances by QFIIs should be no higher than 20%, and they are allowed to entrust a custodian with handling outward remittances. Second, cancel the requirement on the lock-up period of principal for QFIIs/RQFIIs, and they are allowed to remit out principal based on investment situations. Third, QFIIs/RQFIIs are allowed to engage in foreign exchange hedging to offset the risks arising from foreign exchange rate in domestic investment. The Regulations and the Circular will become effective as of issuance. (The end) 2018-06-12/en/2018/0612/1455.html
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On September 28, Pan Gongsheng, administrator of the State Administration of Foreign Exchange (SAFE) met with the former Federal Reserve Chairman Ben Bernanke and his delegation, invited Mr. Bernanke to give a special speech on "Reflection on the 10th Anniversary of the Global Financial Crisis" and exchanged views on topics such as coping with international financial crisis, financial regulatory reform and trend of the US economic and monetary policies. 2018-09-29/en/2018/0929/1467.html
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In first two months of 2020,China’s international trade in goods and services recorded receipts of RMB 2194.3 billion and payments of RMB 2456.9 billion based on statistics of balance of payments (BOP), registering a deficit of RMB 262.6 billion. Specifically, trade in goods registered receipts of RMB 1955.6 billion,payments of RMB 1991.7 billion, recording a deficit of RMB 36.1 billion;trade in services recorded receipts of RMB 238.7 billion,payments of RMB 465.2 billion, resulting in a deficit of RMB 226.6 billion. In the US dollar terms, in first two months of 2020, China's BOP-based receipts and payments of international trade in goods and services were USD 315.3 billion and USD 353.1 billion respectively, registering a deficit of USD 37.7 billion.Specifically, the receipts and payments from trade in goods were USD 281 billion and USD 286.2 billion respectively, resulting in a deficit of USD 5.2 billion. Trade in services registered receipts and payments of USD 34.3 billion and USD 66.9 billion respectively, recording a deficit of USD 32.6 billion. (End) InternationalTrade in Goods and Services of China (Based on the BOP statistics) January to February 2020 Item In 100 million of RMB In 100 million of USD Goods and services -2626 -377 Credit 21943 3153 Debit -24569 -3531 1. Goods -361 -52 Credit 19556 2810 Debit -19917 -2862 2. Services -2266 -326 Credit 2387 343 Debit -4652 -669 2.1Manufacturing services on physical inputs owned by others 158 23 Credit 163 23 Debit -5 -1 2.2Maintenance and repair services n.i.e 42 6 Credit 68 10 Debit -26 -4 2.3Transport -530 -76 Credit 467 67 Debit -997 -143 2.4Travel -2089 -300 Credit 237 34 Debit -2326 -334 2.5Construction 12 2 Credit 101 14 Debit -89 -13 2.6Insurance and pension services -62 -9 Credit 33 5 Debit -95 -14 2.7Financial services 15 2 Credit 38 5 Debit -23 -3 2.8Charges for the use of intellectual property -169 -24 Credit 90 13 Debit -259 -37 2.9Telecommunications, computer and information services 11 2 Credit 347 50 Debit -335 -48 2.10Other business services 388 56 Credit 819 118 Debit -430 -62 2.11Personal, cultural, and recreational services -23 -3 Credit 8 1 Debit -31 -4 2.12Government goods and services n.i.e -19 -3 Credit 17 2 Debit -36 -5 Notes: 1. The trade in goods and 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 goods and 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 ofIndicators: Goods and Services: refers to the trade in goods and services between residents and non-residents, which is based on the same standard as that for the BOP statement. 1. Goods:refers to transactions in goods whereby the economic ownership is transferred between the Chinese residents and non-residents. The credit side records export of goods, while the debit side records import of goods. The data of goods account are mainly from the customs statistics of imports and exports, but differ from the statistics of the customs mainly in the following aspects:first, the goods in the BOP statement only reflect the goods whose ownership has been transferred (e.g. goods under the trade modes such as general tradeand processing trade with imported materials), while the goods whose ownership is not transferred (e.g. manufacturing services with supplied materials or with exported materials) are included in the statistics of trade in services instead of the statistics of trade in goods; second, as required by the BOP statistics, the goods imported and exported are valued on the FOB basis, but as required by the customs, the goods exported are valued on the FOB basis, whereas goods imported are on the CIF basis. Therefore, for the purpose of the BOP statistics, the international transport and insurance premiums are taken out from the value of imported goods and included in the trade inservices; and third, the data on net export of goods in merchanting which are not included in the customs statistics are supplemented. 2. 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 for the 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. 2.1 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 recordsthe manufacturing services supplied by the Chinese residents on physical inputs owned by non-residents, and vice versa for debit side. 2.2 Maintenance and repair services: referto the maintenance and repair services supplied by residents to non-residentsor vice versa on goods and equipment (such as vessel, aircraft, and other transportation facility) owned by the receiving party. The credit side recordsthe maintenance and repair services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.3 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 postaland delivery services. The credit side records the international transport,postal and delivery services supplied by residents to non-residents, and vice versa for debitside. 2.4 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 in definite 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. 2.5 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. 2.6 Insuranceand 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. 2.7 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. 2.8 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 proto types. The credit side records the intellectual property-related services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.9 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 tonon-residents, andvice versa for debit side. 2.10 Other business 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. 2.11 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, culturaland recreational services (health, education, etc.). The credit side records the related services supplied by the Chinese residents to non-residents, and vice versa for debitside. 2.12Government 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 and services. 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. 2020-03-27/en/2020/0327/1661.html
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As at the end of 2019, China recorded RMB 14.3519 trillion in outstanding external debt denominated in both domestic and foreign currencies (equivalent to USD 2.0573trillion, excluding those of Hong Kong SAR, Macao SAR, and Taiwan Province, the same below). With respect to the term structure, the outstanding medium-and long-term external debt was RMB 5.9435 trillion (USD 852.0 billion), accounting for 41%; while the outstanding short-term external debt was RMB 8.4084 trillion (USD 1.2053trillion), taking up 59%, including 43% trade-related credit. In terms of institutions and sectors, the outstanding debt of government totaled RMB1.8901 trillion(USD 270.9billion), accounting for 13%; the outstanding debt of the central bank totaled RMB 253.4 billion (USD 36.3 billion), accounting for 2%; the outstanding debt of banks totaled RMB 6.4037 trillion (USD 918.0 billion), taking up 45%; the outstanding debt of other sectors(including inter-company lending under direct investments) totaled RMB 5.8047 trillion (USD 832.1 billion), taking up 40%; In terms of debt instruments, the outstanding of loans was RMB 3.1784 trillion (USD 455.6 billion), accounting for 22%; the outstanding of trade credit and prepayment was RMB 2.5417 trillion (USD 364.3billion), accounting for 18%; the outstanding of currency and deposits was RMB 2.9467 trillion (USD 422.4 billion), accounting for 20%; the outstanding of debt securities was RMB 3.6928 trillion (USD 529.3 billion), accounting for 25.5%; the Special Drawing Rights (SDR) allocation amounted to RMB 67.4 billion (USD 9.7billion), accounting for 0.5%. The outstanding debt of inter-company lending under direct investments totaled RMB 1.6725 trillion (USD 239.8 billion), accounting for12%; and the outstanding of other debt liabilities was RMB 252.4billion (USD 36.2 billion), making up 2%. With respect to currency structures, the outstanding external debt in domestic currency totaled RMB 5.078 trillion (USD 727.9 billion), accounting for 35%; the outstanding external debt in foreign currencies (including SDR allocation) totaled RMB 9.2739 trillion (USD 1.3294 trillion), accounting for 65%. In the total outstanding registered external debt in foreign currencies, the USD debt accounted for 83%, the Euro debt accounted for 8%, the HKD debt accounted for5%, the JPY debt accounted for 2%, the SDR and other foreign currency-denominated external debt accounted for 2%. As at the end of 2019，the liability ratio was 14.3 percent, the debt ratio was 77.8 percent, the debt servicing ratio was 6.7 percent, and the ratio of short-term external debt to foreign exchange reserves was 38.8 percent. China’s major external debt metrics were all within the internationally recognized thresholds,indicating that the external debt risk is controllable on the whole. In addition, SAFE revised the outstanding external debt data from the end of 2018 to the end of September 2019 based on the latest data of the distributed and unremitted profits of foreign-invested enterprises, and released it in the "Data and Statistics" column of the SAFE's official website. For the interpretation of China's outstanding external debt data at the end of 2019, please refer to the "Balance of Payments Report of China (2019)". Appendix Definition of terms and interpretations External debt classificationby term structure. There are two methods to classify the external debt by term structure. One is on the basis of the contract term,i.e. it is classified as medium- and long-term external debt if the contractterm is over one year, and classified as short-term external debt if the contract term is one year or less; the other is on the basis of the remaining term, i.e.,on the basis of the contract term classification method above, the medium- and long-term external debt due within one year is classified as short-term external debt. In this news release, external debt is divided into medium- and long-term external debt and short-term external debt based on the contract term. Trade-related credit is a broad concept. In addition to trade credit and prepayment, it also involves other kinds of credit provided for trade activities. As it is defined,trade-related credit includes trade credit and prepayment, bank trade financing, short-term notes related to trade, and so forth. In particular, trade credit and prepayment refer to external liability arising from directly extending credit between the seller and buyer of goods transactions, specifically transactions between residents in the Chinese Mainland and overseas non-residents (including non-residents in Hong Kong SAR, Macao SAR, and Taiwan Province), i.e., the debt incurred due tothe difference between the time of payment and the time of the goods ownership transfer, which include credit directly provided by the supplier (e.g., theoverseas exporter) for goods and services, and advance payments made by buyers(e.g., overseas importers) for goods, services, and on-going business (or business to be undertaken). Bank trade financing refers to trade related loans that offered by a third party(e.g., banks) to exporters or importers, for instance, loans extended by foreign financial institutions or export credit agencies to buyers. Liability ratio refers to the ratio of outstanding external debt as of the end of the year to the GDP for the year. Debt ratio refers to the ratio of the outstanding external debt as of the end of the year to the export revenue from trade in goods and services for the year in the balance of payments. Debt servicing ratio refers to the ratio of the repayment of the principal and payment of interest on external debt for the year (the sum of the repayment of the principal and payment of interest on medium- and long-term external debt and the payment of the interest of short-term external debt) to the export revenue from trade ingoods and services for the year in the balance of payments. The internationally recognized thresholds for external debt risk indicators - liability ratio, debtratio, debt servicing ratio and ratio of short-term external debt to foreign exchange reserves are 20 percent, 100 percent, 20 percent and 100 percent respectively. Annexed table：China’s Gross External Debt Position by Sector, End of December 2019 End of December 2019 End of December 2019 （Unit:100 million RMB） （Unit:100 million US dollars） General Government 18901 2709 Short-term 709 102 Currency and deposits 0 0 Debt securities 709 102 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 0 0 Long-term 18192 2607 Currency and deposits 0 0 Debt securities 0 0 Loans 14966 2145 Trade credit and advances 3226 462 Other debt liabilities 0 0 Currency and deposits 0 0 Central Bank 2534 363 Short-term 1773 254 Currency and deposits 755 108 Debt securities 1018 146 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 0 0 Long-term 761 109 Special drawing rights 674 97 Currency and deposits 0 0 Debt securities 0 0 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 87 12 Other Depository Corporations 64037 9180 Short-term 47598 6823 Currency and deposits 28691 4113 Debt securities 3733 535 Loans 14996 2150 Trade credit and advances 0 0 Other debt liabilities 178 25 Long-term 16439 2357 Currency and deposits 0 0 Debt securities 11393 1633 Loans 4985 715 Trade credit and advances 0 0 Other debt liabilities 62 9 Other Sectors 41322 5923 Short-term 29916 4288 Currency and deposits 21 3 Debt securities 188 27 Loans 3785 543 Trade credit and advances 24973 3580 Other debt liabilities 948 136 Long-term 11406 1635 Currency and deposits 0 0 Debt securities 4920 705 Loans 4792 687 Trade credit and advances 445 64 Other debt liabilities 1249 179 Direct Investment: Intercompany Lending 16725 2398 Debt liabilities of direct investment enterprises to direct investors 10341 1482 Debt liabilities of direct investors to direct investment enterprises 695 100 Debt liabilities to affiliated enterprises 5688 816 Gross External Debt Position 143519 20573 Notes: 1. The short-term and long-term herein are broken down by contractual (original) maturity. 2. The data in this table have been rounded off. 2020-03-27/en/2020/0327/1658.html