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SAFE News
  • Index number:
    000014453-2020-0111
  • Dispatch date:
    2020-09-25
  • Publish organization:
    State Administration of Foreign Exchange
  • Exchange Reference number:
  • Name:
    SAFE Releases China's Balance of Payments for the Second Quarter and the First Half of 2020
SAFE Releases China's Balance of Payments for the Second Quarter and the First Half of 2020

In the second quarter of 2020, China's current account registered a surplus of RMB 780.4 billion, and the capital and financial accounts recorded a deficit of RMB 244.3 billion.The financial account (excluding reserve assets) recorded a deficit of RMB 108.6 billion, and reserve assets rose by RMB 135.6 billion.

In the first half of 2020, China's current account registered a surplus of RMB 545.3 billion, and the capital and financial accounts recorded a deficit of RMB 166.8 billion. The financial account (excluding reserve assets) recorded a deficit of RMB 205.4 billion, and reserve assets decreased by RMB 39.3 billion.

In SDR terms, in the second quarter of 2020, China posted a surplus of SDR 80.5 billion under the current account, and a deficit of SDR 25.2 billion under the capital and financial accounts. The financial account (excluding reserve assets) registered a deficit of SDR 11.2 billion, and reserves assets rose by SDR 14 billion.

In SDR terms, in first half of 2020, China posted a surplus of SDR 55.5 billion under the current account, and a deficit of SDR 16.9 billion under the capital and financial accounts. The financial account (excluding reserve assets) registered a deficit of SDR 21.5 billion, and a decrease of SDR 4.6 billion under reserves assets.

In the US dollar terms, in the second quarter of 2020, China's current account recorded a surplus of USD 110.2 billion, including a surplus of USD 161.3 billion under trade in goods, a deficit of USD 29.5 billion under trade in services, a deficit of USD 22.5 billion under primary income, and a surplus of USD 900 million under secondary income. The capital and financial accounts recorded a deficit of USD 34.5 billion, including a deficit of USD 10 million under the capital account, a deficit of USD 15.3 billion under the financial account (excluding reserve assets), and an increase of USD 19.1 billion under reserves assets.

In the US dollar terms, in the first half of 2020, China's current account recorded a surplus of USD 76.5 billion, including a surplus of USD 184.4 billion under trade in goods, a deficit of USD 76.6 billion under trade in services, a deficit of USD 33.9 billion under primary income, and a surplus of USD 2.5 billion under secondary income. The capital and financial accounts recorded a deficit of USD 23.4 billion, including a deficit of USD 100 million under the capital account, a deficit of USD 29.2 billion under the financial account (excluding reserve assets), and a decrease of USD 5.9 billion under reserves assets.

In addition, to facilitate understanding of China’s Balance of Payments and International Investment Position among all users, the BOP Analysis Team of SAFE released Chinas Balance of Payments Report for the First Half of 2020 (in Chinese). (End)


Abridged Balance of Payments of China, Second Quarter of 2020

Item

Line No.

RMB 100 million

USD 100 million

SDR 100 million

1. Current Account

1

7,804

1,102

805

Credit

2

52,447

7,403

5,408

Debit

3

-44,642

-6,302

-4,603

1. A Goods and Services

4

9,336

1,318

963

Credit

5

46,728

6,596

4,818

Debit

6

-37,392

-5,278

-3,856

1.A.a Goods

7

11,427

1,613

1,178

Credit

8

42,777

6,038

4,411

Debit

9

-31,351

-4,425

-3,233

1.A.b Services

10

-2,090

-295

-216

Credit

11

3,951

558

407

Debit

12

-6,041

-853

-623

1.B Primary Income

13

-1,597

-225

-165

Credit

14

5,140

726

530

Debit

15

-6,737

-951

-695

1.C Secondary Income

16

66

9

7

Credit

17

579

82

60

Debit

18

-514

-73

-53

2. Capital and Financial Account

19

-2,443

-345

-252

2.1 Capital Account

20

-1

0

0

Credit

21

3

0

0

Debit

22

-4

0

0

2.2 Financial Account

23

-2,441

-345

-252

Assets

24

-9,730

-1,373

-1,003

Liabilities

25

7,288

1,029

752

2.2.1 Financial Account Excluding Reserve Assets

26

-1,086

-153

-112

2.2.1.1 Direct Investment

27

333

47

34

Assets

28

-2,066

-292

-213

Liabilities

29

2,399

339

247

2.2.1.2 Portfolio Investment

30

3,006

424

310

Assets

31

-1,671

-236

-172

Liabilities

32

4,676

660

482

2.2.1.3 Financial Derivatives (other than reserves) and Employee  Stock Options

33

-317

-45

-33

Assets

34

-251

-35

-26

Liabilities

35

-66

-9

-7

2.2.1.4 Other Investment

36

-4,108

-580

-424

Assets

37

-4,386

-619

-452

Liabilities

38

279

39

29

2.2.2 Reserve Assets

39

-1,356

-191

-140

3. Net Errors and Omissions

40

-5,362

-757

-553

Notes:

1.The statement is compiled according to BPM6. Reserve assets are included incapital and financial accounts.

2."Credit" is presented as positive value while "debit" as negative value, and the balance is the sum of the "Credit" and the "Debit". All items herein refer to balance, unless marked with "Credit" or "Debit".

3.The RMB denominated quarterly BOP data is converted from the USD denominated BOP data, using quarterly average central parity rate of RMB against USD. The quarterly accumulated RMB denominated BOP data is derived from the sum total of the RMB denominated data for the quarters.

4.The SDR denominated quarterly BOP data is converted from the USD denominated BOP data, using quarterly average exchange rate of SDR against USD. The quarterly accumulated SDR denominated BOP data is derived from the sum total of the SDR denominated data for the quarters.

5.This statement employs rounded-off numbers.

6.For detailed data, please see Data and Statistics at the website of SAFE.


Abridged China’s Balance of Payments, First Half of 2020

Item

Line No.

RMB 100 million

USD 100 million

SDR 100 million

1. Current Account

1

5,453

765

555

Credit

2

91,243

12,962

9,536

Debit

3

-85,790

-12,198

-8,982

1. A Goods and Services

4

7,665

1,078

785

Credit

5

83,040

11,799

8,682

Debit

6

-75,375

-10,721

-7,897

1.A.a Goods

7

13,039

1,844

1,350

Credit

8

75,290

10,697

7,871

Debit

9

-62,252

-8,853

-6,521

1.A.b Services

10

-5,374

-766

-565

Credit

11

7,750

1,102

812

Debit

12

-13,123

-1,868

-1,377

1.B Primary Income

13

-2,388

-339

-249

Credit

14

6,985

990

726

Debit

15

-9,373

-1,329

-975

1.C Secondary Income

16

176

25

19

Credit

17

1,219

173

128

Debit

18

-1,042

-148

-109

2. Capital and Financial Account

19

-1,668

-234

-169

2.1 Capital Account

20

-7

-1

-1

Credit

21

4

1

0

Debit

22

-11

-2

-1

2.2 Financial Account

23

-1,661

-233

-169

Assets

24

-13,304

-1,886

-1,384

Liabilities

25

11,643

1,653

1,215

2.2.1 Financial Account Excluding Reserve Assets

26

-2,054

-292

-215

2.2.1.1 Direct Investment

27

1,471

210

155

Assets

28

-3,323

-472

-347

Liabilities

29

4,794

682

502

2.2.1.2 Portfolio Investment

30

-707

-108

-85

Assets

31

-5,266

-751

-555

Liabilities

32

4,559

643

470

2.2.1.3 Financial Derivatives (other than reserves) and Employee  Stock Options

33

-642

-91

-67

Assets

34

-497

-71

-52

Liabilities

35

-145

-21

-15

2.2.1.4 Other Investment

36

-2,177

-303

-218

Assets

37

-4,612

-652

-476

Liabilities

38

2,436

348

258

2.2.2 Reserve Assets

39

393

59

46

3. Net Errors and Omissions

40

-3,785

-531

-385

Notes:

1.The statement is compiled according to BPM6. Reserve assets are included incapital and financial accounts.

2."Credit" is presented as positive value while "debit" as negative value, and the balance is the sum of the "Credit" and the "Debit". All items herein refer to balance, unless marked with "Credit" or "Debit".

3.The RMB denominated quarterly BOP data is converted from the USD denominated BOP data, using quarterly average central parity rate of RMB against USD. The quarterly accumulated RMB denominated BOP data is derived from the sum total of the RMB denominated data for the quarters.

4.The SDR denominated quarterly BOP data is converted from the USD denominated BOP data, using quarterly average exchange rate of SDR against USD. The quarterly accumulated SDR denominated BOP data is derived from the sum total of the SDR denominated data for the quarters.

5.This statement employs rounded-off numbers.

6.For detailed data, please see Data and Statistics at the website of SAFE.

The English translation may only be used as a reference. In case a different interpretation of the translated information contained in this website arises, the original Chinese shall prevail.

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