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                ChineseEnglish
                SAFE News
                • Index number:
                  000014453-2019-0326
                • Dispatch date:
                  2019-11-19
                • Publish organization:
                  State Administration of Foreign Exchange
                • Exchange Reference number
                • Name
                  SAFE Releases Data on Foreign Exchange Settlement and Sales by Banks and Data on Cross-border Receipts and Payments by Banks for Customers in October 2019
                SAFE Releases Data on Foreign Exchange Settlement and Sales by Banks and Data on Cross-border Receipts and Payments by Banks for Customers in October 2019

                As shown in the statistics of the State Administration of ForeignExchange (SAFE), in October 2019, the amount of foreign exchange settlement andsales by banks was RMB 975.6 billion and RMB 1006.7 billion, respectively, witha deficit of RMB 31.1 billion. In the US dollar termsthe amount offoreign exchange settlement and sales by banks was USD 138 billion and USD 142.4billion, respectively, with a deficit of USD 4.4 billion. In particular, theamount of foreign exchange settlement and sales by banks for customers was RMB 890billion and RMB 920 billion, respectively, with a deficit of RMB 30 billion; theamount of foreign exchange settlement and sales for banks themselves is RMB 85.6billion and RMB 86.7 billion, respectively, with a deficit of RMB 1.1 billion.During the period, newly signed contract amount of forward foreign exchange settlementand sales was RMB 111.4 billion and RMB 35 billion, respectively, with a net newlysigned contract amount of forward foreign exchange settlement of RMB 76.4billion. At the end of October, outstanding amount of forward foreign exchange settlementand sales by the end of the current period was RMB 492.6 billion and RMB 455.8billion, respectively, with a net outstanding amount of forward foreignexchange settlement of RMB 36.8 billion; the net Delta exposure of outstandingoptions was RMB -261.3 billion.

                During January to October 2019, the accumulative amount of foreignexchange settlement and sales by banks was RMB 10459.5 billion and RMB 10819.9billion, with an accumulative deficit of RMB 360.3 billion. In the US dollartermstheaccumulative amount of foreign exchange settlement and sales by banks was USD 1520.9billion  and USD 1573.5 billion, with anaccumulative deficit of USD 52.6 billion. In particular, the accumulativeamount of foreign exchange settlement and sales by banks for customers was RMB 9621.3billion and RMB 9912.2 billion, respectively, with an accumulative deficit ofRMB 290.9 billion; the accumulative amount of foreign exchange settlement andsales for banks themselves was RMB 838.2 billion and RMB 907.6 billion,respectively, with an accumulative deficit of RMB 69.4 billion. During theperiod, newly signed contract amount of forward foreign exchange settlement andsales was RMB 1273.6 billion and RMB 476.8 billion, respectively, with a net newlysigned contract amount of forward foreign exchange settlement of RMB 796.7 billion.

                In October 2019, the amount of cross-border receipts and payments by non-bankingsectors was RMB 2061.3 billion and RMB 1984 billion, respectively, with asurplus of RMB 77.3 billion.During January to October 2019, the amount of cross-borderreceipts and payments by non-banking sectors was RMB 20094.1 billion and RMB 20007.1billion, respectively, with a surplus of RMB 87 billion.

                In the US dollar terms, in October 2019, the amount of cross-border receiptsand payments by non-banking sectors was USD 291.5 billion and USD 280.6billion, respectively, with a surplus of USD 10.9 billion.During January to October2019, the amount of cross-border receipts and payments by non-banking sectorswas USD 2923 billion and USD 2909.5 billion, respectively, with a surplus of USD13.5 billion.


                                                                                                                                                         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 countrysforeign 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 Chinas 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-borderreceipts and 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.

                The cross-border receiptsand payments by non-banking sectors is based on cash basis, different from the accrual basis required by the Balance of Payments Statistics. The statistics merely reflects the cash flows between non-bankingsectors and non-residents and does not include bartertransactions or transactions with non-residents conducted by the banks themselves. Therefore, the scope of the statistics is narrowerthan that of the Balance of Payments Statistics.

                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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