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Annual Report of the State Administration of Foreign Exchange (2014)

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Annual Report of the State Administration of Foreign Exchange (2014) Annual Report of the State Administration Foreign Exchange Annual Report of the State Administration of Foreign Exchange 2014 2014 State Administration of Foreign Exchange Annual Report of the State Administration of Foreign Exchange 2014 Contents Administrator's Message .................................................................................... vii Management of the SAFE ................................................................................. xi Major Functions and Organizational Structure of the State Administration of Foreign Exchange .......................................................................................... 1 China's Macro Economy ................................................................................... 15 Global Economic and Financial Situations ....................................................... 18 The Foreign Exchange Administration Situation ................................................ 22 China's Balance of Payments Position ............................................................. 22 China's International Investment Position ........................................................ 27 China's External Debt ...................................................................................... 33 Trends in the RMB Exchange Rate and Domestic Foreign Exchange Market 2014 Annual Report of the State Administration of Foreign Exchange Annual Report of the State 2014 Transactions ................................................................................................. 35 Foreign Exchange Administration under the Current Account ............................ 40 Foreign Exchange Administration under the Capital Account ............................ 45 Statistics and Monitoring of the Balance of Payments ........................................ 53 Supervision of the Foreign Exchange Business of Financial Institutions ............. 55 Construction and Development of the Foreign Exchange Market ....................... 61 Enforcement of the Foreign Exchange Inspections and Regulations ................... 63 Management of Foreign Exchange Reserves ....................................................... 70 Construction of the Legal System for Foreign Exchange Administration ..................................................................................................................... 72 Disclosure and Dissemination of Information on Government Affairs ............... 76 ii IT Applications ................................................................................................. 79 International Exchanges and Cooperation .......................................................... 84 Internal Management ........................................................................................ 87 Foreign Exchange Statistics ................................................................................ 93 Major Events in China's Foreign Exchange Administration in 2014 .................. 164 Major Foreign Exchange Administration Policies and Regulations Promulgated in 2014 .......................................................................................................... 175 ◆ Box Box 1 Expanding the Pilot Program for Foreign Exchange Payment under Cross-border E-commerce through Payment Institutions ................................. 43 Box 2 Implementing the Reform of Foreign Exchange Administration for 2014 Annual Report of the State Administration of Foreign Exchange Annual Report of the State 2014 Cross-border Guarantee ................................................................................. 49 Box 3 Facilitating the Settlement and Sales of Foreign Exchange by Banks .......... 58 Box 4 Big Data Analytics to Effectively Enhance Efficiency of Foreign Exchange Inspections ..................................................................................................... 66 Box 5 Special Inspections of Banks to Curb False Entrepôt Trade ....................... 68 Box 6 Deepening the Pilot Reform on Centralized Operations and Management of MNCs' Foreign Exchange Funds ................................................................ 74 Box 7 System and Data Integration Provide Effective Tools for Ongoing and Ex-post Regulation ........................................................................................ 82 Box 8 Implementing Principal and Supervision Responsibilities in Improving Work Styles and Upholding Integrity among CPC Officials ........................ 90 iii Contents ◆ Table Table S1 China's Balance of Payments, 2014 .................................................. 93 Table S2 Abridged Balance of Payments, 1990-2014 ..................................... 95 Table S3 China's International Investment Position, 2004-2014 .................... 100 Table S4 China's Gross External Debt Position by Sector, End-2014 ............... 102 Table S5 Structure and Growth of Long-term and Short-term External Debt, 1990-2014 ................................................................................................... 106 Table S6 The External Debt, the National Economy, and Foreign Exchange Income, 1990-2014 ..................................................................................... 109 Table S7 Flows of the External Debt, the National Economy, and Foreign Exchange Income, 1990-2014 ...................................................................... 112 2014 Annual Report of the State Administration of Foreign Exchange Annual Report of the State 2014 Table S8 Annual and Monthly Averages of the Central Parity Rate of the RMB against the USD, January 1990-December 2014 .......................................... 115 Table S9 Central Parity Rate of the RMB, 2014 ............................................... 117 Table S10 Foreign Exchange Reserves, 1990-2014 ........................................ 122 Table S11 Monthly Foreign Exchange Reserves, 2014 .................................... 123 Table S12 Qualified Foreign Institutional Investors (QFIIs) with Investment Quotas Granted by the SAFE ....................................................................... 124 Table S13 Qualified Domestic Institutional Investors (QDIIs), Including Banking, Insurance, and Securities Institutions, with Investment Quotas Granted by the SAFE .................................................................................... 133 iv Table S14 RMB Qualified Foreign Institutional Investors (RQFIIs) with Investment Quotas Granted by the SAFE ...................................................... 138 Table S15 List of Banks Engaging in Derivative Businesses for Clients ............ 142 Table S16 Banks as Market-Makers in the Trading of RMB–Forex on the Interbank Forex Market ................................................................................ 145 Table S17 List of Insurance Institutions Operating Foreign Exchange Businesses ..................................................................................................... 146 ◆ Figure Figure 1 China's Monthly Trade Surplus, 2014 .............................................. 17 Figure 2 Growth Rates of China's Imports and Exports, 2014 ......................... 17 Figure 3 Performance of the Exchange Rates of Major Currencies, 2014 2014 Annual Report of the State Administration of Foreign Exchange Annual Report of the State 2014 ....................................................................................................................... 20 Figure 4 US Dollar Yield Rates of Different Assets, 2014 ................................ 21 Figure 5 China's External Financial Openness, 2004-2014 ............................. 27 Figure 6 China's External Financial Assets, Liabilities, and Net Assets, 2004-2014 .................................................................................................. 28 Figure 7 Changes in the Structure of China's External Financial Assets, 2004-2014 ................................................................................................... 29 Figure 8 Changes in the Structure of China's External Liabilities, 2004-2014 ....................................................................................................................... 30 Figure 9 China's Yield Rates of External Financial Assets and Liabilities, 2005-2014 ................................................................................................... 31 v Contents Figure 10 Trends in the Mid-Rate of the RMB against the USD, the EUR, the JPY and the GBP, 2014 ........................................................................... 35 Figure 11 Fluctuations in the RMB/USD Spot Transaction Price in the Interbank Foreign Exchange Market, 2014 .................................................... 36 Figure 12 Trends in the RMB Effective Exchange Rate, 1994-2014 ................ 37 Figure S1 Components of the Registered External Debt by the Type of Debtors, End-2014 ...................................................................................................... 104 Figure S2 Components of the Registered External Debt by the Type of Debt, End-2014 ....................................................................................................... 105 2014 Annual Report of the State Administration of Foreign Exchange Annual Report of the State 2014 vi Administrator's Message In 2014, the international environment was complex and volatile, while the task of conducting domestic reform, achieving development and maintaining stability was daunting. Given this, the
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