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According to statistical data released by the State Administration of Foreign Exchange (SAFE), in May 2012 the amount of foreign exchange settlement and sales by banks on behalf of clients amounted to USD135.1 billion and USD129.9 billion respectively. The surplus of foreign exchange settlement and sales amounted to USD5.1 billion. During the same period, the total amount involved with banks in contracts of forward settlement of foreign exchange on behalf of clients was USD15.9 billion, the total amount involved in contracts of forward sales of foreign exchange was USD21.2 billion, and the total amount of net forward exchange sales was USD5.3 billion. During the first five months 2012, the cumulative amount of foreign exchange settlement and sales by banks on behalf of clients amounted to USD615.5 billion and USD582.5 billion respectively. The surplus of foreign exchange settlement and sales was USD33 billion. During the same period, the cumulative amount involved in contracts of forward settlement of foreign exchange with banks on behalf of clients was USD73.4 billion, the cumulative amount involved in contracts of forward sales of foreign exchange was USD68 billion, and the cumulative amount of net forward settlement of foreign exchange with banks on behalf of clients was USD5.4 billion.

In May 2012 foreign-related receipts and payments of domestic banks on behalf of clients amounted to USD224.9 billion and USD215.8 billion respectively, and the surplus of foreign-related receipts and payments reached USD9.1 billion. During the first five months of 2012, cumulative foreign-related receipts and payments of banks on behalf of clients amounted to USD1002.5 billion and USD929.8 billion respectively; and the surplus of the cumulative foreign-related receipts and payments reached USD72.8 billion.

Addendum: Glossary and relevant definitions

Balance of payments refers to all economic transactions occurring between residents and non-residents in China , including all financial transactions and barter arrangements resulting in changes in the assets and liabilities of residents and non-residents.

Foreign exchange settlement and sales by banks refers to settlement and sales conducted by designated foreign exchange banks for their clients or for themselves, excluding data on transactions on the inter-bank foreign exchange market. Foreign exchange settlement and sales by banks on behalf of clients (including foreign exchange settlement and sales by banks themselves) refer to settlement and sales by designated foreign exchange banks on behalf of their clients. The time of conversion between RMB and foreign currency is regarded as the time-point for the statistics on the foreign exchange settlement and sales by banks. Specifically, foreign exchange settlement refers to the sale of foreign exchange to designated foreign exchange banks by owners of foreign exchange; foreign exchange sales refers to the sale of foreign exchange by designated foreign exchange banks to users of foreign exchange. The differences between foreign exchange settlement and sales are regarded as an offset balance. Such differences, which will be offset by the banks through transactions on the inter-bank foreign exchange market, are a major factor resulting in changes in the country’s foreign exchange reserves. But they are not equivalent to the net change in the foreign exchange reserves during the same period.

The principle for transactions between residents and non-residents does not apply to the preparation of statistics on foreign exchange settlement and sales by banks on behalf of clients; such statistics only cover RMB and foreign currency between banks and their clients, namely, RMB and foreign currency exchange transactions that fall outside the category of the balance-of-payments statistics.

Contracts for forward settlement and sales of foreign exchange refer to contracts for the forward settlement (sale) of foreign exchange executed between banks and their clients through consultation, in which the foreign currency, amount, exchange rate, and term for the forward settlement (sale) of foreign exchange are agreed upon; where the foreign exchange is to be received (paid), the foreign exchange settlement (sale) is to be handled on the basis of the amount of foreign currency and the exchange rate specified in such contracts. The forward foreign exchange settlement and sales business enables enterprises to lock into the exchange rate in advance for future foreign exchange settlement or sales and to effectively avoid the risk of RMB exchange rate changes. Generally, banks will hedge the risk exposure arising from the forward foreign exchange settlement and sales business through the inter-bank foreign exchange market. For example, where the total amount involved in the contracts for forward settlement of foreign exchange executed by banks is more than that in the contracts for forward sales of foreign exchange, generally the banks will sell an equivalent amount of foreign exchange in advance on the inter-bank foreign exchange market, and vice versa. Therefore, the forward settlement and sales of foreign exchange business is a factor that affects changes in the foreign exchange reserves in China .

Foreign-related receipts and payments by banks on behalf of their clients refer to receipts and payments occurring between domestic non-bank resident institutions/individuals (collectively called the “non-bank sector”) and non-resident institutions/individuals through domestic banks, which are exclusive of the receipts and payments in cash and foreign-related receipts and payments by the banks themselves. In particular, they refer to cross-border receipts and payments between non-bank sectors and non-residents through domestic banks (including RMB and foreign exchange), and domestic receipts and payments between non-bank sectors and non-residents through domestic banks (temporarily excluding receipts and payments in RMB between domestic individual residents and domestic non-resident individuals). Statistics are collected at the time when the clients carry out the foreign-related receipts and payments at the domestic banks. Specifically, foreign-related receipts of banks on behalf of clients refer to funds collected by non-bank sectors from non-residents via domestic banks; external payments by banks on behalf of clients refer to funds paid by non-bank sectors to non-residents through domestic banks.

Although the foreign-related receipts and payments of banks on behalf of clients are an integral part of the balance-of-payments statistics, the accounting method for the statistics, different from the accrual basis of accounting required for the balance-of- payments statistics, is based on a cash basis. In addition, they merely reflect capital flows between the non-bank sectors and non-residents and do not include barter transactions or foreign exchange transactions conducted by the banks themselves. Furthermore, the scope of the statistics on foreign-related receipts and payments of banks on behalf of clients is smaller than the scope of the balance-of-payments statistics.