The Foreign Exchange Administration Expands The Scope Of Foreign Payments Statistics.

Xinhua Beijing, June 8 (reporter Yao Junfang and An Bei), in order to standardize the declaration of the balance of payments statistics and strengthen the monitoring of cross-border capital flows, the State Administration of foreign exchange has issued and implemented the "operating procedures for the reporting of balance of payments statistics through financial institutions" recently.

The regulations issued have replaced the previous version of the operation rules.

Compared with the pilot version, the following adjustments are mainly reflected in: first, the domestic residents should be included in the statistical category of foreign payment and payment between domestic banks and domestic non residents; two, the reporting limit of private foreign related income will be raised from 2000 US dollars to 3000 US dollars; three is the online declaration process of the foreign-related income of the authorized institutions, and the declaration body can be declared in time; four is to adjust the domestic bank's receipt and retention requirements for foreign-related receipts and payments; five is the special treatment measures for "declaring no payment or unpaid" to the declared applicants.

Zhao Qingming, senior researcher of China Construction Bank, pointed out that it is an international practice to incorporate domestic residents' receipts and payments between domestic banks and domestic non residents into the statistical category of foreign payments, which can reflect the contents of the balance of payments in a more complete and accurate way.

Clear online declaration process can enhance the timeliness of declaration and improve the accuracy of international balance of payments data.

At the same time, the regulations also reflect the characteristics of Combining Leniency with severity, and raise the reporting limit of private foreign related income from $2000 to $3000. In fact, this declaration has been relaxed. Generally speaking, the total amount of private foreign income is very small.

The foreign exchange bureau said that the regulations reflected the principle of convenient and efficient declaration of balance of payments.

The implementation of regulations will reduce the management cost of banks and reporting bodies, and further improve the timeliness, accuracy and completeness of China's international balance of payments statistics.