上半年我国国际收支状况继续改善  The country international payments continue to improve
——国家外汇局有关负责人就外汇形势答记者问 The safe about it-of foreign exchange situation a reporter asked

    新华社北京７月３１日电（记者高立、安蓓）国家外汇管理局有关部门负责人３１日就上半年我国国际收支形势、资本外流现象以及人民币对美元汇率停止单边升值等外汇形势有关热点问题回答记者提问。

    Beijing, July 31 dec（The reporter made high、AnBei）The state administration of foreign exchange in charge of relevant departments of the 31, in the first half is China's international payments situation、Capital outflow phenomenon and the yuan to the dollar exchange rate appreciation to stop such foreign exchange situation about single hot issue in reply to questions from journalists。

    国际收支状况继续改善 International payments continue to improve

    问：请介绍一下今年上半年我国国际收支的状况。

    q：Please introduce the first half of this year the status of the China's international payments。

    答：据初步统计，今年上半年我国国际收支状况继续改善。一是经常项目收支趋向更加平衡。上半年，经常项目顺差８３２亿美元，同比下降５％，经常项目顺差与国内生产总值之比为２．３％，较上年下降０．５个百分点。二是跨境资本流动呈双向变化。上半年，资本和金融项目（含净误差与遗漏，下同）逆差２０３亿美元。其中，第一季度，随着国际市场环境转暖，国际资本回流我国，资本和金融项目由２０１１年第四季度逆差４８０亿美元转为顺差５１１亿美元。第二季度，在国内外因素共同作用下再现净流出７１４亿美元。三是外汇储备增幅放缓。上半年，资本项目逆差与经常项目顺差相抵，国际收支口径的储备资产（剔除汇率、价格等非交易价值变动影响）仅增加６２９亿美元，同比少增７８％，其中外汇储备资产增加６３６亿美元，少增７７％。

    a：According to preliminary statistics，In the first half of this year China's international payments continue to improve。One is often project payments tend to be more balance。In the first half，A current account surplus of $83.2 billion，5% year-on-year drop，A current account surplus and gross domestic product of the ratio is 2.3%，A year fell 0.5%。2 it is cross-border capital flows is two-way changes。In the first half，Capital and financial projects（Including net error and omissions，Hereinafter the same）The deficit $20.3 billion。Among them，The first quarter，Along with international market warm environment，China international capital backflow，Capital and financial project by the fourth quarter of 2011 deficit $48 billion into a surplus of $51.1 billion。The second quarter，In the domestic and foreign factors acted together represent had outflows of $71.4 billion。Three foreign exchange reserves growth is slowing。In the first half，Capital account deficit and a current account surplus balance，The international balance of payments diameter reserve assets（Eliminate the exchange rate、Price changes affect the trade value）Only by $62.9 billion，Less compared to the increased by 78%，Foreign exchange reserve assets of $63.6 billion increase，Increased by 77% less。

    一定程度资本外流不等于外资大规模集中撤离 A certain degree is not equal to foreign capital outflows mass concentration evacuated

    问：上半年我国资本项下出现逆差，这是否意味着外资大量撤离我国？

    q：The country under a capital in deficit，Does this mean that the foreign capital in China mass exodus？

    答：上半年，我国确实出现了一定程度的资本外流，但不等于外资大规模集中撤离。从理论上讲，经常项目顺差大于外汇储备增加额，意味着我国境内机构和个人资本呈现净输出（即国际收支平衡表中资本项目逆差）、对外净资产增多。从其他反映企业和个人跨境收付和银行外汇收支信贷的统计数据看，当前外汇形势变化主要是外汇资产持有从央行转向境内机构和个人，藏汇于民的过程，外资主动撤离的迹象尚不明显。

    a：In the first half，Our country do have a certain degree of capital outflow，But do not be equal to focus on foreign large-scale evacuation。In theory，A current account surplus provided more than foreign exchange reserves，Means that our country orgnaization and individual capital present net output（That is the balance of payments deficit in the capital projects）、More foreign net assets。From other reflecting enterprise and individual cross-border receipt and payment of foreign exchange receipts and payments and bank credit statistical data to see，The current situation of foreign exchange changes is the main foreign exchange assets from the central bank to domestic institutions and individuals，Hidden in the process of which people，Foreign active signs of withdrawal is unclear。

    一是从银行代客资本项目跨境收付数据看，上半年我国境内企业和个人仍保持资本净流入，达到７７６亿美元。二是从银行经常和资本项目代客结售汇的数据看，上半年境内企业和个人结售汇顺差２９５亿美元，远小于跨境收付顺差７９１亿美元。导致上述差异的主要原因是，受市场环境影响，当前境内企业和个人由做空转向做多美元，开始“负债本币化、资产外币化”的财务运作。三是从银行外汇信贷收支数据看，上半年银行新增各类外汇存款１３０１亿美元，除用于国内外汇贷款外还用于对外贷款和投资，反映为同期银行境外净资产增加，记录在国际收支平衡表中资本项下的流出。四是从跨境收付的细项数据看，上半年跨境支付同比增长２４％，其中，境外直接投资项下这类我方拥有主导权的资金流出增长７４％，而外商直接投资和证券投资撤资、外方投资收益汇出等外资主要撤离渠道的资金流出仅增长１５％。

    A guest from bank capital projects and cross-border data to see，The country a domestic enterprise and individual still keep the net inflow of capital，To us $77.6 billion。2 from bank current and capital projects of the data to see below writtens guarantee carry out assembles a valet，Domestic enterprises and individuals in the first half below writtens guarantee carry out assembles a surplus of $29.5 billion，Cross-border payments surplus is far less than $79.1 billion。The main reason for the difference in the is，By market environmental impact，The current domestic enterprise and individual by making empty turned to more dollars，Began to“Liabilities of local currency、Assets of foreign currency”Financial operation。Three foreign exchange payments from bank credit data to see，In the first half of all kinds of new Banks foreign exchange deposit $130.1 billion，In addition to the internal foreign exchange loan for foreign loans and investment，Reflect the bank for the same period increased net assets for overseas，Recorded in the international balance of payment of the Chinese this out。Cross-border payments from the four items data to see，In the first half year-on-year growth of 24% pay cross-border，Among them，Foreign direct investment item such we have under lower funds out 74% growth，And foreign direct investment and securities investment pull the plug、Foreign investment profit repatriation and other foreign main evacuated the channel of the fund outflow rose by only 15%。

    五方面综合认识当前国际收支形势 Five comprehensive understanding the current situation of international payments

    问：如何看待当前我国国际收支形势的变化？

    q：How to look at the current situation of China's international payments change？

    答：应从以下方面综合认识当前我国国际收支形势：一是国际收支顺差减少、外汇储备增长放缓符合国家宏观调控方向，有利于保持中国国际收支的平衡。二是在世界经济缓慢复苏、国际金融动荡加剧的背景下，主要新兴市场普遍出现资本外流、储备减少、本币贬值，我国跨境资本流动受到影响在所难免。三是当国际收支、人民币汇率趋向均衡合理水平后，跨境资本流动有进有出、人民币汇率有升有降的双向波动不可避免。四是尽管人民币对美元汇率停止单边升值，但人民币对大多数货币继续走强，上半年国际清算银行公布的人民币名义和实际有效汇率分别升值１．６％和０．９％。同时，境内外人民币即期汇率差价收窄，远期汇率显示的美元升水主要反映的是本外币利差而非贬值预期，也表明当前人民币汇率处于海内外认可和市场出清的合理水平。五是我国经济增长相对较快、财政状况良好、货物贸易持续顺差、外汇储备规模雄厚，且外资主要是稳定性较高的直接投资而非波动性较大的证券投资，能够承受跨境资本流动的冲击。

    a：From the following comprehensive understanding the current situation of China's international payments：One is to reduce international payment surplus、Foreign exchange reserve growth in accord with national macro-control direction，China helps maintain the balance of international payments。2 it is the slow economic recovery in the world、The international financial turmoil the backdrop of，Major emerging markets appear generally capital outflow、Reserve reduce、Local currency devaluation，Our country cross-border capital flows affected unavoidable。Three is when the balance of payments、RMB exchange rate tends to balance a reasonable level，Cross-border capital flows have into a out、The exchange rate of the yuan can rise and fall two-way fluctuation inevitable。Four is the dollar exchange rate despite stop unilateral appreciation，But the yuan to most of the money was still going strong，In the first half of the bank for international settlements and the actual name of the yuan by effective exchange rate appreciation of 1.6% and 0.9% respectively。At the same time，The spot exchange rate and the price difference of narrow，The forward rate of premium dollars that mainly reflects the spread of local rather than expected value，Also suggests that the current RMB exchange rate is in recognition of the market at home and abroad and close-out reasonable level。Five is relatively fast economic growth in China、In good financial、Trade in goods last surplus、Largest foreign exchange reserves is abundant，And foreign capital is mainly is the direct investment and high stability of volatility larger securities investment，Can withstand the impact of cross-border capital flows。

    今年国际收支有望保持基本平衡 This year is expected to be basic balance of international payments

    问：下半年我国是否会出现资本流向逆转的风险？

    q：In the second half of whether there will be capital flow reversals of the risk？

    答：我们仍维持年初的基本判断，即今年我国国际收支有望保持基本平衡。

    a：We still maintain basic judge at the beginning of the year，That is in China this year is expected to be basic balance of international payments。

    虽然今年下半年国内外继续存在许多不稳定、不确定的因素，但一些有利于我国国际收支平衡的积极因素正在逐步积累：一是近期出台的一系列预调微调政策将有助于提振市场信心、保持经济平稳增长。二是鉴于世界经济低迷，国际大宗商品价格回落压低国内进口成本，下半年我国贸易顺差有可能进一步扩大。三是各主要经济体均将保增长放到了重要位置，相关国家和地区也仍有一定资源和决心防止债务危机走向最坏情形。总体看，只要国内外不发生重大突发事件，全年我国国际收支仍有望实现基本平衡。即使出现资本净流出，也是可以承受的，符合国家一直倡导的藏汇于民的政策目标，仍属于国际收支基本平衡的范畴。

    Although there are many at home and abroad in the second half of this year to continue instability、Uncertainties，But some beneficial to China international balance of positive factors is gradually accumulation：One is a series of recent issued under attack fine-tuning policy will help boost confidence、Keep steady economic growth。2 it is in view of the world economic downturn，International commodity prices fall back down domestic import costs，The second half of our country trade surplus could further expanded。Three major economies is the growth will be in an important position，The relevant countries and regions still also has certain resources and determined to prevent the most bad debt crisis to situation。Overall see，As long as no major events occurred at home and abroad，China's international payments throughout the year are still expected to realize basic balance。Even the appearance of net capital outflow，Also is to be accepted，Accord with a country which has been advocating Tibetan policy objectives in the people，Still belongs to the category of basic balance of international payments。