SAFE Eases Administrative Burden of Bank Statistical Reporting

Rule revisions relax requirements for banks to print foreign payment and collection vouchers, while also clarifying electronic forms and vouchers may be used in submissions.

SAFE (State Administration of Foreign Exchange) has revised its rules for the reporting of balance of payments statistics by banks, in the process relaxing requirements for banks to print foreign payment and collection vouchers.

The changes also clarify that banks may use an electronic form and electronic vouchers for submissions, thereby lowering the administrative burden on reporting entities.

Banks may also independently modify the electronic form on a digital FX administration platform, the new rules say, in addition to clarifying the principles and procedures for declaring refunds and the methods available to revise historical data.

The new rules are aimed at standardise the statistical reporting of international receipts and payments through domestic banks by reporting entities, SAFE said.

In August 2020, China recorded a goods and services trade surplus of CNY 312.1 billion.