GACC Spokesman Answers to CNY-Denominated Customs Statistics Data

On February 8, the General Administration of Customs of China (GACC) published China import and export statistical data of January 2013 with addition of the value denominated in China currency CNY (or RMB).Correspondingly, the GACC news spokesman, Mr. ZHENG Yuesheng, Director of GACC Department of Statistics, hereby answers the questions of reporters:

Question: China Customs statistics today are added with some data denominated in CNY, what is the purpose for the CNY denomination?

Answer: In order to help users make the best of China Customs statistical data, we will, starting from release of 2013 monthly statistics, announce CNY-denominated gross statistical indicators including Gross Import-Export Value, Gross Export Value, Gross Import Value, and Balance of Trade (Gross Export Value minus Gross Import Value).

Meanwhile, to ensure the data historical continuity and international comparability, we will still retain the USD denomination of our statistical data.

In future, with improvement of our customs statistic system, we will gradually broaden the denomination in CNY so as to provide better data services.

Q: How to make the statistical data denominated in CNY? 

A: Our trade statistical data are all derived from the Customs Declaration Forms submitted by import and export enterprises, which provide transactional currencies and prices concerning import and export goods.

The data of trade in goods are collected through our special computer processing system; by extracting relevant data from the customs declaration forms by the time of port-based customs clearance, without any intermediate link, we conduct corresponding summarization to work out the CNY and USD-denominated statistical data.   

Q: If the enterprises’ transactional currencies are neither CNY nor USD, how do the customs convert them in statistics?

A: In accordance with China Customs statistical regulations (GACC Decree No. 153), the imports and exports should be priced in USD and CNY, both of which can be converted mutually.

If the goods are declared and denominated in other foreign currencies, their value should be converted into USD and CNY at the conversion rates issued by China’s State Administration of Foreign Exchange (SAFE) and at the Chinese bank conversion rates used for customs taxation; 

Therein, foreign currencies’ conversion rates against USD resort to the List of Conversion Rates between USD and Various Foreign Currencies for Statistical Purpose (issued monthly on the SAFE website); the exchange rates used for customs taxation resort to the basic rates between CNY and foreign currencies announced by the People’s Bank of China (PBOC) on the third Wednesday of a previous month (or the fourth Wednesday in the case of legal holidays), and if the goods are denominated in a currency other than the basic-rates-covered, such exchange rates resort to the medians between spot-exchange buying rates and selling rates announced by the Bank of China at the same time points.   

For example, regarding imports denominated in euro, their USD denomination should resort to the EUR-to-USD conversion rate and their CNY denomination should resort to the EUR-to-CNY basic rate.

Q: What do users need to concern when using CNY-denominated statistical data? 

A: The data users need to be reminded of the following:

1. At present, USD denomination accounts for more than 80% of Chinese foreign trade and customs declarations, as its statistical results are least affected by exchange rate changes, more objectively showing the China-foreign economic relations with better international comparability.

2. For the purpose of historical comparability, we do not offer the growth rate denominated in CNY but in USD only, described as “the growth rate with exchange-rate fluctuations deducted”.