Balance of Payments, International Investment Position and ...

Balance of Payments, International Investment Position and External Debt Statistics of Hong Kong (First Quarter 2021) (20211)International Investment Position and External Debt Statistics of Hong Kong
2021 1
Hong Kong Special Administrative Region

2021 1
3 10
(852) 3903 6979 (852) 2116 0278 (852) 2116 0721
[email protected]
Enquiries about this publication can be directed to : Balance of Payments Branch (1)
Trade and Industry Tower Sub-office Census and Statistics Department
Address : 10/F, Trade and Industry Tower, 3 Concorde Road,
Kowloon, Hong Kong
Tel. : (852) 3903 6979 Fax : (852) 2116 0278 or (852) 2116 0721
E-mail : [email protected]
www.censtatd.gov.hk
International Investment Position
International Investment Position by broad component (position as at end of period)
International Investment Position by standard component (position as at end of period)
External Debt (position as at end of period)
External Debt
26
34
36
40
44
8
Investment Position (position as at end
of period)
Table 8
- 1 - Balance of Payments, International Investment Position and
External Debt Statistics of Hong Kong First Quarter 2021 Census and Statistics Department, Hong Kong Special Administrative Region
20211
56
56
56

Current account balance as a ratio to GDP
Net flows of financial account (non-reserve)
Overall Balance of Payments as a ratio to GDP
International Investment Position (position as at end of period)
External Debt (position as at end of period)
Explanatory Notes
1
2
3
4
5
6
Chart 1
Chart 6
Chart 4
Chart 3
Chart 2
Chart 5

20211
I. I. General Observations

1.1 2021 1 82
1.2%
32.9%
2021 1 82
1.1 Hong Kong recorded a BoP surplus of $8.2 billion (as a ratio of 1.2% to GDP) in the first quarter of 2021, compared with a surplus of $233.5 billion (as a ratio of 32.9% to GDP) in the fourth quarter of 2020. Reserve assets correspondingly increased by the same amount ($8.2 billion) in the first quarter of 2021.
2 3 Current account (Tables 2 and 3)
1.2 2021 1 598
8.5%
1.6%

1.2 The current account recorded a surplus of $59.8 billion (as a ratio of 8.5% to GDP) in the first quarter of 2021. This implies that Hong Kong’s savings was greater than its investment, enabling Hong Kong to accumulate external financial assets (such as equity securities or debt securities) as a buffer against global financial volatilities. As against the current account deficit of $10.3 billion (as a ratio of 1.6% to GDP) in the first quarter of 2020, the increase in the current account balance was mainly due to an increase in the goods balance, supplemented with an increase in the net inflow of primary income and an increase in the services surplus.
(a) (a) Goods and services
1.3 2021 1 87
2020 484

346
433 2020
193
1.3 The goods account recorded a surplus of $8.7 billion in the first quarter of 2021, as against a deficit of $48.4 billion in the same quarter of 2020. This was due to a larger increase in exports of goods relative to the increase in imports of goods. Over the same period, the services surplus increased to $34.6 billion in the first quarter of 2021, compared with $29.1 billion in the same quarter of 2020. This was due to a larger decrease in imports of services relative to the decrease in exports of services. The overall balance on goods and services recorded a surplus of $43.3 billion in the first quarter of 2021, as against a deficit of $19.3 billion in the same quarter of 2020.
(b) (b) Primary income
1.4 2021 1
3,363 3,148 215
2020 160
1.4 The primary income inflow and outflow amounted to $336.3 billion and $314.8 billion respectively, thus yielding a net inflow of $21.5 billion in the first quarter of 2021, compared with a net inflow of $16.0 billion in the same quarter of 2020.
20211
(c) (c) Secondary income
1.5 2021 1
34 84 50
2020 70
1.5 The secondary income inflow and outflow amounted to $3.4 billion and $8.4 billion respectively, resulting in a net outflow of $5.0 billion in the first quarter of 2021, compared with a net outflow of $7.0 billion in the same quarter of 2020.
Seasonally adjusted series
2020 4 12.1%
9.1%
1.6 On a seasonally adjusted basis, the current account credit and the current account debit in the first quarter of 2021 increased by 12.1% and 9.1% respectively from the fourth quarter of 2020.
4 5 Capital and financial account (Tables 4 and 5)
Capital account
2020 4

1.7 In the first quarter of 2021, a small net outflow of $0.1 billion was recorded in the capital account, similar to that in the fourth quarter of 2020.
Financial account
809
24.1%

1.8 An overall net outflow of financial non-reserve assets amounting to $80.9 billion (as a ratio of 11.6% to GDP) was recorded in the first quarter of 2021, as against an overall net inflow of $170.9 billion (as a ratio of 24.1% to GDP) in the fourth quarter of 2020. The overall net outflow recorded in the first quarter of 2021 was due to net outflows of other investment, portfolio investment and cash settlement of financial derivatives.
(a) (a) Direct investment
1.9 2021 1
2,429 2,431 2
2020 4 1,534

1.9 Direct investment assets and liabilities increased by $242.9 billion and $243.1 billion respectively in the first quarter of 2021, resulting in a small net direct investment inflow of $0.2 billion, compared with a net inflow of $153.4 billion in the fourth quarter of 2020.
20211
(b) (b) Portfolio investment
1.10 2021 1
494 330 164
2020 4 3,210

1.10 Portfolio investment assets and liabilities increased by $49.4 billion and $33.0 billion respectively in the first quarter of 2021, resulting in a net portfolio investment outflow amounting to $16.4 billion, compared with a net outflow of $321.0 billion in the fourth quarter of 2020. The increase in portfolio investment assets was mainly due to the increased holdings of non-resident equity and investment fund shares by Hong Kong residents and the increased holdings of non-resident long-term debt securities by the Hong Kong banking sector, partly offset by the decreased holdings of non-resident short-term debt securities by the Hong Kong banking sector. On the other hand, the increase in portfolio investment liabilities was mainly attributable to the increased holdings of resident debt securities by non-residents.
(c) (c) Financial derivatives
1.11 2021 1 57
2020 4
19
1.11 A net outflow of $5.7 billion due to the cash settlement of financial derivatives was recorded in the first quarter of 2021, as against a net inflow of $1.9 billion in the fourth quarter of 2020.
(d) (d) Other investment
1.12 2021 1 333
257 2021 1
590 2020 4
3,365

1.12 Other investment assets increased by $33.3 billion while liabilities decreased by $25.7 billion in the first quarter of 2021. Taken together, there was a net other investment outflow of $59.0 billion in the first quarter of 2021, as against a net inflow of $336.5 billion in the fourth quarter of 2020. The increase in other investment assets was mainly due to the increases in other external assets and external loans owned by the Hong Kong banking sector, the increase in external currency and deposits owned by Hong Kong residents of other sectors, partly offset by the decrease in external currency and deposits owned by the Hong Kong banking sector. On the other hand, the decrease in other investment liabilities was mainly due to the decrease in currency and deposits by non-residents in the local banking sector, partly offset by the increase in other external liabilities by Hong Kong residents.
(e) (e) Reserve assets
1.13 2021 1 82
2020 4 2,335
1.13 In the first quarter of 2021, reserve assets increased by $8.2 billion, compared with an increase of $233.5 billion in the fourth quarter of 2020.
20211
International Investment Position (IIP)
67 8 Overall situation (Tables 6, 7 and 8)
1.14 2021 1
494,474
11.9

1.14 At the end of the first quarter of 2021, both Hong Kong’s external financial assets and liabilities stood at a very high level, amounting to $49,447.4 billion (equivalent to 18.1 times of GDP) and $32,628.8 billion (equivalent to 11.9 times of GDP) respectively, a typical feature of a prominent international financial centre.
1.15 2021 1
168,185
6.2 2020 4
166,904
6.2

1.15 Hong Kong’s net external financial assets (i.e. assets minus liabilities) amounted to $16,818.5 billion (equivalent to 6.2 times of GDP) at the end of the first quarter of 2021, compared with $16,690.4 billion (also equivalent to 6.2 times of GDP) at the end of the fourth quarter of 2020. Hong Kong’s net external financial assets to GDP ratio is one of the largest in the world, which provides the economy with a strong cushion against sudden external shocks.
External financial assets
494,474
69.0%

1.16 Hong Kong’s external financial assets amounted to $49,447.4 billion at the end of the first quarter of 2021. Portfolio investment was the largest component, accounting for 35.5% ($17,573.2 billion) of the total value. Within portfolio investment assets, 69.0% was equity and investment fund shares while the remaining was debt securities.
1.17
166,873

1.17 Direct investment formed the second largest investment component of Hong Kong’s external financial assets, accounting for 33.7% ($16,687.3 billion) of the total value at the end of the first quarter of 2021. This reflected the position of Hong Kong as a major direct investor in other economies of the world, notably in the mainland of China. It also reflected the common practice of setting up non-operating companies in offshore financial centres such as the British Virgin Islands and the Cayman Islands by Hong Kong enterprises for channelling direct investment funds back to Hong Kong or to other places.
1.18 2021 1
21.6% 106,619
70.7%
1.18 At the end of the first quarter of 2021, 21.6% of Hong Kong’s external financial assets was in the form of other investment, amounting to $10,661.9 billion. Within other investment assets, 70.7% was currency and deposits.
20211
1.19 2021 1
38,201 7.7%

1.4%7,049
1.19 Reserve assets amounted to $3,820.1 billion, accounting for 7.7% of Hong Kong’s total external financial assets at the end of the first quarter of 2021. Financial derivatives assets held by residents were relatively insignificant, accounting for 1.4% ($704.9 billion) of the total external financial assets.
1.20 2020 4 2021 1
6,797

1.20 Compared with the end of the fourth quarter of 2020, the amount of total external financial assets at the end of the first quarter of 2021 increased by $679.7 billion. This was attributable to the increases in external financial assets in respect of direct investment, portfolio investment, other investment and reserve assets, partly offset by the decrease in financial derivatives assets.
External financial liabilities

1.21 Hong Kong’s external financial liabilities amounted to $32,628.8 billion at the end of the first quarter of 2021, of which 49.6% ($16,180.9 billion) was in the form of direct investment. Such a high proportion of direct investment liabilities reflected that Hong Kong had attracted many non-resident enterprises to set up direct investment companies locally. It was also partly attributable to round-tripping of investment whereby the investment funds originated from Hong Kong were channelled through offshore financial centres back to Hong Kong.
1.22
2021 1 34.2%
111,666 71.6%

1.22 Other investment liabilities also constituted a significant part of Hong Kong’s external financial liabilities, accounting for 34.2% ($11,166.6 billion) of the total value at the end of the first quarter of 2021. Within other investment liabilities, 71.6% was currency and deposits.
1.23 2021 1
45,866 14.1%

87.6%
1.23 At the end of the first quarter of 2021, portfolio investment liabilities of Hong Kong amounted to $4,586.6 billion, accounting for 14.1% of total external financial liabilities. Hong Kong’s portfolio investment liabilities were concentrated in equity and investment fund shares, accounting for 87.6% of portfolio investment liabilities.
1.24
1.24 Financial derivatives liabilities that residents owed to non-residents were relatively insignificant, accounting for 2.1% ($694.8 billion) of the total external financial liabilities.
20211
1.25 2020 4 2021 1
5,516

1.25 Compared with the end of the fourth quarter of 2020, the amount of total external financial liabilities at the end of the first quarter of 2021 increased by $551.6 billion. This was attributable to the increases in external financial liabilities in respect of direct investment and portfolio investment, partly offset by the decreases in financial derivatives and other investment liabilities.
Currency composition

154,403
160,520 49.2%123,992 38.0%
41,777 12.8%
1.26 At the end of the first quarter of 2021, 36.5% ($18,061.8 billion) of Hong Kong’s external assets were denominated in US dollar, followed by HK dollar (32.2%) and other currencies (31.2%), amounting to $15,945.3 billion and $15,440.3 billion respectively. On the other hand, $16,052.0 billion (49.2%) of Hong Kong’s external liabilities were in HK dollar, $12,399.2 billion (38.0%) were in US dollar and $4,177.7 billion (12.8%) were in other currencies.
1.27 56,626
112,626
1,067
1.27 Hong Kong has substantial net assets position in foreign currencies (i.e. US dollar ($5,662.6 billion) and other currencies ($11,262.6 billion)), which is much larger than the net liabilities position in HK dollar ($106.7 billion).

2020 4 138,244
5.1
147

1.28 At the end of the first quarter of 2021, Hong Kong’s gross ED (measuring total outstanding gross external liabilities other than equity liabilities) amounted to $13,809.6 billion (equivalent to 5.1 times of GDP). Compared with $13,824.4 billion (also equivalent to 5.1 times of GDP) at the end of the fourth quarter of 2020, gross ED decreased by $14.7 billion. This was mainly attributable to the decreases in ED of the banking sector and debt liabilities in direct investment (intercompany lending), partly offset by the increase in ED of the general government.
Sectoral analysis
1.29
60.6%
24.1%
15.0%
1.29 As one of the world’s major financial centres, Hong Kong has a significant amount of ED held against the local banking sector arising through normal banking businesses. At the end of the first quarter of 2021, 60.6% of Hong Kong’s ED was attributable to the banking sector. Other ED mainly consisted of ED of other sectors (24.1%) and debt liabilities in direct investment (intercompany lending) (15.0%).
20211
1.30 2020 4
83,922 312%
2021 1 83,645
306% 97.1%81,257
97.1%
78,869

1.30 ED of the banking sector decreased from $8,392.2 billion at the end of the fourth quarter of 2020 (as a ratio of 312% to GDP) to $8,364.5 billion at the end of the first quarter of 2021 (as a ratio of 306% to GDP), of which 97.1% ($8,125.7 billion) was short-term liabilities. Among these short-term external liabilities, 97.1% ($7,886.9 billion) was held in the form of currency and deposits. This was mainly attributable to inter-bank placements from non-resident banks.
1.31 2020 4
33,298 2021 1
33,302 71.7%23,886
28.3%9,416

19,771
1.31 ED of other sectors increased from $3,329.8 billion at the end of the fourth quarter of 2020 to $3,330.2 billion at the end of the first quarter of 2021, of which 71.7% ($2,388.6 billion) was long-term liabilities, while the remaining 28.3% ($941.6 billion) was short-term liabilities. Loans was the most common type of liabilities among the ED of other sectors, accounting for 65.1% ($613.4 billion) of the short-term liabilities and 82.8% ($1,977.1 billion) of the long-term liabilities.
1.32
1 20,753 40.5%8,399

1.32 Debt liabilities in direct investment (intercompany lending) decreased from $2,081.7 billion at the end of the fourth quarter of 2020 to $2,075.3 billion at the end of the first quarter of 2021, of which 40.5% ($839.9 billion) was attributable to debt liabilities of direct investment enterprises to direct investor.
1.33 2021 1
378

1.33 ED of the government amounted to $37.8 billion at the end of the first quarter of 2021, nearly all of which was long-term liabilities. This was attributable to non- residents’ holdings of debt securities issued by the government.
1.34 2021 1
19 69.9%13

1.34 ED of the Hong Kong Monetary Authority amounted to $1.9 billion at the end of the first quarter of 2021, of which 69.9% ($1.3 billion) was long-term liabilities of Exchange Fund Notes.
20211
[]
20211
II.
20211
1
32,475 Current account 32,151107,513124,369164,001255,808214,939(1) (1)
Credit 5,930,3555,495,2395,183,6904,581,4013,746,5494,248,2373,987,744
Debit -5,897,880-5,463,088-5,076,177-4,457,033-3,582,547-3,992,429-3,772,805
-216,592 Goods -146,729-58,20325,564103,008194,753209,509
3,926,059 Credit 3,632,9573,406,7653,021,4922,454,3942,758,1812,574,439
-4,142,651 Debit -3,779,686-3,464,968-2,995,928-2,351,386-2,563,428-2,364,930
229,424 Services 169,760132,68178,78927,617-21,041-33,285
812,640 Credit 764,026710,716625,719501,303544,358502,775
-583,216 Debit -594,266-578,035-546,930-473,686-565,399-536,060
-1,609 Capital account -1,433-2,021-4,436-3,021-1,958-680
53,833 Net errors and omissions 35,5135,729-35,530-19,470-1,09945,452(3) (3)
57,890 Overall Balance of Payments 188,88986,78359,145612,498223,97664,211
(in surplus)
(in surplus) (in surplus) (in surplus) (in surplus) (in surplus) (in surplus)
20211
1
Current account 31,453 79,553 98,485 121,840 105,942 166,303 175,691(1)(1)
Credit 6,079,388 5,982,280 5,941,522 6,459,045 6,983,600 6,741,198 6,302,650
Debit -6,047,936 -5,902,727 -5,843,037 -6,337,205 -6,877,658 -6,574,895 -6,126,959
Goods -250,931 -177,302 -129,693 -178,532 -252,997 -120,521 -41,511
Credit 3,986,769 3,889,225 3,892,886 4,212,774 4,453,350 4,255,098 4,245,242
Debit -4,237,700 -4,066,527 -4,022,579 -4,391,306 -4,706,347 -4,375,619 -4,286,753
Services 255,563 234,603 186,554 205,371 246,936 164,699 90,500
Credit 829,085 808,948 764,660 811,295 886,883 798,942 506,559
Debit -573,522 -574,345 -578,106 -605,924 -639,947 -634,243 -416,059
Primary income 46,607 44,376 62,593 115,552 134,815 143,717 148,421
Credit 1,254,733 1,274,457 1,273,534 1,422,665 1,630,576 1,673,829 1,538,657
Debit -1,208,126 -1,230,080 -1,210,941 -1,307,113 -1,495,761 -1,530,112 -1,390,236
Secondary income -19,786 -22,124 -20,969 -20,551 -22,813 -21,592 -21,719
Credit 8,802 9,650 10,442 12,311 12,791 13,328 12,191
Debit -28,588 -31,775 -31,411 -32,862 -35,603 -34,921 -33,911
Capital and financial account -73,785 -128,642 -101,104 -76,488 -175,081 -237,439 -240,657(1)(1)
Capital account -748 -216 -374 -645 -1,574 -682 -508
Credit 3 256 3 4 4 5 6
Debit -750 -472 -377 -649 -1,578 -687 -514
Financial account -73,037 -128,426 -100,730 -75,843 -173,507 -236,756 -240,149
66,052 153,570 -91,874 174,666 -165,948 -245,612 22,900Financial non-reserve assets
(2) (2)
Direct investment -85,718 794,800 447,758 186,887 172,795 160,730 131,913
-1,092,502 -608,769 -586,386 -792,730 -587,673 -295,944 -682,611 Assets
1,006,784 1,403,568 1,034,144 979,617 760,467 456,674 814,524 Liabilities
Portfolio investment -64,384 -970,938 -469,591 264,159 -616,428 -215,764 -430,610
-276,143 -661,239 -530,219 -55,297 -760,277 -220,626 -260,005 Assets
211,759 -309,700 60,628 319,456 143,849 4,861 -170,605 Liabilities
Financial derivatives 118,359 99,178 36,327 61,763 33,202 1,239 13,831
449,093 564,185 738,192 646,529 615,605 487,239 573,655 Assets
-330,734 -465,006 -701,866 -584,766 -582,403 -486,000 -559,824 Liabilities
Other investment 97,795 230,531 -106,368 -338,144 244,483 -191,817 307,765
-925,077 285,040 -322,076 -1,501,324 -568,893 85,752 -434,933 Assets
1,022,872 -54,510 215,708 1,163,180 813,376 -277,569 742,698 Liabilities
-139,089 -281,996 -8,856 -250,509 -7,559 8,855 -263,050Reserve assets (2) (2)
Net errors and omissions 42,332 49,089 2,619 -45,353 69,139 71,136 64,966(3)(3)
Overall Balance of Payments 139,089 281,996 8,856 250,509 7,559 -8,855 263,050
(in surplus)
20211
1
3214321
Current account 11,516 12,284 45,831 36,311 24,241 29,967 68,223(1)(1)
1,598,202 1,737,645 1,851,099 1,796,654 1,594,369 1,703,131 1,739,950Credit
-1,586,685 -1,725,361 -1,805,268 -1,760,343 -1,570,128 -1,673,164 -1,671,727Debit
Goods -74,637 -88,962 -51,289 -38,109 -65,279 -70,529 1,983
Credit 1,018,775 1,066,721 1,184,740 1,183,114 988,797 1,014,523 1,104,724
Debit -1,093,412 -1,155,683 -1,236,029 -1,221,223 -1,054,076 -1,085,052 -1,102,741
Services 72,065 52,326 60,703 61,842 74,936 46,817 32,785
Credit 229,005 205,098 223,481 229,299 231,465 203,598 191,122
Debit -156,940 -152,772 -162,778 -167,457 -156,529 -156,781 -158,337
Primary income 19,901 54,676 42,303 17,935 20,124 59,055 38,822
Credit 347,392 462,691 439,664 380,829 370,916 481,713 440,725
Debit -327,491 -408,015 -397,361 -362,894 -350,792 -422,658 -401,903
Credit 3,030 3,135 3,214 3,412 3,191 3,297 3,379
Debit -8,842 -8,891 -9,100 -8,770 -8,731 -8,673 -8,746
Capital account -135 -836 -134 -469 -233 -147 -110
Credit 1 1 2 1 1 1 1
Debit -137 -836 -136 -470 -234 -147 -111
34,900 -87,750 -74,902 -38,196 -21,874 15,671 -157,413Financial non-reserve assets
(2) (2)
Direct investment -14,660 58,461 95,618 33,376 -62,535 115,395 15,664
-281,810 -68,890 -103,561 -133,412 -269,088 243,181 -134,879Assets
267,150 127,350 199,179 166,788 206,552 -127,785 150,543Liabilities
Portfolio investment -245,613 -145,909 -86,161 -138,744 -157,623 -27,156 -83,637
-260,570 -198,662 -178,532 -122,513 -190,559 -5,617 -63,671Assets
14,958 52,753 92,371 -16,232 32,936 -21,540 -19,965Liabilities
Financial derivatives -9,584 4,410 24,394 13,982 5,591 1,149 -10,253
152,901 149,767 172,548 140,389 137,616 107,622 115,256Assets
-162,486 -145,357 -148,154 -126,407 -132,025 -106,473 -125,508Liabilities
Other investment 304,757 -4,711 -108,753 53,190 192,693 -73,717 -79,188
-104,792 -278,131 81,325 -267,296 711,967 -99,724 -33,743Assets
409,549 273,420 -190,079 320,486 -519,275 26,007 -45,445Liabilities
-73,786 48,503 41,723 -23,999 -32,959 -28,315 59,846Reserve assets (2) (2)
Net errors and omissions 27,505 27,799 -12,518 26,353 30,826 -17,176 29,454(3)(3)
Overall Balance of Payments 73,786 -48,503 -41,723 23,999 32,959 28,315 -59,846
(in surplus)
20211
1
143214
Current account 43,872 -10,313 57,959 96,863 31,181 59,841 (1)(1)
Credit 1,703,748 1,388,445 1,543,351 1,680,327 1,690,526 1,659,798
Debit -1,659,875 -1,398,758 -1,485,392 -1,583,464 -1,659,345 -1,599,957
Goods 13,304 -48,442 -20,042 32,686 -5,713 8,677
Credit 1,147,054 893,729 990,772 1,149,115 1,211,626 1,178,210
Debit -1,133,750 -942,171 -1,010,814 -1,116,429 -1,217,339 -1,169,533
Services 10,161 29,123 22,121 24,488 14,768 34,610
Credit 172,757 146,009 107,419 126,119 127,012 141,858
Debit -162,596 -116,886 -85,298 -101,631 -112,244 -107,248
Primary income 25,716 16,013 60,829 44,758 26,821 21,535
Credit 380,475 346,052 442,447 401,715 348,443 336,337
Debit -354,760 -330,039 -381,618 -356,956 -321,622 -314,802
Secondary income -5,308 -7,007 -4,949 -5,069 -4,695 -4,981
Credit 3,461 2,655 2,713 3,379 3,445 3,393
Debit -8,770 -9,662 -7,662 -8,448 -8,139 -8,374
Capital and financial account -71,904 38,249 -88,805 -127,321 -62,781 -89,259 (1)(1)
Capital account -193 -132 -127 -108 -140 -126
Credit 1 2 1 2 2 2
Debit -194 -134 -128 -110 -142 -128
Financial account -71,711 38,381 -88,677 -127,212 -62,641 -89,133

Direct investment 92,206 -87,715 1,405 64,819 153,405 202
Assets -135,158 -262,001 -147,462 -193,560 -79,588 -242,934
Liabilities 227,364 174,286 148,866 258,378 232,993 243,136
Portfolio investment 52,651 114,307 -231,339 7,434 -321,012 -16,435
Assets 39,221 175,155 -181,695 46,919 -300,385 -49,419
Liabilities 13,430 -60,849 -49,644 -39,484 -20,627 32,984
Financial derivatives 4,752 -10,888 20,360 2,436 1,924 -5,658
Assets 126,745 112,308 226,439 115,311 119,597 190,414
Liabilities -121,993 -123,196 -206,079 -112,876 -117,672 -196,072
Other investment -231,605 48,485 105,390 -182,651 336,541 -59,026
Assets -492,749 -102,714 179,097 -407,282 -104,034 -33,316
Liabilities 261,144 151,198 -73,707 224,631 440,576 -25,710
Reserve assets 10,284 -25,807 15,507 -19,250 -233,499 -8,216(2) (2)
Net errors and omissions 28,032 -27,936 30,846 30,457 31,600 29,418 (3)(3)
Overall Balance of Payments -10,284 25,807 -15,507 19,250 233,499 8,216
(in deficit)

In principle, the net sum of credit entries and debit entries is zero. In practice, discrepancies between the credit and debit entries may occur for various reasons as the relevant data are collected from many sources. Equality between the sum of credit entries and that of debit entries is brought about by the inclusion of a balancing item which reflects net errors and omissions.
The estimates of reserve and non-reserve assets under the Balance of Payments framework are transaction figures. Effects of valuation changes (including price changes and exchange rate changes) and reclassifications are not taken into account.
In accordance with the accounting rules adopted in compiling Balance of Payments, a positive value for the balance figure in the current account represents a surplus whereas a negative value represents a deficit. In the capital and financial account, a positive value indicates a net financial inflow while a negative value indicates a net outflow. As increases in external assets are debit entries and decreases are credit entries, a negative value for the reserve assets represents a net increase while a positive value represents a net decrease.
Notes

:
(1)
(1)
(2)
(3)(3)
(2)
Individual figures may not add up to the total due to rounding.
20211
Table 2
212,864205,296184,764155,916149,926145,887
128,072 Financial services 120,680111,910101,63987,48493,42597,049
132,288 Other services 131,094120,630112,97298,169101,52892,469
-32,694 Financial services -30,528-30,214-27,526-24,360-24,536-21,895
-118,996 Other services -117,096-111,593-104,481-87,209-82,129-73,362
40,519 Primary income 29,45552,82637,59649,762100,50752,811
27,651 Income on reserve assets 31,35132,82632,11135,72743,42443,335
2,795 Compensation of employees 2,8452,7372,6382,6962,7672,470
20211
Table 2
Current account 31,453 79,553 98,485 121,840 105,942 166,303 175,691(1)(1)
Credit 6,079,388 5,982,280 5,941,522 6,459,045 6,983,600 6,741,198 6,302,650(2)(2)
Debit -6,047,936 -5,902,727 -5,843,037 -6,337,205 -6,877,658 -6,574,895 -6,126,959(2)(2)
Goods -250,931 -177,302 -129,693 -178,532 -252,997 -120,521 -41,511
Credit 3,986,769 3,889,225 3,892,886 4,212,774 4,453,350 4,255,098 4,245,242

226,388 216,757 220,974 235,702 248,696 244,429 218,037
Debit -4,237,700 -4,066,527 -4,022,579 -4,391,306 -4,706,347 -4,375,619 -4,286,753
Services 255,563 234,603 186,554 205,371 246,936 164,699 90,500
Credit 829,085 808,948 764,660 811,295 886,883 798,942 506,559
Transport 247,707 230,876 218,687 237,426 258,847 246,749 177,708
Travel 297,567 280,227 254,962 259,817 288,974 226,559 22,046
Insurance and pension services 9,374 10,143 11,218 11,050 11,664 11,145 9,129
Financial services 137,000 148,671 138,347 157,011 174,083 169,110 168,128
Other services 137,437 139,031 141,446 145,991 153,315 145,379 129,548
Debit -573,522 -574,345 -578,106 -605,924 -639,947 -634,243 -416,059
Manufacturing services -92,517 -90,019 -88,192 -91,313 -93,181 -88,091 -74,524
Transport -142,620 -134,230 -131,387 -136,274 -145,261 -143,694 -118,518
Travel -170,672 -178,751 -187,385 -197,858 -207,232 -210,626 -41,395
Insurance and pension services -11,200 -11,264 -11,047 -11,279 -11,813 -11,963 -12,378
Financial services -34,380 -37,291 -36,594 -42,283 -48,605 -50,556 -51,084
Other services -122,133 -122,790 -123,501 -126,917 -133,855 -129,313 -118,160
Primary income 46,607 44,376 62,593 115,552 134,815 143,717 148,421
Credit 1,254,733 1,274,457 1,273,534 1,422,665 1,630,576 1,673,829 1,538,657
Investment income 1,251,844 1,271,459 1,270,432 1,419,259 1,627,247 1,670,293 1,535,104
Direct investment income 933,036 943,277 914,913 973,794 1,060,336 1,078,157 1,044,362

Reinvested earnings 581,745 556,037 527,612 608,389 676,052 733,659 694,054
Interest 11,928 17,363 18,743 17,566 20,233 22,072 16,726
Portfolio investment income 225,646 241,716 264,763 305,325 341,864 352,706 332,728

Interest 72,853 83,914 98,131 110,588 130,542 142,587 131,935
Short-term 8,853 10,160 11,661 10,001 17,207 19,537 14,471
Long-term 64,000 73,754 86,470 100,588 113,335 123,050 117,463
Other investment income 65,938 58,873 58,037 95,243 159,608 165,717 104,306
Income on reserve assets 27,224 27,592 32,720 44,896 65,439 73,714 53,709
Compensation of employees 2,888 2,998 3,102 3,406 3,329 3,536 3,553
20211
Table 2
-918,263-873,396-787,667-618,610-641,772-639,217
-324,457-324,186-301,691-254,658-273,882-234,810
-85,445-80,083-67,938-63,994-75,126-61,069
-20,876 Secondary income -20,336-19,791-17,580-16,386-18,412-14,096
20211
Table 2

Reinvested earnings -675,933 -668,343 -669,596 -712,257 -779,868 -807,537 -753,327
Interest -5,152 -5,477 -6,600 -5,439 -9,114 -10,167 -6,160
Portfolio investment income -112,581 -116,172 -108,716 -116,537 -138,077 -143,828 -132,931

-103,513 -105,228 -97,471 -102,889 -116,838 -119,107 -112,283
Interest -9,068 -10,943 -11,245 -13,647 -21,240 -24,721 -20,648
Short-term -1,771 -1,420 -1,462 -2,016 -2,951 -3,277 -1,961
Long-term -7,296 -9,523 -9,783 -11,631 -18,288 -21,444 -18,687
Other investment income -49,080 -49,804 -56,804 -92,444 -157,983 -164,610 -101,325
Compensation of employees -5,518 -5,880 -6,338 -6,822 -7,322 -7,814 -7,362
Credit 8,802 9,650 10,442 12,311 12,791 13,328 12,191
General government 0 0 0 0 0 0 0
Other sectors 8,802 9,650 10,442 12,311 12,791 13,328 12,191
Debit -28,588 -31,775 -31,411 -32,862 -35,603 -34,921 -33,911
General government -2,225 -2,250 -1,772 -1,902 -2,055 -2,015 -2,462
Other sectors -26,363 -29,525 -29,639 -30,960 -33,549 -32,905 -31,449
20211
Current account

Table 2
3214321
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr 1st Qtr 2nd Qtr 3rd Qtr
Current account 68,22311,516 12,284 45,831 36,311 24,241 29,967(1) (1)
Credit 1,739,9501,598,202 1,737,645 1,851,099 1,796,654 1,594,369 1,703,131(2) (2)
Debit -1,671,727-1,586,685 -1,725,361 -1,805,268 -1,760,343 -1,570,128 -1,673,164(2) (2)
Goods 1,983-74,637 -88,962 -51,289 -38,109 -65,279 -70,529
Credit 1,104,7241,018,775 1,066,721 1,184,740 1,183,114 988,797 1,014,523

66,16953,465 50,865 67,802 76,564 54,029 50,290
Debit -1,102,741-1,093,412 -1,155,683 -1,236,029 -1,221,223 -1,054,076 -1,085,052
Services 32,78572,065 52,326 60,703 61,842 74,936 46,817
Credit 191,122229,005 205,098 223,481 229,299 231,465 203,598
Transport 63,47259,587 66,091 69,197 63,972 62,639 66,188
Travel 44,91274,894 66,382 66,589 81,109 77,455 67,496
Insurance and pension services 2,7112,684 2,786 3,021 3,173 2,707 2,984
Financial services 44,22152,526 34,459 46,463 40,635 50,752 32,957
Other services 35,80639,314 35,380 38,211 40,410 37,912 33,973
Debit -158,337-156,940 -152,772 -162,778 -167,457 -156,529 -156,781
Manufacturing services -23,056-21,527 -22,867 -24,536 -24,251 -21,279 -21,539
Transport -36,993-34,301 -36,421 -37,680 -36,859 -34,587 -37,248
Travel -52,752-51,531 -51,237 -52,612 -51,852 -49,405 -55,190
Insurance and pension services -2,789-2,698 -2,913 -2,942 -3,260 -2,648 -3,102
Financial services -11,944-13,261 -9,558 -12,611 -13,175 -14,997 -10,222
Other services -30,803-33,622 -29,776 -32,397 -38,060 -33,613 -29,480
Primary income 38,82219,901 54,676 42,303 17,935 20,124 59,055
Credit 440,725347,392 462,691 439,664 380,829 370,916 481,713
Investment income 439,863346,522 461,839 438,858 380,028 370,004 480,825
Direct investment income 279,599249,383 277,089 272,093 261,771 255,267 278,860

Reinvested earnings 171,332206,377 136,325 148,909 184,441 219,682 152,431
Interest 4,8844,361 5,126 4,923 5,823 6,018 5,972
Portfolio investment income 101,05351,753 129,450 106,798 53,864 52,831 140,056

Interest 36,54032,085 31,923 33,234 33,301 33,650 36,288
Short-term 4,2053,419 4,508 5,061 4,219 5,586 5,596
Long-term 32,33528,665 27,414 28,173 29,083 28,063 30,692
Other investment income 40,92331,651 38,104 43,110 46,743 43,744 41,732
Income on reserve assets 18,28713,735 17,196 16,857 17,650 18,162 20,178
Compensation of employees 862870 852 805 801 912 888
20211
Table 2
143214
Current account 43,872 -10,313 57,959 96,863 31,181 59,841(1) (1)
Credit 1,703,748 1,388,445 1,543,351 1,680,327 1,690,526 1,659,798(2)(2)
Debit -1,659,875 -1,398,758 -1,485,392 -1,583,464 -1,659,345 -1,599,957(2)(2)
Goods 13,304 -48,442 -20,042 32,686 -5,713 8,677
Credit 1,147,054 893,729 990,772 1,149,115 1,211,626 1,178,210

73,941 48,219 41,856 60,198 67,764 59,620
Debit -1,133,750 -942,171 -1,010,814 -1,116,429 -1,217,339 -1,169,533
Services 10,161 29,123 22,121 24,488 14,768 34,610
Credit 172,757 146,009 107,419 126,119 127,012 141,858
Transport 54,450 44,107 41,630 46,004 45,967 50,190
Travel 36,696 14,875 2,074 1,394 3,703 3,704
Insurance and pension services 2,743 2,266 2,399 2,083 2,381 1,897
Financial services 41,180 51,551 31,531 44,452 40,594 53,363
Other services 37,688 33,210 29,785 32,186 34,367 32,704
Debit -162,596 -116,886 -85,298 -101,631 -112,244 -107,248
Manufacturing services -22,217 -16,478 -15,999 -20,123 -21,924 -19,264
Transport -34,866 -28,132 -25,544 -30,909 -33,933 -33,566
Travel -53,279 -25,143 -3,863 -6,331 -6,058 -5,464
Insurance and pension services -3,424 -2,850 -3,035 -3,089 -3,404 -3,615
Financial services -13,393 -14,519 -10,539 -12,791 -13,235 -14,074
Other services -35,417 -29,764 -26,318 -28,388 -33,690 -31,265
Primary income 25,716 16,013 60,829 44,758 26,821 21,535
Credit 380,475 346,052 442,447 401,715 348,443 336,337
Investment income 379,601 345,187 441,574 400,810 347,532 335,430
Direct investment income 264,431 246,669 265,765 269,134 262,793 258,349

Reinvested earnings 190,215 204,364 141,283 156,037 192,370 217,877
Interest 5,199 4,696 4,486 3,768 3,776 3,729
Portfolio investment income 58,766 46,017 133,292 99,406 54,012 50,397

Interest 36,110 32,998 32,225 33,746 32,966 31,841
Short-term 4,150 3,817 3,459 4,076 3,120 3,928
Long-term 31,960 29,182 28,766 29,670 29,846 27,913
Other investment income 39,318 36,381 27,979 20,941 19,005 16,864
Income on reserve assets 17,087 16,119 14,539 11,329 11,722 9,820
Compensation of employees 874 865 872 905 911 907
20211
Table 2
3214321

-278,571 -307,283 -309,675-302,981 -294,431 -285,969 -314,136

-62,257 -148,058 -116,078-124,990 -68,093 -57,183 -155,246
Reinvested earnings -216,314 -159,225 -193,597-177,990 -226,338 -228,786 -158,890
Interest -1,735 -1,966 -2,239-2,417 -2,995 -2,208 -2,913
Portfolio investment income -14,382 -59,292 -47,363-47,346 -17,058 -17,116 -62,241

-10,120 -54,105 -41,188-41,653 -10,960 -10,896 -56,023
Interest -4,263 -5,186 -6,175-5,693 -6,098 -6,220 -6,218
Short-term -697 -724 -808-748 -783 -896 -809
Long-term -3,565 -4,463 -5,367-4,945 -5,316 -5,324 -5,408
Other investment income -31,043 -37,654 -40,644-42,753 -46,533 -43,586 -41,414
Compensation of employees -1,760 -1,982-1,820 -1,864 -1,877 -1,913 -1,955
Secondary income -5,368-5,812 -5,756 -5,886 -5,357 -5,540 -5,376
Credit 3,030 3,3793,135 3,214 3,412 3,191 3,297
General government 0 00 0 0 0 0
Other sectors 3,030 3,3793,135 3,214 3,412 3,191 3,297
Debit -8,842 -8,746-8,891 -9,100 -8,770 -8,731 -8,673
General government -488 -499-569 -498 -500 -489 -527
Other sectors -8,354 -8,247-8,323 -8,602 -8,270 -8,242 -8,147
20211
Table 2
143214
Debit -354,760 -330,039 -381,618 -356,956 -321,622 -314,802
Investment income -352,795 -328,137 -379,782 -355,153 -319,801 -313,025
-296,721 -276,413 -292,707 -292,492 -287,006 -282,280Direct investment income

-293,915 -274,580 -291,275 -290,947 -285,655 -280,860

-67,650 -60,792 -144,736 -118,776 -64,826 -64,893
Reinvested earnings -226,264 -213,788 -146,539 -172,171 -220,829 -215,967
Interest -2,807 -1,833 -1,431 -1,545 -1,351 -1,420
-17,108 -16,054 -59,839 -42,369 -14,669 -14,751Portfolio investment income

-11,000 -10,292 -54,472 -37,447 -10,072 -10,425
Interest -6,108 -5,762 -5,367 -4,922 -4,597 -4,326
Short-term -764 -597 -537 -461 -366 -267
Long-term -5,344 -5,165 -4,830 -4,461 -4,232 -4,059
-38,966 -35,670 -27,237 -20,292 -18,127 -15,995Other investment income
Compensation of employees -1,964 -1,902 -1,836 -1,804 -1,821 -1,776
Secondary income -5,308 -7,007 -4,949 -5,069 -4,695 -4,981
Credit 3,461 2,655 2,713 3,379 3,445 3,393
General government 0 0 0 0 0 0
Other sectors 3,461 2,655 2,713 3,379 3,445 3,393
Debit -8,770 -9,662 -7,662 -8,448 -8,139 -8,374
General government -500 -579 -662 -611 -610 -608
Other sectors -8,270 -9,082 -7,000 -7,837 -7,529 -7,766

In accordance with the accounting rules adopted in compiling Balance of Payments, a positive value for the balance figure in the current account represents a surplus whereas a negative value represents a deficit.
In a Balance of Payments account, every external transaction is recorded by two entries, a credit and a debit. In the current account, exports of goods and services, primary income inflows and secondary income inflows are all credit entries, while imports of goods and services, primary income outflows and secondary income outflows are debit entries.

:
(1)
Notes :
(1)
(2)(2)
20211
3
Standard component
3214321
Current account (1) (1)
20211
3
Standard component
143214
(1)(1) Current account
Goods
Services
Primary income
(3) (3) Secondary income

In a Balance of Payments account, every external transaction is recorded by two entries, a credit and a debit. In the current account, exports of goods and services, primary income inflows and secondary income inflows are all credit entries, while imports of goods and services, primary income outflows and secondary income outflows are debit entries.
The seasonally adjusted current account figure is obtained by aggregating the seasonally adjusted figures of goods, services and primary income together with the non-seasonally adjusted figure of secondary income.
Notes
:
(1)
(1)
(2)
(3)(3)
(2)
Seasonally adjusted data series is not compiled for secondary income, as no clear seasonal pattern is identified for this component.
## ±0.05% Change within ±0.05%.
20211
Table 4
-1,609 Capital account -1,433-2,021-4,436-3,021-1,958-680
Liabilities 596,086580,861748,240642,570420,717521,993484,546
Debt instruments -9,66058,55558,476184,199-1,03872,58833,284
Portfolio investment -386,077-31,592-10,979-442,460-310,083-281,141-10,930
20211
Capital and financial account
Capital account -748 -216 -374 -645 -1,574 -682 -508
Credit 3 256 3 4 4 5 6
Debit -750 -472 -377 -649 -1,578 -687 -514

(2)(2)
Assets -1,092,502 -608,769 -586,386 -792,730 -587,673 -295,944 -682,611

Debt instruments -145,415 -151,832 -45,570 -274,168 85,280 183,978 101,031

Between fellow enterprises -66,580 -44,115 11,382 -140,287 -18,904 106,411 115,419
Liabilities 1,006,784 1,403,568 1,034,144 979,617 760,467 456,674 814,524

Reinvestment of earnings 675,933 668,343 669,596 712,257 779,868 807,537 753,327
Debt instruments 122,724 40,100 200,622 208,322 -58,495 -9,398 97,337

Between fellow enterprises 73,752 -31,445 -11,674 223,536 -63,710 -1,724 69,042
Assets -276,143 -661,239 -530,219 -55,297 -760,277 -220,626 -260,005

Banks -8,038 12,981 -9,387 -3,591 -44,073 -45,079 26,836
Other sectors -310,189 -433,198 -345,306 -106,251 -212,317 -42,614 -348,705
Debt securities 42,085 -241,022 -175,526 54,546 -503,886 -132,933 61,864
Banks 45,821 -113,694 -77,802 40,464 -328,038 -22,960 120,115
Short-term 156,698 222,571 207,173 37,448 -61,737 -26,547 -44,099
Long-term -110,877 -336,265 -284,974 3,015 -266,301 3,588 164,213
Other sectors -3,736 -127,328 -97,724 14,082 -175,848 -109,973 -58,251
Short-term 102,555 -14,360 6,938 -6,635 2,714 -3,834 123
Long-term -106,291 -112,968 -104,663 20,717 -178,562 -106,140 -58,374
20211
67,554224,46247,111143,45573,237135,787340,081
Other assets -22,952-2,020-18,0183,092-4,79237,977-65,716
Banks 755,385225,706544,665928,65567,223-1,8811,017,889
Other sectors *******
Loans 198,552133,603174,76792,98480,993-266,150102,033
Banks 0000000
Other liabilities 8,258-1,9155,4645,395-10,380-24,52298,529
20211

136,745 -329,678 19,335 80,353 -18,700 15,102 -33,480
Banks -16,148 -4,999 -876 5,476 1,961 4,236 -3,942
Other sectors 152,893 -324,679 20,211 74,877 -20,661 10,866 -29,538
Debt securities 75,013 19,978 41,293 239,103 162,549 -10,241 -137,124
Banks 12,792 -8,547 -1,331 103,961 37,076 -46,777 -89,685
Short-term -29,344 10,900 17,042 71,094 -27,029 -14,847 -44,458
Long-term 42,136 -19,448 -18,373 32,868 64,105 -31,930 -45,227
Other sectors 62,221 28,526 42,624 135,141 125,472 36,537 -47,439
Short-term 4,591 -6,876 -7,260 9,198 4,193 322 3,628
Long-term 57,630 35,402 49,884 125,943 121,279 36,214 -51,067
Assets 449,093 564,185 738,192 646,529 615,605 487,239 573,655
Banks 397,922 534,572 696,886 603,122 581,282 461,506 555,563
Other sectors 51,171 29,612 41,307 43,408 34,323 25,733 18,092
Liabilities -330,734 -465,006 -701,866 -584,766 -582,403 -486,000 -559,824
Banks -315,081 -450,968 -671,514 -554,701 -556,309 -455,420 -542,384
Other sectors -15,653 -14,038 -30,351 -30,066 -26,094 -30,580 -17,440
Assets -925,077 285,040 -322,076 -1,501,324 -568,893 85,752 -434,933
Currency and deposits -773,410 255,659 -202,651 -1,167,776 -442,645 323,931 -366,815
Banks -623,630 244,958 -126,409 -894,802 -446,305 636,855 28,625
Other sectors -149,780 10,702 -76,242 -272,974 3,661 -312,924 -395,440
Loans -136,981 26,527 -104,799 -302,385 -120,594 -253,498 -54,088
Banks -130,803 21,851 -109,911 -316,057 -125,026 -250,271 -53,951
Other sectors -6,178 4,677 5,111 13,671 4,432 -3,227 -137
Trade credit and advances -1,987 4,129 -29,889 -8,142 1,154 1,042 -15,946
Other assets -12,698 -1,275 15,263 -23,021 -6,808 14,276 1,916
Banks -8,619 6,577 17,642 -1,233 -2,857 8,522 6,659
Other sectors -4,079 -7,852 -2,379 -21,789 -3,951 5,754 -4,744
Liabilities 1,022,872 -54,510 215,708 1,163,180 813,376 -277,569 742,698
Currency and deposits 574,582 -211,549 107,932 847,131 590,647 -309,876 458,806
Banks 574,582 -211,549 107,932 847,131 590,647 -309,876 458,806
Other sectors * * * * * * *
Other sectors 404,809 118,816 61,971 272,316 216,674 12,880 266,827
Trade credit and advances 25,852 -9,583 12,504 13,068 -1,012 -11,297 19,316
Other liabilities 17,628 47,807 33,300 30,665 7,068 30,724 -2,251
Banks -5,358 6,974 -7,991 22,338 -12,478 36,625 -563
Other sectors 22,986 40,833 41,292 8,326 19,546 -5,901 -1,688
Reserve assets -139,089 -281,996 -8,856 -250,509 -7,559 8,855 -263,050(2)(2)
20211

3214321
2018 2019 2019 2019
Capital and financial account -39,021 -40,083 -33,313 -62,664 -55,066 -12,791 -97,677(1) (1)
Capital account -135 -836 -134 -469 -233 -147 -110
Credit 1 1 2 1 1 1 1
Debit -137 -836 -136 -470 -234 -147 -111

(2) (2)
Assets -281,810 -68,890 -103,561 -133,412 -269,088 243,181 -134,879

Debt instruments -92,749 46,075 52,428 79,527 -40,567 94,354 33,442

Between fellow enterprises -109,604 18,723 15,261 56,716 -33,249 92,215 8,822
Liabilities 267,150 127,350 199,179 166,788 206,552 -127,785 150,543

Reinvestment of earnings 216,314 159,225 177,990 226,338 228,786 158,890 193,597
Debt instruments 30,363 -34,345 3,448 -57,962 -30,453 84,535 -43,278

Between fellow enterprises 9,046 -21,151 13,665 -65,270 43,727 22,524 -65,578
Assets -260,570 -198,662 -178,532 -122,513 -190,559 -5,617 -63,671

Banks -8,725 17,793 -77,981 24,840 -20,279 -17,103 -6,441
Other sectors -85,927 -11,649 -61,616 -53,126 -20,394 70,053 -14,557
Debt securities -165,919 -204,806 -38,935 -94,227 -149,886 -58,567 -42,673
Banks -102,617 -129,492 -23,038 -72,892 -165,181 31,894 43,086
Short-term -19,473 -101,713 78,766 -19,318 -107,209 76,501 21,271
Long-term -83,144 -27,779 -101,804 -53,574 -57,972 -44,608 21,815
Other sectors -63,302 -75,314 -15,897 -21,335 15,294 -90,461 -85,760
Short-term -2,086 2,456 4,297 -1,953 -3,196 -3,866 3,762
Long-term -61,215 -77,771 -20,194 -19,382 18,491 -86,595 -89,521
20211
143214
Capital and financial account -71,904 38,249 -88,805 -127,321 -62,781 -89,259(1)(1)
Capital account -193 -132 -127 -108 -140 -126
Credit 1 22 1 2 2
Debit -194 -142-134 -128 -110 -128
Financial account -71,711 38,381 -88,677 -127,212 -62,641 -89,133

(2)(2)
Assets -135,158 -79,588-262,001 -147,462 -193,560 -242,934

Between fellow enterprises 38,622 97,991247 15,536 1,645 -22,205
Liabilities 227,364 232,993174,286 148,866 258,378 243,136

Debt instruments -20,202 25,98419,641 8,355 43,356 31,640

Between fellow enterprises -2,397 22,09513,211 9,167 24,568 35,494
Portfolio investment 52,651 -321,012114,307 -231,339 7,434 -16,435
Assets 39,221 -300,385175,155 -181,695 46,919 -49,419

Banks -1,257 -3,94936,334 18,970 -24,518 -39,138
Other sectors -77,716 -220,240-12,612 -3,196 -112,657 -125,041
Debt securities 118,194 -76,195151,433 -197,468 184,094 114,759
Banks 67,241 -48,875145,397 -97,764 121,357 87,357
Short-term -17,111 -100,180138,722 -122,555 39,914 137,002
Long-term 84,351 51,3046,675 24,791 81,443 -49,645
Other sectors 50,953 -27,3206,036 -99,705 62,737 27,402
Short-term -533 4,412-534 -28 -3,728 3,607
Long-term 51,486 -31,7326,570 -99,677 66,465 23,794
20211
3214321
2018 2019 2019 2019

-50,546 -471 29,165 3,151 26,875 -37,339 -2,971
Banks 518 -686 2,777 -648 1,400 2,095 -791
Other sectors -51,064 215 26,388 3,799 25,475 -39,434 -2,179
Debt securities 65,503 53,223 63,206 -19,383 6,061 15,799 -16,994
Banks 20,005 -11,890 45,005 -16,043 -10,941 -21,265 -3,224
Short-term -3,697 -21,572 19,416 -21,175 -1,345 2,997 -3,875
Long-term 23,703 9,682 25,588 5,132 -9,596 -24,262 651
Other sectors 45,498 65,113 18,201 -3,340 17,002 37,064 -13,770
Short-term 1,436 -74 13 2,818 -271 1,604 -996
Long-term 44,062 65,188 18,188 -6,159 17,273 35,460 -12,774
Assets 152,901 149,767 172,548 140,389 137,616 107,622 115,256
Banks 147,546 142,458 163,712 127,566 130,921 103,599 106,789
Other sectors 5,355 7,309 8,836 12,822 6,695 4,023 8,467
Liabilities -162,486 -145,357 -148,154 -126,407 -132,025 -106,473 -125,508
Banks -153,275 -139,286 -144,444 -119,305 -121,415 -101,315 -118,272
Other sectors -9,211 -6,071 -3,711 -7,102 -10,609 -5,159 -7,237
Assets -104,792 -278,131 81,325 -267,296 711,967 -99,724 -33,743
Currency and deposits 4,892 -194,078 64,085 -317,543 810,114 -42,918 24,217
Banks 51,737 -142,505 -19,514 -336,024 865,091 47,669 96,982
Other sectors -46,846 -51,573 83,599 18,480 -54,977 -90,587 -72,765
Loans -105,379 -38,340 18,980 4,145 -91,458 -20,630 -75,934
Banks -105,179 -39,626 17,179 2,600 -91,174 -19,972 -73,838
Other sectors -199 1,286 1,800 1,545 -284 -658 -2,096
Trade credit and advances 26,275 -12,448 -19,262 6,589 30,075 -7,969 -14,652
Other assets -30,580 -33,264 17,523 39,514 -36,764 -28,207 32,626
Banks -7,380 -760 -23,909 29,192 -28,867 -1,049 949
Other sectors -23,200 -32,504 41,432 10,322 -7,896 -27,158 31,677
Liabilities 409,549 273,420 -190,079 320,486 -519,275 26,007 -45,445
Currency and deposits 334,622 161,651 -234,708 329,081 -497,198 -36,163 -18,587
Banks 334,622 161,651 -234,708 329,081 -497,198 -36,163 -18,587
Other sectors * * * * * * *
Other sectors 77,352 64,510 34,142 40,671 -60,268 38,246 -4,045
Trade credit and advances -23,628 13,978 15,674 -7,036 -25,854 5,758 2,827
Other liabilities 21,203 33,281 -5,186 -42,230 64,045 18,166 -25,640
Banks 3,085 14,107 1,121 -30,790 54,277 10,622 -19,434
Other sectors 18,118 19,174 -6,307 -11,439 9,767 7,544 -6,206
Reserve assets -73,786 48,503 41,723 -23,999 -32,959 -28,315 59,846(2) (2)
20211
143214
Liabilities 13,430 -60,849 -49,644 -39,484 -20,627 32,984

28,537 -40,725 18,042 -14,842 4,046 2,837Equity and investment fund shares
Banks 1,532 -3,617 -612 -1,909 2,197 2,367
Other sectors 27,005 -37,108 18,653 -12,932 1,848 470
Debt securities -15,107 -20,123 -67,686 -24,642 -24,673 30,147
Banks -11,347 -22,757 -24,175 -24,097 -18,657 10,762
Short-term -12,623 -20,746 -4,147 -16,817 -2,749 9,378
Long-term 1,276 -2,010 -20,028 -7,280 -15,908 1,383
Other sectors -3,760 2,633 -43,511 -546 -6,016 19,385
Short-term -15 2,075 5,244 -1,849 -1,842 1,304
Long-term -3,745 559 -48,755 1,303 -4,174 18,081
Assets 126,745 112,308 226,439 115,311 119,597 190,414
Banks 120,197 108,689 216,526 113,072 117,276 185,410
Other sectors 6,548 3,619 9,914 2,239 2,321 5,005
Liabilities -121,993 -123,196 -206,079 -112,876 -117,672 -196,072
Banks -114,418 -116,405 -201,777 -109,720 -114,482 -191,915
Other sectors -7,575 -6,791 -4,302 -3,155 -3,191 -4,157
Assets -492,749 -102,714 179,097 -407,282 -104,034 -33,316
Currency and deposits -467,482 -135,593 279,229 -351,321 -159,130 79,280
Banks -372,887 -19,072 410,223 -266,131 -96,396 135,086
Other sectors -94,595 -116,521 -130,994 -85,191 -62,735 -55,806
Loans -65,475 15,907 -28,004 -80,869 38,878 -48,276
Banks -65,286 15,079 -27,558 -80,186 38,714 -45,956
Other sectors -189 828 -446 -683 164 -2,321
Trade credit and advances -6,413 22,185 -16,688 -12,117 -9,326 10,294
Other assets 46,621 -5,213 -55,441 37,026 25,544 -74,613
Banks 37,490 -16,925 -9,329 12,463 20,451 -61,302
Other sectors 9,131 11,713 -46,112 24,562 5,093 -13,311
Liabilities 261,144 151,198 -73,707 224,631 440,576 -25,710
Currency and deposits 242,073 95,964 -208,823 200,384 371,282 -85,028
Banks 242,073 95,964 -208,823 200,384 371,282 -85,028
Other sectors * * * * * *
Other sectors 38,947 30,298 106,163 44,110 86,255 25,061
Trade credit and advances 5,972 -12,963 9,612 2,927 19,740 -15,311
Other liabilities -25,847 37,899 19,342 -22,789 -36,702 49,568
Banks -8,841 31,172 7,095 -12,481 -26,349 47,710
Other sectors -17,006 6,727 12,247 -10,308 -10,354 1,858
Reserve assets 10,284 -25,807 15,507 -19,250 -233,499 -8,216(2) (2)

For some sub-components of financial account, data are not released adue ato arelatively ainsignificant avalue (less than HK$10 million) and / or in order to safeguard confidentiality of information provided by individual establishments.
The estimates of reserve and non-reserve assets under the Balance of Payments framework are transaction figures. Effects of valuation changes (including price changes and exchange rate changes) and reclassifications are not taken into account.
In accordance with the accounting rules adopted in compiling Balance of Payments, a positive value for the balance figure in the capital and financial account indicates a net financial inflow while a negative value indicates a net outflow. As increases in external assets are debit entries and decreases are credit entries, a negative value for the reserve assets represents a net increase while a positive value represents a net decrease.
1,000

:
(1)
Notes :
(1)
(2)
*
20211
Table 5
5
HK$ million
-50,250 Direct investment -102,6231,868-122,026-28,42177,371-44,955
Banks 86,541 98,238 158,301 55,670 54,522 18,246 6,573
Other sectors -172,259 696,561 289,457 131,217 118,273 142,484 125,341
Banks 34,427 -114,259 -89,396 146,310 -333,074 -110,580 53,324
Other sectors -98,811 -856,680 -380,195 117,849 -283,354 -105,184 -483,934
Banks 82,841 83,604 25,371 48,421 24,974 6,087 13,179
Other sectors 35,518 15,575 10,955 13,342 8,228 -4,848 652
Banks -193,828 68,810 -118,737 -342,622 3,980 121,856 439,577
Other sectors 291,623 161,720 12,369 4,478 240,503 -313,673 -131,812
Total 66,052 153,570 -91,874 174,666 -165,948 -245,612 22,900
Banks 9,981 136,393 -24,460 -92,221 -249,598 35,609 512,653
Other sectors 56,070 17,177 -67,414 266,886 83,650 -281,220 -489,752
20211
Net investment flows by sector

Investment component / Sector 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr 1st Qtr 2nd Qtr 3rd Qtr
1 2 3 4 1 2 3
2019201920192018201820182018
Banks -4,984 29,671 13,546 16,289 -7,792 50,587 -13,024
Other sectors -9,676 28,790 82,072 17,087 -54,743 64,808 28,688
Banks -90,818 -124,275 -53,238 -64,743 -195,000 -4,379 32,630
Other sectors -154,794 -21,634 -32,923 -74,002 37,377 -22,777 -116,266
Banks -5,729 3,172 19,269 8,262 9,505 2,285 -11,483
Other sectors -3,856 1,238 5,125 5,720 -3,914 -1,136 1,230
Banks 276,885 -7,133 -259,831 -5,941 302,129 1,107 -13,929
Other sectors 27,872 2,422 151,078 59,132 -109,437 -74,824 -65,259
Total 34,900 -87,750 -74,902 -38,196 -21,874 15,671 -157,413
Banks 175,354 -98,566 -280,254 -46,133 108,842 49,600 -5,806
Other sectors -140,454 10,816 205,352 7,937 -130,717 -33,930 -151,607
4th Qtr 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr 1st Qtr
4 1 2 3 4 1
202120202020202020202019
Banks -11,524 4,805 -16,821 -6,656 25,244 -12,754
Other sectors 103,731 -92,520 18,225 71,474 128,161 12,956
Portfolio investment 52,651 114,307 -231,339 7,434 -321,012 -16,435
Banks 56,169 155,357 -103,581 70,832 -69,284 61,348
Other sectors -3,518 -41,050 -127,758 -63,398 -251,728 -77,784
Banks 5,779 -7,716 14,749 3,352 2,794 -6,506
Other sectors -1,027 -3,172 5,611 -917 -870 848
Banks -167,452 106,218 171,608 -145,951 307,702 -9,490
Other sectors -64,153 -57,733 -66,217 -36,700 28,839 -49,536
Total -81,995 64,188 -104,184 -107,962 170,859 -80,917
Banks -117,027 258,664 65,955 -78,422 266,456 32,599
Other sectors 35,033 -194,476 -170,139 -29,540 -95,598 -113,515
: Note : Individual figures may not add up to the total due to rounding.
20211
Table 6
6

Portfolio investment 7,651,4746,412,4717,226,0166,293,4494,318,2416,074,091 8,693,567
Banks 26,50619,70224,50518,91316,08140,216 33,543
Other sectors 4,666,4523,699,3834,498,2463,849,0622,116,6833,973,998 5,345,821
Banks 1,935,9491,819,7881,773,1041,579,7621,531,8911,376,300 2,473,442
Other sectors 63,601 172,602121,052121,457111,748109,867 53,570
Other investment 6,341,9606,242,0285,471,7344,898,8835,273,4475,725,589 6,966,882
Banks 3,653,2323,688,9993,366,8193,187,2363,538,1933,898,688 3,881,442
Banks 1,512,3741,271,092898,427606,080558,317470,141 1,814,169
Trade credit and advances 76,620 151,715143,899111,854103,77677,700 164,457
Other assets 88,089 93,95499,63398,72988,337199,906 117,779
Banks 42,40646,85043,81233,45936,61238,462 69,625
Reserve assets 2,330,4712,100,5131,997,3251,903,6981,272,6251,087,938 2,412,847
20211
Table 6 (cont’d)
6

Portfolio investment 12,478,18813,471,12210,601,5389,755,5189,077,706 14,168,803 17,244,635
Banks 101,39379,49857,05147,32237,918 164,256 150,537
Other sectors 7,712,0029,318,6506,722,3716,113,3175,688,755 8,912,566 11,330,002
Debt securities 4,664,7934,072,9743,822,1163,594,8793,351,034 5,091,982 5,764,096
Banks 3,273,4762,929,4732,784,3212,571,9882,454,298 3,480,870 3,813,030
Short-term 920,670854,127892,0661,081,6921,291,304 1,014,117 1,177,958
Long-term 2,352,8062,075,3451,892,2541,490,2961,162,994 2,466,753 2,635,072
Other sectors 1,391,3171,143,5011,037,7951,022,891896,736 1,611,111 1,951,066
Short-term 39,85138,92032,44545,58148,312 45,815 43,252
Long-term 1,351,4661,104,5821,005,350977,310848,424 1,565,296 1,907,814
Financial derivatives 631,272616,936858,089641,099623,511 615,091 897,222
Banks 588,077576,770800,571583,432570,592 579,081 861,976
Other sectors 43,19540,16657,51857,66752,919 36,010 35,246
Other investment 10,042,0819,426,9497,757,7497,416,1307,784,175 10,015,201 10,612,245
Currency and deposits 7,350,2876,857,4165,546,0795,323,9275,681,131 7,078,334 7,593,429
Banks 5,828,9195,390,8464,438,6974,322,5734,643,097 5,174,901 5,161,525
Other sectors 1,521,3681,466,5701,107,3821,001,3541,038,034 1,903,433 2,431,904
Loans 2,347,6662,228,8871,900,4921,804,6581,803,030 2,595,137 2,660,550
Banks 2,329,6892,207,1351,865,8911,763,5321,757,882 2,569,773 2,633,018
Other sectors 17,97721,75234,60141,12645,149 25,364 27,532
Trade credit and advances 200,068201,042191,399161,561166,126 198,758 215,337
Other assets 144,062139,604119,779125,984133,887 142,971 142,929
Banks 55,78555,34353,69871,90880,903 47,060 40,504
Other sectors 88,27784,26166,08154,07652,983 95,911 102,425
Reserve assets 3,324,8923,372,1462,994,5882,780,9342,547,549 3,438,908 3,813,149
20211
Table 6 (cont’d)
6

9,150,6727,849,0017,760,4776,612,0965,710,7318,566,965 9,951,219Direct investment enterprises
****** *Direct investor to direct
Debt instruments 1,057,637 1,357,1181,348,3881,277,7631,097,0321,003,962 1,394,272

investment enterprises 396,178344,506331,082287,530285,822273,782 407,237Between fellow enterprises
57,12245,11284,24276,11756,377130,864 84,236Banks
3,430,9352,517,3152,989,7872,453,2921,606,0233,252,042 3,699,322Other sectors
126,594112,10368,60260,96866,695232,219 169,745Banks
128,825118,23075,84252,80252,809110,899 92,542Other sectors
638,743477,351389,750310,478572,647253,836Financial derivatives 512,067
Other sectors 29,460 128,79551,40044,41543,42529,323 26,124
6,375,0006,070,6235,411,8444,314,7014,169,9074,516,855Other investment 7,343,223
5,335,1055,166,7114,671,3233,725,6913,645,7193,658,612 6,072,882Banks
****** *Other sectors
000000 0Banks
Other liabilities 94,108 86,85492,04087,03578,837209,074 96,628
29,49841,15331,18525,80437,51830,806 28,948Banks
Reserve-related liabilities 371 182196249365380 320
145,349102,744 79,911 91,697 116,134 129,150142,085
Foreign currency deposits with
20211
Table 6 (cont’d)
6

Portfolio investment 4,218,6134,477,2493,390,7733,592,1974,085,771 4,463,708 4,275,281
Banks 77,56093,88266,99668,81869,574 68,506 56,368
Other sectors 3,448,2413,829,1332,963,6423,184,8363,721,924 3,717,493 3,671,199
Debt securities 692,811554,234360,135338,543294,273 677,709 547,714
Banks 331,338290,429184,505174,451184,145 308,244 216,310
Short-term 163,231185,918111,38493,31483,038 155,020 114,888 Long-term 168,107104,51173,12181,137101,106 153,224 101,422
Other sectors 361,473263,805175,629164,091110,129 369,465 331,404
Short-term 21,37516,8498,91713,48922,482 20,167 21,029 Long-term 340,098246,957166,712150,60287,647 349,298 310,375
Financial derivatives 575,325550,899827,046575,675550,279 580,420 941,874
Banks 553,604526,896786,287538,473523,043 558,433 914,494
Other sectors 21,72124,00340,75937,20227,236 21,987 27,380
Other investment 10,585,7369,733,3818,432,0948,184,5458,292,115 10,404,208 11,194,974
Currency and deposits 7,946,8117,371,8696,435,8116,345,0166,600,998 7,600,898 8,086,933
Banks 7,946,8117,371,8696,435,8116,345,0166,600,998 7,600,898 8,086,933
Other sectors ***** * *
Trade credit and advances 221,636223,506208,337196,200206,444 210,121 229,603
Other liabilities 228,464215,646191,751159,714110,148 289,027 314,045
Banks 33,87846,25423,92031,76623,660 93,088 88,960
Other sectors 194,586169,391167,831127,94886,488 195,938 225,085
10,047,34811,104,9558,946,7537,774,747 Net International Investment Position (1)
659 371
214,350219,636207,283141,107121,089 229,752 215,926
Individual figures may not add up to the total due to rounding. Notes :

(1) Net International Investment Position is the difference between total external financial assets and total external financial liabilities.
(1)
Data are not released due to relatively insignificant value (less than HK$10 million) and / or in order to safeguard confidentiality of information provided by individual establishments.
*1,000
*
20211
Table 7
7
Assets 29,124,79026,858,00924,061,964 23,230,01520,679,69718,192,81921,905,020
Direct investment 10,483,4769,872,5658,767,7068,078,0417,204,4436,653,1948,643,784
Debt instruments 1,678,852 1,990,6501,939,4851,473,0791,393,3821,417,5941,300,933
Debt securities 2,693,387 3,314,2032,958,5152,703,2652,425,4742,185,4782,059,876
Loans 1,315,262 1,900,1351,587,872940,524646,911646,952627,751
Other assets 99,633 117,77993,95498,72988,33788,089199,906
Reserve assets 2,412,8472,330,4712,100,5131,997,3251,903,6981,272,6251,087,938
Debt instruments 1,348,388 1,394,2721,357,1181,277,7631,097,0321,057,6371,003,962
Debt securities 230,333 262,287255,419144,444113,770119,504343,118
Short-term 124,69993,25172,83538,47727,18633,084197,038
Long-term 137,589162,168157,498105,96786,58486,421146,080
Loans 681,702 992,537803,819544,179447,654371,537580,751
Other liabilities 92,040 96,62886,85487,03578,83794,108209,074
Net International Investment Position 5,876,9885,591,7815,522,906 (1)(1) 5,171,1175,702,2114,899,9913,837,378

365371380
20211
Table 7 (cont’d)
7
Assets 48,767,67143,932,44242,547,70642,810,01535,738,819 32,391,456 33,824,494
Direct investment 16,200,42115,694,43816,071,27315,922,86213,526,85612,358,515 13,230,813
Debt securities 3,822,116 5,764,0965,091,9824,664,7934,072,9743,351,034 3,594,879
Short-term 1,221,2101,059,932960,521893,047924,5111,339,616 1,127,273
Long-term 4,542,8864,032,0493,704,2723,179,9272,897,6052,011,418 2,467,606
Other assets 119,779 142,929142,971144,062139,604133,887 125,984
Reserve assets 3,813,1493,438,9083,324,8923,372,1462,994,5882,547,549 2,780,934
Debt securities 360,135 547,714677,709692,811554,234294,273 338,543
Short-term 135,917175,187184,606202,767120,301105,520 106,804
Long-term 411,797502,522508,205351,467239,833188,753 231,739
Other liabilities 191,751 314,045289,027228,464215,646110,148 159,714
Net International Investment Position 16,690,41112,297,17210,047,34811,104,9558,946,753 (1) (1) 6,748,769 7,774,747
371659314386315286Reserve-related liabilities 256
20211

7
Table 7 (cont’d)
Direct investment 16,518,511 16,260,596 16,071,273 17,251,302 15,813,165 15,500,51716,831,277
Equity and investment fund shares 13,281,825 13,085,249 12,959,533 14,017,439 12,680,580 12,409,33613,530,138
Debt instruments 3,236,685 3,175,347 3,111,739 3,233,862 3,132,586 3,091,1813,301,138
Portfolio investment 13,464,543 12,903,663 12,478,188 13,848,265 13,720,141 13,390,55013,913,811
Debt securities 4,510,223 4,517,463 4,664,793 5,009,287 5,124,974 5,183,4394,416,143
Short-term 1,021,253 939,245 960,521 1,124,620 1,051,017 1,036,476921,749
Long-term 3,488,970 3,578,218 3,704,272 3,884,666 4,073,957 4,146,9643,494,394
Financial derivatives 676,372 655,382 631,272 640,071 736,923 798,557675,979
Other investment 9,857,097 9,754,025 10,042,081 9,393,122 9,478,675 9,523,9409,616,263
Currency and deposits 7,090,979 7,011,636 7,350,287 6,583,602 6,620,699 6,604,5626,925,932
Loans 2,376,802 2,352,208 2,347,666 2,446,416 2,459,943 2,536,5922,345,759
Trade credit and advances 187,669 206,463 200,068 170,801 178,100 193,043175,550
Other assets 201,646 183,718 144,062 192,304 219,934 189,743169,022
Reserve assets 3,388,731 3,336,561 3,324,892 3,438,141 3,481,945 3,439,0273,455,257
Liabilities 33,022,536 32,892,960 32,500,358 33,493,910 31,941,104 31,132,84232,777,602
Direct investment 17,535,019 17,577,000 17,120,684 17,956,396 16,412,258 16,005,44417,534,241
Debt instruments 2,070,618 2,068,917 1,998,650 1,957,247 2,029,981 1,987,4602,110,593
Portfolio investment 4,419,177 4,478,658 4,218,613 4,804,305 4,643,732 4,204,9124,415,466
Debt securities 654,600 711,820 692,811 700,556 714,856 693,350613,626
Short-term 183,456 202,766 184,606 188,891 192,901 188,257203,528
Long-term 471,144 509,054 508,205 511,665 521,955 505,093410,098
Financial derivatives 630,189 601,447 575,325 588,507 727,419 773,680618,210
Other investment 10,438,151 10,235,855 10,585,736 10,144,702 10,157,695 10,148,80610,209,685
Currency and deposits 7,878,176 7,616,472 7,946,811 7,461,826 7,400,056 7,384,1737,751,896
Loans 2,070,104 2,120,364 2,188,825 2,159,713 2,211,794 2,244,1352,013,440
Trade credit and advances 213,682 228,385 221,636 196,813 201,808 204,979200,786
Other liabilities 276,189 270,633 228,464 326,349 344,037 315,518243,563
Net International Investment Position (1)(1) 10,882,717 10,017,268 10,047,348 11,076,991 11,289,746 11,519,74911,714,984

20211
Table 7 (cont’d)
7
2020
Direct investment 15,694,438 15,320,141 15,489,822 15,817,615 16,200,421 16,687,284
Equity and investment fund shares 12,697,935 12,324,514 12,495,841 12,762,919 13,212,753 13,637,652
Debt instruments 2,996,503 2,995,628 2,993,981 3,054,695 2,987,669 3,049,632
Portfolio investment 14,168,803 12,846,231 14,311,791 15,362,473 17,244,635 17,573,190
Debt securities 5,091,982 4,916,373 5,369,439 5,442,834 5,764,096 5,444,164
Short-term 1,059,932 944,450 1,077,399 1,076,948 1,221,210 1,143,936
Long-term 4,032,049 3,971,923 4,292,041 4,365,887 4,542,886 4,300,228
Financial derivatives 615,091 936,568 849,515 818,053 897,222 704,860
Other investment 10,015,201 9,933,680 9,769,294 10,426,028 10,612,245 10,661,900
Currency and deposits 7,078,334 7,046,115 6,770,528 7,359,399 7,593,429 7,540,651
Loans 2,595,137 2,564,246 2,595,457 2,690,334 2,660,550 2,703,823
Trade credit and advances 198,758 175,181 191,937 204,932 215,337 205,204
Other assets 142,971 148,138 211,372 171,364 142,929 212,222
Reserve assets 3,438,908 3,392,069 3,455,855 3,513,250 3,813,149 3,820,122
Liabilities 31,635,270 30,313,533 30,425,378 30,883,237 32,077,260 32,628,828
Direct investment 16,186,933 15,176,381 15,219,652 15,432,087 15,665,132 16,180,933
Debt instruments 1,964,141 1,926,712 1,959,254 2,025,422 2,081,679 2,075,287
Portfolio investment 4,463,708 3,755,799 3,934,584 3,901,432 4,275,281 4,586,577
Debt securities 677,709 660,712 601,081 584,578 547,714 567,781
Short-term 175,187 153,319 160,390 142,960 135,917 150,748
Long-term 502,522 507,394 440,691 441,618 411,797 417,034
Financial derivatives 580,420 882,815 836,468 841,990 941,874 694,766
Other investment 10,404,208 10,498,537 10,434,674 10,707,728 11,194,974 11,166,552
Currency and deposits 7,600,898 7,658,075 7,458,221 7,684,163 8,086,933 7,997,336
Loans 2,304,162 2,331,734 2,439,778 2,468,620 2,564,394 2,590,470
Trade credit and advances 210,121 195,464 205,128 209,002 229,603 214,482
Other liabilities 289,027 313,264 331,545 345,943 314,045 364,264
Net International Investment Position (1) (1) 12,297,172 12,115,156 13,450,899 15,054,182 16,690,411 16,818,528

Reserve-related liabilities 659 306 382 346 371 570
Net International Investment Position is the difference between total external financial assets and total external financial liabilities.

: Individual figures may not add up to the total due to rounding.Notes :
(1)(1)
20211
Table 8
8
Assets 48,767,67143,932,44242,547,70642,810,015
3,657,3793,958,7633,970,092 HK Dollar 4,192,049
2,366,3412,308,2763,065,060 US Dollar 2,936,897
7,189,0336,430,8955,924,381 Other currencies 5,691,195
Debt instruments 2,987,6692,996,5033,111,7393,102,722
1,234,8891,175,9181,221,040 HK Dollar 1,262,359
1,333,6231,436,3421,522,875 US Dollar 1,454,146
419,157384,244367,824 Other currencies 386,216
Portfolio investment 17,244,63514,168,80312,478,18813,471,122
HK Dollar 9,003,4837,218,8456,371,3347,787,213
US Dollar 4,520,3564,073,4823,582,6093,379,992
Other currencies 3,720,7962,876,4762,524,2452,303,916
8,804,8866,988,7736,140,358 HK Dollar 7,596,018
1,320,1771,068,022908,525 US Dollar 1,063,407
1,355,4761,020,026764,512 Other currencies 738,723
Debt securities 5,764,0965,091,9824,664,7934,072,974
198,598230,072230,977 HK Dollar 191,195
3,200,1783,005,4602,674,084 US Dollar 2,316,585
Financial derivatives 897,222615,091631,272616,936
HK Dollar 120,83463,72153,45067,306
US Dollar 341,643249,853306,925223,503
Other currencies 434,744301,516270,897326,127
Other investment 10,612,24510,015,20110,042,0819,426,949
HK Dollar 1,061,2571,098,7641,119,882975,664
US Dollar 6,503,5586,034,9355,845,8015,740,997
Reserve assets 3,813,1493,438,9083,324,8923,372,146
US Dollar 3,219,3952,833,4452,659,6422,697,577
20211

Table 8 (cont’d) Currency composition of International Investment Position
(position as at end of period)
8
Liabilities 32,077,26031,635,27032,500,35831,705,060
8,944,1759,746,8799,656,636 HK Dollar 9,664,001
3,266,3403,142,6094,131,000 US Dollar 3,964,331
Debt instruments 2,081,6791,964,1411,998,6502,021,801
1,105,1351,090,5221,068,477 HK Dollar 1,075,401
742,701700,368732,514 US Dollar 820,652
Portfolio investment 4,275,2814,463,7084,218,6134,477,249
HK Dollar 3,691,4473,744,7113,490,6863,813,056
US Dollar 526,775659,473659,482574,111
3,657,3563,712,8743,459,501 HK Dollar 3,791,859
52,81951,11839,873 US Dollar 94,894
Debt securities 547,714677,709692,811554,234
34,09131,83831,185 HK Dollar 21,197
473,956608,355619,609 US Dollar 479,217
Financial derivatives 941,874580,420575,325550,899
HK Dollar 141,25870,60866,69375,200
US Dollar 490,075237,199209,748223,745
Other investment 11,194,97410,404,20810,585,7369,733,381
HK Dollar 1,435,1461,492,2711,354,6681,321,796
US Dollar 7,515,8587,050,9207,322,7416,521,949
HK Dollar -239,319-2,628,979-2,901,361-1,664,863
US Dollar 5,743,1665,145,7663,927,4264,328,324
20211

Table 8 (cont’d) Currency composition of International Investment Position
(position as at end of period)
8
2018
1
HK Dollar 14,249,690 13,887,023 12,735,79913,229,132 13,801,184 13,428,821 12,746,693
US Dollar 17,400,421 17,566,489 16,982,91117,047,732 17,421,302 16,438,688 16,753,657
Other currencies 12,842,474 12,451,740 12,828,99612,633,364 13,348,415 13,363,341 13,152,241
Direct investment 16,831,277 16,518,511 16,071,27316,260,596 17,251,302 15,813,165 15,500,517
HK Dollar 5,320,403 5,219,301 5,191,1325,259,033 5,537,090 5,341,345 5,146,163
US Dollar 5,010,188 4,970,4

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