In this undated photo, pedestrians walk past foreign banks' signs in Shanghai, China. (PHOTO / CHINA DAILY)

BEIJING – The net net external liabilities of China's banking sector stood at US$140.8 billion as of the end of March, shrinking from the end of 2019, according to data from the forex regulator.

The figure was US$159.1 billion at the end of 2019, the State Administration of Foreign Exchange (SAFE) said.

The sector reported combined external financial assets of US$1.21 trillion by the end of March, while their external liabilities totaled US$1.35 trillion.

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By March, the external financial assets of Chinese banks included US$869.1 billion of deposits and loans, US$175.9 billion of bond investments and US$162.5 billion of equities and other assets.

SAFE started publishing external financial assets and liabilities of the banking sector for the first time in March 2016.

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The data reflects foreign-related business operations in the banking industry as well as the global allocation of the sector's assets and liabilities, which are important for improving statistical transparency and monitoring cross-border capital flows.