This provides the Bangko Sentral with room to maintain its accommodative monetary policy stance and strongly support sustainable economic recovery. Balance of payments The cumulative balance of payments position for 2021 stood at a deficit of $ million by end-September, reversing the surplus recorded in the same period last year. This can be largely attributed to the widening deficit in merchandise trade.
Burkhard Balz: Bolstering confidence, high-quality financial development promoting a Chinese path to modernization Keynote speech by Mr Burkhard Balz, Member of the Executive Board of the Deutsche Bundesbank, at the Tsinghua PBCSF Global Finance Forum "Bolstering Confidence, High-Quality Financial Development Promoting a Chinese Path to Modernization", Beijing, 20 May 2023.