上半年非银行部门跨境收支规模创历史同期新高

Core Insights - The State Administration of Foreign Exchange (SAFE) reported that in June 2025, banks settled foreign exchange transactions amounting to $207.7 billion and sold $182.3 billion, indicating a stable foreign exchange market performance [1] - For the first half of 2025, cumulative bank settlements reached $1,143.2 billion, while cumulative sales were $1,168.5 billion, reflecting ongoing active cross-border trade and investment activities [1] Group 1: Foreign Exchange Reserves and Market Dynamics - In the first half of 2025, the total cross-border income and expenditure of non-bank sectors reached $7.6 trillion, a year-on-year increase of 10.4%, marking a historical high for the same period [2] - The net inflow of cross-border funds for non-bank sectors was $127.3 billion, continuing the trend from the second half of last year, with a 46% quarter-on-quarter increase in Q2 [2] - The foreign exchange market showed basic balance, with a deficit of $25.3 billion in bank settlements, but a shift to surplus in May and June, indicating rational trading behavior among enterprises and individuals [2][3] Group 2: Market Activity and Future Outlook - The total trading volume in the domestic RMB foreign exchange market reached $21 trillion, a 10.2% increase year-on-year, with spot and derivative transactions accounting for 35% and 65% respectively [3] - As of the end of June, China's foreign exchange reserves stood at $3,317.4 billion, an increase of $115.1 billion from the end of 2024, supported by the appreciation of non-USD currencies and rising global financial asset prices [3] - SAFE plans to continue implementing policies that promote a more convenient, open, secure, and intelligent foreign exchange management system to support high-quality economic development and openness [3]