中国企业猛卖美元！9月结售汇顺差达510亿美元，创2020年12月以来最大

Core Insights - In September 2025, China's banks recorded a foreign exchange settlement surplus of $51 billion, the largest since December 2020, indicating a significant increase in the willingness of market participants to settle foreign exchange amid rising expectations for the appreciation of the Renminbi [1][4]. Group 1: Foreign Exchange Data - In September 2025, banks settled $264.7 billion in foreign exchange and sold $213.6 billion, resulting in a surplus of $51 billion, marking the highest monthly surplus in nearly five years [4]. - From January to September 2025, banks accumulated $1,853.3 billion in settlements and $1,790.1 billion in sales, leading to a cumulative surplus of $63.2 billion, which is higher than the same period last year [4]. - In September 2025, banks recorded foreign income of $681.2 billion and foreign payments of $684.3 billion, with cumulative figures from January to September being $5,870.5 billion and $5,750.8 billion respectively [4]. Group 2: Market Sentiment and Analysis - The data reflects an optimistic sentiment towards the Renminbi, with offshore Renminbi reaching its strongest level since November of the previous year, and export enterprises accelerating their foreign exchange settlements, which may further support the Renminbi [1][5]. - According to Khoon Goh, head of Asian research at Australia & New Zealand Banking Group, the net surplus in foreign exchange settlements indicates an increase in funds flowing into China, which supports the Renminbi, while the willingness of exporters to settle foreign exchange is also on the rise [5]. - With the central bank favoring a stronger Renminbi and pushing for an increase in the central parity rate, it is anticipated that the settlement ratio among exporters will further increase, leading to additional appreciation of the Renminbi for the remainder of the year [5].