9月结售汇顺差510亿美元 上中旬净结汇较多 下旬结售汇差额趋向均衡
Mei Ri Jing Ji Xin Wen·2025-10-23 18:20

Core Insights - The foreign exchange market in China showed a surplus in September, with a total settlement of 18,809 billion RMB and a sale of 15,183 billion RMB, resulting in a surplus of 3,626 billion RMB, which has expanded compared to the previous month [1] - The total foreign exchange surplus for September was reported at 51 billion USD, with a notable increase in both customer settlements and sales [1][3] - The overall scale of foreign exchange receipts and payments by banks for the first nine months of 2025 reached 11.6 trillion USD, marking a historical high for the same period [3] Foreign Exchange Data - In September 2025, banks settled 2,647 billion USD and sold 2,136 billion USD, with cumulative settlements from January to September reaching 1,853.3 billion USD and sales at 1,790.1 billion USD [2] - For the same month, banks recorded foreign income of 48,409 billion RMB and payments of 48,629 billion RMB, with cumulative figures for the first nine months at 420,628 billion RMB in income and 412,029 billion RMB in payments [2] Market Trends - The foreign exchange market is characterized by balanced supply and demand, with a significant increase in customer settlements and sales in September [3] - The cross-border capital flow remains active, with a total of 1.37 trillion USD in cross-border income and expenditure in September, reflecting a 7% month-on-month growth [3] - The trade surplus for September was reported at 645.47 billion RMB, with exports and imports showing year-on-year growth of 8.4% and 7.5%, respectively [4] Future Outlook - Experts suggest that the upcoming peak period for corporate financial settlements and profit distributions may lead to an increase in bank customer settlements, potentially supporting the appreciation of the RMB [4] - The transition of China's economy from external demand to internal demand may lead to a decrease in the contribution of trade surpluses to settlement and sales [5] - The complexity of factors influencing customer settlement and sales data indicates that these figures should not be directly equated with cross-border capital flows or RMB exchange rate changes [4][5]