国家外汇管理局：11月外汇市场供求延续基本平衡，跨境收支保持活跃

Core Viewpoint - The foreign exchange market in China has maintained stability in November 2025, with a balanced supply and demand despite fluctuations in the international financial market and a weakening US dollar [1] Group 1: Foreign Exchange Market Performance - The foreign exchange market in China has continued to operate smoothly, with both bank foreign exchange settlement and sales remaining stable [1] - The foreign exchange settlement surplus in November was $15.7 billion, which is comparable to October's figures [1] Group 2: Cross-Border Capital Flows - Cross-border income and expenditure from non-bank sectors, including enterprises and individuals, totaled $1.3 trillion in November, reflecting an 8% month-on-month increase [1] - The cross-border capital flow surplus was $17.8 billion, lower than the average surplus of $24 billion observed in September and October [1] Group 3: Trade and Investment Insights - Goods trade remains the primary channel for net capital inflows, while service trade, investment income, and direct investment flows have remained stable [1] - Recent trends indicate that capital flows under securities investment have become more stable [1]