国家外汇管理局：2026年我国外汇市场有望稳定运行

Core Insights - The foreign exchange market in China showed a balanced supply and demand in 2025, with strong resilience and vitality, according to the State Administration of Foreign Exchange [1][2] Group 1: Foreign Exchange Data - In December 2025, banks settled foreign exchange at $318 billion and sold $217.9 billion, with total annual settlements reaching $25,949 billion and sales at $23,983 billion [1] - For the same month, banks recorded foreign income of $824.4 billion and foreign payments of $710.9 billion, with total annual foreign income at $79,725 billion and payments at $76,704 billion [1] Group 2: Cross-Border Capital Flows - Total cross-border income and expenditure for enterprises and individuals reached $15.6 trillion in 2025, marking a nearly 10% increase from 2024 [2] - The year saw a net inflow of $302.1 billion in cross-border capital, reversing from a net outflow at the beginning of the year, with a bank settlement surplus of $196.6 billion [2] Group 3: Economic and Trade Performance - China's goods trade volume exceeded $6.3 trillion in 2025, maintaining its position as the world's largest trader for nine consecutive years [3] - By September 2025, China's foreign direct investment and foreign investment in China reached $3.4 trillion and $3.7 trillion, respectively, both ranking among the highest globally [3] Group 4: Foreign Exchange Market Development - The foreign exchange market in China has seen continuous growth in trading volume, with a diverse range of market participants, enhancing its ability to absorb external shocks [4] - The hedging ratio for enterprises improved by 3 percentage points in 2025, and the proportion of trade settled in RMB rose to nearly 30%, indicating stronger risk management capabilities [4]