数据突然暴增，这是什么信号？

Core Viewpoint - The article highlights a significant increase in China's foreign exchange settlement and sales data for September, which reached a surplus of 51.1 billion USD, the highest since January 2021, indicating a growing confidence in RMB assets and a potential bullish trend in the A-share market [3][12][16]. Group 1: Foreign Exchange Data - In September, the foreign exchange settlement surplus reached 51.1 billion USD, contributing to a total surplus of 63.2 billion USD from January to September [3][4]. - The increase in surplus suggests that more foreign exchange is flowing back into China, indicating a favorable market sentiment towards RMB assets [7][12]. Group 2: Reasons for Surplus - The surplus can be attributed to two main factors: foreign capital flowing into the Chinese market and domestic entities converting their foreign currency into RMB due to expectations of RMB appreciation [8][10]. - The Federal Reserve's interest rate cuts in September have led to expectations of a weaker USD, prompting investors to prefer holding RMB [9][10]. Group 3: Market Implications - The strong performance of the A-share market has encouraged investors to seek higher returns in domestic equities rather than holding USD in fixed deposits [10][12]. - Historical trends show that when the domestic stock and real estate markets perform well, there is a tendency for increased RMB holdings, leading to improved settlement and sales data [11][12]. Group 4: Capital Inflow - In the first three quarters of the year, China's cross-border capital showed a net inflow of 119.7 billion USD, indicating strong international interest in the Chinese market [13][14]. - The current liquidity situation in the A-share market has improved, attracting both domestic and foreign capital, which is expected to lead to a prolonged bullish market trend [15][16].