在9月30日发布的《2025年上半年中国国际收支报告》中，国家外汇管理局表示，下一阶段，着力防范 化解外部冲击风险，切实维护外汇市场稳定和国际收支基本平衡。密切关注内外部经济金融形势，持续 完善跨境资金流动监测预警，保持人民币汇率弹性，加强外汇市场逆周期调节和预期管理，促进境内外 汇供求平衡。 同日，在岸人民币对美元、离岸人民币对美元表现不一。截至当日9时35分，在岸人民币对美元报 7.1334，日内贬值幅度为0.16%；离岸人民币对美元报7.1381，日内升值幅度为0.17%。 北京商报讯（记者 廖蒙）10月9日，中国人民银行授权中国外汇交易中心公布，当日银行间外汇市场人 民币汇率中间价为1美元对人民币7.1102元，相较前一交易日中间价7.1055元，调贬47基点。 ...

Core Insights - The report from the State Administration of Foreign Exchange indicates that China's current account is expected to remain balanced in the second half of 2025, with cross-border investment and financing likely to improve steadily [2] - As of June 2025, China's total external debt was $2.4368 trillion, showing a slight decrease of 0.6% from March 2025, with a stable debt scale and currency structure [2][7] Trade Performance - In the first half of 2025, China's current account surplus was $294.1 billion, remaining within a reasonable range, with total goods trade volume increasing by 2% year-on-year [4] - Goods exports reached $1.7 trillion, a 7% increase year-on-year, while imports were $1.2 trillion, down 4% year-on-year [4] - Service trade showed robust growth, with total service imports and exports rising by 6% year-on-year, and travel income increasing by 42% to $24.3 billion, marking a historical high for the same period [4][5] Foreign Investment and Debt - By June 2025, China's foreign financial assets exceeded $11 trillion, while liabilities were over $7.2 trillion, resulting in a net foreign asset of $3.8 trillion, a 16% increase from the end of 2024 [7] - Direct investment in China accounted for 51% of total foreign liabilities, while securities investment made up 30%, reflecting a rising trend [7] Future Outlook - The report anticipates that the external environment will remain complex, with potential pressures from trade protectionism and geopolitical conflicts, but China's economic fundamentals are strong enough to support stable international payments [9] - The foreign exchange management department plans to expand reforms and facilitate cross-border trade and investment, while also enhancing monitoring to mitigate external risks [10]

Core Viewpoint - The report indicates that China's international balance of payments is expected to remain stable, with a reasonable equilibrium in the current account and a positive outlook for cross-border investment and financing [2]. Group 1: Current Account and Trade Performance - In the first half of 2025, China's current account surplus was $294.1 billion, remaining within a reasonable equilibrium range [4]. - Goods trade showed resilience, with total imports and exports increasing by 2% year-on-year, while service trade grew more actively, with service imports and exports rising by 6% [4]. - Goods exports reached $1.7 trillion, a 7% increase year-on-year, while imports were $1.2 trillion, a 4% decrease [4]. - Travel income surged by 42% to $24.3 billion, marking a historical high for the same period, while travel expenditure increased by 5% to $126.2 billion [4][5]. Group 2: Foreign Debt and Investment - As of June 2025, China's total external debt was $2.4368 trillion, a slight decrease of 0.6% from March 2025 [2]. - China's foreign financial assets and liabilities exceeded $11 trillion and $7.2 trillion, respectively, with net foreign assets growing by 16% compared to the end of 2024 [7]. - Direct investment in China accounted for 51% of total foreign liabilities, while securities investment made up 30%, an increase of 1.8 percentage points from the end of 2024 [7]. Group 3: Future Outlook and Policy Directions - The report anticipates that external conditions will remain complex, with potential pressures from trade protectionism and geopolitical risks [9]. - The foreign exchange management department plans to steadily expand reforms and open up the foreign exchange sector, aiming to support stable development of foreign trade and investment [10]. - Measures will include optimizing foreign exchange fund settlement for new foreign trade entities and enhancing the efficiency of service trade enterprises [10].

Core Insights - The report indicates that China's current account is expected to maintain a reasonable balance in the second half of 2025, with cross-border investment and financing likely to improve steadily [1] Group 1: Foreign Exchange Market and Debt - As of June 2025, China's total external debt was $2.4368 trillion, a slight decrease of 0.6% from March 2025, with a stable scale and currency structure [1][4] - The report highlights that China's foreign financial assets and liabilities exceeded $11 trillion and $7.2 trillion respectively, resulting in a net foreign asset of $3.8 trillion, which grew by 16% compared to the end of 2024 [4] - The proportion of domestic currency debt remained stable at 52.1%, while the share of medium- and long-term debt increased by 0.2 percentage points to 42.4% [4] Group 2: Trade Performance - In the first half of 2025, China's current account surplus was $294.1 billion, remaining within a reasonable range, with total goods trade imports and exports increasing by 2% year-on-year [2] - Goods exports reached $1.7 trillion, a 7% increase year-on-year, while imports were $1.2 trillion, down 4% year-on-year [2] - Service trade showed robust growth, with total service imports and exports rising by 6% year-on-year, and travel income increasing by 42% to $24.3 billion, marking a historical high for the same period [2][3] Group 3: Future Outlook and Policy Directions - The report anticipates that external economic conditions will remain complex, with potential pressures from trade protectionism and geopolitical conflicts [5] - The foreign exchange management department plans to expand reforms and facilitate cross-border trade and investment, including optimizing foreign exchange settlement for new foreign trade entities [6] - Measures will be taken to enhance monitoring of cross-border capital flows and maintain the stability of the foreign exchange market, while also combating illegal cross-border financial activities [6]

9月30日，国家外汇管理局发布《2025年上半年中国国际收支报告》(以下简称《报告》)。 《报告》显示，2025年上半年，我国经常账户顺差2941亿美元，继续处于合理均衡区间。货物贸易保持 韧性，国际收支口径的货物进出口总额同比增长2%。服务贸易更加活跃，服务进出口总额同比增长 6%，服务贸易逆差同比收窄13%。投资收益向好，我国对外投资收益、外资在华投资收益同比分别增 长13%和7%。非储备性质金融账户逆差与经常账户顺差形成自主平衡格局。上半年，境内主体各类对 外投资有序、活跃；我国吸收各类来华投资向好，股权性质的来华直接投资保持增长，外资净增持境内 股票，外资投资境内债券总体稳定。2025年6月末，我国对外金融资产和负债分别超过11万亿美元和7.2 万亿美元，对外净资产为3.8万亿美元，较2024年末增长16%。 展望下一阶段，《报告》表示，外部环境依然复杂，全球经济存在下行压力，产业链供应链格局面临重 构，地缘政治冲突和国际金融市场波动风险较大。我国加快构建新发展格局，加力培育新质生产力，持 续提升宏观政策效能，稳步推进高水平对外开放，将继续为国际收支平稳运行提供坚实支撑。预计经常 账户继续保持合理均衡 ...

Economic Developments - The Federal Reserve lowered the federal funds rate by 25 basis points to a target range of 4.00%-4.25%, marking its first rate cut since December 2024[9] - Turkey's central bank reduced the benchmark interest rate by 250 basis points to 40.5%, exceeding market expectations[13] - Indonesia announced an economic stimulus package worth 16.23 trillion Indonesian rupiah (approximately $1 billion) to boost consumption and employment[15] Sovereign Credit Ratings - Moody's downgraded Poland's credit outlook from stable to negative while maintaining an A2 rating, citing weakened fiscal and debt indicators[41] - Fitch upgraded Italy's credit rating from BBB to BBB+ with a stable outlook, reflecting improved fiscal policies and revenue growth[42] - Fitch raised Portugal's credit rating from A- to A with a stable outlook, noting a significant reduction in public debt as a percentage of GDP[43] - Fitch downgraded France's credit rating from AA- to A+ with a stable outlook, highlighting rising public debt and persistent fiscal deficits[45] Geopolitical Risks - Recent drone incidents involving Russia have heightened geopolitical tensions in Eastern Europe, impacting the sovereign credit ratings of affected countries[7] - The ongoing conflict in Gaza has led to increased military spending in Israel, with an additional budget of $9 billion primarily for defense purposes[20] Trade and Investment - South Korea recorded a current account surplus of $10.78 billion in July, the highest for that month in history, with a cumulative surplus of $60.15 billion for the first seven months of the year[31] - The U.S. and India are set to complete the first phase of their trade agreement negotiations by November 2025[29]

本报讯(记者刘琪)9月26日，国家外汇管理局公布2025年8月我国国际收支货物和服务贸易数据。2025年 8月，我国国际收支货物和服务贸易进出口规模42818亿元，同比增长2%。其中，货物贸易出口21395亿 元，进口15202亿元，顺差6193亿元；服务贸易出口2546亿元，进口3675亿元，逆差1129亿元。服务贸 易主要项目为：旅行服务进出口规模1887亿元，运输服务进出口规模1745亿元，其他商业服务进出口规 模996亿元，电信、计算机和信息服务进出口规模583亿元。 按美元计值，2025年8月，我国国际收支货物和服务贸易出口3357亿美元，进口2647亿美元，顺差710亿 美元。 ...

| 2.10其他商业服务差额 | 267 | 37 | | --- | --- | --- | | 贷方 | 632 | 89 | | 借方 | -365 | -51 | | 2.11个人、文化和娱乐服务差额 | -22 | -3 | | 贷方 | 7 | 1 | | 借方 | -29 | -4 | | 2.12别处未提及的政府货物和服务差额 | -9 | -1 | | 贷方 | 8 | 1 | | 借方 | -17 | -2 | 本文编选自"国家外汇管理局"官网，智通财经编辑：蒋远华。 按美元计值，2025年8月，我国国际收支货物和服务贸易出口3357亿美元，进口2647亿美元，顺差710亿美元。 | | FARE -------- | | | --- | --- | --- | | 项目 | 按人民币计值 | 按美元计值 | | | (亿元) | (亿美元) | | 货物和服务贸易差额 | 5065 | 710 | | 贷方 | 23941 | 3357 | | 借方 | -18877 | -2647 | | 1.货物贸易差额 | 6193 | 868 | | 贷方 | 21395 | 3000 | | ...

在深入推进外汇领域深层次改革和高水平开放的同时，"十四五"期间，国家外汇局在持续提升跨境贸易 投资便利化改革方面也取得显著成效。 "贸易外汇收支效率进一步提升。"朱鹤新表示，推进贸易收支便利化、跨境贸易投资高水平开放试点等 改革落地见效，"十四五"以来办理相关业务近4.6万亿美元。针对贸易新业态"小额、高频、电子化"的 特点，支持银行支付机构自动批量审核电子订单，为跨境电商等提供更加便利的外汇结算，"十四五"以 来办理业务已超过56亿笔。 当前，跨境投融资便利化水平也进一步提升。"近期，国家外汇局新推出了涵盖跨境投资、融资以及资 本项目收付等9条一揽子便利化政策，后续将加强政策跟踪问效，让企业得到实实在在的便利。"朱鹤新 表示。 "'十四五'以来，外汇领域有效统筹发展和安全，稳步推进高水平开放，为构建新发展格局提供有力支 持。"9月22日，中国人民银行副行长、国家外汇局局长朱鹤新在国新办举行的"高质量完成'十四五'规 划"系列主题新闻发布会上晒出了外汇领域"成绩单"。 "十四五"以来，我国国际收支运行更加稳健。朱鹤新表示，面对更趋复杂严峻的外部环境，我国涉外经 济顶住压力、稳定发展，对外经贸呈现多元化格局、韧 ...

证券时报记者 贺觉渊 中国人民银行副行长、国家外汇局局长朱鹤新9月22日在国新办新闻发布会上介绍"十四五"时期金融业 发展成就时表示，近年来面对高波动的国际市场环境，我国跨境资金流动总体均衡，人民币汇率在主要 货币中表现比较稳健。我国外汇市场运行平稳，不论是活力还是韧性都在增强。展望未来，外汇局应对 外部风险挑战的底气更足。 "十四五"以来，国际金融市场波动加大，我国外汇市场运行平稳。朱鹤新介绍，从市场活力看，2024 年，我国跨境收支规模为14万亿美元，较2020年增长64%，"十四五"时期年均增长速度比"十三五"时期 提高8个百分点。今年前8个月，我国跨境收支同比增长10%，跨境贸易和投融资活动持续活跃。 从市场韧性看，企业外汇套期保值的比率已经由2020年的17%上升到30%左右，人民币在跨境贸易中的 占比由16%上升到近30%。朱鹤新进一步指出，近年来面对高波动的国际市场环境，我国跨境资金流动 总体均衡，人民币汇率在主要货币中的表现比较稳健。 "展望未来，我国经济基本面长期向好，高水平对外开放稳步推进，这奠定了国际收支自主平衡格局的 稳定。"朱鹤新表示，随着人民币汇率市场化形成机制不断完善，外汇市场宏 ...