Core Viewpoint - The foreign exchange market in China remains stable, with a net inflow of cross-border funds amounting to 17.8 billion USD in November 2025, reflecting a balanced supply and demand situation in the market [1][2]. Group 1: Foreign Exchange Market Performance - In November, the bank's foreign exchange settlement and sales maintained stability, with a surplus of 15.7 billion USD, indicating a more balanced supply and demand in the foreign exchange market compared to the previous month [1]. - The overall foreign exchange market is characterized by steady trading and orderly operations, with the foreign trade and foreign investment showing resilience [1]. Group 2: Cross-Border Fund Flows - The total scale of cross-border receipts and payments for non-bank sectors, including enterprises and individuals, reached 1.3 trillion USD in November, reflecting an 8% month-on-month increase and maintaining a high level of activity [1][2]. - The surplus in cross-border receipts and payments for the month was 17.8 billion USD, continuing the trend of net inflows of cross-border funds [1]. Group 3: Main Channels of Cross-Border Fund Flows - Goods trade remains the primary channel for net inflows of funds, while service trade, investment income, and direct investment flows remain stable [2]. - Recent trends indicate that capital flows under securities investment have also become more stable [2].

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]

Core Insights - The State Administration of Foreign Exchange reported that cross-border capital flows remained active and balanced in September, with a relatively stable supply and demand in the foreign exchange market [1] Group 1: Cross-Border Capital Flows - In the first three quarters of the year, China's total foreign-related income and expenditure reached $11.6 trillion, marking a historical high for the same period [3] - There was a net inflow of $119.7 billion in cross-border capital, with a bank settlement surplus of $63.2 billion, both exceeding levels from the previous year [3] Group 2: Monthly Trends - In September, the total cross-border income and expenditure for non-bank sectors, including enterprises and individuals, amounted to $1.37 trillion, reflecting a month-on-month increase of 7% [4] - Both current and capital account cross-border receipts maintained a growth trend, indicating robust development in China's foreign-related economy [4] - Due to seasonal effects from the National Day holiday, there was a slight net outflow of $3.1 billion in September, which has since reversed to a net inflow in October [4]

Core Insights - The foreign exchange market in China has shown stable operation in September 2025, with active and balanced cross-border capital flows and a relatively balanced supply and demand in the foreign exchange market [1][2] Group 1: Cross-Border Capital Flows - In September 2025, banks settled foreign exchange transactions amounting to $264.7 billion in purchases and $213.6 billion in sales, with cumulative settlements from January to September reaching $1,853.3 billion and $1,790.1 billion respectively [1] - The total cross-border income and expenditure for non-bank sectors in September was $1.37 trillion, reflecting a 7% month-on-month increase, indicating robust development in China's foreign-related economy [1] - There was a slight net outflow of $3.1 billion in September, which has since turned into a net inflow in October [1] Group 2: Foreign Exchange Market Supply and Demand - In September, the surplus in foreign exchange settlement and sales was $51 billion, with a notable increase in settlement in the first half of the month, while the latter half showed a trend towards balance [2] - The total scale of foreign-related income and expenditure for the first three quarters of the year reached $11.6 trillion, a historical high for the same period, with a net inflow of $119.7 billion and a settlement surplus of $63.2 billion, both exceeding the previous year's levels [2] - Overall, the foreign exchange market has demonstrated strong resilience and vitality amid a complex external environment, with stable market expectations and balanced supply and demand [2]

Core Insights - The total scale of foreign-related income and expenditure in China reached $11.6 trillion in the first three quarters of this year, marking a historical high for the same period and a year-on-year increase of 10.5% [1] - There was a net inflow of cross-border funds amounting to $119.7 billion, and a surplus of $63.2 billion in bank foreign exchange transactions, both exceeding the levels of the previous year [1] Group 1 - The foreign exchange market in China has shown strong resilience and vitality, with stable market expectations and a basic balance of supply and demand [1] - In September, the total cross-border income and expenditure for non-bank sectors, including enterprises and individuals, amounted to $1.37 trillion, reflecting a month-on-month increase of 7% [1] - The cross-border capital flow showed a slight net outflow of $3.1 billion in September due to seasonal effects from the National Day holiday, but has since turned into a net inflow in October [1] Group 2 - The foreign exchange market supply and demand remained relatively balanced in September, with significant month-on-month growth in bank customer foreign exchange settlements and sales [2] - The surplus in foreign exchange transactions was $51 billion in September, with a trend towards balance in the latter half of the month [2] - Since October, the foreign exchange settlements and sales by banks have been roughly equal, indicating a basic balance in the foreign exchange market [2]

Core Insights - China's cross-border capital net inflow reached 119.7 billion USD in the first three quarters of the year, exceeding the same period last year [1] - The total scale of foreign-related income and expenditure in China for the first three quarters was 11.6 trillion USD, marking a historical high for the same period [1] Group 1: Cross-Border Capital Flow - The net inflow of cross-border capital was 119.7 billion USD, with a bank settlement surplus of 63.2 billion USD, both higher than the previous year [1] - In September, the total cross-border income and expenditure for non-bank sectors reached 1.37 trillion USD, a month-on-month increase of 7% [1] Group 2: Foreign Exchange Market Dynamics - The foreign exchange market showed a balanced supply and demand in September, with significant month-on-month growth in bank customer settlements and sales [2] - The overall foreign exchange market has demonstrated strong resilience and vitality amid a complex external environment, with stable market expectations and balanced supply and demand [2]

Core Insights - The foreign exchange market in China has shown resilience and vitality, with a total foreign exchange income and expenditure scale of $11.6 trillion in the first three quarters of 2023, marking a historical high for the same period [1] - In September, there was a slight net outflow of cross-border funds due to seasonal factors, but this has shifted to a net inflow in October [1] Group 1: Cross-Border Fund Flows - In the first three quarters of 2023, China's net inflow of cross-border funds reached $119.7 billion, with a bank settlement surplus of $63.2 billion, both exceeding the levels of the previous year [1] - In September, the total cross-border income and expenditure for non-bank sectors amounted to $1.37 trillion, reflecting a month-on-month increase of 7% [1] - The bank's foreign exchange settlement in September was $264.7 billion, while foreign exchange sales were $213.6 billion, indicating a significant month-on-month increase in both [2] Group 2: Market Stability - The foreign exchange market has maintained a balanced supply and demand, with the settlement surplus in September amounting to $51 billion, showing a trend towards equilibrium in the latter half of the month [2] - The foreign exchange market's expectations remain stable despite a complex external environment, demonstrating strong resilience and vitality [1]

Core Insights - In September, the total cross-border income and expenditure of non-bank sectors, including enterprises and individuals, reached $1.37 trillion, reflecting a month-on-month increase of 7% [1][4] - Both current and capital account cross-border receipts and payments continued to grow, indicating the robust development of China's foreign economic activities [1][4] - The total scale of China's foreign-related receipts and payments for the first three quarters reached $11.6 trillion, setting a historical record for the same period [1] Cross-Border Capital Flow - Cross-border capital flows remain active and balanced, showcasing a healthy economic environment [2] - The significant month-on-month growth in bank customer settlement and sale of foreign exchange indicates a flexible approach by enterprises in conducting foreign exchange transactions based on their needs [7]

Core Insights - The foreign exchange market in China showed stable operation in September 2025, with active and balanced cross-border capital flows and a significant increase in bank settlement and sale of foreign exchange [2] Group 1: Bank Settlement and Sale of Foreign Exchange - In September 2025, banks settled 18,809 billion RMB and sold 15,183 billion RMB in foreign exchange [1] - From January to September 2025, cumulative bank settlements reached 132,747 billion RMB, while cumulative sales amounted to 128,261 billion RMB [1] Group 2: Cross-Border Capital Flows - In September 2025, the total cross-border income and expenditure for non-bank sectors reached 1.37 trillion USD, reflecting a 7% month-on-month increase [2] - The net outflow of cross-border funds in September was 31 billion USD, which has since turned into a net inflow in October [2] Group 3: Foreign Exchange Market Supply and Demand - The foreign exchange market maintained a balance in supply and demand, with a notable increase in bank customer settlements and sales in September [2] - The settlement surplus in September was 51 billion USD, with a trend towards balance in the latter half of the month [2] Group 4: Overall Foreign Exchange Performance - The total scale of foreign-related income and expenditure in the first three quarters of 2025 reached 11.6 trillion USD, a historical high for the same period [2] - The net inflow of cross-border funds was 119.7 billion USD, and the bank settlement surplus was 63.2 billion USD, both exceeding the levels of the previous year [2]

Core Insights - The foreign exchange market in China showed stable operation in September 2025, characterized by active and balanced cross-border capital flows and a relatively balanced supply and demand in the forex market [1][2] Group 1: Cross-Border Capital Flows - In September, the total cross-border income and expenditure for non-bank sectors reached 1.37 trillion USD, reflecting a month-on-month increase of 7% [1] - Both current and capital account cross-border receipts and payments continued to grow, indicating robust development in China's foreign-related economy [1] - There was a slight net outflow of 3.1 billion USD in September, which has since turned into a net inflow in October [1] Group 2: Forex Market Supply and Demand - The bank's customer settlement and sales of foreign exchange saw a significant month-on-month increase, with a settlement surplus of 51 billion USD in September [1] - The net settlement was higher in the first half of September, while the latter half showed a trend towards balance in settlement differences [1] - Since October, the bank's customer settlement and sales have been roughly equal, indicating a basic balance in the forex market supply and demand [1] Group 3: Overall Foreign Exchange Performance - In the first three quarters of the year, China's total foreign-related receipts and payments reached 11.6 trillion USD, marking a historical high for the same period [2] - The net inflow of cross-border capital was 119.7 billion USD, and the bank's settlement surplus was 63.2 billion USD, both exceeding the levels of the previous year [2] - Overall, the foreign exchange market has demonstrated strong resilience and vitality amid a complex external environment, with stable market expectations and balanced supply and demand [2]