Core Viewpoint - The foreign exchange market in China continues to operate steadily despite increased volatility and differentiation in the international financial market, with cross-border capital maintaining a net inflow, although at a reduced scale compared to the previous month [1] Group 1: Foreign Exchange Data - The State Administration of Foreign Exchange reported a decrease in net inflow of cross-border capital, with bank foreign exchange settlement and sales surplus down by 20% and net inflow from non-bank sectors (including enterprises and individuals) down by 28% compared to the previous month [1] - In January, net inflow from goods trade decreased by 27%, while net outflow from service trade increased by 23%, indicating a shift in capital flow dynamics [1] Group 2: Market Analysis - The Deputy Director and spokesperson of the State Administration of Foreign Exchange, Li Bin, noted that seasonal factors contributed to a rapid increase in enterprise receipts and foreign exchange settlements at the end of the year, but this growth has recently slowed as demand is gradually released [1] - Overall, the foreign exchange market in China remains active with stable expectations, and cross-border capital flows are becoming more stable [1]

Core Viewpoint - The foreign exchange market in China continues to operate steadily despite increased volatility and differentiation in the international financial market, with cross-border capital maintaining a net inflow, although at a reduced scale compared to December 2025 [1] Group 1: Bank Settlement and Foreign Exchange Data - In January 2026, banks in China settled foreign exchange transactions amounting to 20,048 billion RMB and sold 14,457 billion RMB, equivalent to 2,863 billion USD and 2,065 billion USD respectively [1] - The foreign exchange income from clients was 54,722 billion RMB, while foreign payments amounted to 48,974 billion RMB, translating to 7,816 billion USD and 6,995 billion USD respectively [1] Group 2: Market Trends and Observations - The surplus in bank settlement and sale of foreign exchange, as well as net inflow of cross-border funds from non-bank sectors, decreased by 20% and 28% respectively compared to December 2025 [1] - The net inflow of funds under the goods trade category fell by 27% compared to December 2025, while net outflow under the services trade category increased by 23%, with stable net inflow in the securities investment category [1] - Overall, the foreign exchange market in China remains active with stable expectations, and cross-border capital flows are becoming more stable [1]

Core Viewpoint - In January 2026, China's banks reported a foreign exchange settlement surplus of $79.8 billion, indicating a stable operation of the foreign exchange market despite increased volatility in international financial markets [1] Group 1: Foreign Exchange Data - In January 2026, banks settled $286.3 billion in foreign exchange and sold $206.5 billion, resulting in a surplus of $79.8 billion [1] - The surplus from banks decreased by 20% compared to the previous month, while net inflows from non-bank sectors, including enterprises and individuals, fell by 28% [1] Group 2: Cross-Border Capital Flows - Cross-border capital maintained a net inflow, although the scale decreased compared to the previous month [1] - The net inflow of funds under goods trade decreased by 27% month-on-month, while net outflows under service trade increased by 23% [1] Group 3: Overall Market Stability - The foreign exchange market in China remains active with stable expectations, and cross-border capital flows are becoming more stable [1] - In January 2026, banks reported foreign-related income of $781.6 billion and foreign payments of $699.5 billion [1] - In Q4 2025, China's current account surplus was $242.1 billion [1]

Core Viewpoint - The State Administration of Foreign Exchange (SAFE) reported data on bank foreign exchange settlement and sales for January 2026, indicating a stable operation of China's foreign exchange market despite increased volatility in international financial markets [1] Group 1: Bank Foreign Exchange Data - In January 2026, banks settled foreign exchange amounting to 20,048 billion RMB and sold 14,457 billion RMB, equivalent to 2,863 billion USD and 2,065 billion USD respectively [1] - The foreign exchange settlement surplus for banks decreased by 20% compared to the previous month [1] Group 2: Cross-Border Payment Data - In January 2026, banks recorded foreign income of 54,722 billion RMB and foreign payments of 48,974 billion RMB, translating to 7,816 billion USD and 6,995 billion USD respectively [1] - The net inflow of cross-border funds from non-bank sectors, including enterprises and individuals, fell by 28% compared to the previous month [1] Group 3: Market Trends and Observations - The SAFE spokesperson noted that the foreign exchange market remains active and expectations are stable, with cross-border capital flows becoming more stable [1] - A 27% decrease in net inflow of funds under the goods trade category was observed, while net outflow under the services trade category increased by 23% [1] - Securities investment net inflow remained stable, indicating resilience in this segment [1]

国家外汇管理局表示，1月，银行结售汇顺差、企业和个人等非银行部门跨境资金净流入较上月分别下 降20%和28%。受季节性等因素影响，岁末年初企业收款和结汇增加较快，随着需求逐步释放，近期企 业收款和结汇增长放缓。从主要渠道看，1月，货物贸易项下资金净流入较上月下降27%，服务贸易项 下资金净流出增长23%，证券投资项下资金净流入保持稳定。总的来看，我国外汇市场交易活跃、预期 平稳，跨境资金流动更趋稳定。 （总台央视记者 孙艳） 今天（2月13日），国家外汇管理局公布银行结售汇数据。国家外汇管理局表示，今年以来，国际金融 市场波动和分化加大，我国外汇市场继续稳健运行。跨境资金保持净流入，规模较上月有所回落。 统计数据显示，2026年1月，银行结汇20048亿元人民币，售汇14457亿元人民币。1月，银行代客涉外收 入54722亿元人民币，对外付款48974亿元人民币。 ...

Core Viewpoint - The foreign exchange market in China is operating steadily despite increased volatility and differentiation in the international financial market, with cross-border capital maintaining a net inflow, although the scale has decreased compared to the previous month [1] Group 1: Market Performance - In January, the bank's foreign exchange settlement and sales surplus decreased by 20% compared to the previous month [1] - The net inflow of cross-border funds from non-bank sectors, including enterprises and individuals, fell by 28% compared to the previous month [1] - The foreign exchange market remains active with stable expectations, and cross-border capital flows are becoming more stable [1] Group 2: Sector Analysis - Seasonal factors influenced a rapid increase in enterprise receipts and settlements at the end of the year, but growth has recently slowed as demand is gradually released [1] - The net inflow of funds under the goods trade category decreased by 27% compared to the previous month, while the net outflow under the services trade category increased by 23% [1] - The net inflow of funds under the securities investment category remained stable [1]

日本最高外汇事务官员三村淳表示，尽管本周日元走强，日本政府仍对外汇市场动向保持高度警惕。三 村淳周四上午表示："我们完全没有放松警惕。"他称，市场上围绕周三公布的美国就业数据及其引发的 市场波动有很多讨论，包括是否存在所谓的"汇率检查"等猜测，但他拒绝就此置评。三村表示："一如 既往，我们将以高度紧迫感密切关注市场动向，并与市场参与者保持紧密沟通。"他还强调，日本方面 也与美国当局保持着密切联系。 ...

每经AI快讯，周三（2月11日）纽约尾盘，美元兑日元跌0.83%，报153.12日元，日内绝大部分时间处于 下跌状态，亚太时段持续走低，北京时间21:30发布美国非农就业报告后拉升至154.65日元刷新日高， 随后快速回落，01:33跌至152.56日元刷新日低。欧元兑日元跌0.99%，英镑兑日元跌0.92%。 ...

短期来看，美元兑瑞郎大概率维持震荡下行的弱势格局。虽然技术指标显示汇价处于超卖区域，存在技 术性反弹的需求，但大趋势的逆转尚需时日。投资者需密切关注瑞士央行的干预动态以及美国关键数据 的指引。在历史性的低点面前，市场情绪极度敏感，任何风吹草动都可能引发剧烈波动。对于交易者而 言，当前局势下，"顺势而为"或许是最为明智的选择，切勿盲目抄底，以免陷入"接飞刀"的困境。 2026年2月11日，外汇市场风云突变，美元兑瑞士法郎(USD/CHF)延续断崖式下跌，盘中一度重挫近 1%，最低触及0.7660水平，创下2011年以来的15年历史新低。截至发稿，汇价徘徊在0.7665附近，市场 情绪被避险资金的单向涌入与美瑞货币政策的巨大背离彻底点燃。这一历史性低点不仅标志着瑞郎的极 度强势，更折射出全球资本在不确定性加剧背景下，对传统避险资产的疯狂追逐。 反观美元，可谓内忧外患。美联储内部关于降息节奏的分歧日益加剧，部分官员甚至面临法律诉讼威 胁，央行独立性遭受质疑，严重打击了市场信心。美元指数整体呈现疲软态势，兑一篮子货币持续走 低。对于美元多头而言，唯一的救命稻草便是即将公布的美国经济数据。若非农就业数据能超预期强 劲， ...

Group 1 - The core impact dimensions include interest rate decisions, where rate hikes strengthen the local currency and attract cross-border capital inflows, while rate cuts weaken the currency and lead to capital outflows [1] - The forward guidance and economic forecasts indicate a hawkish signal with upward adjustments in interest rate and inflation expectations, which can strengthen the local currency [2] - The statements made during press conferences can significantly reverse initial market trends following decisions, especially regarding currency and financial stability [3] Group 2 - The transmission path of impacts includes interest rate arbitrage, where changes in cross-currency interest rate differentials lead to adjustments in carry trades and direct pricing of exchange rates [4] - The market behavior is characterized by three phases: the expectation phase before the decision, the landing phase immediately after the decision, and the digestion phase where the market rationalizes the guidance [5][6][7] Group 3 - Key influences of policy divergence include stronger currencies from central banks that raise rates more aggressively, while dovish signals that lower growth and rate expectations suppress the local currency [8] - A tightening monetary policy leads to a stronger currency, while a loosening policy results in a weaker currency, maintaining the interest rate differential trend [9] Group 4 - Trading and analysis focus on the differences between market expectations and actual decisions, which determine volatility, and the correlation between the yield curve and exchange rate movements [10]