Core Insights - Since 2025, foreign investment in RMB assets has remained stable, with an increase in foreign investment in RMB-denominated bonds [1] - The current stock of foreign-held RMB bonds in China exceeds 600 billion USD, marking a historically high level [1] Group 1 - Foreign investment in RMB assets has shown stability since 2025 [1] - The scale of foreign investment in RMB-denominated bonds has risen [1] - The stock of foreign-held RMB bonds has surpassed 600 billion USD [1]

Core Insights - Foreign investment in domestic stocks and funds increased by a net amount of 10.1 billion USD in the first half of the year, reversing a trend of net selling over the past two years [1] - The total amount of foreign-held RMB bonds exceeded 600 billion USD, indicating a historically high level of foreign investment in this asset class [1] - The net increase in foreign investment in domestic stocks surged to 18.8 billion USD in May and June, reflecting a growing willingness among global capital to allocate to the domestic stock market [1] - Future foreign investment in RMB assets is expected to maintain stable and sustainable growth [1]

Core Viewpoint - The foreign exchange management authority indicates a net inflow of foreign capital into domestic stocks and a positive trend in foreign investment in Chinese assets, reflecting resilience in China's foreign trade and overall economic stability [1][2]. Group 1: Foreign Capital Inflows - In April, foreign capital investment in domestic stocks turned into net buying, indicating a shift in investor sentiment [1]. - Non-bank sectors, including enterprises and individuals, experienced a net inflow of $17.3 billion in cross-border funds in April [1]. - Foreign investment in domestic bonds increased by $10.9 billion in April, maintaining a high level of interest in Chinese assets [1]. Group 2: Foreign Trade and Economic Indicators - China's foreign trade showed resilience, with a net inflow of $64.9 billion in goods trade, sustaining a high scale [1]. - The foreign exchange market demonstrated stability, with bank settlements and sales increasing by 12.8% and 13.9% month-on-month, respectively [2]. - The settlement rate for foreign exchange rose to 64.4%, up 6.9 percentage points, while the purchase rate increased to 65.4%, up 1.0 percentage point [2]. Group 3: Policy and Market Confidence - Recent policies aimed at expanding domestic demand and supporting the economy are expected to bolster market confidence and stabilize the foreign exchange market [2]. - The central government's measures, including interest rate cuts and reserve requirement ratio reductions, are designed to enhance support for the real economy [2]. - Progress in high-level economic talks between China and the U.S. is anticipated to contribute to a healthier and more stable bilateral trade relationship [2].

Group 1: Economic Resilience and Growth - In April, the total retail sales of consumer goods increased by 5.1% year-on-year, indicating strong consumer demand [1] - Fixed asset investment grew by 4.0% from January to April, with significant contributions from equipment purchases, which rose by 18.2% [2] - The total value of goods trade in April reached 3.84 trillion yuan, a year-on-year increase of 5.6%, with exports growing by 9.3% and imports by 0.8% [2] Group 2: Real Estate Market Stabilization - The government has implemented policies to stabilize the real estate market, leading to a recovery in sales and a narrowing decline in housing prices across various cities [3][4] - In April, new residential sales prices in first and second-tier cities remained stable, while third-tier cities saw slight declines [3] Group 3: Foreign Investment Trends - In April, foreign investment in domestic bonds increased by 10.9 billion USD, reflecting a strong interest in Chinese assets [5] - Foreign investors have shifted to net buying of domestic stocks, indicating growing confidence in China's macroeconomic outlook and capital market [5]

Group 1 - Major state-owned banks and some joint-stock banks have lowered the RMB deposit rates, with the current rate for demand deposits down by 5 basis points to 0.05% and various term deposit rates reduced by 15 to 25 basis points [1] - The National Financial Supervision Administration has approved Xinhua Insurance to participate in the third batch of long-term investment reform pilot programs, with plans to establish the Honghu Fund Phase III [2] - The National Development and Reform Commission announced a reduction in retail prices for gasoline and diesel, with a decrease of 230 yuan per ton for gasoline and 220 yuan per ton for diesel, translating to a savings of approximately 9 yuan for a full tank of 92-octane gasoline [2] Group 2 - Guizhou Moutai announced the approval of a profit distribution plan for 2024, proposing a cash dividend of 276.24 yuan per share [3] - Wanrun New Energy signed a supply agreement with CATL for 132.31 thousand tons of lithium iron phosphate products [3] - The stock of Weir Shares will change its name to Haowei Group [2]

Core Viewpoint - The overall cross-border capital flow in China showed a net inflow in April 2025, indicating resilience in foreign trade and a positive trend in foreign investment in RMB assets [2][3]. Group 1: Cross-Border Capital Flow - In April 2025, non-bank sectors, including enterprises and individuals, experienced a net inflow of $17.3 billion [2]. - The net inflow from goods trade was $64.9 billion, maintaining a high level [2]. - Foreign investment in domestic bonds increased by $10.9 billion, reflecting a strong willingness to invest in RMB assets [2]. Group 2: Market Stability - The foreign exchange market showed balanced supply and demand, with bank settlement and sales increasing by 12.8% and 13.9% respectively [2]. - The settlement rate, indicating market willingness to settle, rose to 64.4%, an increase of 6.9 percentage points [2]. - The purchase rate, reflecting the willingness to buy foreign currency, increased to 65.4%, up by 1.0 percentage point [2]. Group 3: Economic Policies and Outlook - Recent policies aimed at expanding domestic demand and supporting the economy are expected to bolster market confidence [3]. - The implementation of monetary easing measures, such as interest rate cuts, is anticipated to further support the real economy [3]. - Progress in US-China trade talks and a reduction in bilateral tariffs are expected to contribute to a stable and sustainable development of economic relations [3].

"外汇市场平稳运行的基础将继续巩固。"国家外汇管理局副局长、新闻发言人李斌表示，金融管理部门实施降 准降息等一揽子政策，进一步加大对实体经济的支持。近期中美经贸高层会谈取得实质性进展，双方发布联合 声明，大幅降低双边关税水平，有助于维护中美经贸关系健康、稳定、可持续发展。 今年前4个月，外汇市场交易理性有序，跨境资金保持净流入。当季银行累计结汇7429亿美元，累计售汇8048 亿美元；银行代客累计涉外收入25902亿美元，累计对外付款25212亿美元。根据记者测算，前4个月企业、个 人等非银行部门跨境资金净流入690亿美元。 今年4月，银行结售汇差额基本均衡，显示市场预期和交易理性有序。当月银行结汇2139亿美元，售汇2182亿 美元，小幅逆差43亿美元。当月4月银行结汇和售汇环比分别增长12.8%和13.9%，市场交易保持活跃。从结售 汇意愿看，4月衡量市场结汇意愿的结汇率为64.4%，环比上升6.9个百分点，衡量购汇意愿的售汇率为65.4%， 环比上升1.0个百分点。 国家外汇管理局5月19日公布的2025年4月银行结售汇和银行代客涉外收付款数据显示，境内外汇供求基本 平衡，跨境资金总体呈现净流入，外资配 ...

今年前4个月，外汇市场交易理性有序，跨境资金保持净流入。今年1—4月，银行累计结汇7429亿美元， 累计售汇8048亿美元；银行代客累计涉外收入25902亿美元，累计对外付款25212亿美元。根据记者测 算，前4个月企业、个人等非银行部门跨境资金净流入690亿美元。 今年4月，银行结售汇差额基本均衡，显示市场预期和交易理性有序。当月银行结汇2139亿美元，售汇 2182亿美元，小幅逆差43亿美元。4月银行结汇和售汇环比分别增长12.8%和13.9%，市场交易保持活跃。 从结售汇意愿看，4月衡量市场结汇意愿和的结汇率为64.4%，环比上升6.9个百分点，衡量购汇意愿的售 汇率为65.4%，环比上升1.0个百分点。 银行代客涉外收支反映企业、个人等非银行部门跨境资金流动情况。今年4月，银行代客涉外收入7031亿 美元，对外付款6858亿美元，顺差173亿美元，跨境资金继续保持净流入。 货物贸易跨境资金流入和外资投资境内债券规模是银行代客涉外收支的重要组成部分。从跨境资金流入的 主要渠道看，我国外贸呈现一定韧性，4月货物贸易项下跨境资金净流入649亿美元，保持较高规模。外资 配置人民币资产意愿持续向好，4月外资净增 ...