Core Viewpoint - The State Administration of Foreign Exchange of China reported a preliminary balance of international payments for the first three quarters of this year, indicating a significant current account surplus. Group 1: Current Account Overview - In the first three quarters of this year, China's current account surplus reached 35,074 billion yuan [1] - The surplus in goods trade was 52,015 billion yuan, while the service trade recorded a deficit of 11,166 billion yuan [1] - The primary income deficit was 6,844 billion yuan, and the secondary income surplus was 1,069 billion yuan [1] Group 2: USD Valuation - In USD terms, the current account surplus for the first three quarters of 2025 was 4,898 billion USD [1] - The goods trade surplus amounted to 7,262 billion USD, with a service trade deficit of 1,558 billion USD [1] - The primary income deficit was 955 billion USD, and the secondary income surplus was 149 billion USD [1]

Core Insights - The State Administration of Foreign Exchange of China released preliminary data on the international balance of payments for the third quarter and the first three quarters of 2025, indicating significant trends in the country's trade and financial accounts [1] Group 1: Third Quarter Data - In the third quarter of 2025, China's current account surplus was $195.6 billion, driven by a goods trade surplus of $269.5 billion [1] - The service trade recorded a deficit of $49.4 billion, while the primary income showed a deficit of $32.6 billion, and the secondary income had a surplus of $8.1 billion [1] - The capital and financial account, including net errors and omissions for the quarter, reported a deficit of $195.6 billion [1] Group 2: Year-to-Date Data - For the first three quarters of 2025, China's current account surplus reached $489.8 billion, with a goods trade surplus of $726.2 billion [1] - The service trade deficit expanded to $155.8 billion, and the primary income deficit was $95.5 billion, while the secondary income surplus was $14.9 billion [1] - The capital and financial account, including net errors and omissions for the period, showed a deficit of $473.3 billion [1]

Core Viewpoint - The State Administration of Foreign Exchange of China reported a preliminary balance of international payments for the first three quarters of this year, indicating a significant current account surplus. Group 1: Current Account Overview - In the first three quarters of this year, China's current account surplus reached 35,074 billion yuan [1] - In USD terms, the current account surplus amounted to 4,898 million USD [1] Group 2: Trade Balance - The goods trade surplus was 52,015 billion yuan, while the services trade recorded a deficit of 11,166 billion yuan [1] - In USD, the goods trade surplus was 7,262 million USD, and the services trade deficit was 1,558 million USD [1] Group 3: Income Balance - The primary income recorded a deficit of 6,844 billion yuan, while the secondary income showed a surplus of 1,069 billion yuan [1] - In USD, the primary income deficit was 955 million USD, and the secondary income surplus was 149 million USD [1]

Core Insights - The State Administration of Foreign Exchange of China reported preliminary data on the international balance of payments for the third quarter and the first three quarters of 2025, indicating a significant surplus in the current account [1][2]. Group 1: Current Account Overview - In Q3 2025, China's current account surplus was 13,948 billion yuan, with a goods trade surplus of 19,213 billion yuan, a services trade deficit of 3,520 billion yuan, a primary income deficit of 2,324 billion yuan, and a secondary income surplus of 579 billion yuan [1]. - For the first three quarters of 2025, the current account surplus reached 35,074 billion yuan, with a goods trade surplus of 52,015 billion yuan, a services trade deficit of 11,166 billion yuan, a primary income deficit of 6,844 billion yuan, and a secondary income surplus of 1,069 billion yuan [1]. Group 2: Capital and Financial Account - In Q3 2025, the capital and financial account (including net errors and omissions) recorded a deficit of 13,948 billion yuan, while direct investment into China maintained a net inflow [1]. - For the first three quarters of 2025, the capital and financial account (including net errors and omissions) showed a deficit of 33,885 billion yuan [1]. Group 3: USD Valuation - In USD terms, the current account surplus for Q3 2025 was 1,956 billion USD, with a goods trade surplus of 2,695 billion USD, a services trade deficit of 494 billion USD, a primary income deficit of 326 billion USD, and a secondary income surplus of 81 billion USD [1]. - For the first three quarters of 2025, the current account surplus was 4,898 billion USD, with a goods trade surplus of 7,262 billion USD, a services trade deficit of 1,558 billion USD, a primary income deficit of 955 billion USD, and a secondary income surplus of 149 billion USD [2]. Group 4: SDR Valuation - In terms of Special Drawing Rights (SDR), the current account surplus for Q3 2025 was 1,429 billion SDR, with a goods trade surplus of 1,969 billion SDR, a services trade deficit of 361 billion SDR, a primary income deficit of 238 billion SDR, and a secondary income surplus of 59 billion SDR [2]. - For the first three quarters of 2025, the current account surplus was 3,639 billion SDR, with a goods trade surplus of 5,394 billion SDR, a services trade deficit of 1,161 billion SDR, a primary income deficit of 705 billion SDR, and a secondary income surplus of 110 billion SDR [2].

Core Insights - The State Administration of Foreign Exchange (SAFE) released preliminary data on China's international balance of payments for the third quarter and the first three quarters of 2025, indicating a current account surplus of 13,948 billion yuan in Q3 2025 [1][2]. Group 1: Current Account - In Q3 2025, China's current account surplus was 13,948 billion yuan, with a goods trade surplus of 19,213 billion yuan, a services trade deficit of 3,520 billion yuan, a primary income deficit of 2,324 billion yuan, and a secondary income surplus of 579 billion yuan [2][3]. - For the first three quarters of 2025, the current account surplus reached 35,074 billion yuan, with a goods trade surplus of 52,015 billion yuan and a services trade deficit of 11,166 billion yuan [2][3]. Group 2: Capital and Financial Account - The capital and financial account recorded a deficit of 13,948 billion yuan in Q3 2025, with net inflows from foreign direct investment into China [2][3]. - For the first three quarters of 2025, the capital and financial account showed a deficit of 33,885 billion yuan [2][3]. Group 3: USD and SDR Valuation - In USD terms, the current account surplus for Q3 2025 was 1,956 million USD, with a goods trade surplus of 2,695 million USD and a services trade deficit of 494 million USD [2][3]. - The current account surplus for the first three quarters of 2025 was 4,898 million USD, with a goods trade surplus of 7,262 million USD [2][3]. - In terms of Special Drawing Rights (SDR), the current account surplus for Q3 2025 was 1,429 million SDR, with a goods trade surplus of 1,969 million SDR [3][4].

Core Insights - Turkey achieved a record monthly current account surplus of $5.5 billion in August, indicating improved external balance and enhanced macro-financial resilience [1] - The annual current account deficit has been reduced to $18.3 billion, a decrease of approximately $37.6 billion since May 2023 [1] - The ongoing improvement in the current account balance is decreasing Turkey's reliance on external financing, with the total external financing needs as a percentage of GDP dropping from 23% in June 2023 to around 17% currently [1] Economic Measures - The Turkish government has implemented a series of macroeconomic adjustments since mid-2023 aimed at reducing inflation, strengthening fiscal discipline, and narrowing external imbalances [1] - Policies have been introduced to attract foreign investment, enhance export competitiveness, and rebuild foreign exchange reserves [1] - The combined effects of decreased foreign exchange demand, improved international financing channels, and strengthened foreign exchange reserves are contributing to the stability of Turkey's macro-financial system [1]

Core Insights - In the first half of 2025, China's current account surplus reached $294.1 billion, indicating a stable economic position [1][2] - The trade balance showed resilience, with a goods trade surplus of $456.7 billion, despite a 22% quarter-on-quarter decrease in the surplus in Q2 [1] - Service trade became more active, with a 13% increase in service trade income and a 2% increase in expenditure, leading to a reduced deficit of $1.064 billion [2] Group 1: Current Account Overview - The current account surplus is within a reasonable equilibrium range, continuing the high levels from the second half of 2024 [1] - The goods trade exports grew by 7% year-on-year, contributing to the significant trade surplus [1] Group 2: Service Trade Dynamics - Service trade income and expenditure increased by 13% and 2% respectively, with a notable 42% rise in cross-border travel income [2] - The deficit in service trade narrowed by 13% compared to the previous year [2] Group 3: Investment Income Trends - Investment income improved, with foreign investment returns in China increasing by 7% and outbound investment returns rising by 13% [2] - The investment income deficit was $71.3 billion, showing a 3% year-on-year reduction [2]

Core Insights - As of June 2025, China's foreign financial assets have surpassed $11 trillion for the first time, reaching $11,064.5 billion, an increase of 8% from the end of 2024 [1] - China's foreign liabilities amounted to $7,255.5 billion, reflecting a 5% growth compared to the end of 2024 [1] - The net foreign assets stood at $3,809 billion, marking a 16% increase from the end of 2024 [1] Group 1: International Investment Position - The report indicates that China's current account maintained a surplus in the first half of 2025, which attracted various types of foreign investments, resulting in net inflows that supported the growth of foreign assets [1] - As of June 2025, China's international reserves were $3,627.1 billion, maintaining the top position globally, accounting for 33% of total foreign assets [1] - Non-reserve assets reached $7,437.4 billion, a 10% increase from the end of 2024, representing 67% of total foreign assets, which is a 1 percentage point increase from the previous year [1] Group 2: Structure of Non-Reserve Assets - The structure of non-reserve assets includes direct investments of $33,491 billion, which constitutes 30% of total foreign assets [2] - Securities investments totaled $16,942 billion, accounting for 15% of total foreign assets [2] - Other investments, including loans, trade credits, etc., amounted to $23,679 billion, representing 21% of total foreign assets [2]

Core Insights - In the first half of 2025, China's current account surplus reached 21,126 billion yuan, while the capital and financial account recorded a deficit of 19,936 billion yuan [1] - When converted to USD, the current account surplus amounted to 2,941 million USD, and the capital and financial account deficit was 2,776 million USD [1] Group 1 - The current account surplus indicates a positive balance in trade and income flows for China [1] - The capital and financial account deficit suggests outflows in investments and financial transactions [1] - The data reflects China's economic position and its interactions with global markets in the specified period [1]

Core Insights - The report highlights the increasing volatility in international financial markets and the complex geopolitical situation, which poses significant external risks to China's economy [1] - China's economy is showing resilience and stability, with a focus on high-quality development and proactive macroeconomic policies [1] Economic Performance - In the first half of 2025, China's current account surplus reached $294.1 billion, remaining within a reasonable equilibrium range [2] - The total import and export volume of goods increased by 2% year-on-year, while service trade grew more actively with a 6% increase in service imports and exports [2] - Investment income improved, with China's outbound investment income and foreign investment income in China growing by 13% and 7% respectively [2] Financial Stability - By the end of June 2025, 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, a 16% increase from the end of 2024 [2] - The non-reserve financial account deficit and current account surplus formed a self-balancing pattern, indicating a stable investment environment [2] Future Outlook - The report anticipates continued challenges from a complex external environment and downward pressure on the global economy, but expects the current account to maintain a reasonable equilibrium [3] - China's efforts to establish a new development pattern and enhance macroeconomic policy effectiveness are expected to support stable international payments [3] - The foreign exchange management department will implement policies to ensure a more convenient, open, secure, and intelligent foreign exchange management system [3]