Group 1 - The core viewpoint of the article highlights that China's foreign exchange market is experiencing rational and orderly trading, with a net inflow of cross-border funds, particularly from non-bank sectors, amounting to $51.7 billion in the first quarter of 2025, indicating a relatively high level compared to the same period in previous years [1][2] - In March 2025, banks settled $189.6 billion in foreign exchange and sold $191.6 billion, resulting in a deficit of $2 billion, which is a significant narrowing from the previous deficit of $10.4 billion [1] - The cross-border capital flow remains positive, with a surplus of $49.2 billion in bank customer foreign exchange receipts and payments in March, contributing to the overall net inflow of $51.7 billion in the first quarter [1][2] Group 2 - The main channels of cross-border capital show that the net inflow under goods trade reached $206.3 billion in the first quarter, a year-on-year increase of 120%, while foreign investment in Chinese bonds increased significantly, with net purchases of $26.9 billion in February and March, up 84% year-on-year [2] - The RMB exchange rate has shown two-way fluctuations, remaining relatively stable, with the onshore RMB to USD exchange rate at 7.288 as of April 21, 2025, reflecting a slight appreciation of 0.1% since the end of 2024 [2] - The Chinese government plans to introduce new policies to expand domestic demand and support the stability of the RMB exchange rate and the foreign exchange market, while enhancing the attractiveness of the domestic securities market to foreign capital [3]

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