Core Insights - The State Administration of Foreign Exchange reported that China's foreign exchange receipts and payments reached a record high of $11.6 trillion in the first three quarters of this year [1] - There was a net inflow of $119.7 billion in cross-border funds, with a surplus of $63.2 billion in bank settlement and sale of foreign exchange, both exceeding last year's levels [1] - The foreign exchange market in China has shown resilience and vitality, with stable market expectations and a basic balance of supply and demand [1] Group 1: Cross-Border Fund Flows - The total scale of foreign exchange receipts and payments has steadily increased, indicating active cross-border trade activities [1] - In September, the total cross-border income and expenditure for non-bank sectors reached $1.37 trillion, a month-on-month increase of 7% [1] - In September, there was a slight deficit of $3.1 billion in cross-border payments, influenced by seasonal factors from the National Day and Mid-Autumn Festival holidays [1] Group 2: Trade and Investment Trends - The net inflow of funds from goods trade remains high, while service trade and investment income flows are relatively stable [2] - Foreign investors contributed nearly $45 billion to emerging market stocks and bonds in August, with approximately $39 billion flowing into the Chinese market [2] - In September, banks settled $26.47 billion in foreign exchange and sold $21.36 billion, indicating a flexible approach by enterprises in foreign exchange transactions [2]

银行代客涉外收支规模反映企业、个人等非银行部门跨境资金流动情况。从总量看，今年以来我国涉外 收支总规模稳步增加，反映出跨境贸易活动保持活跃。从收支差额看，今年前三季度我国跨境资金延续 去年下半年以来的净流入态势。 证券时报记者 贺觉渊 国家外汇管理局10月22日公布的2025年9月银行结售汇和银行代客涉外收付款数据显示，今年前三季度 我国涉外收支总规模为11.6万亿美元，创历史同期新高。 今年前三季度，我国跨境资金净流入1197亿美元，银行结售汇顺差632亿美元，均高于上年同期水平。 国家外汇管理局副局长、新闻发言人李斌表示，面对复杂多变的外部环境，今年以来我国外汇市场稳健 运行，市场预期平稳，供求基本平衡，外汇市场保持着较强的韧性和活力。 从跨境资金流动主要渠道看，我国外贸稳步增长，9月货物贸易项下资金净流入保持高位；服务贸易、 投资收益等项下跨境资金流动较为平稳。货物贸易顺差是近年来我国经常账户顺差的主要来源。 此前，李斌在解读8月外汇形势时曾指出，当月外资总体净买入境内股票和债券。另据国际金融协会 （IIF）近期数据，8月外国投资者向新兴市场股票和债券投资组合投入近450亿美元，为近一年来的最 高规模， ...

Group 1 - The core viewpoint of the articles highlights the robust performance of China's foreign exchange market in 2023, with significant increases in cross-border capital inflows and bank settlement surplus compared to the previous year [1][2] - In the first three quarters of 2023, China's total foreign-related income and expenditure reached a record high of 11.6 trillion USD, marking a year-on-year growth of 10.5% [1] - Cross-border capital net inflow was reported at 119.7 billion USD, while the bank settlement surplus stood at 63.2 billion USD, both exceeding the levels of the same period last year [1] Group 2 - In September 2023, the total cross-border income and expenditure of non-bank sectors, including enterprises and individuals, amounted to 1.37 trillion USD, reflecting a month-on-month increase of 7% [2] - The foreign exchange market showed a balanced supply and demand, with significant growth in bank settlement for both buying and selling foreign currency, resulting in a settlement surplus of 51 billion USD in September [2] - The foreign exchange market maintained stability, with the net outflow of 3.1 billion USD in September reversing to net inflow in October, indicating a resilient foreign trade sector [2]

一是跨境资金流动保持活跃、均衡态势。9月份，企业、个人等非银行部门跨境收入和支出合计为1.37 万亿美元，环比增长7%。经常项下和资本项下跨境收支均保持增长态势，显示我国涉外经济稳健发 展。受"十一"假期对跨境收付的季节性影响，9月份跨境资金小幅净流出31亿美元，10月份以来已转为 净流入。分项目看，我国外贸稳步增长，9月份货物贸易项下资金净流入保持高位；服务贸易、投资收 益等项下跨境资金流动较为平稳。 二是外汇市场供求较为平衡。9月份银行代客结汇和售汇环比均明显增长，企业等主体根据自身需求灵 活开展外汇买卖。9月份结售汇顺差为510亿美元，其中上中旬净结汇较多，下旬结售汇差额趋向均衡。 10月份以来银行代客结汇和售汇大体相当，外汇市场供求基本平衡。 10月22日，国家外汇管理局公布2025年9月份银行结售汇和银行代客涉外收付款数据。数据显示，按美 元计值，2025年9月份，银行结汇2647亿美元，售汇2136亿美元。2025年1月份至9月份，银行累计结汇 18533亿美元，累计售汇17901亿美元。 按美元计值，2025年9月份，银行代客涉外收入6812亿美元，对外付款6843亿美元。2025年1月份至9月 ...

Core Insights - The State Administration of Foreign Exchange (SAFE) released data on bank foreign exchange settlement and sales for September 2025, indicating significant foreign exchange activities [2] Group 1: Bank Foreign Exchange Settlement and Sales - In September 2025, banks settled 18,809 billion RMB and sold 15,183 billion RMB [2] - From January to September 2025, cumulative bank settlements reached 132,747 billion RMB, while cumulative sales totaled 128,261 billion RMB [2] - In USD terms, banks settled 2,647 million USD and sold 2,136 million USD in September 2025 [2] - Cumulative bank settlements in USD from January to September 2025 amounted to 18,533 million USD, with cumulative sales at 17,901 million USD [2] Group 2: Bank Customer Foreign Exchange Income and Payments - In September 2025, banks recorded foreign exchange income of 48,409 billion RMB and foreign payments of 48,629 billion RMB [2] - Cumulative foreign exchange income from January to September 2025 was 420,628 billion RMB, while cumulative payments were 412,029 billion RMB [2] - In USD terms, foreign exchange income for September 2025 was 6,812 million USD, with payments at 6,843 million USD [2] - Cumulative foreign exchange income in USD from January to September 2025 reached 58,705 million USD, and cumulative payments were 57,508 million USD [2]

Core Viewpoint - In September 2025, China's foreign exchange market showed a significant increase in both bank settlement and sales, with a surplus of 510 billion USD, indicating a robust and balanced foreign exchange environment [1][3][4]. Group 1: Bank Settlement and Sales Data - In September 2025, banks settled 18,809 billion RMB (approximately 2,647 billion USD) and sold 15,183 billion RMB (approximately 2,136 billion USD), resulting in a settlement surplus of 3,626 billion RMB (approximately 510 billion USD) [1]. - From January to September 2025, banks cumulatively settled 185,330 million USD and sold 179,010 million USD [1][2]. - The bank's foreign-related income in September was 48,409 billion RMB, while foreign payments were 48,629 billion RMB [1]. Group 2: Cross-Border Fund Flows - In September, the total cross-border income and expenditure for non-bank sectors reached 1.37 trillion USD, reflecting a 7% month-on-month increase [3]. - The net outflow of cross-border funds was 31 billion USD in September, which has since turned into a net inflow in October [3]. - The total scale of foreign-related income and expenditure for the first three quarters of the year reached 11.6 trillion USD, marking a historical high for the same period [3]. Group 3: Trade and Investment Trends - In September, China's total import and export value was 4.04 trillion RMB, with exports growing by 8.4% and imports by 7.5% year-on-year [4]. - The A-share market saw a total trading volume of 6.8 trillion RMB in September, indicating a significant increase and setting a new high [4]. - Experts predict that the upcoming peak in corporate financial settlements and profit distributions will likely lead to an increase in bank settlement volumes, potentially supporting the appreciation of the RMB [4]. Group 4: Market Dynamics and Future Outlook - The foreign exchange market is expected to remain stable, with a balanced supply and demand situation, despite potential complexities from seasonal factors and policy adjustments [5]. - The shift from an export-driven economy to one focused on domestic demand may lead to a decrease in the contribution of trade surpluses to settlement and sales [5]. - The dual characteristics of cross-border investment are becoming more pronounced due to further financial market opening, which will complicate the dynamics of bank settlement and sales [5].

虽然9月受十一假期对跨境收付的季节性影响，跨境资金呈现小幅净流出。但据李斌介绍，10月以来跨 境资金已转为净流入。 从跨境资金流动主要渠道看，我国外贸稳步增长，9月货物贸易项下资金净流入保持高位；服务贸易、 投资收益等项下跨境资金流动较为平稳。 今年9月，银行结汇2647亿美元，售汇2136亿美元，当月银行代客结汇和售汇环比均明显增长，企业等 主体根据自身需求灵活开展外汇买卖。从全月走向看，9月结售汇顺差为510亿美元，其中上中旬净结汇 较多，下旬结售汇差额趋向均衡。李斌指出，10月以来银行代客结汇和售汇大体相当，外汇市场供求基 本平衡。 责编：万健祎 （原标题：11.6万亿美元，历史同期新高！外汇局发布→） 来看9月外汇市场形势。 国家外汇管理局10月22日公布的2025年9月银行结售汇和银行代客涉外收付款数据显示，今年前三季度 我国涉外收支总规模为11.6万亿美元，创历史同期新高。9月跨境资金流动保持活跃，外汇市场供求较 为平衡。据国家外汇管理局副局长、新闻发言人李斌介绍，10月以来，跨境资金已转为净流入，银行代 客结汇和售汇大体相当。 今年前三季度，我国跨境资金净流入1197亿美元，银行结售汇顺差632 ...

国家外汇管理局10月22日公布的2025年9月银行结售汇和银行代客涉外收付款数据显示，今年前三季度我国 涉外收支总规模为11.6万亿美元，创历史同期新高。9月跨境资金流动保持活跃，外汇市场供求较为平衡。 据国家外汇管理局副局长、新闻发言人李斌介绍，10月以来，跨境资金已转为净流入，银行代客结汇和售 汇大体相当。 今年前三季度，我国跨境资金净流入1197亿美元，银行结售汇顺差632亿美元，均高于上年同期水平。李斌总 结称，面对复杂多变的外部环境，今年以来我国外汇市场稳健运行，市场预期平稳，供求基本平衡，外汇市场 保持着较强的韧性和活力。 银行代客涉外收支规模反映企业、个人等非银行部门跨境资金流动情况。今年9月，企业、个人等非银行部门 跨境收入和支出合计为1.37万亿美元，环比增长7%，继续保持高位水平。其中，9月银行代客涉外收入6812亿 美元，对外付款6843亿美元，小幅逆差31亿 美元。 9月虽然受十一假期对跨境收付的季节性影响，跨境资金呈现小幅净流出。但据李斌介绍，10月以来跨境资金 已转为净流入。 从跨境资金流动主要渠道看，我国外贸稳步增长，9月货物贸易项下资金净流入保持高位；服务贸易、投资收 益等项下 ...

来源：上海证券报·中国证券网 上证报中国证券网讯 据国家外汇管理局22日消息，日前，国家外汇管理局公布了2025年9月银行结售汇 和银行代客涉外收付款数据。国家外汇管理局副局长、新闻发言人李斌就2025年9月外汇市场形势回答 了记者提问。 答：9月我国外汇市场平稳运行，主要呈现两个特点。 一是跨境资金流动保持活跃、均衡态势。9月企业、个人等非银行部门跨境收入和支出合计为1.37万亿 美元，环比增长7%。经常项下和资本项下跨境收支均保持增长态势，显示我国涉外经济稳健发展。受 十一假期对跨境收付的季节性影响，9月跨境资金小幅净流出31亿美元，10月以来已转为净流入。分项 目看，我国外贸稳步增长，9月货物贸易项下资金净流入保持高位；服务贸易、投资收益等项下跨境资 金流动较为平稳。 二是外汇市场供求较为平衡。9月银行代客结汇和售汇环比均明显增长，企业等主体根据自身需求灵活 开展外汇买卖。9月结售汇顺差为510亿美元，其中上中旬净结汇较多，下旬结售汇差额趋向均衡。10月 以来银行代客结汇和售汇大体相当，外汇市场供求基本平衡。 今年前三季度我国涉外收支总规模为11.6万亿美元，创历史同期新高。跨境资金净流入1197亿美元 ...

Core Insights - The State Administration of Foreign Exchange reported that in September 2025, banks settled 18,809 billion RMB and sold 15,183 billion RMB [1] - Cumulative bank settlements from January to September 2025 reached 132,747 billion RMB, while cumulative sales were 128,261 billion RMB [1] - In USD terms, banks settled 2,647 million USD and sold 2,136 million USD in September 2025 [1] - Cumulative bank settlements in USD from January to September 2025 were 18,533 million USD, with cumulative sales at 17,901 million USD [1] Foreign Exchange Income and Payments - In September 2025, banks recorded foreign income of 48,409 billion RMB and foreign payments of 48,629 billion RMB [1] - Cumulative foreign income from January to September 2025 was 420,628 billion RMB, while cumulative foreign payments were 412,029 billion RMB [1] - In USD terms, foreign income in September 2025 was 6,812 million USD, with payments at 6,843 million USD [1] - Cumulative foreign income in USD from January to September 2025 was 58,705 million USD, and cumulative payments were 57,508 million USD [1]