Core Insights - In May 2025, China's international balance of payments for goods and services trade showed an import and export scale of 41,643 billion yuan, reflecting a year-on-year growth of 3% [1] Trade Summary - Goods trade exports amounted to 20,498 billion yuan, while imports were 15,315 billion yuan, resulting in a surplus of 5,183 billion yuan [1] - Service trade exports reached 2,356 billion yuan, with imports at 3,474 billion yuan, leading to a deficit of 1,118 billion yuan [1] Service Trade Breakdown - Major components of service trade included: - Transportation services with an import and export scale of 1,714 billion yuan - Travel services with an import and export scale of 1,632 billion yuan - Other business services with an import and export scale of 1,036 billion yuan - Telecommunications, computer, and information services with an import and export scale of 592 billion yuan [1] Dollar Valuation - In dollar terms, exports for May 2025 were valued at 3,176 million USD, imports at 2,611 million USD, resulting in a surplus of 565 million USD [1]

Core Insights - China's cross-border travel revenue increased by 42% year-on-year in the first half of the year [1] - The service trade revenue grew by 13% year-on-year, with cross-border travel being a significant contributor [1] - The service trade deficit decreased by 14% year-on-year, indicating a narrowing gap between service trade income and expenditure [1] Economic Performance - The foreign exchange market in China showed strong resilience and vitality, performing better than market expectations [1] - The current account has been stable, with an increase in the international competitiveness of productive service trades such as computer information services and business services [1] - The overall balance of international payments is expected to remain stable due to ongoing economic structural optimization and financial market opening [1]

Core Insights - In June, China's international balance of payments for goods and services trade reached a scale of 42,214 billion yuan, reflecting a year-on-year growth of 6% [1] Trade Data Summary - Goods trade exports amounted to 21,185 billion yuan, while imports were 15,112 billion yuan, resulting in a surplus of 6,073 billion yuan [1] - Service trade exports totaled 2,437 billion yuan, with imports at 3,480 billion yuan, leading to a deficit of 1,043 billion yuan [1] Service Trade Breakdown - Major components of service trade included: - Transportation services with an import-export scale of 1,639 billion yuan - Travel services with an import-export scale of 1,603 billion yuan - Other commercial services with an import-export scale of 967 billion yuan - Telecommunications, computer, and information services with an import-export scale of 659 billion yuan [1] Dollar Value Summary - In dollar terms, China's goods and services trade exports in June 2025 were valued at 3,292 million USD, imports at 2,591 million USD, resulting in a surplus of 701 million USD [1]

Core Viewpoint - The State Administration of Foreign Exchange of China reported the international balance of payments for goods and services trade in June 2025, indicating a growth in trade volume and a surplus in goods trade [1] Trade Data Summary - In June 2025, the total import and export scale of China's goods and services trade reached 42,214 billion yuan, reflecting a year-on-year increase of 6% [1] - Goods trade exports amounted to 21,185 billion yuan, while imports were 15,112 billion yuan, resulting in a surplus of 6,073 billion yuan [1] - Services trade saw exports of 2,437 billion yuan and imports of 3,480 billion yuan, leading to a deficit of 1,043 billion yuan [1] Service Trade Breakdown - The main components of services trade included: - Transportation services with an import and export scale of 1,639 billion yuan - Travel services with an import and export scale of 1,603 billion yuan - Other commercial services with an import and export scale of 967 billion yuan - Telecommunications, computer, and information services with an import and export scale of 659 billion yuan [1] Dollar Value Summary - In dollar terms, the goods and services trade exports in June 2025 were valued at 32.92 billion USD, while imports were valued at 25.91 billion USD, resulting in a surplus of 7.01 billion USD [1]

Core Insights - In June 2025, China's international balance of payments for goods and services trade reached a total scale of 42,214 billion yuan, reflecting a year-on-year growth of 6% [1] - The goods trade surplus was 6,073 billion yuan, with exports amounting to 21,185 billion yuan and imports at 15,112 billion yuan [1][2] - The services trade recorded a deficit of 1,043 billion yuan, with exports of 2,437 billion yuan and imports of 3,480 billion yuan [1][2] Goods Trade Summary - Goods trade exports totaled 21,185 billion yuan (2,952 billion USD), while imports were 15,112 billion yuan (2,106 billion USD), resulting in a surplus of 6,073 billion yuan (846 billion USD) [2] - The goods trade balance indicates a strong export performance compared to imports, contributing positively to the overall trade balance [2] Services Trade Summary - Services trade exports were 2,437 billion yuan (340 billion USD) against imports of 3,480 billion yuan (485 billion USD), leading to a deficit of 1,043 billion yuan (145 billion USD) [1][2] - Major components of services trade included transportation services (1,639 billion yuan), travel services (1,603 billion yuan), and other business services (967 billion yuan) [1] Detailed Services Trade Breakdown - The transportation services recorded a deficit of 303 billion yuan, while travel services had a significant deficit of 976 billion yuan [2] - Other notable deficits included intellectual property fees (248 billion yuan) and personal, cultural, and entertainment services (21 billion yuan) [4]

新华财经北京7月23日电 上半年，非银行部门跨境收支合计7.6万亿美元，创历史同期新高；银行结售汇 合计2.3万亿美元，为历史同期次高；外资净增持境内股票和基金101亿美元，扭转了过去两年总体净减 持态势...... "总的来看，上半年我国外汇市场有力有效应对外部冲击风险；展现出较强的韧性和活力，表现好于市 场预期。"国家外汇管理局副局长李斌说。 往后看，受访人士预计，人民币汇率的扰动和支撑因素相对均衡，年内或呈现震荡偏强运行，加之国际 收支平衡也有望延续"一顺一逆"、整体平衡格局，下半年外汇市场总体将继续稳定运行。 ——外汇市场表现超预期跨境资金持续净流入 展望后续，受访人士预计，外部环境波动对我国出口的影响或在下半年集中显现，银行代客外币收支或 仍有一定幅度顺差。不过稳汇率仍是宏观政策的主要目标之一，加之国际收支也有望延续平衡格局，下 半年外汇市场总体将保持稳定状态。 ——人民币汇率保持稳定人民币资产强势吸金 今年以来，外部环境更趋复杂多变，国际金融市场波动加大。我国加快实施更加积极有为的宏观政策， 外汇市场持续平稳运行。 如从总量的角度看，涉外收支规模稳步增加。上半年，企业、个人等非银行部门跨境收入和支 ...

Group 1 - The core viewpoint of the articles highlights the resilience and stability of China's foreign exchange market in the first half of 2025, supported by proactive macroeconomic policies aimed at expanding domestic demand and addressing external challenges [1][3]. - In the first half of 2025, the total cross-border income and expenditure of non-bank sectors reached $7.6 trillion, a year-on-year increase of 10.4%, marking a historical high for the same period [1]. - The net inflow of cross-border funds for non-bank sectors was $127.3 billion, continuing the trend of net inflows since the second half of the previous year, with a 46% quarter-on-quarter increase in the second quarter [1][3]. Group 2 - The foreign exchange market showed a basic balance, with a bank settlement and sale deficit of $25.3 billion in the first half of 2025, but with a notable monthly variation leading to a surplus in May and June [2]. - The total trading volume in the domestic RMB foreign exchange market reached $21 trillion, a year-on-year increase of 10.2%, with spot and derivative transactions accounting for 35% and 65% respectively [2]. - As of the end of June 2025, China's foreign exchange reserves stood at $3.3174 trillion, an increase of $115.1 billion from the end of 2024, reflecting stability amid global financial asset price increases [2]. Group 3 - The RMB exchange rate remained stable, appreciating by 1.9% against the USD in the first half of 2025, fluctuating between 7.15 and 7.35, which helped stabilize the macroeconomy and international payments [3]. - Direct investment into China showed positive trends, with net inflows of equity-based direct investment reaching $31.1 billion, a 16% year-on-year increase, and net inflows of securities investment reversing the previous year's outflow [3]. - The State Administration of Foreign Exchange plans to continue promoting a more convenient, open, secure, and intelligent foreign exchange management system to support high-quality economic development and high-level openness [3].

Economic Overview - In the first half of 2025, non-bank sector cross-border income and expenditure reached a record high of $7.6 trillion, marking a year-on-year increase of 10.4% [3][11] - The net inflow of cross-border funds was $127.3 billion, continuing the trend of net inflows since the second half of 2024 [3] - The total trading volume in the domestic foreign exchange market was $21 trillion, reflecting a year-on-year growth of 10.2% [3] Employment and Social Security - A total of 6.95 million new urban jobs were created in the first half of 2025, achieving 58% of the annual target [6][8] - The cumulative balance of three social insurance funds reached ¥9.83 trillion, with social security card coverage at 98.9% of the population [10] Retail and Wholesale Sector - The value added of the wholesale and retail industry was ¥6.8 trillion in the first half of 2025, with a year-on-year growth of 5.9%, accounting for 10.3% of GDP [5] Aviation Industry - The civil aviation sector achieved a total transport turnover of 783.5 billion ton-kilometers and a passenger transport volume of 370 million in the first half of 2025, with respective year-on-year growth rates of 11.4% and 6% [12][14] - The average daily aircraft utilization rate improved to 9 hours, and the on-time flight rate reached 91.7% [14] Financial Sector - New RMB loans totaled ¥12.92 trillion in the first half of 2025, indicating strong credit support for the real economy [21][23] - The balance of inclusive small and micro loans reached ¥35.57 trillion, with a year-on-year growth of 12.3% [27] Foreign Investment - Direct investment net inflow into China from January to May 2025 was $31.1 billion, a year-on-year increase of 16% [35] - Securities investment net inflow was approximately $33 billion, reversing the net outflow trend from the second half of 2024 [35] Telecommunications Sector - The total revenue from telecommunications services reached ¥905.5 billion in the first half of 2025, with a year-on-year growth of 1% [37] - The number of 5G base stations reached 4.549 million, accounting for 35.7% of all mobile base stations [39] Transportation Infrastructure - The completion rate of the main framework of the national comprehensive transportation network exceeded 90% [40][42] - An average of 1.8 billion people traveled across regions daily, highlighting the efficiency of the transportation network [42]

Core Viewpoint - The article discusses the resilience of China's foreign exchange market in the face of complex external environments, highlighting the stable operation and strong fundamentals of the market despite increased risks and challenges [1][2]. Group 1: Foreign Exchange Market Performance - In the first half of the year, China's foreign exchange market demonstrated strong resilience, with a net inflow of cross-border funds amounting to $127.3 billion, continuing the trend from the second half of the previous year, and a 46% increase in net inflow in the second quarter [2]. - The foreign exchange market showed several positive trends, including a steady increase in foreign-related income and expenditure, a balanced supply and demand, and stable foreign exchange reserves [2]. - The RMB appreciated by 1.9% against the USD in the first half of the year, maintaining a stable range of 7.15 to 7.35, which helped stabilize market expectations [2][3]. Group 2: International Balance of Payments - China's current account surplus has been steadily increasing, indicating a balanced international payment situation, with a corresponding financial account deficit that is roughly equivalent to the current account surplus [3]. - From January to May, direct investment inflows into China reached $31.1 billion, a 16% year-on-year increase, while securities investment inflows amounted to approximately $33 billion, reversing the previous year's outflow trend [3]. Group 3: Policy and Regulatory Environment - The foreign exchange management authorities have been optimizing policy supply and deepening reforms to enhance the convenience of cross-border trade and investment, while also cracking down on illegal activities [4]. - Over 400 cases of foreign exchange violations were addressed in the first half of the year, demonstrating the effectiveness of regulatory measures [4]. Group 4: Foreign Investment in RMB Assets - Foreign investment in RMB assets has remained stable, with foreign holdings of domestic RMB bonds exceeding $600 billion, marking a historically high level [6]. - In the first half of the year, foreign investors net purchased $10.1 billion in domestic stocks and funds, reversing the net selling trend of the past two years [6]. - The attractiveness of RMB assets is expected to continue growing, supported by a stable macroeconomic environment and positive investment sentiment from international financial institutions [6][7].

Core Viewpoint - The National Foreign Exchange Administration emphasizes that China's foreign exchange market is expected to remain stable in the second half of the year, supported by robust economic fundamentals, steady progress in opening up, and enhanced market resilience [3][4]. Economic Fundamentals - China's GDP grew by 5.3% year-on-year in the first half of the year, with domestic consumption and capital formation contributing 77% to economic growth, an increase of 17 percentage points from the previous quarter [3]. - The country is committed to expanding domestic demand as a long-term strategy, promoting the integration of technological and industrial innovation [3]. Foreign Exchange Market Resilience - The resilience of China's foreign exchange market has improved, with a more flexible exchange rate mechanism that can respond to external pressures [4]. - The corporate awareness of exchange rate risk has increased, with the foreign exchange hedging ratio and the proportion of cross-border RMB transactions reaching historical highs of around 30% [4]. Cross-Border Capital Flows - In the first half of the year, there was a net inflow of $127.3 billion in cross-border funds from non-bank sectors, continuing the trend from the second half of last year, with a 46% increase in the second quarter [5]. - Foreign investment in domestic stocks and bonds increased, with a net inflow of $10.1 billion in stocks and funds, reversing the previous two years' net outflow trend [6]. International Investment Trends - A survey indicated that 30% of global central banks plan to increase their allocation to RMB assets, reflecting the growing appeal of RMB-denominated investments for risk diversification [7]. Banking Sector Developments - Six new banks initiated foreign exchange business reforms in the first half of the year, bringing the total to 22 banks involved in these reforms [8]. Service Trade Performance - China's service trade income grew by 13% year-on-year in the first half of the year, with cross-border travel income increasing by 42% and the service trade deficit decreasing by 14% [9]. Direct Investment Trends - From January to May, net inflows of equity direct investment into China increased by 16% year-on-year, amounting to $31.1 billion [10]. Currency Exchange Rate Stability - The RMB appreciated by 1.9% against the USD in the first half of the year, maintaining stability within a range of 7.15 to 7.35 [11]. - The market shows no significant expectations for RMB appreciation or depreciation, indicating rational trading behavior [12]. Market Activity - The total trading volume in the domestic RMB foreign exchange market reached $21 trillion in the first half of the year, a 10.2% increase year-on-year [14]. - The combined scale of bank settlement and sale of foreign exchange reached $2.3 trillion, marking the second-highest level for the same period historically [15]. - The total scale of foreign-related income and expenditure reached $7.6 trillion, a historical high for the same period, with a year-on-year growth of 10.4% [16].