Core Insights - The foreign exchange market in China showed stable operation in September 2025, characterized by active and balanced cross-border capital flows and a relatively balanced supply and demand in the foreign exchange market [1][2] Group 1: Cross-Border Capital Flows - In September, the total cross-border income and expenditure for non-bank sectors, including enterprises and individuals, reached 1.37 trillion USD, reflecting a month-on-month increase of 7% [1] - Both current and capital account cross-border receipts and payments continued to grow, indicating robust development in China's foreign-related economy [1] - There was a slight net outflow of 3.1 billion USD in September due to seasonal effects from the "National Day" holiday, but this trend reversed to net inflow in October [1] Group 2: Foreign Exchange Market Supply and Demand - In September, the bank's customer settlement and sales of foreign exchange both saw significant month-on-month growth, with a settlement surplus of 51 billion USD [1] - The net settlement was higher in the first half of September, while the latter half showed a trend towards balance in settlement differences [1] - Since October, the bank's customer settlement and sales have been roughly equal, indicating a basic balance in the foreign exchange market supply and demand [1] Group 3: Overall Foreign Exchange Performance - For the first three quarters of the year, China's total foreign-related receipts and payments reached 11.6 trillion USD, setting a historical record for the same period [2] - There was a net inflow of 119.7 billion USD in cross-border capital, and a settlement surplus of 63.2 billion USD, both exceeding levels from the previous year [2] - Overall, despite a complex external environment, China's foreign exchange market has shown resilience and vitality, with stable market expectations and balanced supply and demand [2]

Core Points - The State Administration of Foreign Exchange reported that China's foreign-related income and expenditure 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 and a surplus of $63.2 billion in bank foreign exchange sales and purchases, both exceeding the levels of the previous year [1] Group 1: Cross-Border Fund Flows - In September, the total cross-border income and expenditure of non-bank sectors, including enterprises and individuals, amounted to $1.37 trillion, reflecting a month-on-month increase of 7% [1] - Both current and capital account cross-border receipts and payments continued to grow, indicating robust development in China's foreign-related economy [1] - Due to seasonal effects from the "National Day" holiday, there was a slight net outflow of $3.1 billion in September, which has since turned into a net inflow in October [1] Group 2: Foreign Exchange Market Dynamics - The foreign exchange market showed a balanced supply and demand in September, with significant month-on-month growth in bank customer foreign exchange settlements and sales [1] - The surplus in foreign exchange sales and purchases was $51 billion in September, with a notable net settlement in the first half of the month, while the latter half saw a trend towards balance [1] - Since October, the foreign exchange settlements and sales by banks have been roughly equal, indicating a basic balance in the foreign exchange market [1]

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]

Core Insights - The State Administration of Foreign Exchange reported that in September 2025, banks settled $264.7 billion and sold $213.6 billion in foreign exchange, with total foreign-related income at $681.2 billion and payments at $684.3 billion [1][2] - For the first nine months of the year, banks accumulated a total of $1.8533 trillion in settlements and $1.7901 trillion in sales, with foreign-related income reaching $5.8705 trillion and payments at $5.7508 trillion [1] - The total scale of foreign-related income and expenditure in China for the first three quarters reached a historical high of $11.6 trillion, with a net inflow of $119.7 billion and a surplus of $63.2 billion in bank settlements and sales, both exceeding the previous year's levels [1] Group 1 - In September, the foreign exchange market in China showed stable operation with two main characteristics: active and balanced cross-border capital flows, and a relatively balanced supply and demand in the foreign exchange market [1][2] - Cross-border income and expenditure from non-bank sectors totaled $1.37 trillion in September, reflecting a 7% month-on-month increase, indicating robust development in China's foreign-related economy [1] - The net outflow of cross-border funds in September was $3.1 billion, which has since turned into a net inflow in October [1] Group 2 - In September, banks experienced a significant increase in both foreign exchange settlements and sales, with a surplus of $51 billion, indicating flexible foreign exchange trading by enterprises based on their needs [2] - The foreign exchange market supply and demand have remained basically balanced, with banks' settlements and sales being roughly equal since October [2] - Overall, despite a complex external environment, China's foreign exchange market has shown resilience and vitality, maintaining stable expectations and balanced supply and demand [2]

Core Insights - China's foreign exchange market has shown resilience and vitality in 2023, with a total foreign exchange income and expenditure scale of $11.6 trillion in the first three quarters, marking a historical high for the same period [1] - The net inflow of cross-border funds reached $119.7 billion, and the bank's foreign exchange settlement surplus was $63.2 billion, both exceeding the levels of the previous year [1] - In September, cross-border capital flow remained active, with a total of $1.37 trillion in income and expenditure, reflecting a month-on-month increase of 7% [1][2] Group 1: Foreign Exchange Market Performance - The foreign exchange market has maintained a stable operation with balanced supply and demand, as indicated by the comments from the spokesperson of the State Administration of Foreign Exchange [1] - In September, the bank's foreign exchange settlement amounted to $264.7 billion, while foreign exchange sales were $213.6 billion, showing significant month-on-month growth [2] - The surplus in foreign exchange settlement for September was $51 billion, with a trend towards balance in the latter half of the month [2] Group 2: Cross-Border Fund Flows - The net inflow of cross-border funds has continued since the second half of the previous year, indicating robust cross-border trade activities [1] - The service trade and investment income categories showed stable cross-border fund flows, while the goods trade surplus remains a major source of the current account surplus [2] - In September, the bank's foreign exchange income from clients was $681.2 billion, while payments were $684.3 billion, resulting in a slight deficit of $3.1 billion [1]

Core Insights - The State Administration of Foreign Exchange reported a continued surplus in China's bank foreign exchange settlement and sales in September 2025, with a stable foreign exchange market [1][4] - Analysts highlight that the total scale of foreign-related income and expenditure in the first three quarters of 2025 reached a historical high of $11.6 trillion, supporting the trend of RMB appreciation [1][8] Summary by Category Foreign Exchange Settlement and Sales - In September 2025, banks settled 18,809 billion RMB and sold 15,183 billion RMB, with cumulative settlements of 132,747 billion RMB and sales of 128,261 billion RMB from January to September [3] - In USD terms, banks settled 2,647 billion USD and sold 2,136 billion USD in September, with cumulative settlements of 18,533 billion USD and sales of 17,901 billion USD for the first three quarters [3] Cross-Border Payments - In September 2025, banks recorded foreign-related income of 48,409 billion RMB and payments of 48,629 billion RMB, with cumulative income of 420,628 billion RMB and payments of 412,029 billion RMB from January to September [3] - In USD, foreign-related income was 6,812 billion USD and payments were 6,843 billion USD in September, with cumulative income of 58,705 billion USD and payments of 57,508 billion USD for the first three quarters [3] Market Trends and Analysis - The foreign exchange market showed active and balanced cross-border capital flows, with a total of 1.37 trillion USD in cross-border income and expenditure in September, reflecting a 7% month-on-month increase [4] - The surplus in bank foreign exchange settlement was 51 billion USD in September, indicating a balanced supply and demand in the foreign exchange market [5][7] RMB Appreciation Outlook - Analysts expect a trend of RMB appreciation due to the expansion of foreign-related income and expenditure, which alleviates depreciation pressure and enhances the currency's resilience [8][10] - The People's Bank of China is advancing the internationalization of the RMB, with its status in the Special Drawing Rights (SDR) basket being raised, indicating a significant milestone in RMB internationalization [9]

按美元计值，9月，银行结汇2647亿美元，售汇2136亿美元。1—9月，银行累计结汇18533亿美元，累计 售汇17901亿美元。 9月，银行代客涉外收入48409亿元人民币，对外付款48629亿元人民币。1—9月，银行代客累计涉外收 入420628亿元人民币，累计对外付款412029亿元人民币。 10月22日，国家外汇管理局副局长、新闻发言人李斌就2025年9月外汇市场形势答记者问时表示，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。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。 "总的来看，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。"李斌说。 国家外汇局同日公布的数据显示，9月，银行结汇18809亿元人民币，售汇15183亿元人民币。1—9月， 银行累计结汇132747亿元人民币，累计售汇128261亿元人民币。 按美元计值，9月，银行代客涉外收入6812亿美元，对外付款6843亿美元。1—9月，银行代客累计涉外 收入58705亿美元，累计对外付款57508亿美元。 "9月我国 ...

Core Insights - The foreign exchange market in China showed stable operation in September 2023, characterized by active and balanced cross-border capital flows and a relatively balanced supply and demand in the forex market [1][2] Group 1: Cross-Border Capital Flows - In September, the total cross-border income and expenditure of non-bank sectors, including enterprises and individuals, reached 1.37 trillion USD, reflecting a month-on-month increase of 7% [1] - Both current and capital account cross-border receipts and payments continued to grow, indicating robust development in China's foreign-related economy [1] - There was a slight net outflow of 3.1 billion USD in September due to seasonal effects from the National Day holiday, but this trend reversed to net inflow in October [1] Group 2: Forex Market Supply and Demand - In September, the bank's customer settlement and sales of foreign exchange both saw significant month-on-month growth, with a settlement surplus of 51 billion USD [1] - The net settlement was higher in the first half of September, while the latter half showed a trend towards balance in settlement and sales [1] - Since October, the bank's customer settlement and sales have been roughly equal, indicating a basic balance in the forex market supply and demand [1] Group 3: Overall Foreign Exchange Performance - For the first three quarters of the year, China's total foreign-related receipts and payments reached 11.6 trillion USD, setting a historical record for the same period [2] - The net inflow of cross-border capital was 119.7 billion USD, and the bank's settlement surplus was 63.2 billion USD, both exceeding the levels of the previous year [2] - Overall, despite a complex external environment, China's foreign exchange market has operated steadily, with stable market expectations and strong resilience and vitality [2]

"总的来看，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。"李斌说。 文/刘佳 编辑：冯樱子 10月22日，国家外汇管理局副局长、新闻发言人李斌就9月外汇市场形势答记者问时表示，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。 李斌指出，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 ...

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].