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 foreign exchange market in China has shown stable operation in September 2025, with 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 2025, banks settled foreign exchange transactions amounting to $264.7 billion in purchases and $213.6 billion in sales, with cumulative settlements from January to September reaching $1,853.3 billion and $1,790.1 billion respectively [1] - The total cross-border income and expenditure for non-bank sectors in September was $1.37 trillion, reflecting a 7% month-on-month increase, indicating robust development in China's foreign-related economy [1] - 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 Supply and Demand - In September, the surplus in foreign exchange settlement and sales was $51 billion, with a notable increase in settlement in the first half of the month, while the latter half showed a trend towards balance [2] - The total scale of foreign-related income and expenditure for the first three quarters of the year reached $11.6 trillion, a historical high for the same period, with a net inflow of $119.7 billion and a settlement surplus of $63.2 billion, both exceeding the previous year's levels [2] - Overall, the foreign exchange market has demonstrated strong resilience and vitality amid a complex external environment, with stable market expectations and balanced supply and demand [2]

Core Insights - The total scale of foreign-related income and expenditure in China reached $11.6 trillion in the first three quarters of this year, marking a historical high for the same period and a year-on-year increase of 10.5% [1] - There was a net inflow of cross-border funds amounting to $119.7 billion, and a surplus of $63.2 billion in bank foreign exchange transactions, both exceeding the levels of the previous year [1] Group 1 - The foreign exchange market in China has shown strong resilience and vitality, with stable market expectations and a basic balance of supply and demand [1] - In September, the total cross-border income and expenditure for non-bank sectors, including enterprises and individuals, amounted to $1.37 trillion, reflecting a month-on-month increase of 7% [1] - The cross-border capital flow showed a slight net outflow of $3.1 billion in September due to seasonal effects from the National Day holiday, but has since turned into a net inflow in October [1] Group 2 - The foreign exchange market supply and demand remained relatively balanced in September, with significant month-on-month growth in bank customer foreign exchange settlements and sales [2] - The surplus in foreign exchange transactions was $51 billion in September, with a trend towards balance in the latter half of the month [2] - Since October, the foreign exchange settlements and sales by banks have been roughly equal, indicating a basic balance in the foreign exchange market [2]

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]

Core Insights - China's cross-border capital net inflow reached 119.7 billion USD in the first three quarters of the year, exceeding the same period last year [1] - The total scale of foreign-related income and expenditure in China for the first three quarters was 11.6 trillion USD, marking a historical high for the same period [1] Group 1: Cross-Border Capital Flow - The net inflow of cross-border capital was 119.7 billion USD, with a bank settlement surplus of 63.2 billion USD, both higher than the previous year [1] - In September, the total cross-border income and expenditure for non-bank sectors reached 1.37 trillion USD, a month-on-month increase of 7% [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 settlements and sales [2] - The overall foreign exchange market has demonstrated strong resilience and vitality amid a complex external environment, with stable market expectations and balanced supply and demand [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].

Core Insights - The foreign exchange market in China has shown resilience and vitality, with a total foreign exchange income and expenditure scale of $11.6 trillion in the first three quarters of 2023, marking a historical high for the same period [1] - In September, there was a slight net outflow of cross-border funds due to seasonal factors, but this has shifted to a net inflow in October [1] Group 1: Cross-Border Fund Flows - In the first three quarters of 2023, China's net inflow of cross-border funds reached $119.7 billion, with a bank settlement surplus of $63.2 billion, both exceeding the levels of the previous year [1] - In September, the total cross-border income and expenditure for non-bank sectors amounted to $1.37 trillion, reflecting a month-on-month increase of 7% [1] - The bank's foreign exchange settlement in September was $264.7 billion, while foreign exchange sales were $213.6 billion, indicating a significant month-on-month increase in both [2] Group 2: Market Stability - The foreign exchange market has maintained a balanced supply and demand, with the settlement surplus in September amounting to $51 billion, showing a trend towards equilibrium in the latter half of the month [2] - The foreign exchange market's expectations remain stable despite a complex external environment, demonstrating strong resilience and vitality [1]