Core Insights - The People's Bank of China and the State Administration of Foreign Exchange reported that China's cross-border capital flows have remained generally balanced despite high volatility in international markets, with the RMB exchange rate showing stability among major currencies [1][2] Group 1: Market Performance - In 2024, China's cross-border receipts and payments are projected to reach $14 trillion, a 64% increase from 2020, with an average annual growth rate during the 14th Five-Year Plan period being 8 percentage points higher than the previous period [1] - In the first eight months of this year, cross-border receipts and payments increased by 10% year-on-year, indicating sustained activity in cross-border trade and investment [1] - The ratio of enterprises using foreign exchange hedging has risen from 17% in 2020 to approximately 30%, while the RMB's share in cross-border trade has increased from 16% to nearly 30% [1] Group 2: Foreign Exchange Reserves and Stability - China's international balance of payments has remained fundamentally balanced during the 14th Five-Year Plan, with the current account surplus to GDP ratio staying within a reasonable range [2] - Foreign exchange reserves have consistently remained above $3 trillion, stabilizing above $3.2 trillion in recent years, serving as a crucial stabilizer for the national economy and finance [2] Group 3: Policy and Reform Initiatives - The State Administration of Foreign Exchange has implemented reforms to enhance the efficiency of trade foreign exchange receipts and payments, processing nearly $4.6 trillion in related business since the beginning of the 14th Five-Year Plan [2] - To improve cross-border investment and financing convenience, approximately $300 billion in related business has been processed during the same period [2] - The foreign exchange business reform has included over 23,000 quality clients from small and medium-sized enterprises, private enterprises, and foreign-funded enterprises, with cumulative business transactions exceeding $500 billion [2]

人民财讯9月22日电，9月22日，在介绍"十四五"时期金融业发展成就时，中国人民银行副行长、国家外 汇局局长朱鹤新在国新办新闻发布会上表示，近年来面对高波动的国际市场环境，我国跨境资金流动总 体是均衡的，人民币汇率在主要货币中的表现是比较稳定的。展望未来，我国经济基本面长期向好，高 水平对外开放稳步推进，这奠定了国际收支自主平衡的格局的稳定。同时，人民币汇率形成机制不断完 善，外汇市场宏观审慎管理更加有效，所以我们应对外部风险挑战的底气更足，这将为"十五五"我国外 汇市场健康发展提供更加坚实的保障。 ...

Core Viewpoint - The Federal Reserve has lowered interest rates from 4.25%-4.50% to 4.00%-4.25%, which has led to a stable performance of the RMB, reflecting a complex interplay of various factors in the market [1][3]. Group 1: RMB Performance Overview - The RMB has shown a "reverse drama" this year, starting from a high of 7.3 and rebounding significantly, with a notable appreciation in late August [3]. - The recent strength of the RMB is attributed to a "triple gain" effect, including expectations of Fed rate cuts, a declining US dollar index, and supportive internal factors [3][5]. - In July, the foreign exchange settlement surplus reached 22.8 billion USD, indicating improved market sentiment and increased demand for RMB [5]. Group 2: Future Outlook for RMB - The external environment, characterized by the Fed's rate cut cycle, is expected to benefit emerging markets, with the RMB likely to remain stable and slightly strong [7]. - Internal conditions, such as narrowing interest rate differentials between China and the US, are expected to alleviate depreciation pressure on the RMB [7]. - For the RMB to break the 7.0 mark, stronger catalysts like sustained foreign capital inflows or better-than-expected economic data are needed [7][9].

Group 1 - The core viewpoint of the article highlights the stable operation of China's foreign exchange market in August 2025, with active trading and a basic balance in supply and demand [4] - In August 2025, banks settled 15,103 billion RMB and sold 14,058 billion RMB, while the cumulative settlement from January to August reached 113,938 billion RMB and cumulative sales were 113,078 billion RMB [1][2] - The non-bank sector's cross-border receipts and payments reached 1.3 trillion USD in August, reflecting an 8% year-on-year growth, indicating steady development in cross-border trade and investment activities [4] Group 2 - In August, banks recorded a net inflow of cross-border funds amounting to 3.2 billion USD, with a surplus of 14.6 billion USD in bank settlement and sales [4] - The net inflow from goods trade remained stable, while foreign investment in domestic stocks and bonds showed a net inflow, and service trade and investment income saw a decrease from seasonal highs [4]

国家外汇管理局9月19日公布的2025年8月银行结售汇和银行代客涉外收付款数据显示，8月外汇市 场供求总体平衡，跨境资金净流入32亿美元，银行结售汇顺差146亿美元，市场预期稳定。据国家外汇 管理局副局长、新闻发言人李斌透露，8月外资总体净买入境内股票和债券。 （责任编辑：董萍萍 ） 受主要经济体货币政策预期、宏观经济数据等因素影响，8月美元指数下跌，非美元货币普遍回 升。在此背景下，8月银行结汇2118亿美元、售汇1971亿美元，延续顺差态势，反映我国企业、个人等 主体的交易行为总体理性有序。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 今年8月，外汇市场交易保持活跃，反映企业、个人等非银行部门跨境资金流动情况的银行代客涉 外收支规模达1.3万亿美元，同比增长8%，继续保持高位水平。其中，经常项目和资本项目跨境收支均 有所增长，跨境贸易和投融资稳步发展。当月银行代客涉外收入6383亿美元、对外付款6 ...

● 本报记者彭扬 国家外汇管理局副局长、新闻发言人李斌表示，8月我国外汇市场平稳运行。一方面，外汇市场交易保 持活跃。8月，企业、个人等非银行部门跨境收支1.3万亿美元，同比增长8%。其中，经常项目和资本 项目跨境收支均有所增长，跨境贸易和投融资稳步发展。另一方面，外汇市场供求总体平衡。8月，跨 境资金净流入32亿美元，银行结售汇顺差146亿美元。分项目看，货物贸易资金净流入保持稳定，外资 总体净买入境内股票和债券，服务贸易和投资收益资金净流出由季节性高位回落。 9月19日，国家外汇管理局公布数据显示，2025年8月，银行结汇15103亿元人民币，售汇14058亿元人民 币。1-8月，银行累计结汇113938亿元人民币，累计售汇113078亿元人民币。 8月，银行代客涉外收入45515亿元人民币，对外付款45284亿元人民币。1-8月，银行代客累计涉外收入 372219亿元人民币，累计对外付款363400亿元人民币。 "总的来看，当前我国外汇市场交易活跃，外汇供求基本平衡，市场预期保持稳定。"李斌说。 ...

重磅预告！下周一15点！潘功胜、吴清、李云泽、朱鹤新，出席！ 国家外汇管理局9月19日公布的2025年8月银行结售汇和银行代客涉外收付款数据显示，8月外汇市场供求总体平衡， 跨境资金净流入32亿美元，银行结售汇顺差146亿美元，市场预期稳定。据国家外汇管理局副局长、新闻发言人李斌 介绍，8月外资总体净买入境内股票和债券。 受主要经济体货币政策预期、宏观经济数据等因素影响，8月美元指数下跌，非美元货币普遍回升。在此背景下，8月银 行结汇2118亿美元，售汇1971亿美元，延续顺差态势，反映我国企业、个人等主体的交易行为总体理性有序。 今年8月，外汇市场交易保持活跃，反映企业、个人等非银行部门跨境资金流动情况的银行代客涉外收支规模达1.3万亿美 元，同比增长8%，继续保持高位水平。其中，经常项目和资本项目跨境收支均有所增长，跨境贸易和投融资稳步发展。 当月银行代客涉外收入6383亿美元，对外付款6350亿美元，实现小幅顺差，收支基本平衡。 从跨境资金流动主要渠道看，8月货物贸易资金净流入保持稳定，外资总体净买入境内股票和债券，服务贸易和投资收益 资金净流出由季节性高位回落。"总的来看，当前我国外汇市场交易活跃，外 ...

国家外汇管理局9月19日公布的2025年8月银行结售汇和银行代客涉外收付款数据显示，8月外汇市场供 求总体平衡，跨境资金净流入32亿美元，银行结售汇顺差146亿美元，市场预期稳定。据国家外汇管理 局副局长、新闻发言人李斌介绍，8月外资总体净买入境内股票和债券。 受主要经济体货币政策预期、宏观经济数据等因素影响，8月美元指数下跌，非美元货币普遍回升。在 此背景下，8月银行结汇2118亿美元，售汇1971亿美元，延续顺差态势，反映我国企业、个人等主体的 交易行为总体理性有序。 今年8月，外汇市场交易保持活跃，反映企业、个人等非银行部门跨境资金流动情况的银行代客涉外收 支规模达1.3万亿美元，同比增长8%，继续保持高位水平。其中，经常项目和资本项目跨境收支均有所 增长，跨境贸易和投融资稳步发展。当月银行代客涉外收入6383亿美元，对外付款6350亿美元，实现小 幅顺差，收支基本平衡。 从跨境资金流动主要渠道看，8月货物贸易资金净流入保持稳定，外资总体净买入境内股票和债券，服 务贸易和投资收益资金净流出由季节性高位回落。"总的来看，当前我国外汇市场交易活跃，外汇供求 基本平衡，市场预期保持稳定。"李斌总结称。 （文章 ...

Group 1 - The foreign exchange market in China showed overall balance in supply and demand in August 2025, with a net inflow of $3.2 billion and a surplus of $14.6 billion in bank settlement and sale of foreign exchange [1] - In August, the bank's foreign exchange settlement amounted to $211.8 billion, while foreign exchange sales reached $197.1 billion, continuing the surplus trend [1] - The scale of bank customer foreign exchange receipts and payments reached $1.3 trillion, a year-on-year increase of 8%, indicating sustained high levels of cross-border capital flow [1] Group 2 - The net inflow of funds from merchandise trade remained stable, and foreign investment in domestic stocks and bonds increased [1] - In August, bank customer foreign exchange income was $638.3 billion, while payments were $635 billion, achieving a slight surplus and maintaining a basic balance in receipts and payments [1] - The current foreign exchange market in China is active, with stable market expectations and balanced supply and demand [1]

Core Viewpoint - The foreign exchange market in China is currently stable, with a net inflow of cross-border funds amounting to 3.2 billion USD and a surplus of 14.6 billion USD in bank settlement and sales of foreign exchange in August 2025, indicating a balanced supply and demand in the market [1] Summary by Sections Foreign Exchange Market Overview - In August, the foreign exchange market maintained overall balance, with a net inflow of cross-border funds of 3.2 billion USD and a bank settlement surplus of 14.6 billion USD, reflecting stable market expectations [1] - The bank's foreign exchange settlement reached 211.8 billion USD, while sales amounted to 197.1 billion USD, continuing the surplus trend [1] Cross-Border Fund Flows - The scale of bank customer foreign exchange receipts and payments reached 1.3 trillion USD in August, a year-on-year increase of 8%, indicating sustained high levels of activity [1] - Both current and capital account cross-border receipts and payments saw growth, with stable development in cross-border trade and investment financing [1] Specific Transactions - In August, bank customer foreign exchange income was 638.3 billion USD, while payments were 635 billion USD, resulting in a slight surplus and a balanced overall account [1] - The net inflow from goods trade remained stable, while foreign investment in domestic stocks and bonds showed a net buying trend [1]