Core Insights - The State Administration of Foreign Exchange (SAFE) released data on bank foreign exchange settlement and sales for July 2025, indicating significant foreign exchange activity in the banking sector [1] Group 1: Bank Foreign Exchange Settlement and Sales - In July 2025, banks settled foreign exchange amounting to 16,700 billion RMB and sold 15,070 billion RMB [1] - From January to July 2025, cumulative bank settlements reached 98,835 billion RMB, while cumulative sales totaled 99,020 billion RMB [1] - In USD terms, banks settled 2,336 million USD and sold 2,108 million USD in July 2025 [1] - Cumulatively, from January to July 2025, banks settled 13,768 million USD and sold 13,793 million USD [1] Group 2: Bank Customer Foreign Exchange Income and Payments - In July 2025, banks recorded foreign exchange income from customers of 49,357 billion RMB and payments of 49,909 billion RMB [1] - Cumulatively, from January to July 2025, banks had foreign exchange income of 326,705 billion RMB and payments of 318,116 billion RMB [1] - In USD terms, customer foreign exchange income in July 2025 was 6,904 million USD, while payments were 6,981 million USD [1] - From January to July 2025, cumulative foreign exchange income from customers was 45,510 million USD, with payments totaling 44,315 million USD [1]

2025年6月，银行代客涉外收入46485亿元人民币，对外付款44667亿元人民币。2025年1至6月，银 行代客累计涉外收入277347 亿元人民币，累计对外付款268207亿元人民币。 按美元计值，2025年6月，银行代客涉外收入6478亿美元，对外付款6225亿美元。2025年1至6月， 银行代客累计涉外收入38606亿美元，累计对外付款37333亿美元。 责任编辑：杨喜亭 国家外汇管理局7月22日发布的统计数据显示，2025年6月，银行结汇14900亿元人民币，售汇13083 亿元人民币。2025年1至6月，银行累计结汇82135亿元人民币，累计售汇83950亿元人民币。 按美元计值，2025年6月，银行结汇2077亿美元，售汇1823亿美元。2025年1至6月，银行累计结汇 11432亿美元，累计售汇11685亿美元。 ...

Core Insights - The State Administration of Foreign Exchange reported that in May 2025, banks settled foreign exchange transactions amounting to 1.3861 trillion RMB and sold 1.3051 trillion RMB [1] - Cumulatively, from January to May 2025, banks settled a total of 6.7235 trillion RMB and sold 7.0867 trillion RMB [1] - In May 2025, banks recorded foreign-related income of 448 billion RMB and foreign payments of 424.26 billion RMB [1] - For the period from January to May 2025, cumulative foreign-related income reached 23.0862 trillion RMB, while cumulative foreign payments totaled 22.3540 trillion RMB [1]

Core Viewpoint - In April, despite extreme tariff pressures, the RMB exchange rate quickly stabilized and rebounded after a brief adjustment, while the multilateral exchange rate continued to weaken. The passive appreciation of the RMB under a weak dollar index should not be overly concerning [3][5][6]. Group 1: RMB Exchange Rate Dynamics - In April, the RMB exchange rate initially fell due to the impact of Trump's tariffs but rebounded quickly, with the onshore RMB rate at 7.2632 and offshore RMB rate at 7.2689 by the end of the month, reflecting a depreciation of 0.2% and 0.1% respectively compared to the previous month [5][6]. - The RMB nominal effective exchange rate index fell by 2.2% in April, which was greater than the 1.4% decline in the dollar index, indicating a broader weakening of the RMB against other currencies [6][7]. - The RMB's actual effective exchange rate weakened due to inflation differentials, which helps maintain the price competitiveness of Chinese exports [7]. Group 2: Cross-Border Capital Flows - Cross-border capital continued to show net inflows, with a historical high of $630 billion in goods trade surplus in April, despite pressures in securities investment [10][11]. - In April, foreign investment in domestic bonds increased by $109 billion, indicating a strong interest in RMB-denominated assets, supported by effective government measures [11][12]. - The net outflow in securities investment was $125 billion, but this was less than the average monthly outflow of $284 billion from October 2024 to January 2025, suggesting limited pressure on cross-border capital outflows [11][12]. Group 3: Market Responses and Government Actions - The Chinese government implemented a series of financial support policies and counter-tariff measures, which helped stabilize market expectations and maintain foreign investment interest in RMB assets [12][10]. - The Central Huijin Investment Company announced plans to increase holdings in ETFs and quality stocks, reinforcing market confidence [12]. - The willingness of market participants to settle foreign exchange transactions increased, with a surplus in bank foreign exchange settlements rising from $63 billion to $166 billion in April [16][17].

外汇局：4月银行结汇15408亿元人民币 售汇15715亿元人民币 智通财经5月19日电，国家外汇管理局统计数据显示，2025年4月，银行结汇15408亿元人民币，售汇 15715亿元人民币。2025年1-4月，银行累计结汇53373亿元人民币，累计售汇57815亿元人民币。按美元 计值，2025年4月，银行结汇2139亿美元，售汇2182亿美元。2025年1-4月，银行累计结汇7429亿美元， 累计售汇8048亿美元。 ...

金十数据4月22日讯，国家外汇管理局统计数据显示，2025年3月，银行结汇13601亿元人民币，售汇 13742亿元人民币。2025年1-3月，银行累计结汇37965亿元人民币，累计售汇42100亿元人民币。按美元 计值，2025年3月，银行结汇1896亿美元，售汇1916亿美元。2025年1-3月，银行累计结汇5290亿美元， 累计售汇5866亿美元。 国家外汇管理局：3月银行结汇13601亿元人民币 ...