Core Viewpoint - The overall cross-border capital flow in China remains balanced despite high volatility in the international market, with the RMB exchange rate showing stability against major currencies [1] Group 1: Economic Outlook - The long-term fundamentals of China's economy are positive, supported by steady progress in high-level opening-up [1] - The improvements in the RMB exchange rate formation mechanism and effective macro-prudential management of the foreign exchange market enhance the ability to respond to external risks [1] Group 2: Future Development - The stable international balance of payments is expected to provide a solid foundation for the healthy development of China's foreign exchange market during the 14th Five-Year Plan period [1]

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]

Core Insights - The State Administration of Foreign Exchange reported a net inflow of $3.2 billion in cross-border funds and a surplus of $14.6 billion in bank settlement and sale of foreign exchange in August 2025, indicating a stable market expectation [1] - Foreign capital showed a net purchase of domestic stocks and bonds in August, reflecting positive sentiment towards the Chinese market [1] Summary by Categories Foreign Exchange Market - The foreign exchange market maintained overall balance in August, with bank settlements reaching $211.8 billion and sales at $197.1 billion, continuing the surplus trend [1] - The trading volume of bank customer foreign exchange receipts and payments reached $1.3 trillion, a year-on-year increase of 8%, indicating sustained high activity levels [1] Cross-Border Capital Flow - The net inflow from goods trade remained stable, while foreign capital net purchases of domestic stocks and bonds were noted [1] - In August, bank customer foreign exchange income was $638.3 billion and payments were $635 billion, resulting in a slight surplus and basic balance in receipts and payments [1] Economic Indicators - The decline in the US dollar index in August, influenced by monetary policy expectations and macroeconomic data, led to a general recovery of non-dollar currencies [1] - The capital and current account cross-border receipts both showed growth, with steady development in trade and investment financing [1]

● 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 ...

Core Viewpoint - 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 sales of foreign exchange, indicating stable market expectations [1] Summary by Relevant Sections Foreign Exchange Market Performance - 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 total scale of bank customer foreign exchange receipts and payments reached $1.3 trillion, a year-on-year increase of 8%, maintaining a high level [1] Cross-Border Capital Flow - The net inflow from goods trade remained stable, with foreign capital net purchases of domestic stocks and bonds [1] - The service trade and investment income saw a seasonal decline in net outflows [1] Overall Market Sentiment - The foreign exchange market transactions remained active, reflecting rational and orderly behavior from enterprises and individuals [1] - The balance of payments for bank customer foreign exchange income was slightly in surplus, with receipts of $638.3 billion and payments of $635 billion, indicating basic balance [1]

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]

Core Insights - The foreign exchange market in China remained stable in August 2025, with active trading and balanced supply and demand [1][2] Group 1: Market Activity - In August 2025, non-bank sectors, including enterprises and individuals, conducted cross-border receipts and payments totaling $1.3 trillion, reflecting an 8% year-on-year increase [1] - Both current account and capital account cross-border receipts and payments saw growth, indicating steady development in cross-border trade and investment [1] Group 2: Supply and Demand Balance - In August 2025, there was a net inflow of $3.2 billion in cross-border funds, with a surplus of $14.6 billion in bank foreign exchange settlement and sales [1] - The net inflow from goods trade remained stable, while foreign investment in domestic stocks and bonds showed a net buying trend [1] Group 3: Bank Transactions - In August 2025, banks settled foreign exchange receipts amounting to 15,103 billion RMB and foreign exchange sales of 14,058 billion RMB [1] - From January to August 2025, cumulative bank foreign exchange receipts reached 113,938 billion RMB, while cumulative sales were 113,078 billion RMB [1] Group 4: Customer Transactions - In August 2025, banks recorded foreign-related income of 45,515 billion RMB and foreign payments of 45,284 billion RMB [2] - For the period from January to August 2025, cumulative foreign-related income was 372,219 billion RMB, with cumulative payments at 363,400 billion RMB [2]