Core Insights - The foreign exchange market in China showed stable operation in September 2025, with active and balanced cross-border capital flows and a significant increase in bank settlement and sale of foreign exchange [2] Group 1: Bank Settlement and Sale of Foreign Exchange - In September 2025, banks settled 18,809 billion RMB and sold 15,183 billion RMB in foreign exchange [1] - From January to September 2025, cumulative bank settlements reached 132,747 billion RMB, while cumulative sales amounted to 128,261 billion RMB [1] Group 2: Cross-Border Capital Flows - In September 2025, the total cross-border income and expenditure for non-bank sectors reached 1.37 trillion USD, reflecting a 7% month-on-month increase [2] - The net outflow of cross-border funds in September was 31 billion USD, which has since turned into a net inflow in October [2] Group 3: Foreign Exchange Market Supply and Demand - The foreign exchange market maintained a balance in supply and demand, with a notable increase in bank customer settlements and sales in September [2] - The settlement surplus in September was 51 billion USD, with a trend towards balance in the latter half of the month [2] Group 4: Overall Foreign Exchange Performance - The total scale of foreign-related income and expenditure in the first three quarters of 2025 reached 11.6 trillion USD, a historical high for the same period [2] - The net inflow of cross-border funds was 119.7 billion USD, and the bank settlement surplus was 63.2 billion USD, both exceeding the levels of the previous year [2]

Core Viewpoint - The foreign exchange market in China remained stable in September 2025, with active and balanced cross-border capital flows, indicating robust foreign-related economic development [1] Summary by Categories Foreign Exchange Market Performance - In September 2025, the total cross-border income and expenditure of non-bank sectors, including enterprises and individuals, reached $1.37 trillion, reflecting a month-on-month increase of 7% [1] - Both current account and capital account cross-border receipts and payments continued to grow, showcasing the steady development of China's foreign-related economy [1] Cross-Border Capital Flows - Due to seasonal effects from the National Day holiday, there was a slight net outflow of $3.1 billion in cross-border capital in September; however, this trend reversed to a net inflow in October [1] - The net inflow of funds under the goods trade category remained high, indicating steady growth in foreign trade [1] Sectoral Analysis - Cross-border capital flows in service trade and investment income remained relatively stable, contributing to the overall balanced performance of the foreign exchange market [1]

智通财经APP获悉，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。李斌表示，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。 原文如下： 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 日前，国家外汇管理局公布了2025年9月银行结售汇和银行代客涉外收付款数据。国家外汇管理局副局 长、新闻发言人李斌就2025年9月外汇市场形势回答了记者提问。 问：能否介绍一下9月我国外汇市场运行情况? 答：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 ...

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 forex market [1][2] Group 1: Cross-Border Capital Flows - In September, the total cross-border income and expenditure for non-bank sectors 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, which has since turned into a net inflow in October [1] Group 2: Forex Market Supply and Demand - The bank's customer settlement and sales of foreign exchange saw a significant month-on-month increase, with a settlement surplus of 51 billion USD in September [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 forex market supply and demand [1] Group 3: Overall Foreign Exchange Performance - In the first three quarters of the year, China's total foreign-related receipts and payments reached 11.6 trillion USD, marking a historical high 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, 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]

央视网消息：国家外汇管理局统计数据显示，2025年9月，银行结汇18809亿元人民币，售汇15183 亿元人民币。2025年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。 2025年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。2025年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。 按美元计值，2025年9月，银行代客涉外收入6812亿美元，对外付款6843亿美元。2025年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。 按美元计值，2025年9月，银行结汇2647亿美元，售汇2136亿美元。2025年1-9月，银行累计结汇 18533亿美元，累计售汇17901亿美元。 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 日前，国家外汇管理局公布了2025年9月银行结售汇和银行代客涉外收付款数据。国家外汇管理局 副局长、新闻发言人李斌就2025年9月外汇市场形势回答了记者提问。 问：能否介绍一下9月我国外汇市场运行情况？ 答：9月我国外汇市场平稳运 ...

Group 1 - The "14th Five-Year Plan" emphasizes enhancing the level of opening up to the outside world, promoting trade and investment liberalization, and deepening the flow of goods and factors [1] - China is recognized as a "certain oasis and investment hotbed," with continuous reduction of foreign investment access negative lists and the complete removal of restrictions in the manufacturing sector [1][4] - Chinese enterprises are actively utilizing diversified financing tools such as A+H shares and Global Depositary Receipts (GDR) for global expansion, maintaining a leading position in foreign investment stock [1] Group 2 - The financial system is being optimized to enhance the efficiency of cross-border capital flow, facilitating global fund management for enterprises [2] - The Qianhai area has established six cross-border financial brands, including cross-border RMB loans and dual-currency funding pools, reflecting significant changes in cross-border investment and financing convenience [2] - Shanghai is focusing on improving cross-border financial services and has launched a high-version integrated currency pool pilot to support "going out" enterprises [3] Group 3 - The removal of foreign ownership limits in various sectors and the improvement of the Qualified Foreign Limited Partner (QFLP) system have significantly enhanced the attractiveness of China's capital market to global capital [4] - As of September 22, 2023, 13 foreign-controlled securities, fund, and futures institutions have been approved to operate in China during the "14th Five-Year Plan" period [4] - The establishment of QFLP funds in Qianhai has seen significant growth, with the new funds accounting for over 90% of Shenzhen's total [5] Group 4 - Chinese enterprises are increasingly confident in their overseas expansion, transitioning from "goods export" to "full industry chain export" and "value co-creation" [7] - The newly established "Mainland Enterprises Going Abroad Task Force" in Hong Kong aims to support mainland enterprises in overseas expansion [7] - Companies like Greenme have announced plans for Hong Kong listings to enhance their global strategies and financing capabilities [7] Group 5 - Shanghai Chenglian Bangzhong Technology Development Co., Ltd. successfully completed its first overseas direct investment (ODI) in Indonesia, showcasing the effectiveness of local financial infrastructure in facilitating overseas investments [8] - The company benefited from the support of the Hongqiao Overseas Development Service Center, which significantly shortened the approval process for ODI [8]

Core Viewpoint - China's foreign exchange reserves reached $333.87 billion by the end of September 2025, marking a $16.5 billion increase from August, the highest level since December 2015 [1][3]. Group 1: Foreign Exchange Reserves - As of September 2025, China's foreign exchange reserves increased by $16.5 billion, or 0.5%, compared to the end of August [1][3]. - The rise in reserves is attributed to fluctuations in major economies' macroeconomic data, monetary policies, and overall global financial asset price increases [3]. - The U.S. dollar index remained stable at 97.8, with the market having already priced in the Federal Reserve's interest rate cut, leading to a release of downward pressure on the dollar [3]. Group 2: Gold Reserves - By the end of September, China's official gold reserves stood at 74.06 million ounces (approximately 2,303.523 tons), an increase of 40,000 ounces (about 1.24 tons) from the previous month [4]. - The People's Bank of China has increased its gold reserves for 11 consecutive months, although the recent increase is lower than the previous months' increments of 60,000 to 70,000 ounces [4]. - The short-term outlook for gold prices is positive, with a cumulative increase of over 10% in September, the largest monthly gain in 14 years [4]. Group 3: Economic Outlook - The international trade environment is stabilizing, with ongoing U.S.-China trade negotiations and a reduction in tariff rates for most economies [5]. - China's financial market is gradually opening up, enhancing the attractiveness of its domestic securities market to foreign investors [5]. - The overall economic stability and progress in high-quality development in China are expected to support the stability of foreign exchange reserves [5].

Core Viewpoint - In August, the expectation of a Federal Reserve interest rate cut strengthened, leading to a depreciation of the US dollar and an increase in the appreciation momentum of the Chinese yuan, while market expectations remained generally stable [1][2]. Group 1: Currency Market Dynamics - The US dollar index fell from above 100 to 97.8, a cumulative decline of 2.2%, influenced by weaker employment data and concerns over the independence of the Federal Reserve [1]. - The yuan's central parity rate appreciated for the fourth consecutive month, with an average daily appreciation of 8 basis points from August 1 to 20, and an accelerated average daily appreciation of 51 basis points in late August [2]. - By the end of August, the central parity rate and onshore and offshore yuan exchange rates reached 7.1030, 7.1330, and 7.1221 respectively, appreciating by 0.7%, 0.8%, and 1.2% compared to the end of the previous month [2]. Group 2: Cross-Border Capital Flows - In August, banks recorded a surplus of $3.2 billion in foreign exchange payments, reversing a deficit of $7.7 billion from the previous month, with foreign currency payments contributing significantly to this surplus [10]. - Foreign investment in Chinese stocks reached a net inflow of $10.8 billion, the highest since February, indicating increased foreign interest in Chinese equity assets [11]. - The overall net purchase of domestic stocks and bonds by foreign investors amounted to approximately $39 billion, dominating the inflow into emerging market investment portfolios [11]. Group 3: Foreign Exchange Supply and Demand - The bank's foreign exchange settlement and sales surplus narrowed to $16.8 billion, the lowest in four months, indicating a decrease in the willingness of market participants to settle foreign exchange [16]. - The ratio of foreign exchange receipts to payments fell to 52.6%, the lowest in five months, while the payment-to-purchase ratio rose to 62.0%, the highest in seven months, suggesting a lack of accumulated expectations for yuan appreciation [16][18]. Group 4: Trade and Investment Trends - The surplus in goods trade payments decreased by $16.5 billion to $72.9 billion, reflecting a slowdown in export revenue collection [15]. - Direct investment payments recorded a deficit of $7.5 billion, with foreign income dropping to $50.2 billion, the lowest in five years, indicating a slowdown in capital inflows [12].

Group 1: Currency Trends - In August, the USD index fell from above 100 to 97.8, a cumulative decline of 2.2% due to weaker employment data and increased expectations for Fed rate cuts[3] - The RMB exchange rate strengthened for the fourth consecutive month, with the midpoint rate appreciating by an average of 8 basis points from August 1 to 20, and accelerating to an average of 51 basis points in late August[4] - By the end of August, the RMB midpoint, onshore, and offshore exchange rates reached 7.1030, 7.1330, and 7.1221 respectively, appreciating by 0.7%, 0.8%, and 1.2% compared to the end of the previous month[4] Group 2: Market Dynamics - In August, banks reported a surplus in foreign exchange transactions, narrowing to $16.8 billion, the lowest in four months, indicating a decrease in the willingness to settle foreign exchange[22] - The net inflow of cross-border funds was reflected in a shift from a deficit of $7.7 billion to a surplus of $3.2 billion in bank foreign exchange payments[14] - Foreign investment in Chinese stocks reached a net inflow of $10.8 billion, the highest since February, while overall foreign investment in emerging markets was approximately $45 billion[17] Group 3: Economic Indicators - The nominal effective exchange rate index and the real effective exchange rate index of the RMB increased by 0.5% and 0.3% respectively, indicating a slight reduction in the impact of RMB fluctuations on export competitiveness[5] - Direct investment foreign exchange payments showed a deficit increase of $4.5 billion to $7.5 billion, with foreign income dropping to $50.2 billion, the lowest in five years[18] - The trade surplus in goods payments decreased by $16.5 billion to $72.9 billion, reflecting slower collection rates from export enterprises[18]

Core Insights - In August, the expectation of a Federal Reserve interest rate cut strengthened, leading to a depreciation of the US dollar and an increase in the appreciation momentum of the Chinese yuan, while market expectations remained stable [3][4]. Currency Market Analysis - The US dollar index fell from above 100 to 97.8, a decrease of 2.2%, due to weaker-than-expected employment data and concerns over the independence of the Federal Reserve [3]. - The Chinese yuan's central parity rate appreciated for the fourth consecutive month, with an average daily appreciation of 8 basis points from August 1 to 20, and accelerated to an average daily appreciation of 51 basis points in late August [4]. - By the end of August, the central parity, onshore, and offshore exchange rates of the yuan reached 7.1030, 7.1330, and 7.1221 respectively, appreciating by 0.7%, 0.8%, and 1.2% compared to the end of the previous month [4]. Cross-Border Capital Flows - In August, cross-border capital turned into a net inflow, with banks' foreign currency payments shifting from a deficit of $7.7 billion to a surplus of $3.2 billion [13]. - Foreign currency payments contributed significantly to this surplus, with a month-on-month increase of $17.6 billion to $53.2 billion, marking a new high since October 2024 [13]. - Foreign investment interest in Chinese stocks increased, with a net inflow of $10.8 billion in August, the highest since February of the same year [14]. Foreign Exchange Supply and Demand - The bank's foreign exchange settlement and sales surplus narrowed to $16.8 billion, the lowest in four months, indicating a decrease in the willingness to settle foreign exchange [20]. - The ratio of foreign currency receipts to payments fell to 52.6%, the lowest in five months, while the ratio of payments to purchases rose to 62.0%, the highest in nearly seven months [21]. Trade and Investment - The goods trade surplus decreased by $16.5 billion to $72.9 billion, reflecting a slowdown in export revenue collection [18]. - Direct investment foreign exchange payments showed a deficit increase of $4.5 billion to $7.5 billion, with foreign income dropping to $50.2 billion, the lowest for the same period in five years [15].