Core Viewpoint - The State Administration of Foreign Exchange of China reported a preliminary balance of international payments for the first three quarters of this year, indicating a significant current account surplus. Group 1: Current Account Overview - In the first three quarters of this year, China's current account surplus reached 35,074 billion yuan [1] - The surplus in goods trade was 52,015 billion yuan, while the service trade recorded a deficit of 11,166 billion yuan [1] - The primary income deficit was 6,844 billion yuan, and the secondary income surplus was 1,069 billion yuan [1] Group 2: USD Valuation - In USD terms, the current account surplus for the first three quarters of 2025 was 4,898 billion USD [1] - The goods trade surplus amounted to 7,262 billion USD, with a service trade deficit of 1,558 billion USD [1] - The primary income deficit was 955 billion USD, and the secondary income surplus was 149 billion USD [1]

Core Viewpoint - The State Administration of Foreign Exchange of China reported a preliminary balance of international payments for the first three quarters of this year, indicating a significant current account surplus. Group 1: Current Account Overview - In the first three quarters of this year, China's current account surplus reached 35,074 billion yuan [1] - In USD terms, the current account surplus amounted to 4,898 million USD [1] Group 2: Trade Balance - The goods trade surplus was 52,015 billion yuan, while the services trade recorded a deficit of 11,166 billion yuan [1] - In USD, the goods trade surplus was 7,262 million USD, and the services trade deficit was 1,558 million USD [1] Group 3: Income Balance - The primary income recorded a deficit of 6,844 billion yuan, while the secondary income showed a surplus of 1,069 billion yuan [1] - In USD, the primary income deficit was 955 million USD, and the secondary income surplus was 149 million USD [1]

Core Insights - The State Administration of Foreign Exchange released preliminary data on China's balance of payments for the first half of 2025, indicating a current account surplus of 21,589 billion yuan [1] Trade Balance - The goods trade surplus amounted to 32,798 billion yuan, while the services trade recorded a deficit of 7,604 billion yuan [1] - The primary income deficit was 4,089 billion yuan, and the secondary income surplus was 485 billion yuan [1] USD Valuation - In USD terms, the current account surplus for the first half of 2025 was 300.6 billion USD, with a goods trade surplus of 456.6 billion USD [1] - The services trade deficit in USD was 105.9 billion USD, while the primary income deficit was 56.9 billion USD, and the secondary income surplus was 6.7 billion USD [1]