本报讯 （记者刘琪）12月31日，国家外汇管理局公布2025年9月末我国国际投资头寸表。2025年9月末，我国对外金融资产 115073亿美元，对外负债74597亿美元，对外净资产40476亿美元。 在对外金融资产中，直接投资资产34336亿美元，证券投资资产19520亿美元，金融衍生工具资产264亿美元，其他投资资 产24064亿美元，储备资产36889亿美元，分别占对外金融资产的30%、17%、0.2%、21%和32%；在对外负债中，直接投资负 债37430亿美元，证券投资负债23272亿美元，金融衍生工具负债239亿美元，其他投资负债13656亿美元，分别占对外负债的 50%、31%、0.3%和18%。 （编辑 李波） ...

新华财经北京12月31日电国家外汇管理局公布2025年9月末我国国际投资头寸表，2025年9月末，我国对 外金融资产115073亿美元，对外负债74597亿美元，对外净资产40476亿美元。 按SDR计值，2025年9月末，我国对外金融资产83935亿SDR，对外负债54412亿SDR，对外净资产29524 亿SDR。 （文章来源：新华财经） 在对外金融资产中，直接投资资产34336亿美元，证券投资资产19520亿美元，金融衍生工具资产264亿 美元，其他投资资产24064亿美元，储备资产36889亿美元，分别占对外金融资产的30%、17%、0.2%、 21%和32%；在对外负债中，直接投资负债37430亿美元，证券投资负债23272亿美元，金融衍生工具负 债239亿美元，其他投资负债13656亿美元，分别占对外负债的50%、31%、0.3%和18%。 ...

香港政府统计处今日发布2025年第三季香港国际收支平衡及国际投资头寸的初步统计数字，并一并发布 同期的香港对外债务的初步统计数字。香港于2025年第三季录得1365亿港元的国际收支赤字(相当于本 地生产总值的16.0%)，而储备资产相应地减少同等数额。 I.国际收支平衡 香港于2025年第三季录得1365亿港元的国际收支赤字(相当于本地生产总值的16.0%)，而储备资产相应 地减少同等数额。2025年第二季则录得1055亿港元的盈余(相当于本地生产总值的13.4%)。 2025年第三季储备资产减少1365亿港元，而2025年第二季则增加1055亿港元。 II.国际投资头寸 在2025年第三季季末，香港的对外金融资产和负债总值均处于很高的水平，分别为595868亿港元(相当 于本地生产总值的18.2倍)和399369亿港元(相当于本地生产总值的12.2倍)，这是一个重要国际金融中心 常见的特点。 在2025年第三季季末，香港的对外金融资产净值(即资产扣除负债)达196499亿港元(相当于本地生产总值 的6.0倍)，而2025年第二季季末则为183647亿港元(相当于本地生产总值的5.7倍)。香港的对外金融资产 ...

Core Insights - As of June 2025, China's foreign financial assets have surpassed $11 trillion for the first time, reaching $11,064.5 billion, an increase of 8% from the end of 2024 [1] - China's foreign liabilities amounted to $7,255.5 billion, reflecting a 5% growth compared to the end of 2024 [1] - The net foreign assets stood at $3,809 billion, marking a 16% increase from the end of 2024 [1] Group 1: International Investment Position - The report indicates that China's current account maintained a surplus in the first half of 2025, which attracted various types of foreign investments, resulting in net inflows that supported the growth of foreign assets [1] - As of June 2025, China's international reserves were $3,627.1 billion, maintaining the top position globally, accounting for 33% of total foreign assets [1] - Non-reserve assets reached $7,437.4 billion, a 10% increase from the end of 2024, representing 67% of total foreign assets, which is a 1 percentage point increase from the previous year [1] Group 2: Structure of Non-Reserve Assets - The structure of non-reserve assets includes direct investments of $33,491 billion, which constitutes 30% of total foreign assets [2] - Securities investments totaled $16,942 billion, accounting for 15% of total foreign assets [2] - Other investments, including loans, trade credits, etc., amounted to $23,679 billion, representing 21% of total foreign assets [2]

Core Insights - As of June 2025, China's international investment position shows a total foreign financial asset of 110,645 billion USD and total foreign liabilities of 72,555 billion USD, resulting in a net foreign asset of 38,090 billion USD [1][2]. Summary by Categories Foreign Financial Assets - Direct investment assets amount to 33,491 billion USD, accounting for 30% of total foreign financial assets [1][2]. - Securities investment assets total 16,942 billion USD, representing 15% of the total [1][2]. - Financial derivatives assets are valued at 263 billion USD, which is 0.2% of the total [1][2]. - Other investment assets reach 23,679 billion USD, making up 21% of the total [1][2]. - Reserve assets are at 36,271 billion USD, constituting 33% of the total [1][2]. Foreign Liabilities - Direct investment liabilities stand at 37,174 billion USD, which is 51% of total foreign liabilities [1][2]. - Securities investment liabilities are 21,607 billion USD, accounting for 30% [1][2]. - Financial derivatives liabilities are also 263 billion USD, representing 0.4% [1][2]. - Other investment liabilities total 13,511 billion USD, making up 19% of the total [1][2]. SDR Valuation - In terms of Special Drawing Rights (SDR), China's foreign financial assets are valued at 80,528 billion SDR, while foreign liabilities are at 52,806 billion SDR, leading to a net foreign asset of 27,722 billion SDR [1].

Core Insights - As of June 30, 2025, China's international investment position shows a total foreign financial asset of 110,645 billion USD and total foreign liabilities of 72,555 billion USD, resulting in a net foreign asset of 38,090 billion USD [1] Summary by Category Foreign Financial Assets - China's foreign financial assets are composed of direct investment assets amounting to 33,491 billion USD, securities investment assets of 16,942 billion USD, financial derivatives assets of 263 billion USD, other investment assets of 23,679 billion USD, and reserve assets of 36,271 billion USD, which represent 30%, 15%, 0.2%, 21%, and 33% of total foreign financial assets respectively [1] Foreign Liabilities - The foreign liabilities consist of direct investment liabilities of 37,174 billion USD, securities investment liabilities of 21,607 billion USD, financial derivatives liabilities of 263 billion USD, and other investment liabilities of 13,511 billion USD, accounting for 51%, 30%, 0.4%, and 19% of total foreign liabilities respectively [1] SDR Valuation - In terms of Special Drawing Rights (SDR), as of June 30, 2025, China's foreign financial assets are valued at 80,528 billion SDR, foreign liabilities at 52,806 billion SDR, and net foreign assets at 27,722 billion SDR [1]

Core Insights - Hong Kong recorded an international balance of payments surplus of HKD 105.5 billion in Q2 2025, equivalent to 13.4% of its GDP, a significant recovery from a deficit of HKD 85.4 billion in Q1 2025, which was 10.7% of GDP [1][4] Current Account - The current account surplus for Q2 2025 was HKD 92.6 billion, representing 11.8% of GDP, reflecting higher savings than investments, which helped accumulate foreign financial assets [2] - Compared to Q2 2024, where the surplus was HKD 98.5 billion (13.0% of GDP), the decrease was mainly due to an increase in the goods trade deficit from HKD 14.1 billion to HKD 38.0 billion [2] - The services trade surplus slightly increased from HKD 27.5 billion to HKD 30.0 billion, while the net inflow from primary income rose from HKD 90.2 billion to HKD 107.0 billion [2] Financial Account - In Q2 2025, non-reserve financial assets recorded an overall increase of HKD 21.1 billion, equivalent to 2.7% of GDP, a decline from the HKD 245.8 billion increase in Q1 2025 (30.7% of GDP) [3] - The overall increase in Q2 was primarily driven by net increases in securities investments, while other investments, direct investments, and financial derivatives saw net decreases [3] International Investment Position - As of the end of Q2 2025, Hong Kong's total foreign financial assets and liabilities were at high levels, amounting to HKD 5,724.43 billion (17.7 times GDP) and HKD 3,887.97 billion (12.0 times GDP), respectively [5] - The net value of foreign financial assets reached HKD 1,836.47 billion (5.7 times GDP), up from HKD 1,692.29 billion (5.3 times GDP) in Q1 2025, indicating a strong buffer against external shocks [5] External Debt - At the end of Q2 2025, Hong Kong's total external debt was HKD 1,546.36 billion (4.8 times GDP), an increase from HKD 1,494.88 billion (4.7 times GDP) in Q1 2025, driven by increases across all sectors, particularly in the banking sector [6] - The banking sector accounted for 53.1% of total external debt, with other sectors contributing 29.1% and direct investment debt liabilities making up 16.6% [6]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Viewpoints - The report discusses the potential for Asia to achieve a sustainable rebalancing, suggesting that while the current account surplus may narrow, the consumption-to-GDP ratio is unlikely to change significantly, indicating that true and lasting rebalancing may not be achieved [2][8][35] Summary by Sections Current Account Trends - The report details the trends in bilateral current account balances between Asia and the US, highlighting that Asia's trade surplus with the US reached USD 760 billion, accounting for 55% of the US trade deficit [7][12] - It predicts that Asia's current account surplus as a percentage of GDP will narrow, primarily due to a slowdown in trade cycles and potential increases in purchases from the US [7][34] Economic Structure and Growth Model - Asia's persistent current account surplus reflects a manufacturing-driven growth model, with high savings relative to investment [8][24] - The report notes that Asia has maintained a current account surplus for 35 consecutive years, with a historical high of USD 1.1 trillion in Q1 2025, representing 4.1% of GDP [12][13] Investment Position - Asia's international investment position has grown to USD 45 trillion, surpassing both the US and Eurozone [49][50] - The report indicates that since 2018, Asia's holdings in US securities have increased by USD 2.8 trillion, now totaling USD 8.6 trillion, with the share of US assets in Asia's portfolio rising from 37% to 41% [65][72] Future Projections - The report forecasts a slight narrowing of the current account surplus to USD 0.9 trillion (3.1% of GDP) in 2025, down from USD 1.0 trillion (3.6% of GDP) in 2024 [34][36] - It emphasizes that the expected narrowing of the current account surplus should not be viewed as a sustainable rebalancing, as structural changes in savings and consumption patterns are not anticipated [35][66]