责任编辑：杨喜亭 国家外汇管理局1月7日发布的统计数据显示，截至2025年12月末，我国外汇储备规模为33579亿美 元，较2025年11月末上升115亿美元，升幅为0.34%。 业内专家认为，汇率折算和资产价格变化等因素综合作用，2025年12月外汇储备规模上升。"2025 年12月，美联储开启年内第三次降息，将联邦基金利率目标区间下调到3.50%至3.75%，美元随之贬 值。不过，10年期美债不升反降，全球资产价格涨跌互现。"民生银行首席经济学家温彬分析表示，外 贸领域，我国出口量质齐升，2025年前11个月，货物贸易顺差首次突破万亿美元大关，创历史新高，出 口产品结构升级，出口市场多点开花，对国际收支的基础支撑作用更为凸显。投资领域，2025年，我国 资本市场表现优于全球整体，国际机构对我国经济前景和人民币资产的信心进一步增强，境外证券资本 流入规模保持在较高水平。我国经济不断巩固拓展稳中向好势头，为外汇储备规模保持基本稳定奠定了 基础。 ...

中新社北京1月7日电 (陶思阅)中国国家外汇管理局7日发布统计数据显示，截至2025年12月末，中国外 汇储备规模为33579亿美元，较11月末上升115亿美元，升幅为0.34%，较2024年末增加1555亿美元。 中国民生银行首席经济学家温彬分析，在外贸领域，中国出口量质齐升，2025年前11个月，货物贸易顺 差首次突破万亿美元大关，对国际收支的基础支撑作用更为凸显。在投资领域，境外证券资本流入规模 保持在较高水平，为外汇储备规模保持基本稳定奠定了基础。 中银证券全球首席经济学家管涛表示，外汇储备余额延续了此前4个月的升势，这主要反映了主要经济 体货币政策及预期、宏观经济数据等因素影响下，汇率折算和资产价格变化带来的正估值效应。 中国外汇储备规模已连续5个月处于3.3万亿美元之上。东方金诚首席宏观分析师王青认为，这主要是受 2025年美元指数下降，全球主要股指上涨，以及美债收益率显著下行、美债价格走高等因素带动。(完) "12月末，外汇储备增加主要受美元汇率和金融资产价格变化影响。"中国社会科学院世界经济与政治研 究所副所长张斌接受中新社采访时说。 ...

新华财经北京12月26日电国家外汇管理局公布2025年11月我国国际收支货物和服务贸易数据，2025年11 月，我国国际收支货物和服务贸易进出口规模44183亿元。其中，货物贸易出口22484亿元，进口15937 亿元，顺差6547亿元；服务贸易出口2465亿元，进口3298亿元，逆差833亿元。服务贸易主要项目为： 运输服务进出口规模1747亿元，旅行服务进出口规模1641亿元，其他商业服务进出口规模1038亿元，电 信、计算机和信息服务进出口规模569亿元。 按美元计值，2025年11月，我国国际收支货物和服务贸易出口3516亿美元，进口2711亿美元，顺差805 亿美元。 （文章来源：新华财经） ...

按美元计值，2025年11月，我国国际收支货物和服务贸易出口3516亿美元，进口2711亿美元，顺差805 亿美元。 服务贸易主要项目为：运输服务进出口规模1747亿元，旅行服务进出口规模1641亿元，其他商业服务进 出口规模1038亿元，电信、计算机和信息服务进出口规模569亿元。 国家外汇管理局12月26日发布数据显示，2025年11月，我国国际收支货物和服务贸易进出口规模44183 亿元。其中，货物贸易出口22484亿元，进口15937亿元，顺差6547亿元；服务贸易出口2465亿元，进口 3298亿元，逆差833亿元。 ...

Core Insights - In October 2025, China's international balance of payments for goods and services trade reached a total scale of 42,858 billion yuan [1] - The goods trade saw exports of 21,630 billion yuan and imports of 15,217 billion yuan, resulting in a surplus of 6,413 billion yuan [1] - The services trade recorded exports of 2,607 billion yuan and imports of 3,404 billion yuan, leading to a deficit of 797 billion yuan [1] Goods Trade - Exports amounted to 21,630 billion yuan, while imports were 15,217 billion yuan, resulting in a surplus of 6,413 billion yuan [1] - In USD terms, exports were valued at 3,416 million USD and imports at 2,625 million USD, yielding a surplus of 792 million USD [1] Services Trade - The main components of services trade included travel services with a total scale of 1,751 billion yuan, transportation services at 1,705 billion yuan, other commercial services at 992 billion yuan, and telecommunications, computer, and information services at 658 billion yuan [1] - The services trade recorded a deficit of 797 billion yuan, with imports exceeding exports [1]

Core Insights - In October, China's international balance of payments for goods and services trade reached a scale of 42,858 billion yuan [1] - The goods trade saw exports of 21,630 billion yuan and imports of 15,217 billion yuan, resulting in a surplus of 6,413 billion yuan [1] - The services trade recorded exports of 2,607 billion yuan and imports of 3,404 billion yuan, leading to a deficit of 797 billion yuan [1] Goods Trade - Exports amounted to 21,630 billion yuan, while imports were 15,217 billion yuan, resulting in a surplus of 6,413 billion yuan [1] - In USD terms, exports were 3,416 million USD and imports were 2,625 million USD, yielding a surplus of 792 million USD [1] Services Trade - The main components of services trade included travel services with a total scale of 1,751 billion yuan, transportation services at 1,705 billion yuan, other commercial services at 992 billion yuan, and telecommunications, computer, and information services at 658 billion yuan [1] - The services trade recorded a deficit of 797 billion yuan, with imports exceeding exports [1]

9月以来，人民币对美元汇率曾数次升破7.10。尽管此次能否打破这一关键阻力点位尚需观察，但支撑人民币走强的因素不断积累。 11月26日，人民币对美元中间价再度上调，创逾一年高点；在岸人民币、离岸人民币对美元汇率双双走高至7.08附近。近一段时间以来，人民币与美元呈现"双 强"格局，美元指数从9月中旬的96左右走强至100附近；同期人民币对美元汇率震荡上行，反映人民币对一篮子汇率的CFETS人民币汇率指数同样走强，与众多非美 货币相比走出独立行情。 从基本面看，今年以来，我国经济顶住压力，出口韧性进一步增强，国际收支状况良好。前三季度涉外收支总规模为11.6万亿美元，创历史同期新高；跨境资金净 流入1197亿美元，高于上年同期水平。从外汇市场预期和供需情况看，中美元首釜山会晤以来，两国关系总体稳定向好，这为人民币汇率保持坚挺提供了有力的外 部支撑，外汇市场预期保持基本稳定。企业等主体在汇率波动过程中呈现"逢高结汇"特征。前10月，银行结售汇顺差809亿美元，而去年同期逆差超1000亿美元，结 汇规模大于售汇规模，有助于人民币维持偏强水平。 美联储12月降息预期再度升温，这一因素也会支撑人民币汇率走强。而年末是传 ...

美联储12月降息预期再度升温，这一因素也会支撑人民币汇率走强。而年末是传统季节性结汇高峰，有 望继续为人民币汇率提供重要升值动能。今年以来，我国外汇市场在复杂多变的国际局势下保持平稳运 行，表现出较强韧性和活力，市场预期和交易理性有序，人民币汇率经受住了市场波动的考验。展望未 来一段时间，市场普遍看好人民币汇率维持稳定甚至升值的阶段性趋势。随着越来越多的企业树立汇率 风险中性理念，以及汇率风险管理水平稳步提升，价格机制促进市场供求平衡的作用愈发凸显，人民币 汇率稳的基础将进一步夯实。 11月26日，人民币对美元中间价再度上调，创逾一年高点；在岸人民币、离岸人民币对美元汇率双双走 高至7.08附近。近一段时间以来，人民币与美元呈现"双强"格局，美元指数从9月中旬的96左右走强至 100附近；同期人民币对美元汇率震荡上行，反映人民币对一篮子汇率的CFETS人民币汇率指数同样走 强，与众多非美货币相比走出独立行情。 9月以来，人民币对美元汇率曾数次升破7.10。尽管此次能否打破这一关键阻力点位尚需观察，但支撑 人民币走强的因素不断积累。 从基本面看，今年以来，我国经济顶住压力，出口韧性进一步增强，国际收支状况良好。 ...

Core Viewpoint - The report from CITIC Securities indicates that despite the rebound of the US dollar index since October, the RMB exchange rate has shown strong resilience. [1] International Balance of Payments - In the third quarter of this year, China's exports to non-US economies performed well, supporting export performance and leading to a rebound in the current account surplus. [1] - Foreign direct investment (FDI) into China showed a quarter-on-quarter decline, while outbound direct investment accelerated compared to the second quarter. [1] - There has been significant outflow of foreign capital from bond holdings, indicating increased volatility in capital flows within securities accounts. [1] Future Outlook - The pace of expected interest rate cuts by the Federal Reserve remains a key short-term factor influencing the US dollar index. [1] - In the fourth quarter, China's export growth is expected to decline on a quarter-on-quarter basis, which may weaken the current account's support for the RMB exchange rate. [1] - However, policies related to investment and consumption are gradually being implemented, and the central bank's stable exchange rate policy is expected to maintain a balanced approach, leading to a gradual alignment of the RMB exchange rate towards the midpoint. [1]

Core Viewpoint - The cross-border payment and settlement scale in China has significantly increased during the "14th Five-Year Plan" period, with a projected total of $14 trillion in 2024, marking a 64% growth compared to 2020, and a 10.5% year-on-year increase in the first three quarters of this year [3][5][6]. Group 1: Cross-Border Trade - The scale of cross-border trade has expanded, with the average annual growth rate during the "14th Five-Year Plan" period being 8 percentage points higher than that of the "13th Five-Year Plan" [3]. - The total value of imports and exports in Gansu Province is expected to exceed 60 billion yuan for the first time in nearly a decade, with an average annual growth rate of 13.9% since 2021 [5]. - The average annual scale of service trade imports and exports has exceeded $860 billion, representing a 26% increase compared to the "13th Five-Year Plan" period [6]. Group 2: Financial Stability - As of June 2025, China's foreign financial assets exceeded $11 trillion, while foreign liabilities surpassed $7.2 trillion, resulting in a net foreign asset of $3.8 trillion, ranking third globally [7]. - The foreign exchange market has been enhanced with a dual management framework, which has effectively responded to external shocks and maintained a stable environment for cross-border payments [7]. Group 3: Service Trade Facilitation - The efficiency of cross-border fund settlement has significantly improved due to the implementation of facilitation policies, allowing companies to complete transactions much faster than before [8][9]. - The introduction of direct settlement for cross-border e-commerce transactions has streamlined processes, reducing the time required for fund settlement to one working day [10]. Group 4: Open Market Developments - The issuance of Panda bonds by foreign entities in China's interbank bond market has continued to grow, with cumulative issuance surpassing 1 trillion yuan [11]. - Reforms in the Qualified Foreign Institutional Investor (QFII) and Renminbi Qualified Foreign Institutional Investor (RQFII) systems have simplified approval processes and enhanced cross-border capital management [12]. - The overall scale of foreign investment in domestic securities has increased by 6% since the beginning of the "14th Five-Year Plan" [13].