Core Insights - The State Administration of Foreign Exchange of China reported the trading volume of the foreign exchange market for October 2025, which totaled 21.97 trillion RMB (approximately 3.10 trillion USD) [1] Summary by Category Overall Market Performance - In October 2025, the total trading volume in the Chinese foreign exchange market (excluding foreign currency pairs) reached 21.97 trillion RMB (3.10 trillion USD) [1] - The cumulative trading volume from January to October 2025 was 252.07 trillion RMB (35.21 trillion USD) [1] Breakdown of Market Segments - The bank-to-customer market accounted for 3.57 trillion RMB (0.50 trillion USD) of the total trading volume [1] - The interbank market had a trading volume of 18.40 trillion RMB (2.59 trillion USD) [1] - The spot market's cumulative trading volume was 8.26 trillion RMB (1.16 trillion USD) [1] - The derivatives market saw a cumulative trading volume of 13.71 trillion RMB (1.93 trillion USD) [1]

Core Viewpoint - China's foreign exchange market remains active, with significant growth in cross-border receipts and payments in August, indicating a stable development in trade and investment activities [1] Group 1: Cross-Border Receipts and Payments - In August, non-bank sectors, including enterprises and individuals, recorded cross-border receipts and payments of $1.3 trillion, representing an 8% year-on-year increase [1] - Both current account and capital account cross-border receipts and payments experienced growth, reflecting a robust economic environment [1] Group 2: Trade and Investment Development - The steady development of cross-border trade and investment is highlighted, suggesting positive trends in economic activities and international engagement [1]

Core Insights - In July 2025, China's foreign exchange market (excluding foreign currency pairs) recorded a total transaction volume of 28.28 trillion RMB (approximately 3.96 trillion USD) [1] - The bank-to-client market accounted for 4.06 trillion RMB (about 0.57 trillion USD), while the interbank market had a transaction volume of 24.22 trillion RMB (around 3.39 trillion USD) [1] - The spot market saw a cumulative transaction of 9.47 trillion RMB (approximately 1.33 trillion USD), and the derivatives market had a total transaction of 18.81 trillion RMB (about 2.63 trillion USD) [1] - From January to July 2025, the cumulative transaction volume in China's foreign exchange market reached 179.15 trillion RMB (equivalent to 24.96 trillion USD) [1]

Core Viewpoint - The current market does not have a clear expectation for the appreciation or depreciation of the Renminbi, with rational and orderly trading observed in the foreign exchange market [1] Summary by Relevant Categories Market Expectations - The foreign exchange market indicators, including forward and options markets, show no significant expectation for the Renminbi to appreciate or depreciate [1] Market Behavior - Overall, there are no irrational trading behaviors such as panic buying or selling, indicating a stable trading environment [1]