Core Insights - The foreign exchange market in China has maintained a stable operation despite increased volatility in international financial markets and a rising US dollar index [2] Group 1: Bank Settlement and Foreign Exchange Data - In October 2025, banks in China settled foreign exchange transactions amounting to 15,194 billion RMB and sold 13,940 billion RMB [1] - From January to October 2025, cumulative bank settlements reached 147,941 billion RMB, while cumulative sales totaled 142,201 billion RMB [1] - In USD terms, October 2025 bank settlements were 2,142 billion USD, with cumulative settlements from January to October at 20,675 billion USD [1] Group 2: Cross-Border Fund Flows - In October 2025, banks recorded foreign income of 44,207 billion RMB and foreign payments of 40,579 billion RMB [1] - Cumulative foreign income from January to October 2025 was 464,836 billion RMB, while cumulative payments were 452,607 billion RMB [1] - In USD, October 2025 foreign income was 6,231 billion USD, with cumulative income from January to October at 64,936 billion USD [1] Group 3: Market Stability and Trends - The foreign exchange market supply and demand remained fundamentally balanced, with a surplus of 177 billion USD in bank settlements in October [2] - Cross-border capital flows showed stability, with a monthly average surplus of 240 billion USD over the two months [2] - Seasonal factors led to a slight net outflow in September, but October saw an increase in net inflows, indicating resilience in the foreign exchange market [2]

他还表示，跨境资金流动保持稳定。受国庆中秋假期因素等影响，9月企业、个人等非银行部门跨境资 金小幅净流出，10月跨境资金净流入增多，综合两个月情况看跨境收支月均顺差为240亿美元。其中， 货物贸易资金净流入保持高位；居民出境旅行、外资企业分红派息等跨境支出季节性回落，服务贸易、 投资收益资金净流出环比收窄。 李斌说，总的来看，中国外汇市场预期平稳，供求基本平衡，保持较强韧性和活力。(完) 来源：中国新闻网 中国10月银行结售汇顺差177亿美元 中新社北京11月17日电 (记者 夏宾)中国国家外汇管理局(下称"外汇局")17日发布数据，按美元计值， 2025年10月，银行结汇2142亿美元，售汇1965亿美元，银行结售汇顺差177亿美元。2025年1至10月，银 行累计结汇20675亿美元，累计售汇19866亿美元。 外汇局副局长、新闻发言人李斌告诉记者，10月以来，国际金融市场波动性有所上升，美元指数总体上 行。中国外汇市场继续保持稳健运行态势。 李斌称，外汇市场供求基本平衡。10月，银行结售汇顺差177亿美元，环比有所收窄，结售汇更加平 衡。企业等主体根据实际需求有序开展结汇和购汇交易，结汇率和售汇率与前9 ...

Domestic News - The Ministry of Finance reported that from January to October 2025, the national general public budget revenue reached 186,490 billion yuan, a year-on-year increase of 0.8%, while expenditures totaled 225,825 billion yuan, up 2% year-on-year. Government fund budget revenue was 34,473 billion yuan, down 2.8%, and expenditures were 80,892 billion yuan, up 15.4% year-on-year [1][2] - The State Administration of Foreign Exchange announced that in October 2025, banks settled foreign exchange amounting to 15,194 billion yuan and sold 13,940 billion yuan. Cumulatively, from January to October 2025, banks settled 147,941 billion yuan and sold 142,201 billion yuan [1][2] - The People's Bank of China Shanghai Headquarters reported that as of the end of October 2025, foreign institutions held 37,300 billion yuan in interbank market bonds, accounting for approximately 2.2% of the total custody in the interbank bond market [2] International News - The U.S. and European Space Agencies launched a new generation ocean monitoring satellite, "Sentinel-6B," which will operate at an altitude of over 1,300 kilometers and collect data on sea level rise and its impacts for approximately 5.5 years [4][5] - Morgan Stanley strategists predict a rebound in U.S. Treasury bonds in the first half of 2026, with the Federal Reserve potentially implementing a 50 basis point rate cut, which could lower the 10-year Treasury yield to 3.75% by mid-2026 [5] - The European Central Bank's Vice President highlighted ongoing high threats to financial stability in the Eurozone, indicating potential deterioration in credit quality within the banking sector [5]

Core Viewpoint - The foreign exchange market in China is maintaining a stable operation despite increased volatility in international financial markets and a rising US dollar index [1] Group 1: Foreign Exchange Market Performance - The supply and demand in the foreign exchange market are basically balanced, with a surplus of 17.7 billion USD in bank foreign exchange settlement and sales in October, showing a slight month-on-month contraction [1] - The foreign exchange settlement and sales activities are more balanced, with the settlement and sales rates remaining consistent with the average levels of the previous nine months [1] Group 2: Cross-Border Capital Flows - Cross-border capital flows remain stable, with a slight net outflow from non-bank sectors in September due to holiday factors, followed by an increase in net inflows in October [1] - The average monthly surplus for cross-border receipts and payments over the two months is 24 billion USD, with high levels of net inflow from goods trade [1] - Seasonal declines in cross-border expenditures such as outbound travel and foreign enterprise dividends have been observed, while the net outflow from service trade and investment income has narrowed month-on-month [1]

Core Insights - In September, 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 and capital account cross-border receipts and payments continued to grow, indicating the robust development of China's foreign-related economy [4][5] - The total scale of foreign-related receipts and payments in the first three quarters reached $11.6 trillion, setting a historical high for the same period [7] Cross-Border Income and Expenditure - The cross-border income and expenditure for September showed a significant month-on-month growth, highlighting the dynamic nature of foreign exchange activities [1][5] - The foreign exchange market supply and demand remained balanced, with banks reporting notable increases in both customer foreign exchange settlements and sales [5] Economic Stability Indicators - The consistent growth in both current and capital account transactions suggests a stable economic environment for foreign-related activities in China [4] - The historical high in foreign-related receipts and payments for the first three quarters underscores the strength of China's economic engagement with the global market [7]

Core Insights - The State Administration of Foreign Exchange reported a net inflow of $3.2 billion in cross-border funds and a surplus of $14.6 billion in bank settlement and sale of foreign exchange in August 2025, indicating a stable market expectation [1] - Foreign capital showed a net purchase of domestic stocks and bonds in August, reflecting positive sentiment towards the Chinese market [1] Summary by Categories Foreign Exchange Market - The foreign exchange market maintained overall balance in August, with bank settlements reaching $211.8 billion and sales at $197.1 billion, continuing the surplus trend [1] - The trading volume of bank customer foreign exchange receipts and payments reached $1.3 trillion, a year-on-year increase of 8%, indicating sustained high activity levels [1] Cross-Border Capital Flow - The net inflow from goods trade remained stable, while foreign capital net purchases of domestic stocks and bonds were noted [1] - In August, bank customer foreign exchange income was $638.3 billion and payments were $635 billion, resulting in a slight surplus and basic balance in receipts and payments [1] Economic Indicators - The decline in the US dollar index in August, influenced by monetary policy expectations and macroeconomic data, led to a general recovery of non-dollar currencies [1] - The capital and current account cross-border receipts both showed growth, with steady development in trade and investment financing [1]

Group 1 - The foreign exchange market in China showed overall balance in supply and demand in August 2025, with a net inflow of $3.2 billion and a surplus of $14.6 billion in bank settlement and sale of foreign exchange [1] - In August, the bank's foreign exchange settlement amounted to $211.8 billion, while foreign exchange sales reached $197.1 billion, continuing the surplus trend [1] - The scale of bank customer foreign exchange receipts and payments reached $1.3 trillion, a year-on-year increase of 8%, indicating sustained high levels of cross-border capital flow [1] Group 2 - The net inflow of funds from merchandise trade remained stable, and foreign investment in domestic stocks and bonds increased [1] - In August, bank customer foreign exchange income was $638.3 billion, while payments were $635 billion, achieving a slight surplus and maintaining a basic balance in receipts and payments [1] - The current foreign exchange market in China is active, with stable market expectations and balanced supply and demand [1]

Core Viewpoint - The foreign exchange market in China is showing signs of stability and growth, with a significant increase in cross-border payments and a notable rise in the use of the Renminbi for international transactions [1][4]. Group 1: Foreign Exchange Market Characteristics - The scale of cross-border receipts and payments has steadily increased, reaching a total of $7.6 trillion in the first half of 2025, a year-on-year growth of 10.4%, with the Renminbi accounting for 53% of this total [2][4]. - There has been a continued net inflow of cross-border funds, amounting to $127.3 billion in the first half of 2025, with a 46% increase in net inflow in the second quarter compared to the previous quarter [2][3]. - The foreign exchange market is generally balanced, with a bank settlement deficit of $25.3 billion in the first half, but showing a shift to surplus in May and June [3]. Group 2: Market Activity and Trends - The trading volume in the domestic Renminbi foreign exchange market reached $21 trillion in the first half of 2025, reflecting a 10.2% year-on-year increase [3]. - The foreign exchange reserves stood at $3.3174 trillion by the end of June 2025, an increase of $115.1 billion from the end of 2024, indicating a stable reserve position [3]. - The willingness to settle foreign exchange transactions has increased, with bank settlements in June 2025 amounting to 14.9 billion Renminbi, while the total for the first half reached 82.135 billion Renminbi [5][6]. Group 3: Cross-Border Payment Insights - The data on bank customer foreign exchange receipts and payments indicates a healthy cross-border capital flow, with total receipts of 46.485 billion Renminbi and payments of 44.667 billion Renminbi in June 2025 [5][6]. - The increase in foreign currency income from bank customer transactions suggests a growing inclination to settle in Renminbi, reflecting a shift in market sentiment towards the currency [8]. - The net increase in foreign investment in domestic stocks and bonds reached $10.1 billion in the first half of 2025, reversing a trend of net outflows observed in the previous two years [8].