Core Insights - The State Administration of Foreign Exchange reported a current account surplus of 971.5 billion yuan in Q2 2025, driven by a goods trade surplus of 1.5751 trillion yuan, despite service and primary income deficits [1] - For the first half of 2025, the current account surplus reached 2.1589 trillion yuan, with a goods trade surplus of 3.2798 trillion yuan, indicating strong trade performance [1] - The capital and financial account recorded a deficit of 971.5 billion yuan in Q2 2025, with direct investment into China maintaining a net inflow [1] Summary by Categories Current Account - In Q2 2025, the current account surplus was 971.5 billion yuan, comprising a goods trade surplus of 1.5751 trillion yuan, a service trade deficit of 334.5 billion yuan, a primary income deficit of 297.8 billion yuan, and a secondary income surplus of 28.7 billion yuan [1] - For the first half of 2025, the current account surplus totaled 2.1589 trillion yuan, with a goods trade surplus of 3.2798 trillion yuan, a service trade deficit of 760.4 billion yuan, a primary income deficit of 408.9 billion yuan, and a secondary income surplus of 48.5 billion yuan [1] Capital and Financial Account - The capital and financial account showed a deficit of 971.5 billion yuan in Q2 2025, including net errors and omissions [1] - In the first half of 2025, the capital and financial account recorded a larger deficit of 19.81 trillion yuan, indicating significant outflows [1] USD Valuation - In USD terms, the current account surplus for Q2 2025 was $135.1 billion, with a goods trade surplus of $219.1 billion and service trade deficit of $46.5 billion [1] - For the first half of 2025, the current account surplus was $300.6 billion, with a goods trade surplus of $456.6 billion and a service trade deficit of $105.9 billion [1] SDR Valuation - In terms of Special Drawing Rights (SDR), the current account surplus for Q2 2025 was 99.6 billion SDR, with a goods trade surplus of 161.5 billion SDR [2] - For the first half of 2025, the current account surplus was 225.7 billion SDR, with a goods trade surplus of 342.5 billion SDR [2]

Group 1 - The core viewpoint of the articles highlights China's current account surplus and the performance of its trade balance in the second quarter and the first half of 2025 [1][2] - In Q2 2025, China's current account surplus was 971.5 billion yuan, with a goods trade surplus of 1,575.1 billion yuan and a services trade deficit of 334.5 billion yuan [1] - For the first half of 2025, the current account surplus reached 2,158.9 billion yuan, driven by a goods trade surplus of 3,279.8 billion yuan [1] Group 2 - In USD terms, the current account surplus for Q2 2025 was 135.1 billion USD, with a goods trade surplus of 219.1 billion USD [1] - The first half of 2025 saw a current account surplus of 300.6 billion USD, with a goods trade surplus of 456.6 billion USD [1] - In terms of Special Drawing Rights (SDR), the current account surplus for Q2 2025 was 99.6 billion SDR, with a goods trade surplus of 161.5 billion SDR [2] Group 3 - The capital and financial account recorded a deficit of 971.5 billion yuan in Q2 2025, despite net inflows from foreign direct investment [1] - The capital and financial account deficit for the first half of 2025 was 19,810 billion yuan [1] - In SDR terms, the capital and financial account showed a deficit of 996 billion SDR in Q2 2025 [2]