22 October 2025 | 10:36PM HKT Economics Research China: SAFE data suggest FX inflows in September Bottom line: Our preferred FX flow measure shows net FX inflows of US$27bn in September 2025, vs. US$34bn outflows in August, mainly driven by higher FX inflows related to goods trade. The current account channel showed US$64bn FX inflows in September, while the portfolio investment channel saw US$8bn FX outflows. Foreign investors slowed their sales of RMB bonds from August to September. Official FX reserves i ...