● 本报记者彭扬 国家外汇管理局8月8日发布数据显示，2025年二季度，我国经常账户顺差9715亿元，其中，货物贸易顺 差15751亿元，服务贸易逆差3345亿元，初次收入逆差2978亿元，二次收入顺差287亿元。资本和金融账 户(含当季净误差与遗漏)逆差9715亿元，其中来华直接投资保持净流入。 2025年上半年，我国经常账户顺差21589亿元，其中，货物贸易顺差32798亿元，服务贸易逆差7604亿 元，初次收入逆差4089亿元，二次收入顺差485亿元。资本和金融账户中(含二季度净误差与遗漏)逆差 19810亿元。 按美元计值，2025年二季度，我国经常账户顺差1351亿美元，其中，货物贸易顺差2191亿美元，服务贸 易逆差465亿美元，初次收入逆差414亿美元，二次收入顺差40亿美元。资本和金融账户(含当季净误差 与遗漏)逆差1351亿美元。 按美元计值，2025年上半年，我国经常账户顺差3006亿美元，其中，货物贸易顺差4566亿美元，服务贸 易逆差1059亿美元，初次收入逆差569亿美元，二次收入顺差67亿美元。资本和金融账户(含二季度净误 差与遗漏)逆差2758亿美元。 按SDR(特别提款权)计值 ...

● 本报记者 彭扬 国家外汇管理局8月8日发布数据显示，2025年二季度，我国经常账户顺差9715亿元，其中，货物贸易顺 差15751亿元，服务贸易逆差3345亿元，初次收入逆差2978亿元，二次收入顺差287亿元。资本和金融账 户（含当季净误差与遗漏）逆差9715亿元，其中来华直接投资保持净流入。 2025年上半年，我国经常账户顺差21589亿元，其中，货物贸易顺差32798亿元，服务贸易逆差7604亿 元，初次收入逆差4089亿元，二次收入顺差485亿元。资本和金融账户中（含二季度净误差与遗漏）逆 差19810亿元。 按美元计值，2025年二季度，我国经常账户顺差1351亿美元，其中，货物贸易顺差2191亿美元，服务贸 易逆差465亿美元，初次收入逆差414亿美元，二次收入顺差40亿美元。资本和金融账户（含当季净误差 与遗漏）逆差1351亿美元。 按美元计值，2025年上半年，我国经常账户顺差3006亿美元，其中，货物贸易顺差4566亿美元，服务贸 易逆差1059亿美元，初次收入逆差569亿美元，二次收入顺差67亿美元。资本和金融账户（含二季度净 误差与遗漏）逆差2758亿美元。 按SDR（特别提款权）计 ...

新华财经北京8月8日电国家外汇管理局公布2025年二季度及上半年我国国际收支平衡表初步数。2025年 二季度，我国经常账户顺差9715亿元，其中，货物贸易顺差15751亿元，服务贸易逆差3345亿元，初次 收入逆差2978亿元，二次收入顺差287亿元。资本和金融账户（含当季净误差与遗漏）逆差9715亿元， 其中来华直接投资保持净流入。 按SDR计值，2025年二季度，我国经常账户顺差996亿SDR，其中，货物贸易顺差1615亿SDR，服务贸 易逆差343亿SDR，初次收入逆差305亿SDR，二次收入顺差29亿SDR。资本和金融账户（含当季净误差 与遗漏）逆差996亿SDR。 按SDR计值，2025年上半年，我国经常账户顺差2257亿SDR，其中，货物贸易顺差3425亿SDR，服务贸 易逆差796亿SDR，初次收入逆差423亿SDR，二次收入顺差50亿SDR。资本和金融账户（含二季度净误 差与遗漏）逆差2065亿SDR。 （文章来源：新华财经） 按美元计值，2025年二季度，我国经常账户顺差1351亿美元，其中，货物贸易顺差2191亿美元，服务贸 易逆差465亿美元，初次收入逆差414亿美元，二次收入顺差40亿 ...

Core Insights - The State Administration of Foreign Exchange of China released preliminary data on the international balance of payments for the second quarter and the first half of 2025, indicating a significant surplus in the current account [1] Group 1: Current Account - In Q2 2025, China's current account surplus was $135.1 billion, driven by a goods trade surplus of $219.1 billion, a services trade deficit of $46.5 billion, a primary income deficit of $41.4 billion, and a secondary income surplus of $4 billion [1] - For the first half of 2025, the current account surplus reached $300.6 billion, with a goods trade surplus of $456.6 billion, a services trade deficit of $105.9 billion, a primary income deficit of $56.9 billion, and a secondary income surplus of $6.7 billion [1] Group 2: Capital and Financial Account - The capital and financial account, including net errors and omissions for the quarter, recorded a deficit of $135.1 billion in Q2 2025 [1] - For the first half of 2025, the capital and financial account showed a deficit of $275.8 billion, including net errors and omissions for the second quarter [1]

Core Viewpoint - The foreign exchange market in China has shown resilience and vitality in the first half of 2023, with a steady increase in foreign exchange receipts and a net inflow of cross-border funds, exceeding market expectations [1][2]. Group 1: Foreign Exchange Market Performance - In the first half of 2023, the net inflow of cross-border funds from non-bank sectors reached $127.3 billion, continuing the trend from the second half of the previous year, with a 46% quarter-on-quarter increase in Q2 [1]. - The foreign exchange market maintained a basic balance in supply and demand, with active trading and stable foreign exchange reserves [1][2]. Group 2: Capital and Financial Account Analysis - The increase in the current account surplus corresponds to an expansion of the capital and financial account deficit, which should not be interpreted as increased capital outflow pressure [2]. - The capital and financial account deficit is primarily due to increased outward investment by domestic entities, while foreign investment in China remains net inflow [2]. Group 3: Attractiveness of Renminbi Assets - The Renminbi appreciated by 1.9% against the US dollar in the first half of 2023, with the exchange rate fluctuating between 7.15 and 7.35, indicating stability and serving as an automatic stabilizer for the macroeconomy and international payments [3]. - Foreign investment in Renminbi-denominated bonds has increased, with foreign holdings exceeding $600 billion, and net foreign purchases of domestic stocks and funds reached $10.1 billion in the first half of 2023 [3][4]. Group 4: Future Outlook for Foreign Investment - The foreign investment in Renminbi assets is expected to have stable and sustainable growth, supported by a robust economic environment and improved financial market conditions [3][4]. - Approximately 30% of central banks surveyed indicated plans to increase their allocation to Renminbi assets, reflecting a growing global interest [4]. Group 5: Policy Initiatives for Trade and Investment - The State Administration of Foreign Exchange (SAFE) is implementing measures to enhance trade facilitation, cross-border investment, and financing, including reforms to streamline foreign exchange business processes [6][7]. - SAFE plans to expand innovative policies in free trade zones to promote cross-border trade and investment, including optimizing international trade settlement and enhancing the efficiency of foreign debt registration [7][8].

Core Viewpoint - The increase in the current account surplus will correspond to an expansion of the capital and financial account deficit, which should not be simply interpreted as an increase in capital outflow pressure [1] Group 1: Current Account and Capital Flows - The expansion of the capital and financial account deficit is primarily due to domestic entities increasing their foreign investments, while foreign investment into China continues to show a net inflow [1] Group 2: Future Outlook - The ongoing optimization of China's economic structure and the more stable internal and external balance will support the maintenance of basic equilibrium in international payments [1] - The steady progress of dual-directional opening of financial markets will further bolster this balance [1]

Core Points - In the first quarter of 2025, China's current account surplus reached 11,874 billion yuan, indicating a strong balance in international payments [1] - The capital and financial account recorded a deficit of 10,094 billion yuan, highlighting challenges in capital flows [1] - In USD terms, the current account surplus was 1,654 billion USD, driven by a goods trade surplus of 2,375 billion USD, while service trade, primary income, and secondary income showed deficits and surpluses [1] Current Account Summary - Current account surplus in Q1 2025 was 11,874 billion yuan, equivalent to 1,654 billion USD and 1,260 billion SDR [1] - Goods trade surplus amounted to 2,375 billion USD, while service trade deficit was 593 billion USD [1] - Primary income deficit was 155 billion USD, and secondary income surplus was 28 billion USD [1] Capital and Financial Account Summary - Capital and financial account recorded a deficit of 10,094 billion yuan, or 1,407 billion USD [1] - The capital account showed a minor deficit of 1 billion USD, while the financial account had a significant deficit of 1,406 billion USD [1] - In SDR terms, the capital and financial account deficit was 1,068 billion SDR [1]

Core Insights - In the first quarter of 2025, China's current account surplus reached 11,885 billion yuan [1] - The goods trade surplus was 17,053 billion yuan, while the services trade recorded a deficit of 4,258 billion yuan [1] - The primary income account showed a deficit of 1,104 billion yuan, and the secondary income account had a surplus of 194 billion yuan [1] - The capital and financial account, including net errors and omissions for the quarter, reported a deficit of 11,885 billion yuan, with direct investment into China maintaining a net inflow [1]

新华财经北京3月28日电 国家外汇管理局数据显示，2024年四季度，我国经常账户顺差11719亿元，资 本和金融账户逆差13394亿元。 此外，国家外汇管理局根据最新获得的数据，修订了2023年以来各季度国际收支平衡表数据，详见国家 外汇管理局官方网站"统计数据"栏目。 为便于社会各界解读国际收支和国际投资头寸数据，国家外汇管理局国际收支分析小组同时发布《2024 年中国国际收支报告》。 2024年末，我国对外金融资产102167亿美元，对外负债69209亿美元，对外净资产32958亿美元。 在对外金融资产中，直接投资资产31329亿美元，证券投资资产14173亿美元，金融衍生工具资产242亿 美元，其他投资资产21867亿美元，储备资产34556亿美元，分别占对外金融资产的31%、14%、0.2%、 21%和34%；在对外负债中，直接投资负债36224亿美元，证券投资负债19396亿美元，金融衍生工具负 债304亿美元，其他投资负债13286亿美元，分别占对外负债的52%、28%、0.4%和19%。 按SDR计值，2024年末，我国对外金融资产78341亿SDR，对外负债53069亿SDR，对外净资产252 ...