Core Insights - The foreign exchange market in China remains stable despite fluctuations in the international financial market, with a reported surplus in bank settlement and sales of foreign exchange [1][2] Group 1: Bank Settlement and Sales Data - In October 2025, banks settled foreign exchange at USD 214.2 billion and sold USD 196.5 billion, resulting in a surplus of USD 17.7 billion, which shows a narrowing trend compared to previous months [1] - The foreign exchange income for clients was USD 623.1 billion, while foreign payments amounted to USD 571.9 billion in the same month [1] - The dollar index increased by 2.1% to 99.8 in October, indicating a general upward trend in the dollar's value [1] Group 2: Cross-Border Capital Flows - In September, there was a slight net outflow of cross-border funds due to holiday factors, but October saw an increase in net inflows, with an average monthly surplus of USD 24 billion over the two months [2] - High levels of net inflow from trade funds were maintained, while seasonal declines were noted in cross-border expenditures related to travel and dividends [2] - Future bank settlement and sales are expected to remain stable, influenced by both domestic economic fundamentals and international market conditions [2]

Core Viewpoint - The foreign exchange market in China remains stable, with a balanced supply and demand, as indicated by the data released by the State Administration of Foreign Exchange (SAFE) for October, showing a surplus in bank settlement and sales of foreign exchange [1] Group 1: Foreign Exchange Market Performance - In October, banks settled 214.2 billion USD and sold 196.5 billion USD, resulting in a settlement surplus of 17.7 billion USD, which has narrowed compared to previous months [1] - The settlement and sales rates are consistent with the average levels observed in the first nine months of the year, indicating a more balanced foreign exchange activity [1] Group 2: Cross-Border Capital Flows - Cross-border capital flows remained stable, with a slight net outflow in September due to holiday factors, followed by an increase in net inflows in October, leading to an average monthly surplus of 24 billion USD over the two months [1] - High levels of net inflow from trade in goods were maintained, while seasonal declines were noted in cross-border expenditures related to travel and foreign enterprise dividends [1] Group 3: Market Outlook - The Deputy Director of SAFE, Li Bin, noted an increase in volatility in international financial markets and a general rise in the US dollar index since October [1] - Overall, the expectations for China's foreign exchange market remain stable, with a balanced supply and demand, showcasing strong resilience and vitality [1]

Group 1: Market Insights - Goldman Sachs predicts that central banks may significantly increase gold purchases in November, with gold prices potentially rising to $4,900 by the end of 2026 [3] Group 2: Macroeconomic and Policy News - China's fiscal revenue from January to October reached 18.65 trillion yuan, a year-on-year increase of 0.8%, while fiscal expenditure was 22.58 trillion yuan, up 2% [4] - In October, China's foreign exchange settlement by banks was $214.2 billion, with a surplus of $17.7 billion, indicating a net inflow of cross-border funds [4] - The real estate market in China is stabilizing, with second-hand home transactions dominating, showing a 4.7% year-on-year increase in transaction area from January to October [4] Group 3: Employment and Inflation - Federal Reserve Vice Chairman Jefferson noted an increase in downside risks to employment, while inflation risks may have slightly decreased [5] - The White House's National Economic Council Director Hassett indicated mixed signals in the labor market, suggesting a potential slowdown [5] Group 4: International Economic Data - Japan's GDP contracted by 0.4% quarter-on-quarter in Q3, marking the first negative growth since Q1 2024, primarily due to weak exports and residential investment [6] - The European Commission forecasts a faster-than-expected economic expansion in the Eurozone, with GDP growth projected at 1.3% for the year [6] - India's trade deficit widened to a record $41.68 billion in October, influenced by increased gold imports and decreased exports to the U.S. [6] Group 5: Commodity and Industry News - Indonesia plans to implement an export tax of 7.5% to 15% on gold products starting next year [6] - Mysteel reported a decrease in iron ore arrivals in China, with total arrivals at 2,369.9 million tons, down 399.4 million tons week-on-week [7] - The coal market is experiencing a decline in operational rates, with a reported drop in production and inventory levels [8]

Core Insights - The State Administration of Foreign Exchange reported data on bank foreign exchange settlement and sales for October, indicating a stable foreign exchange market in China despite increased volatility in international financial markets [1] Group 1: Foreign Exchange Data - In October, banks settled foreign exchange at $214.2 billion and sold $196.5 billion, resulting in a surplus of $1.77 billion, which has narrowed compared to previous months [1] - The foreign exchange rates for settlement and sales remained consistent with the average levels from the first nine months of the year [1] Group 2: Cross-Border Capital Flows - Cross-border capital flows remained stable, with a net inflow of capital in October following a slight net outflow in September due to holiday factors [1] - The average monthly surplus for cross-border receipts and payments over the two months was $24 billion, with high levels of net inflow from trade in goods [1] - Seasonal declines were noted in cross-border expenditures related to travel and dividend payments, while outflows from service trade and investment income decreased compared to previous months [1]

11月17日，国家外汇管理局副局长、新闻发言人李斌就2025年10月外汇市场形势回答记者提问时表示， 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。我国外汇市场继续保持稳健运行态势。 具体来看，10月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个月月均水平基本 相当。 10月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。 （文章来源：期货日报网） ...

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 ...

北京商报讯（记者 刘四红）11月17日，国家外汇管理局公布了2025年10月银行结售汇和银行代客涉外 收付款数据。国家外汇管理局副局长、新闻发言人李斌就2025年10月外汇市场形势回答了记者提问。 李斌表示，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。我国外汇市场继续保持稳健 运行态势。一是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个月月均水平基本 相当。二是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。总的来看，我国外汇市场预期平稳，供求基本平衡，保持较强韧性和活 力。 ...

国家外汇管理局副局长、新闻发言人李斌表示，10月以来，国际金融市场波动性有所上升，但我国外汇市场仍继续保持稳健运行态势，市场供求保持基本平 衡，跨境资金流动保持稳定。 李斌介绍，受国庆中秋假期等因素影响，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。（记者刘开雄） 国家外汇管理局11月17日发布数据显示，10月，银行结售汇顺差177亿美元，企业等主体的结汇率和售汇率与前9个月月均水平基本相当。 ...

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]

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **foreign exchange (FX) market** and the **cross-border capital flows**, with a focus on the **USD** and **EUR** currencies. Key Takeaways 1. **USD Investor Demand** - The demand for USD by Bank of America (BofA) investors in the past month was the strongest since June 2024, driven mainly by asset managers. - Asset managers' USD buying last week was the largest since July, although they remain net short on dollars, indicating a light position overall [1][5][6]. 2. **EUR Supply Dynamics** - There was a significant supply of EUR last week, the strongest since May, primarily driven by corporates. - All BofA client types, except hedge funds, were net sellers of EUR, suggesting a souring sentiment towards the currency [6][10]. 3. **Emerging Market (EM) FX Flows** - EM FX flows turned negative across all regions, indicating a moderating sentiment. - Notable selling was observed in currencies such as SGD, ZAR, BRL, and to some extent, MXN [7][9]. 4. **Investor Positioning** - The positioning of BofA investors in G10 currencies as of October 31, 2025, shows varied sentiment across different currencies, with asset managers showing a slight long position in EM currencies [24][27]. - The aggregate positioning for USD was noted to be negative, while positioning for AUD and NZD showed some positive trends [16][24]. 5. **Options and Futures Flows** - The snapshot of FX options and futures flows indicates mixed sentiment, with some currencies like JPY and GBP showing negative positioning, while others like AUD and NZD had positive flows [14][33]. Additional Insights - **Market Sentiment** - The overall sentiment in the FX market appears to be cautious, with a notable shift in positioning among asset managers and hedge funds, reflecting broader market uncertainties [4][6][24]. - **Potential Risks** - The report highlights potential risks associated with the current positioning and market dynamics, suggesting that investors should be aware of the volatility and changing trends in the FX market [4][5]. - **Data Sources** - The analysis is based on proprietary data from BofA Securities, including flow data, positioning data, and market sentiment surveys, providing a comprehensive view of the current market landscape [9][30]. This summary encapsulates the critical insights from the conference call, focusing on the dynamics of the FX market, investor behavior, and emerging trends that could influence future investment strategies.