In the third quarter of 2025, China's current account registered a surplus of RMB 1416.5 billion, and the capital and financial accounts recorded a deficit of RMB 1714.4 billion.
In the first three quarters of 2025, China's current account registered a surplus of RMB 3529.1 billion, and the capital and financial accounts recorded a deficit of RMB 3708.0 billion.
In the US dollar terms, in the third quarter, China's current account recorded a surplus of USD 198.7 billion, including a surplus of USD 269.5 billion under trade in goods, a deficit of USD 49.3 billion under trade in services, a deficit of USD 29.6 billion under primary income and a surplus of USD 8.1 billion under secondary income. The capital and financial accounts registered a deficit of USD 240.5 billion, including a surplus of USD 55.6 million under the capital account, and a deficit of USD 240.5 billion under the financial account.
In the US dollar terms, in the first three quarters of 2025, China's current account recorded a surplus of USD 492.8 billion, including a surplus of USD 726.1 billion under trade in goods, a deficit of USD 155.8 billion under trade in services, a deficit of USD 92.5 billion under primary income and a surplus of USD 15.0 billion under secondary income. The capital and financial accounts recorded a deficit of USD 518.1 billion, including a deficit of USD 89.3 million under the capital account, a deficit of USD 518.0 billion under the financial account.
In SDR terms, in the third quarter, China posted a surplus of SDR 145.2 billion under the current account, and a deficit of SDR 175.7 billion under the capital and financial accounts.
In SDR terms, in the first three quarters of 2025, China posted a surplus of SDR 366.1 billion under the current account, and a deficit of SDR 383.3 billion under the capital and financial accounts. (End)
Abridged Balance of Payments, Q3 2025
Item | Line No. | RMB 100 million | USD 100 million | SDR 100 million |
1. Current Account | 1 | 14165 | 1987 | 1452 |
Credit | 2 | 82449 | 11566 | 8450 |
Debit | 3 | -68284 | -9579 | -6998 |
1. A Goods and Services | 4 | 15692 | 2201 | 1608 |
Credit | 5 | 74818 | 10496 | 7668 |
Debit | 6 | -59126 | -8295 | -6060 |
1.A.a Goods | 7 | 19210 | 2695 | 1969 |
Credit | 8 | 66930 | 9389 | 6859 |
Debit | 9 | -47721 | -6695 | -4891 |
1.A.b Services | 10 | -3517 | -493 | -360 |
Credit | 11 | 7888 | 1106 | 808 |
Debit | 12 | -11405 | -1600 | -1169 |
1.B Primary Income | 13 | -2107 | -296 | -216 |
Credit | 14 | 6630 | 930 | 679 |
Debit | 15 | -8737 | -1226 | -895 |
1.C Secondary Income | 16 | 580 | 81 | 59 |
Credit | 17 | 1000 | 140 | 103 |
Debit | 18 | -420 | -59 | -43 |
2. Capital and Financial Account | 19 | -17144 | -2405 | -1757 |
2.1 Capital Account | 20 | 4 | 1 | 0 |
Credit | 21 | 6 | 1 | 1 |
Debit | 22 | -2 | 0 | 0 |
2.2 Financial Account | 23 | -17148 | -2405 | -1757 |
Assets | 24 | -11667 | -1638 | -1197 |
Liabilities | 25 | -5481 | -767 | -561 |
2.2.1 Financial Account Excluding Reserve Assets | 26 | -17987 | -2523 | -1843 |
2.2.1.1 Direct Investment | 27 | -2447 | -343 | -251 |
Assets | 28 | -2856 | -401 | -293 |
Liabilities | 29 | 408 | 58 | 42 |
2.2.1.2 Portfolio Investment | 30 | -13608 | -1908 | -1394 |
Assets | 31 | -7731 | -1085 | -793 |
Liabilities | 32 | -5877 | -823 | -601 |
2.2.1.3 Financial Derivatives (other than reserves) and Employee Stock Options | 33 | -205 | -29 | -21 |
Assets | 34 | 299 | 42 | 31 |
Liabilities | 35 | -504 | -71 | -52 |
2.2.1.4 Other Investment | 36 | -1726 | -243 | -178 |
Assets | 37 | -2218 | -312 | -228 |
Liabilities | 38 | 492 | 69 | 50 |
2.2.2 Reserve Assets | 39 | 839 | 118 | 86 |
3. Net Errors and Omissions | 40 | 2979 | 418 | 305 |
Notes:
1. The statement is compiled according to BPM6. Reserve assets are included in capital and financial accounts.
2."Credit" is presented as positive value while "debit" as negative value, and the difference is the sum of the "Credit" and the "Debit". All items herein refer to difference, unless marked with "Credit" or "Debit".
3. The RMB denominated quarterly BOP data is converted from the USD denominated BOP data for the quarter using the period average central parity rate of RMB against USD. The quarterly accumulated RMB denominated BOP data is derived from the sum total of the RMB denominated data for the quarters.
4. The SDR denominated quarterly BOP data is converted from the USD denominated BOP data for the quarter using the period average exchange rate of SDR against USD. The quarterly accumulated SDR denominated BOP data is derived from the sum total of the SDR denominated data for the quarters.
5. In the third quarter of 2025, the equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 21.0 billion (RMB 149.6 billion).
6.This statement employs rounded-off numbers.
7. For detailed data, please see the section of “Data and Statistics” at the website of the SAFE.
8. The BOP data is revised regularly; please find the latest data in “Data and Statistics”.
Abridged Balance of Payments, First Three Quarters of 2025
Item | Line No. | RMB 100 million | USD 100 million | SDR 100 million |
1. Current Account | 1 | 35291 | 4928 | 3661 |
Credit | 2 | 231375 | 32297 | 23984 |
Debit | 3 | -196084 | -27369 | -20323 |
1. A Goods and Services | 4 | 40849 | 5703 | 4234 |
Credit | 5 | 211240 | 29486 | 21900 |
Debit | 6 | -170392 | -23782 | -17666 |
1.A.a Goods | 7 | 52012 | 7261 | 5394 |
Credit | 8 | 188890 | 26366 | 19582 |
Debit | 9 | -136878 | -19105 | -14188 |
1.A.b Services | 10 | -11164 | -1558 | -1160 |
Credit | 11 | 22350 | 3120 | 2318 |
Debit | 12 | -33514 | -4677 | -3478 |
1.B Primary Income | 13 | -6628 | -925 | -683 |
Credit | 14 | 17799 | 2485 | 1843 |
Debit | 15 | -24427 | -3410 | -2526 |
1.C Secondary Income | 16 | 1070 | 150 | 110 |
Credit | 17 | 2335 | 326 | 242 |
Debit | 18 | -1266 | -177 | -131 |
2. Capital and Financial Account | 19 | -37080 | -5181 | -3833 |
2.1 Capital Account | 20 | -6 | -1 | -1 |
Credit | 21 | 9 | 1 | 1 |
Debit | 22 | -15 | -2 | -2 |
2.2 Financial Account | 23 | -37073 | -5180 | -3833 |
Assets | 24 | -36455 | -5091 | -3782 |
Liabilities | 25 | -618 | -90 | -51 |
2.2.1 Financial Account Excluding Reserve Assets | 26 | -40834 | -5705 | -4228 |
2.2.1.1 Direct Investment | 27 | -5795 | -809 | -604 |
Assets | 28 | -8492 | -1186 | -884 |
Liabilities | 29 | 2697 | 377 | 279 |
2.2.1.2 Portfolio Investment | 30 | -22041 | -3082 | -2276 |
Assets | 31 | -18844 | -2632 | -1956 |
Liabilities | 32 | -3197 | -450 | -320 |
2.2.1.3 Financial Derivatives (other than reserves) and Employee Stock Options | 33 | -1388 | -193 | -144 |
Assets | 34 | -666 | -92 | -70 |
Liabilities | 35 | -722 | -101 | -74 |
2.2.1.4 Other Investment | 36 | -11610 | -1620 | -1203 |
Assets | 37 | -12214 | -1705 | -1267 |
Liabilities | 38 | 603 | 85 | 64 |
2.2.2 Reserve Assets | 39 | 3761 | 524 | 395 |
3. Net Errors and Omissions | 40 | 1789 | 253 | 173 |
Notes:
1. The statement is compiled according to BPM6. Reserve assets are included in capital and financial accounts.
2."Credit" is presented as positive value while "debit" as negative value, and the difference is the sum of the "Credit" and the "Debit". All items herein refer to difference, unless marked with "Credit" or "Debit".
3. The RMB denominated quarterly BOP data is converted from the USD denominated BOP data for the quarter using the period average central parity rate of RMB against USD. The quarterly accumulated RMB denominated BOP data is derived from the sum total of the RMB denominated data for the quarters.
4. The SDR denominated quarterly BOP data is converted from the USD denominated BOP data for the quarter using the period average exchange rate of SDR against USD. The quarterly accumulated SDR denominated BOP data is derived from the sum total of the SDR denominated data for the quarters.
5.In the first three quarters of 2025, the equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 60.1 billion (RMB 430.9 billion).
6.This statement employs rounded-off numbers.
7. For detailed data, please see the section of “Data and Statistics” at the website of the SAFE.
8. The BOP data is revised regularly; please find the latest data in “Data and Statistics”.
