In the second quarter of 2026, China's current account registered a surplus of RMB 1324.3 billion, including a surplus of RMB 1906.1 billion under trade in goods, a deficit of RMB 378.9 billion under trade in services, a deficit of RMB 245.6 billion under primary income and a surplus of RMB 42.8 billion under secondary income. The capital and financial accounts recorded a deficit of RMB 1075.0 billion. In the first half of 2026, China's current account registered a surplus of RMB 2607.9 billion, the capital and financial accounts recorded a deficit of RMB 2385.2 billion.
In the US dollar terms, in the second quarter of 2026, China's current account registered a surplus of USD 193.7 billion, including a surplus of USD 278.8 billion under trade in goods, a deficit of USD 55.4 billion under trade in services, a deficit of USD 35.9 billion under primary income and a surplus of USD 6.3 billion under secondary income. The capital and financial accounts recorded a deficit of USD 157.1 billion. In the first half of 2026, China's current account recorded a surplus of USD 378.0 billion, the capital and financial accounts recorded a deficit of USD 345.2 billion.
In SDR terms, in the second quarter of 2026, China's current account registered a surplus of SDR 141.8 billion, including a surplus of SDR 204.0 billion under trade in goods, a deficit of SDR 40.5 billion under trade in services, a deficit of SDR 26.3 billion under primary income and a surplus of SDR 4.6 billion under secondary income. The capital and financial accounts recorded a deficit of SDR 114.9 billion. In the first half of 2026, China posted a surplus of SDR 276.3 billion under the current account, the capital and financial accounts recorded a deficit of SDR 252.1 billion.
In addition, in order to facilitate understanding of China’s Balance of Payments and International Investment Position, the BOP Analysis Team of the SAFE has released China’s Balance of Payments Report for the First Half of 2026. (End)
Abridged Balance of Payments, Q2 2026
Item | Line No. | RMB 100 million | USD 100 million | SDR 100 million |
1. Current Account | 1 | 13243 | 1937 | 1418 |
Credit | 2 | 90728 | 13265 | 9703 |
Debit | 3 | -77485 | -11328 | -8285 |
1. A Goods and Services | 4 | 15271 | 2234 | 1635 |
Credit | 5 | 83073 | 12146 | 8884 |
Debit | 6 | -67802 | -9912 | -7249 |
1.A.a Goods | 7 | 19061 | 2788 | 2040 |
Credit | 8 | 75260 | 11003 | 8048 |
Debit | 9 | -56199 | -8215 | -6008 |
1.A.b Services | 10 | -3789 | -554 | -405 |
Credit | 11 | 7813 | 1142 | 835 |
Debit | 12 | -11602 | -1696 | -1241 |
1.B Primary Income | 13 | -2456 | -359 | -263 |
Credit | 14 | 6790 | 993 | 727 |
Debit | 15 | -9246 | -1352 | -989 |
1.C Secondary Income | 16 | 428 | 63 | 46 |
Credit | 17 | 865 | 127 | 93 |
Debit | 18 | -437 | -64 | -47 |
2. Capital and Financial Account | 19 | -10750 | -1571 | -1149 |
2.1 Capital Account | 20 | 8 | 1 | 1 |
Credit | 21 | 10 | 1 | 1 |
Debit | 22 | -2 | 0 | 0 |
2.2 Financial Account | 23 | -10758 | -1572 | -1150 |
Assets | 24 | -18622 | -2722 | -1991 |
Liabilities | 25 | 7864 | 1150 | 841 |
2.2.1 Financial Account Excluding Reserve Assets | 26 | -5637 | -827 | -606 |
2.2.1.1 Direct Investment | 27 | -483 | -70 | -51 |
Assets | 28 | -2301 | -336 | -246 |
Liabilities | 29 | 1818 | 266 | 195 |
2.2.1.2 Portfolio Investment | 30 | -371 | -55 | -41 |
Assets | 31 | -3342 | -488 | -356 |
Liabilities | 32 | 2972 | 433 | 315 |
2.2.1.3 Financial Derivatives (other than reserves) and Employee Stock Options | 33 | 744 | 109 | 80 |
Assets | 34 | 1282 | 188 | 137 |
Liabilities | 35 | -538 | -79 | -57 |
2.2.1.4 Other Investment | 36 | -5528 | -810 | -594 |
Assets | 37 | -9140 | -1340 | -982 |
Liabilities | 38 | 3612 | 530 | 388 |
2.2.2 Reserve Assets | 39 | -5121 | -746 | -544 |
3. Net Errors and Omissions | 40 | -2493 | -366 | -268 |
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 second quarter of 2026, the gross inflow of equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 22.4 billion (RMB 153.2 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 Half of 2026
Item | Line No. | RMB 100 million | USD 100 million | SDR 100 million |
1. Current Account | 1 | 26079 | 3780 | 2763 |
Credit | 2 | 170539 | 24748 | 18091 |
Debit | 3 | -144460 | -20968 | -15329 |
1. A Goods and Services | 4 | 28355 | 4113 | 3006 |
Credit | 5 | 156816 | 22756 | 16634 |
Debit | 6 | -128461 | -18642 | -13628 |
1.A.a Goods | 7 | 36280 | 5263 | 3847 |
Credit | 8 | 141956 | 20600 | 15059 |
Debit | 9 | -105676 | -15337 | -11212 |
1.A.b Services | 10 | -7925 | -1150 | -840 |
Credit | 11 | 14859 | 2156 | 1576 |
Debit | 12 | -22785 | -3306 | -2416 |
1.B Primary Income | 13 | -2970 | -434 | -317 |
Credit | 14 | 12149 | 1764 | 1290 |
Debit | 15 | -15119 | -2198 | -1607 |
1.C Secondary Income | 16 | 694 | 101 | 74 |
Credit | 17 | 1574 | 229 | 167 |
Debit | 18 | -880 | -128 | -93 |
2. Capital and Financial Account | 19 | -23852 | -3452 | -2521 |
2.1 Capital Account | 20 | 5 | 1 | 1 |
Credit | 21 | 13 | 2 | 1 |
Debit | 22 | -8 | -1 | -1 |
2.2 Financial Account | 23 | -23857 | -3453 | -2522 |
Assets | 24 | -37097 | -5373 | -3925 |
Liabilities | 25 | 13240 | 1920 | 1403 |
2.2.1 Financial Account Excluding Reserve Assets | 26 | -15391 | -2228 | -1629 |
2.2.1.1 Direct Investment | 27 | -1093 | -158 | -115 |
Assets | 28 | -5292 | -767 | -561 |
Liabilities | 29 | 4198 | 609 | 445 |
2.2.1.2 Portfolio Investment | 30 | -10476 | -1512 | -1108 |
Assets | 31 | -11284 | -1629 | -1191 |
Liabilities | 32 | 808 | 117 | 82 |
2.2.1.3 Financial Derivatives (other than reserves) and Employee Stock Options | 33 | 762 | 111 | 81 |
Assets | 34 | 2212 | 321 | 235 |
Liabilities | 35 | -1450 | -210 | -154 |
2.2.1.4 Other Investment | 36 | -4584 | -669 | -487 |
Assets | 37 | -14267 | -2073 | -1516 |
Liabilities | 38 | 9683 | 1404 | 1029 |
2.2.2 Reserve Assets | 39 | -8466 | -1225 | -893 |
3. Net Errors and Omissions | 40 | -2227 | -328 | -241 |
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 half of 2026, the gross inflow of equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 43.1 billion (RMB 297.0 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”.
