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As shown in the statistics of the State Administration of Foreign Exchange (SAFE), in January 2026, the amount of foreign exchange settlement and sales by banks was RMB 2004.8 billion and RMB 1445.7 billion, respectively. In the US dollar terms, in January 2026, the amount of foreign exchange settlement and sales by banks was USD 286.3 billion and USD 206.5 billion, respectively. In January 2026, the amount of cross-border receipts and payments by non-banking sectors was RMB 5472.2 billion and RMB 4897.4 billion, respectively. In the US dollar terms, in January 2026, the amount of cross-border receipts and payments by non-banking sectors was USD 781.6 billion and USD 699.5 billion, respectively. Addendum: Glossary and relevant definitions Foreign exchange settlement and sales by banks refers to settlement and sale transaction that bank executes for customers and for the banks themselves, including statistic data on settlements of forward contracts for foreign exchange settlement and sales and the exercises of option, and excluding the transactions in the interbank foreign exchange market. The statistic reporting date of Foreign exchange settlement and sales by banks should be the trade day of the Foreign exchange settlement and sales transaction. By definition, foreign exchange settlement means that foreign exchange holders sell foreign exchange to banks, and foreign exchange sales means that banks sell foreign exchange to foreign exchange buyers. The newly signed contract amount of forward foreign exchange settlement and sales refers to the binding forward contract between a bank and its client that predetermines foreign exchange currency, amount, exchange rate and tenor which to be executed upon maturity. The unwind amount of forward foreign exchange settlement and sales refers to, where client is unable to perform the original forward contract due to change in its real demand, client to fully or partially close its forward position by executing another deal with opposite direction to the original contract. The rolling amount of forward foreign exchange settlement and sales refers to client to adjust the settlement date of original contract due to change in its real demand. The outstanding amount of forward foreign exchange settlement and sales by the end of the current period refers to the total amount of forward contracts accumulated from all non-matured forward contracts with client. The net Delta exposure of outstanding options refers to the implied foreign exchange spot risk exposure from outstanding option contracts that bank executed with client. The cross-border receipts and payments by non-banking sectors refers to the receipts and payments between domestic non-banking sectors (including institutional and individual residents) and non-residents through domestic banks, excluding cash transactions and bank’s own cross-border receipts and payments. In particular, the statistics includes cross-border receipts and payments between non-banking sectors and non-residents through domestic banks (including RMB and foreign currency), and domestic receipts and payments between non-banking sectors and non-residents through domestic banks (temporarily excluding domestic receipts and payments in RMB between individual/institutional residents and non-resident individuals). Data are collected when customers conduct receipts and payments with non-resident counterparties at domestic banks. Specifically, the receipts refer to funds received by non-banking sectors from non-residents via domestic banks; the payments refer to funds paid by non-banking sectors to non-residents via domestic banks. 2026-02-13/en/2026/0213/2390.html
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On September 26, 2025, the People's Bank of China(PBOC),the China Securities Regulatory Commission (CSRC), and the State Administration of Foreign Exchange (SAFE) jointly issued an announcement, further supporting overseas institutional investors eligible for cash bond trading in China's bond market in conducting bond repurchase (repo) business. In recent years, China has made significant progress in opening up its bond market. As the investment amount and bond holdings of overseas institutional investors in the market expand, the demand for liquidity management through bond repo business has also risen. As of end-August 2025, a total of 1,170 overseas institutions from 80 countries and regions have entered China's bond market, with their holdings totaling around RMB4 trillion. The PBOC has opened up bond repo business in the interbank bond market in an orderly manner. It supported overseas sovereign institutions,overseas RMB clearing banks and participating banks to engage in bond repo business in the interbank bond market from 2015 onward. And in collaboration with the Hong Kong Monetary Authority (HKMA), it launched offshore repo business using bonds under the Northbound Bond Connect as collateral in 2025. Further support from the PBOC,CSRC and SAFE to facilitate bond repo business for a broader range of overseas institutional investors will help meet market needs, enhance the attractiveness of RMB bond assets, optimize the qualified overseas investor framework, consolidate Hong Kong's role as an international financial center, and foster coordinated development of onshore and offshore RMB markets. From the operational perspective, the PBOC has drawn on practices in both domestic and international repo markets, and has strengthened the alignment of bond repo mechanisms in the interbank market with internationally prevailing standards, enabling transfer and reuse of underlying bonds. It better facilitates the bond repo business for overseas institutional investors, while helping improve domestic bond repo mechanisms. Looking ahead, the PBOC, CSRC and SAFE will continue to implement the overall strategic arrangements made by the CPC Central Committee and the State Council for expanding opening-up, balance financial openness and security, work with relevant parties to refine institutional arrangements, and steadily advance the high-level institutional opening-up of China's bond market. 2025-09-26/en/2025/0926/2391.html
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Selected Transactions in the Chinese Foreign Exchange Market in 2026 (in RMB) Selected Transactions in the Chinese Foreign Exchange Market in 2026 (in USD) 2026-05-29/en/2026/0227/2393.html
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According to the statistics released by the State Administration of Foreign Exchange (SAFE), by the end of January 2026, China's foreign exchange reserves totaled USD 3.3991 trillion, up by USD 41.2 billion or 1.23% from the end of December 2025. In January 2026, driven by factors such as the fiscal policies and monetary policies of major economies, and the market expectations, the US dollar index fell and global financial asset prices generally rose. China's foreign exchange reserves increased this month due to the combined effects of currency translation and changes in asset prices. China's economy maintains stability and makes steady progress with development resilience further strengthened, which will support the stabilization of foreign exchange reserves. 2026-02-07/en/2026/0207/2392.html
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According to the statistics of the State Administration of Foreign Exchange (SAFE), the Chinese foreign exchange market (excluding foreign currency pairs, the same below) recorded total transactions of RMB 27.54 trillion (equivalent to USD 3.93 trillion) in January 2026. In terms of markets, the transactions volume of client market was RMB 4.61 trillion (equivalent to USD 0.66 trillion), and the transactions volume of interbank market was RMB 22.93 trillion (equivalent to USD 3.27 trillion). In terms of products, the cumulative transactions volume of the spot market was RMB 10.39 trillion (equivalent to USD 1.48 trillion), and that of the derivatives market was RMB 17.14 trillion (equivalent to USD 2.45 trillion). 2026-02-27/en/2026/0227/2394.html
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国际储备与外币流动性数据模板 Template on International Reserves and Foreign Currency Liquidity 01 02 03 04 05 06 07 08 09 10 11 12 2026-01-30/en/2021/0203/2397.html
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国际储备与外币流动性数据模板 Template on International Reserves and Foreign Currency Liquidity 01 02 03 04 05 06 07 08 09 10 11 12 2026-01-30/en/2021/0203/2396.html
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In April 2026, the export and import of China’s international trade in goods and services totaled RMB 5030.3 billion. Of this, the export of goods and services recorded RMB 2718.9 billion and the import recorded RMB 2311.4 billion, resulting in a surplus of RMB 407.5 billion. In terms of the major services items, the export and import of travel, other business services, transport, telecommunications, computer and information services registered RMB 171.5 billion, RMB 152.7 billion, RMB 140.0 billion and RMB 94.1 billion respectively. In the US dollar terms, in April 2026, the export and import of China’s international trade in goods and services were USD 395.9 billion and USD 336.5 billion respectively, with a surplus of USD 59.3 billion.(End) International Trade in Goods and Services of China April 2026 Item In 100 million of RMB In 100 million of USD Goods and services 4075 593 Credit 27189 3959 Debit -23114 -3365 1. Goods 5090 741 Credit 24384 3550 Debit -19294 -2809 2. Services -1015 -148 Credit 2805 408 Debit -3819 -556 2.1Manufacturing services on physical inputs owned by others 48 7 Credit 77 11 Debit -29 -4 2.2Maintenance and repair services n.i.e 17 2 Credit 80 12 Debit -63 -9 2.3Transport -324 -47 Credit 538 78 Debit -862 -126 2.4Travel -879 -128 Credit 418 61 Debit -1297 -189 2.5Construction 34 5 Credit 83 12 Debit -49 -7 2.6Insurance and pension services -66 -10 Credit 18 3 Debit -84 -12 2.7Financial services 8 1 Credit 33 5 Debit -26 -4 2.8Charges for the use of intellectual property -246 -36 Credit 85 12 Debit -331 -48 2.9Telecommunications, computer and information services 381 55 Credit 661 96 Debit -280 -41 2.10Other business services 22 3 Credit 774 113 Debit -753 -110 2.11Personal, cultural, and recreational services -6 -1 Credit 27 4 Debit -32 -5 2.12Government goods and services n.i.e -2 0 Credit 10 1 Debit -12 -2 Notes: 1. The international trade in goods and services in this table refers to the transactions between residents and non-residents, based on the same standard as that for BOP statement. The monthly data are preliminary and may be inconsistent with the quarterly data in the BOP statement. 2. The data on international trade in goods and services are prepared in USD, and the RMB data for the current month is derived by converting the USD data at the monthly average central parity rate of the RMB against the USD. 3. This table employs rounded-off numbers. Definition of Indicators: The International Trade in Goods and Services: refers to the trade in goods and services between residents and non-residents, which is based on the same standardas that for the BOP statement. 1.Goods: refers to transactions in goods whereby the economic ownership is transferred between the Chinese residents and non-residents. The credit side records export of goods, while the debit side records import of goods. The data of goods account are mainly from enterprise survey, which differ from the statistics of the customs mainly in the following aspects: first, the goods in the BOP statement only reflect the goods whose ownership has been transferred (e.g. goods under the trade modes such as general trade and processing trade with imported materials), while the goods whose ownership is not transferred (e.g. manufacturing services with supplied materials or with exported materials) are included in the statistics of trade in services instead of the statistics of trade in goods; second, as required by the BOP statistics, the goods imported and exported are valued on the FOB basis, but as required by the customs, the goods exported are valued on the FOB basis, whereas goods imported are on the CIF basis. Therefore, for the purpose of the BOP statistics, the international transport and insurance premiums are taken out from the value of imported goods and included in the trade in services; and third, the data on net export of goods in merchanting which are not included in the customs statistics are supplemented. 2.Services: includes manufacturing services on physical inputs owned by others, maintenance and repair services n.i.e, transport, travel, construction, insurance and pension services, financial services, charges for the use of intellectual property, telecommunications, computer and information services, other business services, personal, cultural and recreational services, and government goods and services n.i.e. The credit side records services supplied, while the debit side records services received. 2.1Manufacturing services on physical owned by others: processor only provides processing, assembly, packaging and other services and charges service fee from the owner, while the ownership of the goods is not transferred between the owner and the processor. The credit side records the manufacturing services supplied by the Chinese residents on physical inputs owned by non-residents, and vice versa for debit side. 2.2Maintenance and repair services: refer to the maintenance and repair services supplied by residents to non-residents or vice versa on goods and equipment (such as vessel, aircraft, and other transportation facility) owned by the receiving party. The credit side records the maintenance and repair services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.3Transport: refers to the process of transporting people and goods from one place to another, and the relevant supporting and auxiliary services, as well as postal and delivery services. The credit side records the international transport, postal and delivery services supplied by residents to non-residents, and vice versa for debit side. 2.4Travel: refers to goods consumed and services purchased by travelers in various economies as non-residents. The credit side records the goods and services provided by the Chinese residents to non-residents who have stayed in China for less than one year, as well as non-residents studying abroad and seeking medical treatment for indefinite period of stay. The debit side records the goods and services purchased by the Chinese residents when traveling, studying or seeking medical services abroad from non-residents. 2.5Construction services: refer to the establishment, renovation, maintenance or expansion of fixed assets in the form of buildings, land improvement, roads, bridges and dams and other engineering buildings of engineering nature, relevant installation, assembly, painting, pipeline construction, demolition and project management, as well as site preparation, measurement and blasting and other special services. The credit side records the construction services provided by the Chinese residents outside the economic territory. The debit side records the construction services received by the Chinese residents in the Chinese economic territory from non-residents. 2.6 Insurance and pension services: refers to various insurance services and commission to agents related with insurance transaction. The credit side records the life insurance and annuity, non-life insurance, reinsurance, standardized guarantee services and relevant supporting services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.7 Financial services: refer to financial intermediation and supporting services, excluding those covered by insurance and pension services. The credit side records the financial intermediation and supporting services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.8 Charges for the use of intellectual property: refer to licensed use of intangible, non-productive/non-financial assets and exclusive rights between residents and non-residents and the licensed use of existing original works or prototypes. The credit side records the intellectual property-related services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.9 Telecommunications, computer and information services: refer to communications services between residents and non-residents and transactions of services related to computer data and news, excluding commercial services delivered via telephone, computer and Internet. The credit side records the telecommunications, computer and information services supplied by residents to non-residents, and vice versa for debit side. 2.10 Other business services: refer to other types of services between residents and non-residents, including research and development services, professional and management consulting services, technical and trade-related services. The credit side records the other business services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.11 Personal, cultural and recreational services: refer to transactions of personal, cultural and recreational services between residents and non-residents, including audiovisual and related services (films, radio, television programs and music recordings) and other personal, cultural and recreational services (health, education, etc.). The credit side records the related services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.12 Government goods and services n.i.e: refer to various goods and services provided and purchased by governments and international organizations not included in other categories of goods and services. The credit side records the goods and services not included elsewhere and supplied by the Chinese residents to non-residents, and vice versa for debit side. . 2026-05-29/en/2026/0529/2418.html
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On March 23, Zhu Hexin, Deputy Governor of the People's Bank of China (PBC) and Administrator of the State Administration of Foreign Exchange (SAFE), attended the China Development Forum 2026 Annual Meeting and delivered a keynote speech themed "China's Economy and Foreign Exchange Management: Advancing Toward Higher-Standard Opening-Up". Zhu Hexin noted that the global economic landscape is undergoing profound adjustments. In his congratulatory letter to this forum in 2023, President Xi Jinping profoundly pointed out that "momentous changes of a like not seen in a century are accelerating across the world, regional conflicts and disturbances are frequent, and the global economic recovery is sluggish. The facilitation of global economic recovery requires consensus and cooperation." Revisiting this important statement by President Xi Jinping, we are even more impressed by its practical relevance and far-reaching insight. Opening-up brings prosperity, cooperation makes strength, and stability enables progress. China's pursuit of high-standard opening-up not only enhances its own development momentum and resilience, but also injects greater stability and certainty into the global economy. Zhu Hexin pointed out that 2026 marks the 30th anniversary of China's achievement of current account convertibility, a significant step in China's foreign exchange sector opening-up and a milestone in its overall opening-up to the outside world. In 1996, China accepted Article VIII of the Articles of Agreement of the International Monetary Fund (IMF), realizing the convertibility of the RMB under the current account, and effectively aligning its foreign exchange management model with international rules and the multilateral payment system. Since then, China has adhered to a prudent and orderly approach, advancing capital account convertibility step by step, and achieving the organic unity of opening-up, reform, development, and security. Zhu Hexin emphasized that China's opening-up is continuously advancing to a higher level, characterized by three aspects: broader coverage, stronger momentum, and better structure. First, the scope of opening-up is continuously expanding, shifting from focusing mainly on trade in goods to broader international economic and trade cooperation. China's opening-up in the service sector has been continuously expanded, making trade in services a new engine for the development of foreign trade. On the basis of trade in goods and services, China and countries around the world also hold assets in each other and share development gains, forming more diversified and robust economic and trade ties. Second, the momentum of opening-up is continuously strengthening, shifting from being driven by policy dividends to being jointly built and shared by all types of entities for mutual benefit and win-win results. All types of business entities are accelerating their layout by leveraging both domestic and international markets and resources, becoming the driving force for high-standard opening-up. Private enterprises remain China's largest foreign trade business entity, while foreign-funded enterprises share China's manufacturing competitive advantages, providing strong support for their global production and sales networks. China's trade-related capital inflows are mainly deployed independently by enterprises, banks, and other entities through forms such as outward direct investment and portfolio investment, forming a new pattern of diversified holdings and global allocation. China is an important destination for global multinational corporations to carry out overseas investment layouts, and the return on foreign direct investment in China has consistently ranked among the top in major economies. In recent years, foreign public funds, private equity institutions, sovereign wealth funds, and other entities have increased their presence in China, with a growing willingness to allocate RMB-denominated assets. Third, the structure of opening-up is continuously optimized, shifting from scale growth to more coordinated development of import and export trade and two-way investment cooperation. China is accelerating the building of a new development pattern, and its opening-up pays more attention to coordinating supply and demand, as well as "bringing in" and "going global." China has always adhered to expanding domestic demand as its strategic cornerstone, and in recent years has taken the initiative to expand imports to promote balanced development of imports and exports. China is actively expanding the space for two-way investment cooperation, and remains a fertile ground for foreign-funded enterprises to invest and develop. Guided by high-quality Belt and Road cooperation, China's outward investment has maintained sound, stable, and orderly development. Zhu Hexin expressed that, looking ahead to the 15th Five-Year Plan period, the SAFE will better balance development and security, further advance high-level institutional opening-up in the foreign exchange sector, and better serve the creation of a new landscape of win-win cooperation. First, adhere to an opening-up mindset to enhance the synergy and alignment between capital account opening and national economic and financial reform and development, as well as the internationalization of the RMB. For already opened items, efforts will be made to promote clearer management frameworks, more unified rules, more convenient procedures, and more stable expectations. For sectors with conditions, the pace and intensity of opening-up will be properly managed to better serve the needs of scientific and technological innovation, the real economy, and long-term capital allocation. Second, adhere to a service-oriented mindset to make genuine and compliant foreign exchange receipts and payments more convenient and efficient. Following the principle of "the more trustworthy, the more convenient, the compliant go first," efforts will be continuously made to improve the efficiency of enterprises' trade-related foreign exchange receipts and payments, the level of cross-border investment and financing facilitation, and banks' foreign exchange business capabilities. Third, adhere to a security mindset to hold the bottom line and enhance resilience amid opening-up. Efforts will be made to further improve institutional arrangements such as statistical monitoring, macroprudential management, interim and ex-post regulation, expectation guidance, and policy evaluation, actively participate in international financial governance, and enhance regulatory capacity and risk prevention and control capabilities under opening-up conditions. 2026-03-23/en/2026/0323/2417.html
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China's External Portfolio Investment Assets at the End of 2025 2026-05-29/en/2026/0529/2420.html