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In September 2025, the export and import of China’s international trade in goods and services totaled RMB 4736.2 billion, up 6 percent over the same time last year. Of this, the export of goods recorded RMB 2374.4 billion and the import recorded RMB 1706.2 billion, resulting in a surplus of RMB 668.2 billion. The export of services recorded RMB 268.0 billion and the import recorded RMB 387.6 billion, resulting in a deficit of RMB 119.6 billion. In terms of the major items, the export and import of travel, transport, other business services, telecommunications, computer and information services registered RMB 189.1 billion, RMB 186.9 billion, RMB 107.8 billion and RMB 68.2 billion respectively. In the US dollar terms, in September 2025, the export and import of China’s international trade in goods and services were USD 371.8 billion and USD 294.6 billion respectively, with a surplus of USD 77.2 billion. (End) International Trade in Goods and Services of China September 2025 Item In 100 million of RMB In 100 million of USD Goods and services 5487 772 Credit 26424 3718 Debit -20938 -2946 1. Goods 6682 940 Credit 23744 3341 Debit -17062 -2401 2. Services -1196 -168 Credit 2680 377 Debit -3876 -545 2.1Manufacturing services on physical inputs owned by others 73 10 Credit 91 13 Debit -19 -3 2.2Maintenance and repair services n.i.e 41 6 Credit 108 15 Debit -68 -10 2.3Transport -324 -46 Credit 773 109 Debit -1097 -154 2.4Travel -1189 -167 Credit 351 49 Debit -1540 -217 2.5Construction 60 8 Credit 124 17 Debit -64 -9 2.6Insurance and pension services -117 -17 Credit -11 -2 Debit -107 -15 2.7Financial services -4 -1 Credit 4 1 Debit -8 -1 2.8Charges for the use of intellectual property -176 -25 Credit 97 14 Debit -273 -38 2.9Telecommunications, computer and information services 192 27 Credit 437 61 Debit -245 -35 2.10Other business services 294 41 Credit 686 96 Debit -392 -55 2.11Personal, cultural, and recreational services -26 -4 Credit 11 2 Debit -37 -5 2.12Government goods and services n.i.e -18 -3 Credit 9 1 Debit -27 -4 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-residentsor 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: referto 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, andvice 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 audio visual 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. 2025-10-31/en/2025/1031/2357.html
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In October 2025, the export and import of China’s international trade in goods and services totalled RMB 4285.8 billion. Of this, the export of goods recorded RMB 2163.0 billion and the import recorded RMB 1521.7 billion, resulting in a surplus of RMB 641.3 billion. The export of services recorded RMB 260.7 billion and the import recorded RMB 340.4 billion, resulting in a deficit of RMB 79.7 billion. In terms of the major items, the export and import of travel, transport, other business services, telecommunications, computer and information services registered RMB 175.1 billion, RMB 170.5 billion, RMB 99.2 billion and RMB 65.8 billion respectively. In the US dollar terms, in October 2025, the export and import of China’s international trade in goods and services were USD 341.6 billion and USD 262.5 billion respectively, with a surplus of USD 79.2 billion.(End) International Trade in Goods and Services of China October 2025 Item In 100 million of RMB In 100 million of USD Goods and services 5616 792 Credit 24237 3416 Debit -18621 -2625 1. Goods 6413 904 Credit 21630 3049 Debit -15217 -2145 2. Services -797 -112 Credit 2607 367 Debit -3404 -480 2.1Manufacturing services on physical inputs owned by others 57 8 Credit 73 10 Debit -16 -2 2.2Maintenance and repair services n.i.e 33 5 Credit 81 11 Debit -49 -7 2.3Transport -331 -47 Credit 687 97 Debit -1018 -143 2.4Travel -959 -135 Credit 396 56 Debit -1355 -191 2.5Construction 89 13 Credit 135 19 Debit -47 -7 2.6Insurance and pension services -54 -8 Credit 2 0 Debit -55 -8 2.7Financial services -5 -1 Credit 2 0 Debit -7 -1 2.8Charges for the use of intellectual property -110 -16 Credit 131 19 Debit -241 -34 2.9Telecommunications, computer and information services 194 27 Credit 426 60 Debit -232 -33 2.10Other business services 313 44 Credit 652 92 Debit -340 -48 2.11Personal, cultural, and recreational services -18 -2 Credit 13 2 Debit -30 -4 2.12Government goods and services n.i.e -5 -1 Credit 9 1 Debit -15 -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. 2025-11-28/en/2025/1128/2366.html
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As shown in the statistics of the State Administration of Foreign Exchange (SAFE), in November 2025, the amount of foreign exchange settlement and sales by banks was RMB 1484.0 billion and RMB 1373.2 billion, respectively. During January to November 2025, the accumulative amount of foreign exchange settlement and sales by banks was RMB 16278.1 billion and RMB 15593.2 billion, respectively. In the US dollar terms, in November 2025, the amount of foreign exchange settlement and sales by banks was USD 209.5 billion and USD 193.8 billion, respectively. During January to November 2025, the accumulative amount of foreign exchange settlement and sales by banks was USD 2276.9 billion and USD 2180.4 billion, respectively. In November 2025, the amount of cross-border receipts and payments by non-banking sectors was RMB 4637.2 billion and RMB 4511.2 billion, respectively. During January to November 2025, the accumulative amount of cross-border receipts and payments by non-banking sectors was RMB 51120.8 billion and RMB 49771.9 billion, respectively. In the US dollar terms, in November 2025, the amount of cross-border receipts and payments by non-banking sectors was USD 654.5 billion and USD 636.7 billion, respectively. During January to November 2025, the accumulative amount of cross-border receipts and payments by non-banking sectors was USD 7148.1 billion and USD 6959.4 billion, respectively. Addendum: Glossary and relevant definitions Balance of payments (BOP) refers to all economic transactions between residents and non-residents. 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. 2025-12-19/en/2025/1219/2371.html
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China's External Portfolio Investment Assets at the End of June 2025 2025-11-28/en/2025/1128/2367.html
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The State Administration of Foreign Exchange (SAFE) has recently released the data on the purchases and sales of foreign exchange by banks and the cross-border receipts and payments by non-banking sectors for October 2025. SAFE Deputy Administrator and Press Spokesperson Li Bin answered media questions on foreign exchange market situation for October 2025. Q: Could you brief us on China’s foreign exchange market situation since October? What are its key characteristics and changes? A: Since the beginning of October, volatility in global financial markets has increased, with the U.S. dollar index generally trending upward. Despite this, China’s foreign exchange market has continued to operate steadily. First, the supply and demand of the foreign exchange market remained broadly balanced. The surplus of foreign exchange purchases and sales by banks in October reached USD 17.7 billion, which narrowed month-on-month, reflecting a more balanced pattern. Enterprises and other entities engaged in foreign exchange purchases and sales transactions in an orderly manner based on actual needs, with the purchase rate and sale rate largely in line with the monthly averages recorded over the first nine months of this year. Second, cross-border capital flows remained stable. Influenced by factors such as the National Day and Mid-Autumn Festival holidays, enterprises, individuals, and other non-banking sectors experienced a slight net outflow of cross-border capital in September, whereas the net inflows increased in October. On a two-month average, cross-border receipts and payments showed a surplus of USD 24 billion. Specifically, net inflows under trade in goods remained high. Net c ross-border capital outflows under trade in services and investment income narrowed month-on-month, partly due to seasonal declines in cross-border expenditures such as resident overseas travel and dividend payments by foreign-invested enterprises. Overall, China’s foreign exchange market operates with stable expectations, balanced supply and demand, as well as strong resilience and vitality. 2025-11-17/en/2025/1117/2364.html
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In order to thoroughly implement the guiding principles of the Third Plenary Session of the 20th Central Committee of the Communist Party of China (CPC) and the Central Economic Work Conference, and improve the transparency of foreign exchange-related laws, regulations, and policies, the State Administration of Foreign Exchange (SAFE) has recently updated and released the Catalog of Current Major Laws and Regulations in Effect on Foreign Exchange Administration (as of June 30, 2025) (hereinafter referred to as the Catalogue) for the convenience of the general public. The updated Catalog includes a total of 174 major regulations on foreign exchange administration issued as of June 30, 2025, which are classified into eight categories, i.e., general, foreign exchange administration under the current account, foreign exchange administration under the capital account, supervision of foreign exchange business of financial institutions, renminbi exchange rate and foreign exchange market, balance of payments and foreign exchange statistics, foreign exchange inspection and application of laws and regulations, and technology management in the foreign exchange administration. These regulations are further divided into several sub-categories according to specific business types. The SAFE will continue to follow the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, balance development and security, advance reform and opening up of the foreign exchange sector to a deeper level and wider scope, further enact, revise, repeal, and interpret foreign exchange administration laws and regulations on an ongoing basis, and improve the quality and efficiency of foreign exchange services for the real economy. 2025-07-31/en/2025/0731/2370.html
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Recently, the State Administration of Foreign Exchange (SAFE) releases data on China's external portfolio investment assets by country/region and by sector of resident holder at the end of June 2025. The statistics show that China's external portfolio investment assets (excluding reserve assets) amounted to USD 1694.2 billion by the end of June 2025, including USD 1076.3 billion in equity investments and USD 617.9 billion in bond investments. The top 5 recipients of Chinese investments were Hong Kong SAR, the United States, Cayman Islands, the British Virgin Islands and the United Kingdom, with the amounts being USD 816.1 billion, USD 330.7 billion, USD 125.2 billion, USD 67.2 billion and USD 39.2 billion respectively. By the end of June 2025, other financial corporations (non-bank financial institutions), bank and non-financial sector were the main sectors holding external portfolio investment assets, with the amounts being USD 958.4 billion, USD 472.8 billion and USD 262.9 billion respectively, accounting for 57 percent, 28 percent and 16 percent of China’s total external portfolio investment assets. (End) 2025-11-28/en/2025/1128/2365.html
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According to the statistics released by the State Administration of Foreign Exchange (SAFE), by the end of October 2025, China's foreign exchange reserves totaled USD 3.3433 trillion, up by USD 4.7 billion or 0.14% from the end of September 2025. In October 2025, driven by factors such as monetary policies, market expectations, and macroeconomic data of major economies, the US dollar index increased 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 is on solid foundations, demonstrating advantages in many areas, strong resilience, and great potential. The conditions and underlying trends supporting long-term growth remain unchanged, which is conducive to the stabilization of foreign exchange reserves. 2025-11-07/en/2025/1107/2363.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 21.97 trillion (equivalent to USD 3.10 trillion) in October 2025. In terms of markets, the transactions volume of client market was RMB 3.57 trillion (equivalent to USD 0.50 trillion), and the transactions volume of interbank market was RMB 18.40 trillion (equivalent to USD 2.59 trillion). In terms of products, the cumulative transactions volume of the spot market was RMB 8.26 trillion (equivalent to USD 1.16 trillion), and that of the derivatives market was RMB 13.71 trillion (equivalent to USD 1.93 trillion). From January to October 2025, a total of RMB 252.07 trillion (equivalent to USD 35.21 trillion) was traded in the Chinese foreign exchange market. 2025-11-28/en/2025/1128/2368.html
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FILE: Catalog of Current Major Laws and Regulations in Effect on Foreign Exchange Administration (As of June 30, 2025) 2025-07-31/en/2025/0731/2369.html