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According to the statistics by the State Administration of Foreign Exchange (SAFE), by the end of May 2025, China's foreign exchange reserves totaled USD 3.2853 trillion, up by USD 3.6 billion or 0.11% from the end of April 2025. In May 2025, driven by factors such as the fiscal policies, monetary policies, and economic growth expectations of major economies, the US dollar index experienced minor fluctuations, and global financial asset prices exhibited mixed performance. China's foreign exchange reserves increased this month due to the combined effects of currency translation and changes in asset prices. The Chinese economy has sustained its momentum of recovery and growth, with steady improvement in the quality of development, providing support for sustaining a stable scale of foreign exchange reserves. 2025-06-07/en/2025/0607/2337.html
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According to the statistics by the State Administration of Foreign Exchange (SAFE), by the end of April 2025, China’s foreign exchange reserves totaled USD 3.2817 trillion, up by USD 41 billion or 1.27% from the end of March 2025. In April 2025, driven by factors such as macro policies and economic growth expectations of major economies, the US dollar index fell and global financial asset prices exhibited mixed performance. China’s foreign exchange reserves increased this month due to the combined effects of currency translation and changes in asset prices. China’s economy demonstrates a favorable trajectory marked by strong resilience and dynamic vitality, providing support for sustaining a stable scale of foreign exchange reserves. 2025-05-07/en/2025/0507/2333.html
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According to statistics from the State Administration of Foreign Exchange (SAFE), by the end of June 2025, China’s foreign exchange reserves totaled USD 3.3174 trillion, up by USD 32.2 billion or 0.98% from the end of May 2025. In June 2025, driven by factors such as macro policies and the economic growth prospects of major economies, the US dollar index fell, while 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 continues its steady and sustained growth and maintains good development momentum, providing support for sustaining a stable scale of foreign exchange reserves. 2025-07-07/en/2025/0707/2334.html
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According to the statistics released by the State Administration of Foreign Exchange (SAFE), by the end of August 2025, China's foreign exchange reserves totaled USD 3.3222 trillion, up by USD 29.9 billion or 0.91% from the end of July 2025. In August 2025, driven by factors such as monetary policy expectations and macroeconomic data of major economies, 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 steady momentum, demonstrating strong resilience and vitality, which will support the stable scale of foreign exchange reserves. 2025-09-07/en/2025/0907/2340.html
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FILE： Annual Report of the State Administration of Foreign Exchange (2024) 2025-09-28/en/2020/1221/2341.html
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On August 1, the SAFE held a seminar on foreign exchange management work for the second half of 2025 via video. Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, the seminar conveyed, studied and implemented the spirit of the CPC Central Committee Politburo meeting, summarized the foreign exchange management work in the first half of the year, analyzed the current financial and foreign exchange situation, and arranged the key tasks for the second half of this year. Zhu Hexin, Secretary of the CPC SAFE Leadership Group and Administrator of the SAFE, delivered a work report. Members of the CPC SAFE Leadership Group and Deputy Administrators of the SAFE attended the seminar. The seminar pointed out that since 2025, the foreign exchange management department has conscientiously implemented the guiding principles of the Central Economic Work Conference, coordinated efforts for preventing risks, strengthening supervision and promoting development in the field of foreign exchange, rigorously advanced the rectification of issues identified by the central inspection team, and achieved positive results in all aspects. Firstly, we upheld and strengthened the Party's overall leadership. We thoroughly studied and implemented the spirit of General Secretary Xi Jinping's important speeches, conducted intensive education on the central Party leadership's eight-point decision on conduct, and resolutely advanced comprehensive and rigorous Party self-governance. Secondly, we enhanced foreign exchange support for the high-quality development of the real economy. We boosted foreign trade stability by expanding and improving facilitation policies for trade foreign exchange receipts and payments of high-quality enterprises, upgrading pilot programs for high-level trade opening-up, and enabling more banks and payment institutions to process foreign exchange settlements for entities in new trade formats based on electronic transaction information. We reformed cross-border investment and financing management in an orderly manner by expanding the pilot program of integrated capital pool for multinational companies' domestic and foreign currencies, allocating a new investment quota of USD 3.08 billion to Qualified Domestic Institutional Investors (QDII), and studyingthe development of comprehensive measures to deepen foreign exchange management reform in cross-border investment and financing. We improved the service for corporate foreign exchange risk management, achieving a record-high corporate foreign exchange hedging ratio in the first half of this year. We prudently advanced the reform of banks' foreign exchange business, with banks processing over USD 200 billion in cross-border payments based on client instructions. We actively supported regional opening-up and development, especially the construction of Shanghai International Financial Center. Thirdly, we vigorously safeguarded the stable operation of the foreign exchange market. We maintained the flexibility of the RMB exchange rate while strengthening the "macro-prudential + micro-regulation" two-pronged management of the foreign exchange market, enabling China's foreign exchange market to demonstrate strong resilience amid complex challenges. Fourthly, we made efforts to build a robust foreign exchange regulatory system. We strengthened the legal foundation and operational mechanisms for foreign exchange regulation, and severely cracked down on illegal activities such as underground banking. Fifthly, we improved the operation and management of foreign exchange reserves, with the scale of foreign exchange reserves standing stable at more than USD 3.2 trillion. The seminar stressed that the foreign exchange management department should conscientiously study and comprehend General Secretary Xi Jinping's important speech on the current economic situation and the economic work in the second half of 2025 delivered at the CPC Central Committee Politburo meeting, effectively align thoughts and actions with the CPC Central Committee's assessment of economic and financial conditions as well as its decisions and arrangements, uphold the Party's overall leadership over financial and foreign exchange work, advance the modernization of the foreign exchange governance system and capabilities, establish a foreign exchange management institutional mechanism that is "more convenient, more open, more secure, and more intelligent", resolutely follow the path of financial development with Chinese characteristics, and provide strong support for the high-quality economic development and the advancement of Chinese modernization. The seminar arranged the key tasks for the second half of 2025. First, to comprehensively strengthen Party building. We shall thoroughly carry out General Secretary Xi Jinping's important requirements of "five further implementations", earnestly fulfill the spirit of the Financial Sector Party Building Work Conference, advance the normalized and long-term inspection rectification, enhance quality and efficiency of Party building, further advance comprehensive and rigorous Party self-governance, refine long-term-mechanisms for work style construction, and build loyal, clean and responsible professional foreign exchange cadre team. Second, to deepen foreign exchange reform and opening-up. We shall support stable development of foreign trade by implementing a package of trade foreign exchange management reform policies, such as optimizing foreign exchange settlement for entities in new trade formats and facilitating centralized offshore fund management for project contractors. We shall promote cross-border investment and financing facilitation through the implementation of a package of measures, including eliminating registration requirement for foreign-invested enterprises' domestic reinvestment, facilitating cross-border financing for technology-based enterprises, implementing the management policies of multinational corporations' cross-border capital pool nationwide, launching pilot programs for green foreign debt, and optimizing fund management for overseas-listed domestic enterprises. We shall expand and upgrade the reform of banks' foreign exchange business. We shall deepen the development of the foreign exchange market, and continue to improve the service for corporate foreign exchange risk management. We shall support regional opening-up according to local conditions, by actively supporting the strategy for upgrading pilot free trade zones and the foreign exchange management innovation in the Hainan Free Trade Port and the Greater Bay Area, etc. Third, to prevent and eliminate external shock risks. We shall strengthen monitoring and analysis of foreign exchange situation, enhance macro-prudential management of cross-border capital flows, and market expectations guidance, conduct timely counter-cyclical adjustments, so as to safeguard a stable foreign exchange market as well as ensure national economic and financial security. Fourth, to enhance regulatory capacities and standards under open-economy conditions. We shall advance the construction of foreign exchange management legal framework. We shall improve in-process and ex-post supervision, leverage technology for regulatory efficacy, severely crack down on illegal cross-border financial activities. Fifth, to improve the operation and management of foreign exchange reserves with Chinese characteristics, so as to ensure the safety, liquidity, as well as value preservation and appreciation of foreign exchange reserves. Sixth, to promote the development of the statistical system for the balance of payments. We shall formulate the implementation plan for the Balance of Payments and International Investment Position Manual (Seventh Edition). Seventh, to comprehensively raise the level of foreign exchange management work. We shall strengthen pre-implementation appraisal and deliberation as well as post-implementation follow-up assessment for policy impact. We shall advance "digital foreign exchange administration" and "secure foreign exchange administration", as well as explore "smart foreign exchange administration". We shall continuously enrich application scenarios of cross-border financial service platforms. The relevant responsible comrades of all departments and subordinate units of the SAFE, as well as the responsible comrades of the discipline inspection and supervision group stationed in the SAFE, attended the seminar on site. The relevant comrades from the Office of the Central Commission for Financial and Economic Affairs, the Office of the Central Financial Commission and the General Office of the State Council were invited to attend the seminar. The relevant comrades of the SAFE provincial branches attended the seminar at local venues. 2025-08-01/en/2025/0801/2347.html
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On August 1, the SAFE held a seminar on foreign exchange management work for the second half of 2025 via video. Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, the seminar conveyed, studied and implemented the spirit of the CPC Central Committee Politburo meeting, summarized the foreign exchange management work in the first half of the year, analyzed the current financial and foreign exchange situation, and arranged the key tasks for the second half of this year. Zhu Hexin, Secretary of the CPC SAFE Leadership Group and Administrator of the SAFE, delivered a work report. Members of the CPC SAFE Leadership Group and Deputy Administrators of the SAFE attended the seminar. The seminar pointed out that since 2025, the foreign exchange management department has conscientiously implemented the guiding principles of the Central Economic Work Conference, coordinated efforts for preventing risks, strengthening supervision and promoting development in the field of foreign exchange, rigorously advanced the rectification of issues identified by the central inspection team, and achieved positive results in all aspects. Firstly, we upheld and strengthened the Party's overall leadership. We thoroughly studied and implemented the spirit of General Secretary Xi Jinping's important speeches, conducted intensive education on the central Party leadership's eight-point decision on conduct, and resolutely advanced comprehensive and rigorous Party self-governance. Secondly, we enhanced foreign exchange support for the high-quality development of the real economy. We boosted foreign trade stability by expanding and improving facilitation policies for trade foreign exchange receipts and payments of high-quality enterprises, upgrading pilot programs for high-level trade opening-up, and enabling more banks and payment institutions to process foreign exchange settlements for entities in new trade formats based on electronic transaction information. We reformed cross-border investment and financing management in an orderly manner by expanding the pilot program of integrated capital pool for multinational companies' domestic and foreign currencies, allocating a new investment quota of USD 3.08 billion to Qualified Domestic Institutional Investors (QDII), and studyingthe development of comprehensive measures to deepen foreign exchange management reform in cross-border investment and financing. We improved the service for corporate foreign exchange risk management, achieving a record-high corporate foreign exchange hedging ratio in the first half of this year. We prudently advanced the reform of banks' foreign exchange business, with banks processing over USD 200 billion in cross-border payments based on client instructions. We actively supported regional opening-up and development, especially the construction of Shanghai International Financial Center. Thirdly, we vigorously safeguarded the stable operation of the foreign exchange market. We maintained the flexibility of the RMB exchange rate while strengthening the "macro-prudential + micro-regulation" two-pronged management of the foreign exchange market, enabling China's foreign exchange market to demonstrate strong resilience amid complex challenges. Fourthly, we made efforts to build a robust foreign exchange regulatory system. We strengthened the legal foundation and operational mechanisms for foreign exchange regulation, and severely cracked down on illegal activities such as underground banking. Fifthly, we improved the operation and management of foreign exchange reserves, with the scale of foreign exchange reserves standing stable at more than USD 3.2 trillion. The seminar stressed that the foreign exchange management department should conscientiously study and comprehend General Secretary Xi Jinping's important speech on the current economic situation and the economic work in the second half of 2025 delivered at the CPC Central Committee Politburo meeting, effectively align thoughts and actions with the CPC Central Committee's assessment of economic and financial conditions as well as its decisions and arrangements, uphold the Party's overall leadership over financial and foreign exchange work, advance the modernization of the foreign exchange governance system and capabilities, establish a foreign exchange management institutional mechanism that is "more convenient, more open, more secure, and more intelligent", resolutely follow the path of financial development with Chinese characteristics, and provide strong support for the high-quality economic development and the advancement of Chinese modernization. The seminar arranged the key tasks for the second half of 2025. First, to comprehensively strengthen Party building. We shall thoroughly carry out General Secretary Xi Jinping's important requirements of "five further implementations", earnestly fulfill the spirit of the Financial Sector Party Building Work Conference, advance the normalized and long-term inspection rectification, enhance quality and efficiency of Party building, further advance comprehensive and rigorous Party self-governance, refine long-term-mechanisms for work style construction, and build loyal, clean and responsible professional foreign exchange cadre team. Second, to deepen foreign exchange reform and opening-up. We shall support stable development of foreign trade by implementing a package of trade foreign exchange management reform policies, such as optimizing foreign exchange settlement for entities in new trade formats and facilitating centralized offshore fund management for project contractors. We shall promote cross-border investment and financing facilitation through the implementation of a package of measures, including eliminating registration requirement for foreign-invested enterprises' domestic reinvestment, facilitating cross-border financing for technology-based enterprises, implementing the management policies of multinational corporations' cross-border capital pool nationwide, launching pilot programs for green foreign debt, and optimizing fund management for overseas-listed domestic enterprises. We shall expand and upgrade the reform of banks' foreign exchange business. We shall deepen the development of the foreign exchange market, and continue to improve the service for corporate foreign exchange risk management. We shall support regional opening-up according to local conditions, by actively supporting the strategy for upgrading pilot free trade zones and the foreign exchange management innovation in the Hainan Free Trade Port and the Greater Bay Area, etc. Third, to prevent and eliminate external shock risks. We shall strengthen monitoring and analysis of foreign exchange situation, enhance macro-prudential management of cross-border capital flows, and market expectations guidance, conduct timely counter-cyclical adjustments, so as to safeguard a stable foreign exchange market as well as ensure national economic and financial security. Fourth, to enhance regulatory capacities and standards under open-economy conditions. We shall advance the construction of foreign exchange management legal framework. We shall improve in-process and ex-post supervision, leverage technology for regulatory efficacy, severely crack down on illegal cross-border financial activities. Fifth, to improve the operation and management of foreign exchange reserves with Chinese characteristics, so as to ensure the safety, liquidity, as well as value preservation and appreciation of foreign exchange reserves. Sixth, to promote the development of the statistical system for the balance of payments. We shall formulate the implementation plan for the Balance of Payments and International Investment Position Manual (Seventh Edition). Seventh, to comprehensively raise the level of foreign exchange management work. We shall strengthen pre-implementation appraisal and deliberation as well as post-implementation follow-up assessment for policy impact. We shall advance "digital foreign exchange administration" and "secure foreign exchange administration", as well as explore "smart foreign exchange administration". We shall continuously enrich application scenarios of cross-border financial service platforms. The relevant responsible comrades of all departments and subordinate units of the SAFE, as well as the responsible comrades of the discipline inspection and supervision group stationed in the SAFE, attended the seminar on site. The relevant comrades from the Office of the Central Commission for Financial and Economic Affairs, the Office of the Central Financial Commission and the General Office of the State Council were invited to attend the seminar. The relevant comrades of the SAFE provincial branches attended the seminar at local venues. 2025-08-01/en/2025/0801/2349.html
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In the second quarter of 2025, China's current account registered a surplus of RMB 925.2 billion, and the capital and financial accounts recorded a deficit of RMB 984.2 billion. In the first half of 2025, China's current account registered a surplus of RMB 2112.6 billion, and the capital and financial accounts recorded a deficit of RMB 1993.6 billion. In the US dollar terms, in the second quarter, China's current account recorded a surplus of USD 128.7 billion, including a surplus of USD 219.1 billion under trade in goods, a deficit of USD 47.1 billion under trade in services, a deficit of USD 47.4 billion under primary income and a surplus of USD 4.1 billion under secondary income. The capital and financial accounts registered a deficit of USD 137.0 billion, including a deficit of USD 71.8 million under the capital account, and a deficit of USD 136.9 billion under the financial account. In the US dollar terms, in the first half of 2025, China's current account recorded a surplus of USD 294.1 billion, including a surplus of USD 456.7 billion under trade in goods, a deficit of USD 106.4 billion under trade in services, a deficit of USD 62.9 billion under primary income and a surplus of USD 6.8 billion under secondary income. The capital and financial accounts recorded a deficit of USD 277.6 billion, including a deficit of USD 144.9 million under the capital account, a deficit of USD 277.5 billion under the financial account. In SDR terms, in the second quarter, China posted a surplus of SDR 94.9 billion under the current account, and a deficit of SDR 100.8 billion under the capital and financial accounts. In SDR terms, in the first half of 2025, China posted a surplus of SDR 220.9 billion under the current account, and a deficit of SDR 207.6 billion under the capital and financial accounts. In addition, in order to facilitate understanding of the data of Balance of Payments and International Investment Position among all data users, the BOP Analysis Team of the SAFE released China’s Balance of Payments Report for the First Half of 2025. (End) Abridged Balance of Payments, Q2 2025 Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current Account 1 9252 1287 949 Credit 2 76896 10693 7889 Debit 3 -67644 -9406 -6940 1. A Goods and Services 4 12368 1720 1268 Credit 5 69973 9730 7179 Debit 6 -57604 -8010 -5911 1.A.a Goods 7 15756 2191 1616 Credit 8 62696 8718 6433 Debit 9 -46940 -6527 -4817 1.A.b Services 10 -3388 -471 -348 Credit 11 7277 1012 747 Debit 12 -10664 -1483 -1094 1.B Primary Income 13 -3409 -474 -349 Credit 14 6209 864 637 Debit 15 -9618 -1338 -986 1.C Secondary Income 16 292 41 30 Credit 17 715 99 73 Debit 18 -422 -59 -43 2. Capital and Financial Account 19 -9842 -1370 -1008 2.1 Capital Account 20 -5 -1 -1 Credit 21 2 0 0 Debit 22 -7 -1 -1 2.2 Financial Account 23 -9837 -1369 -1007 Assets 24 -11567 -1610 -1184 Liabilities 25 1730 241 177 2.2.1 Financial Account Excluding Reserve Assets 26 -10524 -1465 -1078 2.2.1.1 Direct Investment 27 -918 -127 -94 Assets 28 -2165 -301 -222 Liabilities 29 1248 174 128 2.2.1.2 Portfolio Investment 30 -4043 -562 -415 Assets 31 -4644 -646 -477 Liabilities 32 601 83 62 2.2.1.3 Financial Derivatives (other than reserves) and Employee Stock Options 33 -648 -90 -67 Assets 34 -549 -76 -56 Liabilities 35 -100 -14 -10 2.2.1.4 Other Investment 36 -4915 -685 -502 Assets 37 -4896 -683 -500 Liabilities 38 -19 -2 -3 2.2.2 Reserve Assets 39 687 96 70 3. Net Errors and Omissions 40 590 83 59 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 BOPdata 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 2025, the equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 20.4 billion (RMB 146.5 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 2025 Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current Account 1 21126 2941 2209 Credit 2 148926 20731 15534 Debit 3 -127801 -17789 -13325 1. A Goods and Services 4 25156 3502 2626 Credit 5 136422 18990 14232 Debit 6 -111266 -15488 -11606 1.A.a Goods 7 32803 4567 3425 Credit 8 121960 16977 12722 Debit 9 -89157 -12410 -9297 1.A.b Services 10 -7646 -1064 -800 Credit 11 14462 2013 1510 Debit 12 -22109 -3078 -2309 1.B Primary Income 13 -4520 -629 -467 Credit 14 11170 1555 1163 Debit 15 -15690 -2184 -1630 1.C Secondary Income 16 490 68 51 Credit 17 1335 186 139 Debit 18 -845 -118 -88 2. Capital and Financial Account 19 -19936 -2776 -2076 2.1 Capital Account 20 -10 -1 -1 Credit 21 3 0 0 Debit 22 -14 -2 -1 2.2 Financial Account 23 -19926 -2775 -2075 Assets 24 -24788 -3452 -2585 Liabilities 25 4863 677 510 2.2.1 Financial Account Excluding Reserve Assets 26 -22847 -3182 -2384 2.2.1.1 Direct Investment 27 -3348 -466 -354 Assets 28 -5637 -785 -591 Liabilities 29 2289 319 237 2.2.1.2 Portfolio Investment 30 -8433 -1174 -882 Assets 31 -11113 -1547 -1164 Liabilities 32 2680 373 282 2.2.1.3 Financial Derivatives (other than reserves) and Employee Stock Options 33 -1183 -165 -123 Assets 34 -965 -134 -100 Liabilities 35 -218 -30 -23 2.2.1.4 Other Investment 36 -9884 -1377 -1025 Assets 37 -9995 -1393 -1039 Liabilities 38 112 16 13 2.2.2 Reserve Assets 39 2922 407 309 3. Net Errors and Omissions 40 -1189 -165 -133 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 2025, the equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 39.2 billion (RMB 281.4 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”. 2025-09-30/en/2025/0930/2351.html
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As at the end of June 2025, China recorded RMB 17.4437 trillion in outstanding external debt denominated in both domestic and foreign currencies (equivalent to USD 2436.8 billion, excluding those of Hong Kong SAR, Macao SAR, and Taiwan Province of China, the same below). In terms of maturity structure, the outstanding medium-and long-term external debt was RMB 7400.9 billion (equivalent to USD 1033.9 billion), accounting for 42 percent; while the outstanding short-term external debt was RMB 10042.8 billion (equivalent to USD 1402.9 billion), taking up 58 percent,of which 34 percent was trade-related credit. In terms of institutional sectors, the outstanding debt of general government totaled RMB 3016.6 billion (equivalent to USD 421.4 billion), accounting for 17 percent; the outstanding debt of the central bank totaled RMB 652.1 billion (equivalent to USD 91.1billion), accounting for 4 percent; the outstanding debt of banks totaled RMB 7512.6 billion (equivalent to USD 1049.5 billion), accounting for 43 percent; the outstanding debt of other sectors (including inter-company lending under direct investments) totaled RMB 6262.4 billion (equivalent to USD 874.8 billion), accounting for 36 percent. In terms of debt instruments, the balance of loans was RMB 2312.3 billion (equivalent to USD 323.0 billion), accounting for 13 percent; the outstanding trade credits and advances was RMB 2735.3 billion (equivalent to USD 382.1 billion), accounting for 16 percent; the outstanding currency and deposits was RMB 3399.2 billion (equivalent to USD 474.9 billion), accounting for 19 percent; the outstanding debt securities was RMB 6087.5 billion (equivalent to USD 850.4 billion), accounting for 35 percent; the Special Drawing Rights (SDR) allocation amounted to RMB 356.1 billion (equivalent to USD 49.7 billion), accounting for 2 percent; the balance of inter-company lending under direct investments totaled RMB 1704.9 billion (equivalent to USD 238.2 billion), accounting for 10 percent; and the balance of other debt liabilities was RMB 848.4 billion (equivalent to USD 118.5 billion), accounting for 5 percent. With respect to currency structures, the outstanding external debt in domestic currency totaled RMB 9080.1 billion (equivalent to USD 1268.5 billion), accounting for 52 percent; the outstanding external debt in foreign currencies (including SDR allocation) totaled RMB 8363.6 billion (equivalent to USD 1168.3 billion), accounting for 48 percent. In the outstanding registered external debt in foreign currencies, the USD debt accounted for 79 percent, the Euro debt accounted for 8 percent, the JPY debt accounted for 4 percent, the HKD debt accounted for 5 percent, the SDR and other foreign currency-denominated external debt accounted for 4 percent. Since all major external debt indicators were within the internationally recognized thresholds, China's external debt risk is under control. Appendix Definition of terms and interpretations External debt classification by maturity structure. There are two methods to classify the external debt by maturity structure. One is on the basis of the contractual maturity, i.e. it is classified as medium- and long-term external debt if the contractual maturity is over one year, and classified as short-term external debt if the contractual maturity is one year or less; the other is on the basis of the remaining maturity, i.e., on the basis of the contractual maturity classification method above, the medium- and long-term external debt due within one year is classified as short-term external debt. In this news release, external debt is divided into medium- and long-term external debt and short-term external debt based on the contractual maturity. Trade-related credit is a broad concept. In addition to trade credit and advances, it also involves other kinds of credit provided for trade activities. According to its definition,trade-related credit includes trade credit and advances, bank trade financing, trade related bills, and so forth. In particular, trade credit and advances refer to external liability arising from directly extending credit between the seller and buyer of goods transactions,specifically transactions between residents in the Chinese Mainland and overseas non-residents (including non-residents in Hong Kong SAR, Macao SAR,and Taiwan Province of China), i.e., the debt incurred due to the difference between the time of payment and the time of the goods ownership transfer, which include credit directly provided by the supplier (e.g., the overseas exporter)for goods and services, and prepayments made by buyers (e.g., overseas importers) for goods, services, and work that is in progress (or work to be undertaken). Bank trade financing refers to trade related loans that offered by a third party (e.g., banks) to exporters or importers, for instance, loans extended by foreign financial institutions or export credit agencies to buyers. Annexed table：China’s Gross External Debt Position by Sector, End of June 2025 End of June 2025 End of June 2025 （Unit:100 million RMB） （Unit:100 million US dollars） General Government 30166 4214 Short-term 1135 159 Currency and deposits 0 0 Debt securities 1135 159 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 0 0 Long-term 29031 4055 Special drawing rights (allocations) 0 0 Currency and deposits 0 0 Debt securities 25252 3527 Loans 3779 528 Trade credit and advances 0 0 Other debt liabilities 0 0 Central Bank 6521 911 Short-term 2398 335 Currency and deposits 1302 182 Debt securities 1096 153 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 0 0 Long-term 4123 576 Special drawing rights (allocations) 3561 497 Currency and deposits 0 0 Debt securities 0 0 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 562 79 Other Depository Corporations 75126 10495 Short-term 60649 8473 Currency and deposits 32677 4565 Debt securities 15023 2099 Loans 12384 1730 Trade credit and advances 0 0 Other debt liabilities 565 79 Long-term 14477 2022 Currency and deposits 0 0 Debt securities 10914 1525 Loans 3492 488 Trade credit and advances 0 0 Other debt liabilities 72 10 Other Sectors 45575 6367 Short-term 32432 4531 Currency and deposits 14 2 Debt securities 172 24 Loans 1070 150 Trade credit and advances 26874 3754 Other debt liabilities 4302 601 Long-term 13143 1836 Currency and deposits 0 0 Debt securities 7284 1018 Loans 2397 335 Trade credit and advances 479 67 Other debt liabilities 2983 417 Direct Investment: Intercompany Lending 17049 2382 Debt liabilities of direct investment enterprises to direct investors 9212 1287 Debt liabilities of direct investors to direct investment enterprises 1462 204 Debt liabilities to fellow enterprises 6375 891 Gross External Debt Position 174437 24368 Notes: 1. The short-term and long-term herein are broken down by contractual (original) maturity. 2. The data in this table have been rounded off. 2025-09-30/en/2025/0930/2344.html
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The 2026 National Foreign Exchange Administration Work Conference was convened in Beijing from January 5 to 6, 2026. The conference thoroughly studied and implemented the spirit of the Fourth Plenary Session of the 20th CPC Central Committee and the Central Economic Work Conference. It also reviewed the foreign exchange administration work in the year 2025, analyzed the current financial and foreign exchange situation,researched and made arrangements for the key tasks in 2026. Zhu Hexin, Secretary of the CPC Leadership Group of the State Administration of Foreign Exchange (the SAFE) and Administrator of the SAFE,delivered a work report. Members of the CPC SAFE Leadership Group and the Deputy Administrators attended the conference. The conference pointed out that in 2025, the SAFE earnestly implemented the decisions and arrangements of the CPC Central Committee and the State Council, considered both domestic and international imperatives, balanced development and security,strengthened the systematic integration of foreign exchange policies, enhanced the development and regulation of the foreign exchange market, and new achievements have been realized across the board. Firstly, the SAFE promoted the high-quality development of foreign exchange administration work through high-quality Party building. The SAFE thoroughly studied and implemented the spirit of General Secretary Xi Jinping's important speeches and important instructions, solidly carried out educational activities to thoroughly implement the central Party leadership's eight-point decision on conduct, further advanced full and strict governance over the Party, rigorously and solidly implemented the Central inspection rectification,and resolutely achieved the "Two Upholds". Secondly, the SAFE vigorously improved the quality and efficiency of foreign exchange services in supporting the real economy. The SAFE implemented a package of policies to support the stable development of foreign trade and deepen cross-border investment and financing reform. It also provided support for new trade format such as cross-border e-commerce, which handled over one billion online foreign exchange transactions,thereby contributing to the stability in foreign trade and foreign investment.Foreign exchange market development was deepened, effectively meeting foreign exchange needs, with market trading volume and hedging ratios among enterprises hitting historical highs. The SAFE effectively fulfilled the five major financial tasks by focusing on supporting sci-tech enterprises. Meanwhile, foreign exchange services for foreigners coming to China witnessed continuous optimization. The foreign exchange policy and foreign exchange ecosystem assessment mechanism was improved. Thirdly, the SAFE deepened and expanded reform and opening-up in the foreign exchange field. The SAFE improved the quality and promoted expansion of reform of the banks' foreign exchange operations,with relevant banks handling foreign exchange transactions totaling USD 440 billion based on customer instructions throughout the year.The SAFE advanced the opening of capital account, by rolling out the policy for the integrated capital pool for multinational companies’ domestic and foreign currencies nationwide,unifying the domestic and foreign currency fund management policies for overseas-listed domestic enterprises, and orderly issuing quotas for Qualified Domestic Institutional Investors (QDII). The SAFE actively supported the development of key regions,implemented a package of foreign exchange facilitation policies to bolster pilot free trade zones construction, jointly issued an action plan to further improve the facilitation of cross-border financial services in the Shanghai International Financial Center, and supported the special customs operations of the Hainan Free Trade Port. Fourthly, the SAFE strengthened full-coverage supervision of the foreign exchange field. Macro-prudential management and expectation guidance for cross-border capital flows were enhanced. The foreign exchange market withstood pressures and operated smoothly,demonstrating strong resilience and vitality. The SAFE also improved the in-process and ex-post supervision mechanism,and severely cracked down on illegal and irregular activities in the foreign exchange field,such as underground banks,handling more than 1,100 illegal and irregular cases in total. Fifthly, the SAFE continuously improve the management of foreign exchange reserves with Chinese characteristics,the reserves scale remained basically stable. The conference emphasized that in 2026, the foreign exchange administration work should be guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, fully implement the spirit of the 20th CPC National Congress and the plenary sessions of the 20th CPC Central Committee, earnestly implement the decisions and arrangements of the Central Economic Work Conference and the Central Financial Work Conference. In accordance with the requirements of the National Financial System Work Conference, the SAFE will persist in seeking progress while maintaining stability, upgrading quality while boosting efficiency, better coordinate development and security,commit to establishing a "more convenient, more open, more secure and more intelligent" foreign exchange administration system and mechanism.The SAFE will promote in-depth reform and high-level opening-up in the foreign exchange field,effectively meet the foreign exchange needs for all types of entities, prevent and resolve external shock risks, and further strengthen in-process and ex-post supervision,strive to create a foreign exchange policy environment that is both flexible yet well-regulated, contribute foreign exchange strength to the successful launch and good start of the 15th Five-Year Plan. The conference outlined key tasks for foreign exchange administration in 2026. Firstly, the SAFE will strengthen Party's overall leadership on financial work and persistently promote full and strict governance over the Party. The SAFE will conscientiously implement the "First Agenda" system,consolidate and deepen the effectiveness of inspection and rectification,enhance the quality and efficiency of Party building across the system,build a strong contingent of cadres and talents, and further improve conduct, enforce discipline,and combat corruption with sustained efforts. Secondly, the SAFE will promote foreign exchange facilitation reforms,and strive to enhance vitality and impetus for high-quality development. Key measures include optimizing management of trade foreign exchange business, orderly expanding pilot programs for high-level opening-up of cross-border trade,increasing support for the development of new trade formats such as cross-border e-commerce, and improving management of corporate trade credit reporting. The SAFE will build an open, diversified, fully functional and competitively ordered foreign exchange market, support financial institutions in developing simple and user-friendly exchange rate hedging products, reduce the cost of exchange rate risk management for micro, small and medium-sized enterprises, and enhance the service capacity of foreign exchange market infrastructure. The SAFE will continue to effectively deliver on the five major financial tasks, expand the application scenarios of the cross-border financial services platforms, strengthen the transmission and evaluation of foreign exchange policies to improve the effectiveness of policy implementation. Thirdly, the SAFE will steadily advance high-level institutional opening-up in the foreign exchange field to facilitate multi-field cooperation for mutual benefit. The SAFE will steadily and orderly advance the reform of banks’ foreign exchange operations, guide already reformed banks to extend their practices to branches nationwide, steadily encourage more banks to launch reforms,and strengthen the integration of business reform with facilitation policies. The SAFE will introduce management policies for overseas lending and domestic foreign exchange loan funds, and implement the integrated cross-border capital pool management policy for multinational corporations’ domestic and foreign currencies nationwide. The SAFE will also strengthen integrated reform and innovation of foreign exchange policies in pilot free trade zones, support the construction of international financial centers in Shanghai and Hong Kong, as well as the development of the Hainan Free Trade Port and the Guangdong-Hong Kong-Macao Greater Bay Area. Fourthly, the SAFE will uphold bottom-line thinking, and reinforce the "breakwater and wavebarrier" for the foreign exchange market. The SAFE will intensify analysis and assessment of the foreign exchange situation, enhance macro-prudential management and expectations guidance in light of changing conditions, so as to maintain the stable and sound operation of the foreign exchange market. Fifthly, the SAFE will further consolidate and strengthen foreign exchange supervision,elevate the capacity and level of supervision under open conditions. The SAFE will enforce laws in a strict,standardized,impartial and civilized manner, deepen off-site supervisory capacity building, enhance analysis of abnormal channels and clues, strengthen supervision of trading behaviors in the foreign exchange market, and continue to crack down on illegal cross-border financial activities. Sixthly, the SAFE will ensure the safety, liquidity, and value preservation and appreciation of China's foreign exchange reserves assets. Seventhly, the SAFE will promote the amendment of the Regulations of the People's Republic of China on Foreign Exchange Administration, build a higher-standard international balance of payments statistics system,steadily explore the development of "Intelligent Foreign Exchange Administration", and enhance digitalization and intelligentization of foreign exchange administration. The responsible comrades of all departments, provincial branches,and subordinate units of the SAFE, as well as the responsible comrades of the discipline inspection and supervision team stationed in the SAFE, attended the conference. The relevant comrades from the Organization Department of the CPC Central Committee, the Office of the Central Financial and Economic Affairs Commission, the Office of the Central Financial Commission, the General Office of the State Council, and the Ministry of Finance were also present at the conference upon invitation. 2026-01-06/en/2026/0106/2387.html