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In the fourth quarter of 2025, China's current account registered a surplus of RMB 1713.7 billion, including a surplus of RMB 2104.3 billion under trade in goods, a deficit of RMB 284.5 billion under trade in services, a deficit of RMB 155.2 billion under primary income and a surplus of RMB 49.1 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of RMB 1713.7 billion. Inward foreign direct investments (FDI) continued the net inflow. In 2025, China's current account registered a surplus of RMB 5242.7 billion, the capital and financial accounts (including net errors and omissions for the fourth quarter) recorded a deficit of RMB 5421.7 billion. In the US dollar terms, in the fourth quarter of 2025, China's current account registered a surplus of USD 242.1 billion, including a surplus of USD 297.3 billion under trade in goods, a deficit of USD 40.2 billion under trade in services, a deficit of USD 22.0 billion under primary income and a surplus of USD 6.9 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of USD 242.1 billion. In 2025, China's current account recorded a surplus of USD 734.9 billion, the capital and financial accounts (including net errors and omissions for the fourth quarter) recorded a deficit of USD 760.2 billion. In SDR terms, in the fourth quarter of 2025, China's current account registered a surplus of SDR 177.6 billion, including a surplus of SDR 218.1 billion under trade in goods, a deficit of SDR 29.5 billion under trade in services, a deficit of SDR 16.1 billion under primary income and a surplus of SDR 5.1 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of SDR 177.6 billion. In 2025, China posted a surplus of SDR 543.7 billion under the current account, the capital and financial accounts (including net errors and omissions for the fourth quarter) recorded a deficit of SDR 560.9 billion. (End) China's Balance of Payments, Q4 2025 (Preliminary Data) Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current account 1 17137 2421 1776 Credit 2 86455 12214 8961 Debit 3 -69318 -9793 -7185 1. A Goods and Services 4 18197 2571 1886 Credit 5 79132 11180 8203 Debit 6 -60935 -8609 -6316 1.A.a Goods 7 21043 2973 2181 Credit 8 70524 9963 7310 Debit 9 -49481 -6990 -5129 1.A.b Services 10 -2845 -402 -295 Credit 11 8609 1216 892 Debit 12 -11454 -1618 -1187 1.A.b.1 Processing services 13 187 26 19 Credit 14 242 34 25 Debit 15 -56 -8 -6 1.A.b.2 Maintenance and Repair Services 16 85 12 9 Credit 17 265 38 28 Debit 18 -180 -25 -19 1.A.b.3 Transport 19 -930 -131 -96 Credit 20 2295 324 238 Debit 21 -3225 -456 -334 1.A.b.4 Travel 22 -3294 -465 -341 Credit 23 1200 169 124 Debit 24 -4493 -635 -466 1.A.b.5 Construction 25 264 37 27 Credit 26 439 62 46 Debit 27 -175 -25 -18 1.A.b.6 Insurance and Pension Services 28 -134 -19 -14 Credit 29 12 2 1 Debit 30 -146 -21 -15 1.A.b.7 Financial Services 31 -29 -4 -3 Credit 32 10 1 1 Debit 33 -40 -6 -4 1.A.b.8 Charges for the Use of Intellectual Property 34 -525 -74 -54 Credit 35 260 37 27 Debit 36 -785 -111 -81 1.A.b.9 Telecommunications, Computer, and Information Services 37 810 115 84 Credit 38 1530 216 159 Debit 39 -720 -102 -75 1.A.b.10 Other Business Services 40 831 117 86 Credit 41 2282 322 237 Debit 42 -1451 -205 -150 1.A.b.11 Personal, Cultural, and Recreational Services 43 -76 -11 -8 Credit 44 41 6 4 Debit 45 -117 -17 -12 1.A.b.12 Government Goods and Services n.i.e 46 -35 -5 -4 Credit 47 30 4 3 Debit 48 -65 -9 -7 1.B Primary Income 49 -1552 -220 -161 Credit 50 6383 902 661 Debit 51 -7935 -1121 -822 1.C Secondary Income 52 491 69 51 Credit 53 939 133 97 Debit 54 -448 -63 -46 2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) 55 -17137 -2421 -1776 2.1 Capital Account 56 -4 -1 0 Credit 57 1 0 0 Debit 58 -5 -1 -1 2.2. Financial Account (Including Net Errors and Omissions for the Quarter) 59 -17133 -2420 -1776 2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) 60 -16732 -2363 -1734 Including: 2.2.1.1 Direct Investment 61 -79 -11 -8 2.2.1.1.1 Assets 62 -2821 -399 -292 2.2.1.1.1.1 Equity and investment fund shares 63 -2501 -353 -259 2.2.1.1.1.2 Debt instruments 64 -320 -46 -33 2.2.1.1.2 Liabilities 65 2742 388 284 2.2.1.1.2.1 Equity and investment fund shares 66 2494 353 259 2.2.1.1.2.2 Debt instruments 67 248 35 26 2.2.2 Reserve Assets 68 -400 -57 -41 2.2.2.1 Monetary gold 69 0 0 0 2.2.2.2 Special drawing rights 70 21 3 2 2.2.2.3 Reserve position in the IMF 71 4 1 0 2.2.2.4 Foreign exchange reserves 72 -424 -60 -44 2.2.2.5 Other reserves 73 0 0 0 3. Net Errors and Omissions 74 / / / Note:1. The table is compiled according to BPM6. 2."Credit" is presented as positive value while "debit" as negative value, and the balance is the sum of the "Credit" and the "Debit". All items herein refer to balances, unless marked with "Credit" or "Debit". 3.The RMB denominated BOP statement is converted from the USD denominated BOP statement for the quarter using the period average central parity rate of RMB against USD. The SDR denominated quarterly BOP statement is converted from the USD denominated BOP statement for the quarter using the period average exchange rate of SDR against USD. 4.Since net errors and omissions are included, the amount of the capital and financial accounts is the opposite number of the difference in the current account. 5.According to preliminary statistics, in the fourth quarter of 2025, the equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 32.2 billion (RMB 228.0 billion). 6.This table employs rounded-off numbers. China's Balance of Payments, 2025 (Preliminary Data) Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current account 1 52427 7349 5437 Credit 2 317830 44511 32945 Debit 3 -265403 -37162 -27508 1. A Goods and Services 4 59046 8275 6120 Credit 5 290373 40665 30102 Debit 6 -231327 -32391 -23982 1.A.a Goods 7 73055 10234 7575 Credit 8 259414 36329 26892 Debit 9 -186359 -26095 -19317 1.A.b Services 10 -14009 -1960 -1455 Credit 11 30959 4336 3210 Debit 12 -44968 -6296 -4665 1.A.b.1 Processing services 13 747 105 77 Credit 14 931 130 96 Debit 15 -184 -26 -19 1.A.b.2 Maintenance and Repair Services 16 401 56 42 Credit 17 1003 141 104 Debit 18 -603 -84 -62 1.A.b.3 Transport 19 -3570 -500 -370 Credit 20 8739 1224 906 Debit 21 -12309 -1723 -1276 1.A.b.4 Travel 22 -14203 -1988 -1476 Credit 23 3938 552 408 Debit 24 -18140 -2540 -1884 1.A.b.5 Construction 25 633 89 66 Credit 26 1321 185 137 Debit 27 -688 -96 -71 1.A.b.6 Insurance and Pension Services 28 -890 -124 -92 Credit 29 168 23 17 Debit 30 -1058 -148 -110 1.A.b.7 Financial Services 31 -18 -3 -2 Credit 32 232 32 24 Debit 33 -251 -35 -26 1.A.b.8 Charges for the Use of Intellectual Property 34 -2398 -335 -248 Credit 35 933 131 97 Debit 36 -3331 -466 -345 1.A.b.9 Telecommunications, Computer, and Information Services 37 2262 317 234 Credit 38 5230 733 542 Debit 39 -2967 -415 -308 1.A.b.10 Other Business Services 40 3372 472 350 Credit 41 8201 1149 851 Debit 42 -4829 -676 -501 1.A.b.11 Personal, Cultural, and Recreational Services 43 -227 -32 -23 Credit 44 154 22 16 Debit 45 -381 -53 -39 1.A.b.12 Government Goods and Services n.i.e 46 -118 -17 -12 Credit 47 109 15 11 Debit 48 -227 -32 -24 1.B Primary Income 49 -8179 -1145 -844 Credit 50 24183 3386 2504 Debit 51 -32362 -4531 -3348 1.C Secondary Income 52 1561 219 161 Credit 53 3275 459 339 Debit 54 -1714 -240 -178 2. Capital and Financial Accounts (Including Net Errors and Omissions for the Fourth Quarter) 55 -54217 -7602 -5609 2.1 Capital Account 56 -11 -1 -1 Credit 57 10 1 1 Debit 58 -21 -3 -2 2.2. Financial Account (Including Net Errors and Omissions for the Fourth Quarter) 59 -54206 -7600 -5608 2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Fourth Quarter) 60 -57567 -8068 -5962 Including: 2.2.1.1 Direct Investment 61 -5874 -820 -612 2.2.1.1.1 Assets 62 -11313 -1584 -1176 2.2.1.1.1.1 Equity and investment fund shares 63 -9706 -1359 -1006 2.2.1.1.1.2 Debt instruments 64 -1607 -225 -170 2.2.1.1.2 Liabilities 65 5440 765 564 2.2.1.1.2.1 Equity and investment fund shares 66 6105 857 634 2.2.1.1.2.2 Debt instruments 67 -666 -92 -70 2.2.2 Reserve Assets 68 3361 468 353 2.2.2.1 Monetary gold 69 0 0 0 2.2.2.2 Special drawing rights 70 -225 -31 -23 2.2.2.3 Reserve position in the IMF 71 -102 -14 -11 2.2.2.4 Foreign exchange reserves 72 3688 513 388 2.2.2.5 Other reserves 73 0 0 0 3. Net Errors and Omissions 74 1789 253 173 Note:1. The table is compiled according to BPM6. 2."Credit" is presented as positive value while "debit" as negative value, and the balance is the sum of the "Credit" and the "Debit". All items herein refer to balances, unless marked with "Credit" or "Debit". 3.The RMB denominated BOP statement is converted from the USD denominated BOP statement for the quarter using the period average central parity rate of RMB against USD. The SDR denominated quarterly BOP statement is converted from the USD denominated BOP statement for the quarter using the period average exchange rate of SDR against USD. 4.The preliminary amount for 2025 is the sum of the official amounts of the BOP for 2025Q1, 2025Q2, 2025Q3 and the preliminary amount for 2025Q4. 5.According to preliminary statistics, in 2025, the equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 92.4 billion (RMB 658.9 billion). 6.This table employs rounded-off numbers. 2026-02-13/en/2026/0213/2389.html
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In December 2025, the export and import of China’s international trade in goods and services totalled RMB 5280.8 billion. Of this, the export of goods recorded RMB 2664.7 billion and the import recorded RMB 1811.4 billion, resulting in a surplus of RMB 853.3 billion. The export of services recorded RMB 354.1 billion and the import recorded RMB 450.7 billion, resulting in a deficit of RMB 96.6 billion. In terms of the major items, the export and import of travel, transport, other business services, telecommunications, computer and information services registered RMB 230.1 billion, RMB 205.0 billion, RMB 149.1 billion and RMB 102.5 billion respectively. In the US dollar terms, in December 2025, the export and import of China’s international trade in goods and services were USD 427.6 billion and USD 320.4 billion respectively, with a surplus of USD 107.2 billion.(End) International Trade in Goods and Services of China December 2025 Item In 100 million of RMB In 100 million of USD Goods and services 7566 1072 Credit 30187 4276 Debit -22621 -3204 1. Goods 8533 1209 Credit 26647 3775 Debit -18114 -2566 2. Services -966 -137 Credit 3541 502 Debit -4507 -638 2.1Manufacturing services on physical inputs owned by others 72 10 Credit 93 13 Debit -22 -3 2.2Maintenance and repair services n.i.e 33 5 Credit 112 16 Debit -80 -11 2.3Transport -267 -38 Credit 891 126 Debit -1159 -164 2.4Travel -1454 -206 Credit 423 60 Debit -1878 -266 2.5Construction 131 19 Credit 195 28 Debit -64 -9 2.6Insurance and pension services -46 -7 Credit 2 0 Debit -48 -7 2.7Financial services -6 -1 Credit 4 1 Debit -10 -1 2.8Charges for the use of intellectual property -282 -40 Credit 72 10 Debit -353 -50 2.9Telecommunications, computer and information services 487 69 Credit 756 107 Debit -269 -38 2.10Other business services 431 61 Credit 961 136 Debit -530 -75 2.11Personal, cultural, and recreational services -35 -5 Credit 21 3 Debit -56 -8 2.12Government goods and services n.i.e -29 -4 Credit 9 1 Debit -39 -5 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. 2026-01-30/en/2026/0130/2383.html
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As shown in the statistics of the State Administration of Foreign Exchange (SAFE), in December 2025, the amount of foreign exchange settlement and sales by banks was RMB 2244.6 billion and RMB 1538.2 billion, respectively. During January to December 2025, the accumulative amount of foreign exchange settlement and sales by banks was RMB 18522.7 billion and RMB 17131.4 billion, respectively. In the US dollar terms, in December 2025, the amount of foreign exchange settlement and sales by banks was USD 318.0 billion and USD 217.9 billion, respectively. During January to December 2025, the accumulative amount of foreign exchange settlement and sales by banks was USD 2594.9 billion and USD 2398.3 billion, respectively. In December 2025, the amount of cross-border receipts and payments by non-banking sectors was RMB 5819.7 billion and RMB 5018.6 billion, respectively. During January to December 2025, the accumulative amount of cross-border receipts and payments by non-banking sectors was RMB 56940.5 billion and RMB 54790.6 billion, respectively. In the US dollar terms, in December 2025, the amount of cross-border receipts and payments by non-banking sectors was USD 824.4 billion and USD 710.9 billion, respectively. During January to December 2025, the accumulative amount of cross-border receipts and payments by non-banking sectors was USD 7972.5 billion and USD 7670.4 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. 2026-01-15/en/2026/0115/2381.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 28.17 trillion (equivalent to USD 3.99 trillion) in December 2025. In terms of markets, the transactions volume of client market was RMB 4.78 trillion (equivalent to USD 0.68 trillion), and the transactions volume of interbank market was RMB 23.39 trillion (equivalent to USD 3.31 trillion). In terms of products, the cumulative transactions volume of the spot market was RMB 10.44 trillion (equivalent to USD 1.48 trillion), and that of the derivatives market was RMB 17.73 trillion (equivalent to USD 2.51 trillion). From January to December 2025, a total of RMB 304.57 trillion (equivalent to USD 42.64 trillion) was traded in the Chinese foreign exchange market. 2026-01-30/en/2026/0130/2384.html
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According to the statistics released by the State Administration of Foreign Exchange (SAFE), by the end of December 2025, China's foreign exchange reserves totaled USD 3.3579 trillion, up by USD 11.5 billion or 0.34% from the end of November 2025. In December 2025, driven by factors such as the monetary policies and macroeconomic data 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 constantly consolidates and expands trends of steady economy growth, and the underlying conditions and fundamental trends sustaining China's long-term economic growth remain unchanged, which are conducive to the stabilization of foreign exchange reserves. 2026-01-07/en/2026/0107/2382.html
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官方储备资产 Official reserve assets html xlsx pdf 2026-01-07/en/2021/0203/2386.html
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官方储备资产 Official reserve assets html xlsx pdf 2026-01-07/en/2021/0203/2385.html
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2026-06-01https://www.gov.cn/yaowen/liebiao/202605/content_7070715.htm
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