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国家外汇管理局各中心支局、南川支局；国家开发银行重庆市分行，各政策性银行重庆（市）分行，各国有商业银行重庆市分行，各股份制商业银行重庆（市）分行，中国邮政储蓄银行重庆分行，重庆银行，重庆三峡银行，重庆农村商业银行，各城市商业银行重庆分行，各外资（外国）银行重庆分行： 为进一步深化“放管服”改革，推进贸易自由化、便利化，服务实体经济高质量发展，助力重庆内陆开放高地建设，根据《国家外汇管理局关于进一步促进跨境贸易投资便利化的通知》（汇发〔2019〕28号）和《国家外汇管理局综合司关于同意在重庆开展贸易外汇收支便利化试点的批复》（汇综复[2020]10号）等要求，结合重庆实际，国家外汇管理局重庆外汇管理部制定了《国家外汇管理局重庆外汇管理部关于开展贸易外汇收支便利化试点的指导意见（试行）》，现予发布实施。执行中如遇问题，请及时向国家外汇管理局重庆外汇管理部反馈。 联系电话：023-67677548 附件：国家外汇管理局重庆外汇管理部关于开展贸易外汇收支便利化试点的指导意见（试行） 国家外汇管理局重庆外汇管理部 2020年8月12日 附件：《国家外汇管理局重庆外汇管理部关于开展贸易外汇收支便利化试点的指导意见（试行）》 2020-08-14/chongqing/2020/0814/1568.html
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日前，国家外汇管理局公布2025年末我国对外证券投资资产分国家/地区及分居民持有者部门数据。统计显示，2025年末，我国对外证券投资资产（不含储备资产）19875亿美元。其中，股权类投资12628亿美元，债券类投资7247亿美元。资产分布在前五位的国家/地区是中国香港、美国、开曼群岛、英属维尔京群岛和英国，投资金额分别为9789亿美元、3640亿美元、1451亿美元、652亿美元和485亿美元。2025年末，我国持有对外证券资产的部门主要是非银行金融机构、银行和非金融部门，投资金额分别为11087亿美元、5667亿美元和3121亿美元，占我国对外证券投资总额的56%、29%和16%。（完） 2026-06-08/shanxi/2026/0608/1639.html
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国家外汇管理局统计数据显示，2026年4月，中国外汇市场（不含外币对市场，下同）总计成交25.30万亿元人民币（等值3.68万亿美元）。其中，银行对客户市场成交4.36万亿元人民币（等值0.63万亿美元），银行间市场成交20.94万亿元人民币（等值3.05万亿美元）；即期市场累计成交9.26万亿元人民币（等值1.35万亿美元），衍生品市场累计成交16.04万亿元人民币（等值2.33万亿美元）。 2026年1-4月，中国外汇市场累计成交101.08万亿元人民币（等值14.59万亿美元）。 2026-06-08/shanxi/2026/0608/1637.html
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2026-05-26https://www.gov.cn/yaowen/liebiao/202605/content_7070179.htm
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The State Administration of Foreign Exchange (SAFE) has recently released data on foreign exchange purchases and sales by banks and cross-border receipts and payments by non-banking sectors in March 2025. SAFE Deputy Administrator and press spokesperson Li Bin answered media questions on foreign exchange receipts and payments for the first quarter of 2025. Q: How has China’s foreign exchange market been operating since the beginning of this year? A: Since the beginning of this year, the external environment has undergone profound changes, with heightened volatility and increased risks and challenges in international financial markets. China has stepped up building a new development paradigm, solidly advanced high-quality development, and implemented more proactive and effective macro policies, effectively responding to external challenges. As a result, China’s economy has sustained its recovery and growth, and its foreign exchange market has been running smoothly on the whole, presenting three key characteristics: First, the RMB exchange rate remained relatively stable in two-way floating. As of April 21, the spot exchange rate of CNY against the US dollar stood at 7.288, appreciating by 0.1 percent compared to the end of 2024. Since April, as unilateralist and protectionist actions by the United States have triggered sharp fluctuations in global financial markets, the RMB exchange rate against the US dollar first depreciated and then rebounded to a level roughly equivalent to that before April 3, when the United States imposed so-called “reciprocal tariffs” on trade partners. The two-way floating of the RMB exchange rate is a normal market change and reflects the supportive role of economic fundamentals in exchange rate stability. Second, foreign exchange market transactions remained rational and orderly, with net inflows of cross-border capital. The balance of foreign exchange purchases and sales by banks gradually trended toward equilibrium, with a modest deficit of USD 2 billion in March. The willingness of enterprises and other entities to purchase foreign exchange declined. In March, the foreign exchange purchase rate (the ratio of foreign exchange purchases by non-banking sectors to foreign-related payments by non-banking sectors), a measure of the willingness to purchase foreign exchange, was 64.4 percent, nearly 11 percentage points lower than the high in January. The market willingness to settle foreign exchange was stable overall, with the banking purchase rate in March basically unchanged from January. In the first quarter, enterprises, individuals and other non-banking sectors recorded net cross-border capital inflows of USD 51.7 billion, a relatively high level compared to the same period in history. Since April, foreign exchange market transactions have remained stable, with continued net inflows of cross-border capital and a slight surplus in foreign exchange purchases and sales by banks. Third, cross-border capital flows from main channels were stable and orderly. Firstly, net inflows of capital under trade in goods increased rapidly. In the first quarter, China’s foreign trade demonstrated strong resilience in overcoming external pressures, with cross-border capital under trade in goods registering a net inflow of USD 206.3 billion, a 1.2-fold increase year-on-year. Secondly, foreign investment in RMB bonds grew. From February to March, foreign holdings of Chinese bonds presented a net increase of USD 26.9 billion, up by 84 percent year-on-year, and from April 1 to 18, the net purchases of Chinese bonds by foreign investors were USD 33.2 billion, remaining at a relatively high level.Thirdly, cross-border outflows under trade in services and profit repatriation by foreign-invested enterprises remained generally stable. In the first quarter, net outflows of cross-border capital under trade in services rose by 25 percent year-on-year, with net outflows under travel increasing by 12 percent. Profit repatriation by foreign-invested enterprises was at a seasonally low level, down by 7 percent year-on-year. Q: What is your judgment on the future trends in China’s foreign exchange market? A: Looking ahead, in spite of the increasingly unstable and uncertain factors in the external environment, China is accelerating the implementation of more proactive and effective macro policies, and front-loading policies to ensure their full effectiveness. With multiple advantages, strong resilience, and vast potential, China’s economy will continue to support the stable operation of the foreign exchange market. Firstly, China’s economy has gotten off to a good start, significantly boosting market confidence. Since the beginning of this year, China has intensified macro regulation, deploying more proactive fiscal policies and appropriately accommodative monetary policies, while formulating and implementing special action plans to boost consumption. The economy has started the year on a stable footing, maintaining its upward recovery trend. In the first quarter, China’s economy grew by 5.4 percent year-on-year and 1.2 percent quarter-on-quarter. Domestic demand expanded, with the year-on-year growth rates of total revenue from retail sales of consumer goods and fixed asset investment accelerating by 1.1 and 1.0 percentage points, respectively, compared to the full-year 2024 figures. In March, China’s Manufacturing Purchasing Managers’ Index (PMI) stood at 50.5 percent, remaining in expansion territory for two consecutive months. Going forward, China will introduce new incremental policies in a timely manner according to the needs of the situation, take the expansion of domestic demand as a long-term strategy, and promote the integrated development of technological and industrial innovation, thereby supporting the stability of the RMB exchange rate and the stable operation of the foreign exchange market. Secondly, China continues to expand opening-up and actively stabilizes foreign trade and investment, which will help maintain a basic equilibrium in the balance of payments. In terms of foreign trade, in recent years, Chinese foreign trade enterprises have proactively diversified their markets and steadily advanced regional economic and trade cooperation. In 2024, the shares of China’s trade with ASEAN and Belt and Road partner countries reached 15.9 percent and 50.3 percent, respectively, up by 3.4 and 23.8 percentage points from 2017. Chinese enterprises have swiftly responded to the diverse demands of global markets. They accelerated the cultivation of new trade models, promoted the transformation and upgrading of the manufacturing sector, and made continuous breakthroughs in core technologies, enhancing the competitiveness of foreign trade and further strengthening industrial and supply chains. In terms of foreign investment, in February this year, China issued the 2025 Action Plan for Stabilizing Foreign Investment, providing a favorable business environment for foreign investors to operate and expand in China. At the same time, China is steadily expanding the opening-up of its financial market and broadening channels for cross-border investment and financing. The role of RMB in diversified asset allocation is becoming prominent. The attractiveness of China’s domestic securities market to foreign investors is expected to continue growing. The SAFE will further deepen reform and opening-up in the foreign exchange sector, and will continue to issue policies and measures to support cross-border trade development and facilitate cross-border investment and financing, thereby better stabilizing foreign trade and foreign investment. Third, the resilience of China’s foreign exchange market has improved, enhancing its ability to withstand external shocks. In recent years, the market-based RMB exchange rate regime has been continuously refined, and exchange rate flexibility has increased. Meanwhile, enterprises have actively used foreign exchange derivatives to manage exchange rate risks and increasingly adopted cross-border RMB settlement to reduce the risk of currency mismatch. In the first quarter of 2025, the share of RMB cross-border receipts and payments in trade in goods and the ratio of foreign exchange hedging by enterprises both increased compared to the previous year. The capacity of enterprises to cope with exchange rate fluctuations was enhanced and market expectations and transactions were more rational and orderly. In the next step, the foreign exchange administrative authorities will continue to strengthen monitoring of the foreign exchange situation, maintain exchange rate flexibility, and effectively leverage the role of the exchange rate as an automatic stabilizer for adjustment of the macroeconomy and balance of payments. At the same time, they will further enrich the macroprudential management toolkit for cross-border capital flows, firmly correct pro-cyclical market behaviors, guard against the risks of exchange rate overshooting and abnormal cross-border capital flows, and safeguard the economic and financial security of the nation. 2025-04-22/en/2025/0422/2355.html
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In November 2025, the export and import of China’s international trade in goods and services totalled RMB 4418.3 billion. Of this, the export of goods recorded RMB 2248.4 billion and the import recorded RMB 1593.7 billion, resulting in a surplus of RMB 654.7 billion. The export of services recorded RMB 246.5 billion and the import recorded RMB 329.8 billion, resulting in a deficit of RMB 83.3 billion. In terms of the major items, the export and import of transport, travel, other business services, telecommunications, computer and information services registered RMB 174.7 billion, RMB 164.1 billion, RMB 103.8 billion and RMB 56.9 billion respectively. In the US dollar terms, in November 2025, the export and import of China’s international trade in goods and services were USD 351.6 billion and USD 271.1 billion respectively, with a surplus of USD 80.5 billion.(End) International Trade in Goods and Services of China November 2025 Item In 100 million of RMB In 100 million of USD Goods and services 5714 805 Credit 24948 3516 Debit -19235 -2711 1. Goods 6547 923 Credit 22484 3169 Debit -15937 -2246 2. Services -833 -117 Credit 2465 347 Debit -3298 -465 2.1Manufacturing services on physical inputs owned by others 58 8 Credit 76 11 Debit -18 -3 2.2Maintenance and repair services n.i.e 20 3 Credit 72 10 Debit -52 -7 2.3Transport -311 -44 Credit 718 101 Debit -1029 -145 2.4Travel -880 -124 Credit 381 54 Debit -1261 -178 2.5Construction 45 6 Credit 109 15 Debit -64 -9 2.6Insurance and pension services -35 -5 Credit 9 1 Debit -45 -6 2.7Financial services -3 0 Credit 4 1 Debit -7 -1 2.8Charges for the use of intellectual property -133 -19 Credit 57 8 Debit -190 -27 2.9Telecommunications, computer and information services 130 18 Credit 349 49 Debit -219 -31 2.10Other business services 301 42 Credit 670 94 Debit -369 -52 2.11Personal, cultural, and recreational services -23 -3 Credit 8 1 Debit -31 -4 2.12Government goods and services n.i.e -1 0 Credit 11 2 Debit -13 -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. 2025-12-26/en/2025/1226/2373.html
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In the third quarter of 2025, China's current account registered a surplus of RMB 1416.5 billion, and the capital and financial accounts recorded a deficit of RMB 1714.4 billion. In the first three quarters of 2025, China's current account registered a surplus of RMB 3529.1 billion, and the capital and financial accounts recorded a deficit of RMB 3708.0 billion. In the US dollar terms, in the third quarter, China's current account recorded a surplus of USD 198.7 billion, including a surplus of USD 269.5 billion under trade in goods, a deficit of USD 49.3 billion under trade in services, a deficit of USD 29.6 billion under primary income and a surplus of USD 8.1 billion under secondary income. The capital and financial accounts registered a deficit of USD 240.5 billion, including a surplus of USD 55.6 million under the capital account, and a deficit of USD 240.5 billion under the financial account. In the US dollar terms, in the first three quarters of 2025, China's current account recorded a surplus of USD 492.8 billion, including a surplus of USD 726.1 billion under trade in goods, a deficit of USD 155.8 billion under trade in services, a deficit of USD 92.5 billion under primary income and a surplus of USD 15.0 billion under secondary income. The capital and financial accounts recorded a deficit of USD 518.1 billion, including a deficit of USD 89.3 million under the capital account, a deficit of USD 518.0 billion under the financial account. In SDR terms, in the third quarter, China posted a surplus of SDR 145.2 billion under the current account, and a deficit of SDR 175.7 billion under the capital and financial accounts. In SDR terms, in the first three quarters of 2025, China posted a surplus of SDR 366.1 billion under the current account, and a deficit of SDR 383.3 billion under the capital and financial accounts. (End) Abridged Balance of Payments, Q3 2025 Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current Account 1 14165 1987 1452 Credit 2 82449 11566 8450 Debit 3 -68284 -9579 -6998 1. A Goods and Services 4 15692 2201 1608 Credit 5 74818 10496 7668 Debit 6 -59126 -8295 -6060 1.A.a Goods 7 19210 2695 1969 Credit 8 66930 9389 6859 Debit 9 -47721 -6695 -4891 1.A.b Services 10 -3517 -493 -360 Credit 11 7888 1106 808 Debit 12 -11405 -1600 -1169 1.B Primary Income 13 -2107 -296 -216 Credit 14 6630 930 679 Debit 15 -8737 -1226 -895 1.C Secondary Income 16 580 81 59 Credit 17 1000 140 103 Debit 18 -420 -59 -43 2. Capital and Financial Account 19 -17144 -2405 -1757 2.1 Capital Account 20 4 1 0 Credit 21 6 1 1 Debit 22 -2 0 0 2.2 Financial Account 23 -17148 -2405 -1757 Assets 24 -11667 -1638 -1197 Liabilities 25 -5481 -767 -561 2.2.1 Financial Account Excluding Reserve Assets 26 -17987 -2523 -1843 2.2.1.1 Direct Investment 27 -2447 -343 -251 Assets 28 -2856 -401 -293 Liabilities 29 408 58 42 2.2.1.2 Portfolio Investment 30 -13608 -1908 -1394 Assets 31 -7731 -1085 -793 Liabilities 32 -5877 -823 -601 2.2.1.3 Financial Derivatives (other than reserves) and Employee Stock Options 33 -205 -29 -21 Assets 34 299 42 31 Liabilities 35 -504 -71 -52 2.2.1.4 Other Investment 36 -1726 -243 -178 Assets 37 -2218 -312 -228 Liabilities 38 492 69 50 2.2.2 Reserve Assets 39 839 118 86 3. Net Errors and Omissions 40 2979 418 305 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 third quarter of 2025, the equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 21.0 billion (RMB 149.6 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 Three Quarters of 2025 Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current Account 1 35291 4928 3661 Credit 2 231375 32297 23984 Debit 3 -196084 -27369 -20323 1. A Goods and Services 4 40849 5703 4234 Credit 5 211240 29486 21900 Debit 6 -170392 -23782 -17666 1.A.a Goods 7 52012 7261 5394 Credit 8 188890 26366 19582 Debit 9 -136878 -19105 -14188 1.A.b Services 10 -11164 -1558 -1160 Credit 11 22350 3120 2318 Debit 12 -33514 -4677 -3478 1.B Primary Income 13 -6628 -925 -683 Credit 14 17799 2485 1843 Debit 15 -24427 -3410 -2526 1.C Secondary Income 16 1070 150 110 Credit 17 2335 326 242 Debit 18 -1266 -177 -131 2. Capital and Financial Account 19 -37080 -5181 -3833 2.1 Capital Account 20 -6 -1 -1 Credit 21 9 1 1 Debit 22 -15 -2 -2 2.2 Financial Account 23 -37073 -5180 -3833 Assets 24 -36455 -5091 -3782 Liabilities 25 -618 -90 -51 2.2.1 Financial Account Excluding Reserve Assets 26 -40834 -5705 -4228 2.2.1.1 Direct Investment 27 -5795 -809 -604 Assets 28 -8492 -1186 -884 Liabilities 29 2697 377 279 2.2.1.2 Portfolio Investment 30 -22041 -3082 -2276 Assets 31 -18844 -2632 -1956 Liabilities 32 -3197 -450 -320 2.2.1.3 Financial Derivatives (other than reserves) and Employee Stock Options 33 -1388 -193 -144 Assets 34 -666 -92 -70 Liabilities 35 -722 -101 -74 2.2.1.4 Other Investment 36 -11610 -1620 -1203 Assets 37 -12214 -1705 -1267 Liabilities 38 603 85 64 2.2.2 Reserve Assets 39 3761 524 395 3. Net Errors and Omissions 40 1789 253 173 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 three quarters of 2025, the equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 60.1 billion (RMB 430.9 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”. 2025-12-31/en/2025/1231/2378.html
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As at the end of September 2025, China recorded RMB 16.8287 trillion in outstanding external debt denominated in both domestic and foreign currencies (equivalent to USD 2368.4billion, 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 7151.1 billion (equivalent to USD 1006.4 billion), accounting for 42 percent; while the outstanding short-term external debt was RMB 9677.6 billion (equivalent to USD 1362.0 billion), taking up 58 percent,of which 36 percent was trade-related credit. In terms of institutional sectors, the outstanding debt of general government totaled RMB 2856.3 billion (equivalent to USD 402.0 billion), accounting for 17 percent; the outstanding debt of the central bank totaled RMB 745.4 billion(equivalent to USD 104.9 billion), accounting for 4 percent; the outstanding debt of banks totaled RMB 6919.8 billion (equivalent to USD 973.9 billion), accounting for 41 percent; the outstanding debt of other sectors (including inter-company lending under direct investments) totaled RMB 6307.2 billion (equivalent to USD 887.6 billion), accounting for 38 percent. In terms of debt instruments, the balance of loans was RMB 2193.4 billion (equivalent to USD 308.7 billion), accounting for 13 percent; the outstanding trade credits and advances was RMB 2844.3 billion (equivalent to USD 400.3 billion), accounting for 17 percent; the outstanding currency and deposits was RMB 3352.6 billion (equivalent to USD 471.9 billion), accounting for 20 percent;the outstanding debt securities was RMB 5541.7 billion (equivalent to USD 779.9 billion), accounting for 33 percent; the Special Drawing Rights (SDR) allocation amounted to RMB 352.7 billion (equivalent to USD 49.6 billion), accounting for 2 percent; the balance of inter-company lending under direct investments totaled RMB 1679.9 billion (equivalent to USD 236.4 billion),accounting for 10 percent; and the balance of other debt liabilities was RMB 864.1 billion (equivalent to USD 121.6 billion),accounting for 5 percent. With respect to currency structures, the outstanding external debt in domestic currency totaled RMB 8739.4billion (equivalent to USD 1229.9 billion), accounting for 52 percent; the outstanding external debt in foreign currencies (including SDR allocation) totaled RMB 8089.3 billion (equivalent to USD 1138.5 billion), accounting for 48 percent. In the outstanding registered external debt in foreign currencies, the USD debt accounted for 78 percent, the Euro debt accounted for 9 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 September 2025 End of September 2025 End of September 2025 （Unit:100 million RMB） （Unit:100 million US dollars） General Government 28563 4020 Short-term 649 91 Currency and deposits 0 0 Debt securities 649 91 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 0 0 Long-term 27914 3929 Special drawing rights (allocations) 0 0 Currency and deposits 0 0 Debt securities 24163 3401 Loans 3751 528 Trade credit and advances 0 0 Other debt liabilities 0 0 Central Bank 7454 1049 Short-term 2965 417 Currency and deposits 1565 220 Debt securities 1400 197 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 0 0 Long-term 4489 632 Special drawing rights (allocations) 3527 496 Currency and deposits 0 0 Debt securities 0 0 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 962 135 Other Depository Corporations 69198 9739 Short-term 55729 7843 Currency and deposits 31953 4497 Debt securities 12060 1697 Loans 11391 1603 Trade credit and advances 0 0 Other debt liabilities 325 46 Long-term 13469 1896 Currency and deposits 0 0 Debt securities 10073 1418 Loans 3326 468 Trade credit and advances 0 0 Other debt liabilities 70 10 Other Sectors 46274 6512 Short-term 33511 4716 Currency and deposits 9 1 Debt securities 88 12 Loans 1129 159 Trade credit and advances 27945 3933 Other debt liabilities 4340 611 Long-term 12763 1796 Currency and deposits 0 0 Debt securities 6983 983 Loans 2338 329 Trade credit and advances 498 70 Other debt liabilities 2944 414 Direct Investment: Intercompany Lending 16798 2364 Debt liabilities of direct investment enterprises to direct investors 9124 1284 Debt liabilities of direct investors to direct investment enterprises 1481 208 Debt liabilities to fellow enterprises 6193 872 Gross External Debt Position 168287 23684 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. 2025-12-31/en/2025/1231/2377.html
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As at the end of September 2025, China’s external financial assets reached USD 11507.3 billion, external financial liabilities reached USD 7459.7 billion, and net external assets totaled USD 4047.6 billion. In the external financial assets, direct investment assets amounted to USD 3433.6 billion, portfolio investment assets, USD 1952.0 billion, financial derivative assets, USD 26.4 billion, other investment assets, USD 2406.4 billion, and reserves assets, USD 3688.9 billion, accounting for 30 percent, 17 percent, 0.2 percent, 21 percent and 32 percent of external financial assets respectively. In external liabilities, direct investment liabilities were USD 3743.0 billion, portfolio investment liabilities, USD 2327.2 billion, financial derivative liabilities, USD 23.9 billion and other investment liabilities, USD 1365.6 billion, accounting for 50 percent, 31 percent, 0.3 percent and 18 percent of the external financial liabilities respectively. In SDR terms, China’s external financial assets and liabilities reached SDR 8393.5 billion and SDR 5441.2 billion respectively, and external net assets totaled SDR 2952.4 billion at the end of September 2025.(End) China's International Investment Position, End of September 2025 Item Line No. Position in 100 million USD Position in 100 million SDR Net Position 1 40476 29524 Assets 2 115073 83935 1 Direct Investment 3 34336 25045 1.1 Equity and Investment Fund Shares 4 30303 22103 1.2 Debt Instruments 5 4034 2942 1.a Financial Sectors 6 4745 3461 1.1.a Equity and Investment Fund Shares 7 4494 3278 1.2.a Debt Instruments 8 251 183 1.b Non-financial Sectors 9 29592 21584 1.1.b Equity and Investment Fund Shares 10 25809 18825 1.2.b Debt Instruments 11 3783 2759 2 Portfolio Investment 12 19520 14238 2.1 Equity and Investment Fund Shares 13 12899 9409 2.2 Debt Securities 14 6621 4829 3 Financial Derivatives (other than reserves) and Employee Stock Options 15 264 192 4 Other Investment 16 24064 17552 4.1 Other Equity 17 100 73 4.2 Currency and Deposits 18 5673 4138 4.3 Loans 19 9265 6758 4.4 Insurance, Pension, and Standardized Guarantee Schemes 20 347 253 4.5 Trade Credit and Advances 21 7523 5487 4.6 Others 22 1155 843 5 Reserve Assets 23 36889 26908 5.1 Monetary Gold 24 2833 2066 5.2 Special Drawing Rights 25 561 409 5.3 Reserve Position in the IMF 26 112 82 5.4 Foreign Currency Reserves 27 33387 24353 5.5 Other Reserve Assets 28 -4 -3 Liabilities 29 74597 54412 1 Direct Investment 30 37430 27302 1.1 Equity and Investment Fund Shares 31 34838 25411 1.2 Debt Instruments 32 2592 1890 1.a Financial Sectors 33 2146 1565 1.1.a Equity and Investment Fund Shares 34 1971 1438 1.2.a Debt Instruments 35 174 127 1.b Non-financial Sectors 36 35284 25736 1.1.b Equity and Investment Fund Shares 37 32867 23973 1.2.b Debt Instruments 38 2417 1763 2 Portfolio Investment 39 23272 16975 2.1 Equity and Investment Fund Shares 40 16152 11781 2.2 Debt Securities 41 7121 5194 3 Financial Derivatives (other than reserves) and Employee Stock Options 42 239 174 4 Other Investment 43 13656 9961 4.1 Other Equity 44 0 0 4.2 Currency and Deposits 45 4829 3522 4.3 Loans 46 3135 2287 4.4 Insurance, Pension, and Standardized Guarantee Schemes 47 318 232 4.5 Trade Credit and Advances 48 4003 2920 4.6 Others 49 874 638 4.7 Special Drawing Rights 50 496 362 Notes:1. This table employs rounded-off numbers. 2.Net International Investment Position refers to assets minus liabilities. Positive figure refers to net assets, and negative figure refers to net liabilities. 3.The SDR denominated data is converted from the USD denominated data, using the exchange rate of SDR against USD at the end of the quarter. 4.The IIP data is revised regularly; please find the latest data in “Data and Statistics”. 2025-12-31/en/2025/1231/2379.html
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For the purposes of regulating and developing the foreign exchange market, expanding high-standard opening-up, protecting the legitimate rights and interests of all parties concerned, preventing relevant risks, and promoting development of the foreign exchange market to better serve the real economy, the People's Bank of China (PBOC) has revised the Interim Provisions on the Administration of the Interbank Foreign Exchange Market (Yinfa No.423 [1996]) and issued the Regulations on the Administration of the Interbank Foreign Exchange Market (PBOC Order No.13 [2025] ), which will come into effect on February 1, 2026. Based on the developments in China's interbank foreign exchange market and the regulatory practices, the Regulations have combined the relevant provisions to form a regulatory framework and lay out the regulatory requirements systemically. The focuses are as follows. First, strengthening regulation over the interbank foreign exchange market. Requirements are clearly laid out regarding trading venues, business qualifications, quotation norms, trading and clearing rules, information management, data services, self-regulatory management, etc. to ensure full regulatory coverage. Second, maintaining sound operation of the foreign exchange market. The Regulations provide for the rights and obligations of not only the infrastructures but also the domestic and overseas financial institutions, currency brokers, and financial information service providers in the interbank foreign exchange market. Transactions in the market shall be conducted in line with the principles of openness, fairness, impartiality, and good faith to ensure protection of the legitimate rights and interests of market participants. Third, advancing high-quality development of the interbank foreign exchange market. The Regulations show support for the efforts of the foreign exchange market infrastructures to diversify trading and clearing products, currencies, and methods based on market demand so as to facilitate financial institutions’ provision of foreign exchange services to their clients. Going forward, the PBOC and the State Administration of Foreign Exchange (SAFE) will further improve the administration of the interbank foreign exchange market, deepen the development of the foreign exchange market, and maintain its sound operation. 2025-12-26/en/2025/1226/2380.html