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支持上海先行先试发展离岸金融是以习近平同志为核心的党中央着眼中国式现代化全局作出的重大部署，是新发展阶段进一步增强上海国际金融中心全球竞争力和影响力的重要举措。为深入贯彻落实中央金融工作会议精神和党中央、国务院有关构建与上海国际金融中心相匹配的离岸金融体系要求，支持上海探索发展离岸金融，在更深层次、更宽领域推进金融高水平开放，制定本方案。 一、总体要求 以习近平新时代中国特色社会主义思想为指导，全面贯彻落实党的二十大和二十届历次全会精神，统筹金融发展和安全，坚持稳中求进工作总基调，推动金融发展全面对标国际高标准经贸规则，有序扩大规则、规制、管理、标准等制度型开放。在上海率先构建与上海国际金融中心相匹配的离岸金融体系，聚焦服务我国近年来逐渐形成的离岸经济金融需求，为“走出去”企业打造安全可靠的“金融避风港”，为全球其他国家和地区企业提供安全可靠优质的离岸金融，便利跨国公司全球配置资源，更好服务推进人民币国际化，更好满足建设强大的国际金融中心和金融强国的需要。 到2027年末，初步建立适应离岸金融业务的业务规则、风险管理和处置、营商环境等制度体系，立足数字化前沿开展离岸金融业务探索，更好服务企业“走出去”；到2030年末，逐步形成相对成熟的离岸金融制度和法治体系，为我国企业国际投资和贸易持续开展提供安全可靠的金融服务，为在岸金融体系改革开展测试，有力支持打造人民币资产全球配置功能和风险管理功能；到2035年末，成为离岸、在岸高水平统筹协调发展的战略枢纽，引领国家金融高水平开放和高质量发展。 二、支持在浦东新区开展离岸金融先行先试 稳妥有序在浦东新区开展离岸金融试点，持续增强社会主义现代化建设引领区全球金融资源配置功能。试点通过“物理集聚”“主体限定”“账户隔离”等方式探索离岸金融适度集聚和有效隔离，更好集聚全球优质金融要素和资源，支持我国“走出去”企业海外分（子）公司以及共建“一带一路”国家和地区优质企业等境外企业主体使用离岸金融服务，满足其在支付结算、资金汇兑、投资融资、保险保障、资产管理等方面的多元化需求。鼓励上海市制定企业获得离岸金融服务的标准、流程和监管办法。研究设立离岸银行等离岸金融机构的可行性。 三、资金流动与账户管理 支持银行业金融机构依托自由贸易账户（FT账户），为符合条件的企业主体开展离岸贸易、离岸租赁、离岸航运、全球财资管理等特定离岸业务提供金融服务。支持上海自贸试验区分账核算单元（FTU）在专项额度内投资自贸离岸债。按照“一线放开、二线管住、交易留痕、风险可控”原则，优化离岸金融跨境资金管理。发挥好现有离岸账户（OSA账户）作用，有效推进离岸金融服务提质增效。 四、数字化应用 依托数字人民币国际运营中心，在安全可控前提下建设和运营数字人民币跨境、离岸和区块链基础设施，稳妥推进与境外金融基础设施的互联互通，稳步促进数字人民币在离岸业务中的应用和场景拓展。 五、离岸金融业务 支持浦东发展人民币离岸交易、跨境贸易结算和海外融资服务，根据实际需求和风险情况，按照“成熟一类、实施一类”的原则小切口稳步探索离岸金融试点业务。初期优先发展具备一定基础的离岸金融业务，首批试点业务包括离岸贸易金融服务、自贸离岸债、离岸再保险、财资中心资金运营、离岸人民币外汇交易、非居民个人金融服务等。根据试点情况，逐步拓展新的试点业务。不断丰富离岸人民币产品和服务供给，提升市场活跃度。试点业务需履行国际收支申报义务、金融账户涉税信息尽职调查和信息报送义务。具体类别试点业务由业务主管部门出台细则予以明确。 （一）优化提升离岸贸易金融服务。支持上海自贸试验区临港新片区离岸贸易金融服务综合改革试点扩围。支持全球优质贸易商设立离岸贸易专业公司，为其开展离岸贸易提供资金支付、结算、融资等金融服务。支持“跨境通”“离岸通”等平台进一步整合全球海关、物流等数据，为离岸贸易金融服务提供支撑。优先发展基于大宗商品交易等具备一定基础的离岸贸易金融服务，适时将离岸贸易金融服务管理模式扩大到更多的贸易业务场景。 （二）高质量发展自贸离岸债。在遵循“两头在外”原则和对标国际良好实践基础上，加快推进自贸离岸债高质量发展，进一步拓宽“走出去”企业及共建“一带一路”国家和地区等优质企业的投融资渠道。设置上海自贸试验区分账核算单元投资自贸离岸债专项额度，推动市场扩容增量。 （三）有序发展离岸再保险。支持符合条件的再保险专营机构将归集的国际分入资金依法依规办理再保险保费境外投资及赔款收付结算等，开展跨境再保险分入业务收入境外投资便利化试点。 （四）积极支持财资中心建设。支持上海市开展跨国公司财资中心试点，鼓励跨国公司设立国际财资中心。按照“一线放开、二线管住”原则，制定配套资金运营管理政策，支持财资中心归集海外资金，强化风险管理，便捷高效实现跨国公司全球资金管理和使用。鼓励上海市对财资中心给予配套扶持。 （五）支持发展人民币离岸交易。支持符合条件的商业银行开展上海自贸试验区离岸人民币外汇交易业务。支持外汇交易中心提升离岸外汇交易服务能力，推动人民币对非美货币直接交易发展。依托外汇交易中心平台，汇聚全球外币对、外币货币等外币市场流动性，增强国际资本配置功能。建立健全配套政策和人才服务机制，保障支持外汇交易中心离岸外汇业务发展。 （六）便利非居民个人金融服务。支持在东方枢纽国际商务合作区等区域为非居民个人提供金融服务，合理布局零售业务网点，优化账户开立和办卡流程，更好满足非居民个人的商务往来、日常消费等场景的支付结算等金融需求。根据试点情况，稳步拓展面向非居民个人的离岸财富管理、全球资产配置等专业化金融产品与服务供给。 （七）条件成熟后适时全面探索发展离岸金融业务。探索优化完善离岸信贷业务模式，不断丰富离岸银行业务产品和服务。研究探索开展离岸金融资产转让业务可行性。探索发展离岸资产管理业务，支持各类资产管理机构开发设计符合客户需要和国际通行合规要求的资管产品，开展境外资产配置。研究探索稳妥有序发展家族信托、家族办公室等业务，打造离岸财富管理高地。 六、离岸金融法律制度体系 中国人民银行、金融监管总局、中国证监会、国家外汇局等中央金融管理部门根据离岸金融发展需要，研究依法制定离岸金融业务制度和规则，分层分类逐步建立健全业务开展指导性规定。上海市可运用浦东新区法规立法授权，在中央金融管理部门等支持下，研究制定离岸金融领域配套规则，并完善与离岸金融发展相适应的仲裁规则。凡涉及暂时调整或暂停实施现行法律或行政法规的，按法定程序经全国人大及其常委会或国务院授权后实施。指导相关主体建立离岸金融自律机制，促进离岸金融试点业务稳慎有序开展。 七、离岸金融监管和风险防控 （一）全面加强金融监管。统筹兼顾离岸金融发展和安全，强化机构监管、行为监管、功能监管、穿透式监管、持续监管。中央金融管理部门依法对离岸金融业务实施管理，并与上海市建立健全常态化协调机制，根据试点情况健全完善离岸金融业务管理。上海市人民政府定期向中央金融管理部门报送离岸金融业务开展情况和试点重要情况，并抄送国家发展改革委、财政部等宏观经济管理部门。 （二）加强资金流动监测预警。加强资金交易监测预警，防止出现资金空转和监管套利，对异常资金流动实施协同管理。在极端特定风险场景发生时，依法实施国际通用风险管理措施。 （三）建立离岸金融风险管理处置机制。中央金融管理部门依法对金融风险实施管理处置。上海市人民政府建立离岸金融风险监测和处置机制，依托上海金融风险监测预警平台加强对离岸业务的风险识别和监测预警，监管信息报送实施“一点化”统一申报。加强离岸金融机构在市场准入、风险管理等的协同联动，有效防范套利套汇、监管真空等风险隐患。根据监管职责分工情况，依法加强对违法违规金融活动的处罚。 八、统筹推进实施 （一）坚持和加强党的领导。坚持和加强党对离岸金融工作的领导。依托上海国际金融中心建设协调推进机制，加强对上海发展离岸金融的统筹指导。加强党的建设，以更高质量党建保障离岸金融各项改革举措推进落实。 （二）注重协同联动和整体推进。中央金融管理部门及国家发展改革委、财政部、商务部、海关总署、市场监管总局等部门做好授权、支持和配合，与上海市人民政府各相关部门加强整体统筹推进，形成政策合力，系统释放改革红利。根据试点情况，探索一体化推进商事、监管、法律服务等配套政策完善，打造最优金融发展环境。上海市人民政府及上海市浦东新区人民政府在相关发展资金中，按规定对离岸金融业务给予专项扶持。 （三）重大事项请示报告。上海市人民政府要切实承担起责任，统筹做好本行动方案推进实施，加强法治建设和风险防控。上海要注重做好与香港离岸金融发展的互学互鉴，实现两个国际金融中心的协同联动发展，共同维护国家经济金融安全和利益。推进过程中重大事项及时向党中央、国务院请示报告。 中国人民银行 国家发展改革委 金融监管总局 中国证监会 国家外汇局 上海市人民政府 2026年6月11日 2026-06-18/qinghai/2026/0618/2020.html
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近日，国家外汇管理局果洛藏族自治州分局联合辖内银行走进某公司生产一线，围绕金融外汇支持相关产业高质量发展开展专题调研。调研座谈中，企业创始人提出发展中遇到的困难，调研组现场解答疑问，明确业务办理所需材料及流程，提出解决措施，通过“政策指导+银行服务”双轮驱动，帮助企业打通出口环节的“最后一公里”。 下一步，果洛州分局将持续跟踪相关政策落地见效，建立“外汇局+银行+企业”常态化对接机制，助力辖内企业在更广阔的市场绽放光彩。 2026-06-18/qinghai/2026/0618/2017.html
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近日，双鸭山市分局赴饶河营业管理部开展外汇业务难点问题专项研讨。调研组坚持问题导向，聚焦饶河边贸特色业务，全面梳理县域在外汇政策执行、企业外汇业务办理方面遇到的实际困难，重点排查政策传导“最后一公里”问题。针对发现的问题，调研组进一步明确解决方案与推进路径，切实有效推动县域外汇业务规范高效开展，支持县域涉外经济发展。 2026-06-09/heilongjiang/2026/0609/2884.html
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近日，为提升服务贸易外汇业务监管质效和风控水平，齐齐哈尔市分局组织辖内银行相关从业人员参加服务贸易事中事后监管培训，立足银行服务贸易尽职展业审核要点，结合服务贸易监测核查典型案例开展以案促学，帮助参训人员吃透业务难点、积累风控经验，进一步提升服务贸易监测核查的针对性和科学性。 2026-06-18/heilongjiang/2026/0618/2886.html
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服务外包项下总包方可以向分包方境内外汇划转费用吗？ 答：可以，根据《国家外汇管理局关于印发〈经常项目外汇业务指引（2020年版）〉的通知》（汇发﹝2020﹞14号）第五十条规定，办理下列服务贸易境内外汇划转业务的，由划付方银行按展业原则审核交易单证：（四）服务外包项下总包方向分包方划转相关费用。 2026-06-16/tianjin/2026/0616/3074.html
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近日，鹤岗市分局组织辖区8家金融机构召开汇率风险管理工作推进会议。会上，分局工作人员详细解读企业汇率风险管理相关政策，现场解答银行提出的疑难问题，鼓励支持银行为企业提供“一站式”、“全方位”的汇率风险管理、外汇业务办理等服务，切实提升银行跨境金融服务水平。 2026-06-12/heilongjiang/2026/0612/2885.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
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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/2026/0106/2388.html
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In the third quarter of 2025, China's current account registered a surplus of RMB 1394.8 billion, including a surplus of RMB 1921.3 billion under trade in goods, a deficit of RMB 352.0 billion under trade in services, a deficit of RMB 232.4 billion under primary income and a surplus of RMB 57.9 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of RMB 1394.8 billion. Inward foreign direct investments (FDI) continued the net inflow. In the first three quarters of 2025, China's current account registered a surplus of RMB 3507.4 billion, including a surplus of RMB 5201.5 billion under trade in goods, a deficit of RMB 1116.6 billion under trade in services, a deficit of RMB 684.4 billion under primary income, and a surplus of RMB 106.9 billion under secondary income. The capital and financial accounts (including net errors and omissions for the third quarter) recorded a deficit of RMB 3388.5 billion. In the US dollar terms, in the third quarter of 2025, China's current account registered a surplus of USD 195.6 billion, including a surplus of USD 269.5 billion under trade in goods, a deficit of USD 49.4 billion under trade in services, a deficit of USD 32.6 billion under primary income and a surplus of USD 8.1 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of USD 195.6 billion. In the US dollar terms, in the first three quarters of 2025, China's current account recorded a surplus of USD 489.8 billion, including a surplus of USD 726.2 billion under trade in goods, a deficit of USD 155.8 billion under trade in services, a deficit of USD 95.5 billion under primary income, and a surplus of USD 14.9 billion under secondary income. The capital and financial accounts (including net errors and omissions for the third quarter) recorded a deficit of USD 473.3 billion. In SDR terms, in the third quarter of 2025, China's current account registered a surplus of SDR 142.9 billion, including a surplus of SDR 196.9 billion under trade in goods, a deficit of SDR 36.1 billion under trade in services, a deficit of SDR 23.8 billion under primary income and a surplus of SDR 5.9 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of SDR 142.9 billion. In SDR terms, in the first three quarters of 2025, China posted a surplus of SDR 363.9 billion under the current account, including a surplus of SDR 539.4 billion under trade in goods, a deficit of SDR 116.1 billion under trade in services, a deficit of SDR 70.5 billion under primary income and a surplus of SDR 11.0 billion under secondary income. The capital and financial accounts (including net errors and omissions for the third quarter) recorded a deficit of SDR 350.6 billion.(End) China's Balance of Payments, Q3 2025 (Preliminary Data) Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current account 1 13948 1956 1429 Credit 2 82444 11565 8449 Debit 3 -68496 -9609 -7020 1. A Goods and Services 4 15693 2201 1608 Credit 5 74819 10496 7668 Debit 6 -59126 -8295 -6060 1.A.a Goods 7 19213 2695 1969 Credit 8 66934 9390 6860 Debit 9 -47721 -6695 -4891 1.A.b Services 10 -3520 -494 -361 Credit 11 7885 1106 808 Debit 12 -11405 -1600 -1169 1.A.b.1 Processing services 13 200 28 20 Credit 14 254 36 26 Debit 15 -55 -8 -6 1.A.b.2 Maintenance and Repair Services 16 124 17 13 Credit 17 277 39 28 Debit 18 -153 -21 -16 1.A.b.3 Transport 19 -930 -131 -95 Credit 20 2259 317 231 Debit 21 -3189 -447 -327 1.A.b.4 Travel 22 -3589 -503 -368 Credit 23 989 139 101 Debit 24 -4578 -642 -469 1.A.b.5 Construction 25 156 22 16 Credit 26 343 48 35 Debit 27 -187 -26 -19 1.A.b.6 Insurance and Pension Services 28 -206 -29 -21 Credit 29 43 6 4 Debit 30 -249 -35 -26 1.A.b.7 Financial Services 31 -4 -1 0 Credit 32 61 9 6 Debit 33 -65 -9 -7 1.A.b.8 Charges for the Use of Intellectual Property 34 -558 -78 -57 Credit 35 328 46 34 Debit 36 -886 -124 -91 1.A.b.9 Telecommunications, Computer, and Information Services 37 542 76 56 Credit 38 1265 177 130 Debit 39 -723 -101 -74 1.A.b.10 Other Business Services 40 855 120 88 Credit 41 2008 282 206 Debit 42 -1154 -162 -118 1.A.b.11 Personal, Cultural, and Recreational Services 43 -65 -9 -7 Credit 44 32 4 3 Debit 45 -97 -14 -10 1.A.b.12 Government Goods and Services n.i.e 46 -43 -6 -4 Credit 47 26 4 3 Debit 48 -69 -10 -7 1.B Primary Income 49 -2324 -326 -238 Credit 50 6625 929 679 Debit 51 -8949 -1256 -917 1.C Secondary Income 52 579 81 59 Credit 53 1000 140 103 Debit 54 -421 -59 -43 2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) 55 -13948 -1956 -1429 2.1 Capital Account 56 7 1 1 Credit 57 9 1 1 Debit 58 -2 0 0 2.2. Financial Account (Including Net Errors and Omissions for the Quarter) 59 -13955 -1957 -1430 2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) 60 -14795 -2075 -1516 Including: 2.2.1.1 Direct Investment 61 -2242 -314 -230 2.2.1.1.1 Assets 62 -2842 -399 -291 2.2.1.1.1.1 Equity and investment fund shares 63 -2867 -402 -294 2.2.1.1.1.2 Debt instruments 64 25 3 2 2.2.1.1.2 Liabilities 65 600 85 62 2.2.1.1.2.1 Equity and investment fund shares 66 991 140 102 2.2.1.1.2.2 Debt instruments 67 -390 -55 -40 2.2.2 Reserve Assets 68 839 118 86 2.2.2.1 Monetary gold 69 0 0 0 2.2.2.2 Special drawing rights 70 -13 -2 -1 2.2.2.3 Reserve position in the IMF 71 4 1 0 2.2.2.4 Foreign exchange reserves 72 848 119 87 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 third quarter of 2025, the equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 20.9 billion (RMB 149.0 billion). 6.This table employs rounded-off numbers. China's Balance of Payments, First Three Quarters of 2025 (Preliminary Data) Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current account 1 35074 4898 3639 Credit 2 231370 32296 23983 Debit 3 -196296 -27399 -20345 1. A Goods and Services 4 40849 5704 4234 Credit 5 211241 29486 21900 Debit 6 -170391 -23782 -17666 1.A.a Goods 7 52015 7262 5394 Credit 8 188893 26366 19582 Debit 9 -136878 -19105 -14188 1.A.b Services 10 -11166 -1558 -1161 Credit 11 22347 3119 2318 Debit 12 -33513 -4677 -3478 1.A.b.1 Processing services 13 561 78 58 Credit 14 689 96 71 Debit 15 -128 -18 -13 1.A.b.2 Maintenance and Repair Services 16 315 44 33 Credit 17 738 103 76 Debit 18 -422 -59 -44 1.A.b.3 Transport 19 -2641 -369 -274 Credit 20 6443 899 668 Debit 21 -9085 -1268 -942 1.A.b.4 Travel 22 -10908 -1522 -1135 Credit 23 2738 382 284 Debit 24 -13646 -1905 -1418 1.A.b.5 Construction 25 370 52 38 Credit 26 882 123 91 Debit 27 -512 -71 -53 1.A.b.6 Insurance and Pension Services 28 -756 -106 -78 Credit 29 155 22 16 Debit 30 -911 -127 -95 1.A.b.7 Financial Services 31 11 2 1 Credit 32 222 31 23 Debit 33 -211 -29 -22 1.A.b.8 Charges for the Use of Intellectual Property 34 -1872 -261 -194 Credit 35 673 94 70 Debit 36 -2545 -355 -264 1.A.b.9 Telecommunications, Computer, and Information Services 37 1452 203 150 Credit 38 3700 516 384 Debit 39 -2247 -314 -233 1.A.b.10 Other Business Services 40 2537 354 264 Credit 41 5916 826 614 Debit 42 -3378 -472 -350 1.A.b.11 Personal, Cultural, and Recreational Services 43 -151 -21 -16 Credit 44 113 16 12 Debit 45 -264 -37 -27 1.A.b.12 Government Goods and Services n.i.e 46 -83 -12 -9 Credit 47 79 11 8 Debit 48 -162 -23 -17 1.B Primary Income 49 -6844 -955 -705 Credit 50 17794 2484 1842 Debit 51 -24639 -3440 -2547 1.C Secondary Income 52 1069 149 110 Credit 53 2335 326 242 Debit 54 -1266 -177 -131 2. Capital and Financial Accounts (Including Net Errors and Omissions for the Third Quarter) 55 -33885 -4733 -3506 2.1 Capital Account 56 -3 0 0 Credit 57 12 2 1 Debit 58 -15 -2 -2 2.2. Financial Account (Including Net Errors and Omissions for the Third Quarter) 59 -33881 -4732 -3505 2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Third Quarter) 60 -37642 -5257 -3900 Including: 2.2.1.1 Direct Investment 61 -5589 -780 -583 2.2.1.1.1 Assets 62 -8479 -1184 -882 2.2.1.1.1.1 Equity and investment fund shares 63 -7192 -1004 -746 2.2.1.1.1.2 Debt instruments 64 -1287 -179 -137 2.2.1.1.2 Liabilities 65 2889 404 299 2.2.1.1.2.1 Equity and investment fund shares 66 3812 532 396 2.2.1.1.2.2 Debt instruments 67 -922 -129 -97 2.2.2 Reserve Assets 68 3761 524 395 2.2.2.1 Monetary gold 69 0 0 0 2.2.2.2 Special drawing rights 70 -246 -34 -26 2.2.2.3 Reserve position in the IMF 71 -106 -15 -11 2.2.2.4 Foreign exchange reserves 72 4113 573 431 2.2.2.5 Other reserves 73 0 0 0 3. Net Errors and Omissions 74 -1189 -165 -133 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 the first three quarters of 2025 is the sum of the official amounts of the BOP for 2025Q1, 2025Q2 and the preliminary amount for 2025Q3. 5.According to preliminary statistics, 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 430.4 billion). 6.This table employs rounded-off numbers. 2025-11-07/en/2025/1107/2358.html
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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