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In the fourth quarter of 2025, China's current account registered a surplus of RMB 1726.1 billion, including a surplus of RMB 2196.0 billion under trade in goods, a deficit of RMB 343.5 billion under trade in services, a deficit of RMB 175.6 billion under primary income and a surplus of RMB 49.2 billion under secondary income. The capital and financial accounts recorded a deficit of RMB 1662.1 billion. In 2025, China's current account registered a surplus of RMB 5243.4 billion, the capital and financial accounts recorded a deficit of RMB 5517.1 billion. In the US dollar terms, in the fourth quarter of 2025, China's current account registered a surplus of USD 243.8 billion, including a surplus of USD 310.3 billion under trade in goods, a deficit of USD 48.5 billion under trade in services, a deficit of USD 24.9 billion under primary income and a surplus of USD 6.9 billion under secondary income. The capital and financial accounts recorded a deficit of USD 234.8 billion. In 2025, China's current account recorded a surplus of USD 735.0 billion, the capital and financial accounts recorded a deficit of USD 773.5 billion. In SDR terms, in the fourth quarter of 2025, China's current account registered a surplus of SDR 178.9 billion, including a surplus of SDR 227.6 billion under trade in goods, a deficit of SDR 35.6 billion under trade in services, a deficit of SDR 18.2 billion under primary income and a surplus of SDR 5.1 billion under secondary income. The capital and financial accounts recorded a deficit of SDR 172.2 billion. In 2025, China posted a surplus of SDR 543.7 billion under the current account, the capital and financial accounts recorded a deficit of SDR 571.1 billion. The SAFE has revised the Balance of Payments for each quarter since 2019 according to the latest data. To further increase the data transparency, the SAFE has released breakdowns of investment income, and financial account by sector and maturity for the annual of 2025. The data can be found in the section of "Data and Statistics" at the official website of the SAFE. In addition, in order to facilitate understanding of China’s Balance of Payments and International Investment Position, the BOP Analysis Team of the SAFE has released China's Balance of Payments Report 2025. (End) Abridged Balance of Payments, Q4 2025 Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current Account 1 17261 2438 1789 Credit 2 87828 12408 9104 Debit 3 -70567 -9970 -7315 1. A Goods and Services 4 18526 2618 1920 Credit 5 80470 11369 8341 Debit 6 -61944 -8751 -6421 1.A.a Goods 7 21960 3103 2276 Credit 8 72796 10284 7546 Debit 9 -50835 -7182 -5269 1.A.b Services 10 -3435 -485 -356 Credit 11 7674 1084 795 Debit 12 -11109 -1570 -1151 1.B Primary Income 13 -1756 -249 -182 Credit 14 6419 907 665 Debit 15 -8175 -1155 -847 1.C Secondary Income 16 492 69 51 Credit 17 939 133 97 Debit 18 -448 -63 -46 2. Capital and Financial Account 19 -16621 -2348 -1722 2.1 Capital Account 20 -4 -1 0 Credit 21 1 0 0 Debit 22 -5 -1 -1 2.2 Financial Account 23 -16617 -2348 -1722 Assets 24 -15954 -2254 -1653 Liabilities 25 -663 -94 -69 2.2.1 Financial Account Excluding Reserve Assets 26 -16217 -2291 -1680 2.2.1.1 Direct Investment 27 417 59 43 Assets 28 -2861 -404 -296 Liabilities 29 3278 464 340 2.2.1.2 Portfolio Investment 30 -8313 -1174 -862 Assets 31 -6899 -974 -716 Liabilities 32 -1414 -200 -146 2.2.1.3 Financial Derivatives (other than reserves) and Employee Stock Options 33 -337 -48 -35 Assets 34 720 102 75 Liabilities 35 -1057 -149 -109 2.2.1.4 Other Investment 36 -7984 -1128 -827 Assets 37 -6513 -920 -674 Liabilities 38 -1471 -208 -152 2.2.2 Reserve Assets 39 -400 -57 -41 3. Net Errors and Omissions 40 -640 -90 -67 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 fourth quarter of 2025, the gross inflow of equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 32.2 billion (RMB 227.9 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”. Abridged Balance of Payments, 2025 Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current Account 1 52434 7350 5437 Credit 2 323156 45256 33498 Debit 3 -270723 -37906 -28060 1. A Goods and Services 4 58683 8224 6082 Credit 5 295393 41368 30623 Debit 6 -236710 -33144 -24541 1.A.a Goods 7 75704 10606 7850 Credit 8 267928 37522 27775 Debit 9 -192224 -26916 -19925 1.A.b Services 10 -17021 -2381 -1768 Credit 11 27465 3847 2848 Debit 12 -44486 -6228 -4616 1.B Primary Income 13 -7826 -1095 -808 Credit 14 24472 3427 2534 Debit 15 -32299 -4522 -3342 1.C Secondary Income 16 1577 221 163 Credit 17 3291 461 341 Debit 18 -1714 -240 -178 2. Capital and Financial Account 19 -55171 -7735 -5711 2.1 Capital Account 20 -14 -2 -1 Credit 21 10 1 1 Debit 22 -24 -3 -2 2.2 Financial Account 23 -55157 -7733 -5710 Assets 24 -54293 -7609 -5633 Liabilities 25 -864 -125 -77 2.2.1 Financial Account Excluding Reserve Assets 26 -58518 -8201 -6064 2.2.1.1 Direct Investment 27 -5536 -772 -578 Assets 28 -11226 -1572 -1168 Liabilities 29 5690 800 590 2.2.1.2 Portfolio Investment 30 -30354 -4256 -3138 Assets 31 -25743 -3606 -2672 Liabilities 32 -4611 -650 -466 2.2.1.3 Financial Derivatives (other than reserves) and Employee Stock Options 33 -1725 -241 -179 Assets 34 53 9 5 Liabilities 35 -1778 -250 -184 2.2.1.4 Other Investment 36 -20903 -2932 -2169 Assets 37 -20739 -2908 -2152 Liabilities 38 -164 -24 -17 2.2.2 Reserve Assets 39 3361 468 353 3. Net Errors and Omissions 40 2737 385 274 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" asnegative 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 2025, the gross inflow of equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 92.3 billion (RMB 658.6 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”. 2026-03-27/en/2026/0327/2406.html
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As at the end of 2025, China’s external financial assets reached USD 11786.0 billion, external financial liabilities reached USD 7714.7 billion, and net external assets totaled USD 4071.3 billion. In the external financial assets, direct investment assets amounted to USD 3578.7 billion, portfolio investment assets, USD 1987.5 billion, financial derivative assets, USD 26.1 billion, other investment assets, USD 2449.4 billion, and reserves assets, USD 3744.3 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 3981.9 billion, portfolio investment liabilities, USD 2350.7 billion, financial derivative liabilities, USD 24.2 billion and other investment liabilities, USD 1358.0 billion, accounting for 52 percent, 30 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 8606.0 billion and SDR 5633.2 billion respectively, and external net assets totaled SDR 2972.8 billion at the end of 2025. The SAFE has revised the International Investment Position for each quarter since 2024 according to the latest data source. To further increase the data transparency, the SAFE has released breakdowns by sector and maturity as at the end of 2025. The data can be found in the section of "Data and Statistics" at the official website of the SAFE. In addition, in order to facilitate understanding of China's Balance of Payments and International Investment Position, the BOP Analysis Team of the SAFE has released China's Balance of Payments Report 2025. (End) Abridged International Investment Position, End of 2025 Item Line No. Position in 100 million USD Position in 100 million SDR Net Position 1 40713 29728 Assets 2 117860 86060 1 Direct Investment 3 35787 26131 1.1 Equity and Investment Fund Shares 4 30497 22269 1.2 Debt Instruments 5 5289 3862 1.a Financial Sectors 6 4864 3551 1.1.a Equity and Investment Fund Shares 7 4635 3385 1.2.a Debt Instruments 8 228 167 1.b Non-financial Sectors 9 30923 22580 1.1.b Equity and Investment Fund Shares 10 25862 18884 1.2.b Debt Instruments 11 5061 3695 2 Portfolio Investment 12 19875 14513 2.1 Equity and Investment Fund Shares 13 12628 9221 2.2 Debt Securities 14 7247 5292 3 Financial Derivatives (other than reserves) and Employee Stock Options 15 261 191 4 Other Investment 16 24494 17885 4.1 Other Equity 17 100 73 4.2 Currency and Deposits 18 6354 4640 4.3 Loans 19 9677 7066 4.4 Insurance, Pension, and Standardized Guarantee Schemes 20 336 245 4.5 Trade Credit and Advances 21 6739 4921 4.6 Others 22 1288 941 5 Reserve Assets 23 37443 27341 5.1 Monetary Gold 24 3195 2333 5.2 Special Drawing Rights 25 558 408 5.3 Reserve Position in the IMF 26 112 82 5.4 Foreign Currency Reserves 27 33579 24519 5.5 Other Reserve Assets 28 0 0 Liabilities 29 77147 56332 1 Direct Investment 30 39819 29075 1.1 Equity and Investment Fund Shares 31 36966 26993 1.2 Debt Instruments 32 2852 2083 1.a Financial Sectors 33 2242 1637 1.1.a Equity and Investment Fund Shares 34 2014 1470 1.2.a Debt Instruments 35 228 167 1.b Non-financial Sectors 36 37577 27438 1.1.b Equity and Investment Fund Shares 37 34953 25522 1.2.b Debt Instruments 38 2624 1916 2 Portfolio Investment 39 23507 17165 2.1 Equity and Investment Fund Shares 40 16651 12158 2.2 Debt Securities 41 6856 5007 3 Financial Derivatives (other than reserves) and Employee Stock Options 42 242 177 4 Other Investment 43 13580 9916 4.1 Other Equity 44 0 0 4.2 Currency and Deposits 45 4728 3453 4.3 Loans 46 3087 2254 4.4 Insurance, Pension, and Standardized Guarantee Schemes 47 320 234 4.5 Trade Credit and Advances 48 4214 3077 4.6 Others 49 734 536 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”. 2026-03-27/en/2026/0327/2405.html
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As shown in the statistics of the State Administration of Foreign Exchange (SAFE), in February 2026, the amount of foreign exchange settlement and sales by banks was RMB 1433.8 billion and RMB 1136.2 billion, respectively. During January to February 2026, the accumulative amount of foreign exchange settlement and sales by banks was RMB 3438.5 billion and RMB 2581.9 billion, respectively. In the US dollar terms, in February 2026, the amount of foreign exchange settlement and sales by banks was USD 206.4 billion and USD 163.6 billion, respectively. During January to February 2026, the accumulative amount of foreign exchange settlement and sales by banks was USD 492.7 billion and USD 370.1 billion, respectively. In February 2026, the amount of cross-border receipts and payments by non-banking sectors was RMB 4168.4 billion and RMB 3921.1 billion, respectively. During January to February 2026, the accumulative amount of cross-border receipts and payments by non-banking sectors was RMB 9640.6 billion and RMB 8818.5 billion, respectively. In the US dollar terms, in February 2026, the amount of cross-border receipts and payments by non-banking sectors was USD 600.1 billion and USD 564.5 billion, respectively. During January to February 2026, the accumulative amount of cross-border receipts and payments by non-banking sectors was USD 1381.7 billion and USD 1264.0 billion, respectively. Addendum: Glossary and relevant definitions 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. 2026-03-16/en/2026/0316/2400.html
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The State Administration of Foreign Exchange (SAFE) has recently released the data on the purchases and sales of foreign exchange by banks and the cross-border receipts and payments by non-banking sectors for January 2026. SAFE Deputy Administrator and Press Spokesperson Li Bin answered media questions on foreign exchange market situation for January 2026. Q: Could you brief us on China's foreign exchange market situation at the beginning of 2026? Are there any changes? A: Since the beginning of this year, volatility and divergence in global financial markets have increased. China's foreign exchange market has continued to operate steadily. Cross-border capital has maintained a net inflow, although the scale has narrowed compared to the previous month. In January, the surplus of foreign exchange purchases and sales by banks, as well as the net cross-border capital inflow by enterprises, individuals and other non-banking sectors, decreased by 20% and 28% month-on-month, respectively. Influenced by seasonal factors, the pace of corporate receipts and foreign exchange purchases accelerated at the closing days of 2025 and the early beginning of 2026. As this demand was gradually met, the growth in corporate receipts and foreign exchange sales has slowed recently. By major channel, net capital inflows under trade in goods decreased by 27% month-on-month in January, while net outflows under trade in services increased by 23%. Net inflows under securities investment remained stable. Overall, China's foreign exchange market is characterized by active trading and stable expectations, with cross-border capital flows becoming more stable. 2026-02-13/en/2026/0213/2399.html
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As at the end of 2025, China's banking sector recorded external financial assets of USD 1977.5 billion, external liabilities of USD 1411.0 billion, and net external assets of USD 566.5 billion, including net RMB liabilities of USD 143.6 billion and net foreign currency assets of USD 710.1 billion. Among the external financial assets of the banking sector, by instrument, deposits and loans were USD 1153.1 billion, bonds investment, USD 547.4 billion, and other assets including equity, USD 277.0 billion, accounting for 58 percent, 28 percent and 14 percent of the sector's total external financial assets respectively. By currency, RMB assets were USD 584.3 billion, USD assets were USD 970.4 billion, and other currency assets were USD 422.8 billion, accounting for 30 percent, 49 percent and 21 percent respectively. Bycounterpart sector, the amount invested in the overseas banking sector was USD 1005.1 billion, accounting for 51 percent; the amount invested in the overseas non-banking sector was USD 972.4 billion, accounting for 49 percent. Among the external liabilities of the banking sector, by instrument, deposits and loans were USD 655.9 billion, bonds investment, USD 268.4 billion, and other liabilities including equity, USD 486.7 billion, accounting for 46 percent, 19 percent and 34 percent of the sector's total external liabilities respectively. By currency, RMB liabilities were USD 727.9 billion, USD liabilities, USD 264.7 billion, and other currency liabilities, USD 418.4 billion, accounting for 52 percent, 19 percent and 30 percent respectively. By counterpart sector, USD 523.0 billion was from overseas banking sector, accounting for 37 percent; while USD 888.0 billion was from overseas non-banking sector, accounting for 63 percent. (End) 2026-03-26/en/2026/0326/2401.html
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According to the statistics released by the State Administration of Foreign Exchange (SAFE), by the end of February 2026, China's foreign exchange reserves totaled USD 3.4278 trillion, up by USD 28.7 billion or 0.85% from the end of January 2026. In February 2026, driven by factors such as the macroeconomic data, monetary policies, and expectations of major economies, the US dollar index increased and global financial asset prices exhibited mixed performance. China's foreign exchange reserves increased this month due to the combined effects of currency translation and changes in asset prices. China's economy maintains stability and makes steady progress, advancing towards innovation-driven, and high-quality development. The underlying conditions and fundamental trends sustaining China's long-term growth remain unchanged, which are conductive to the stabilization of foreign exchange reserves. 2026-03-07/en/2026/0307/2403.html
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External Financial Assets and Liabilities of China's Banking Sector(As of December 31,2025) 2026-03-26/en/2026/0326/2402.html
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China Balance of Payment Report(First half of 2025) 2026-03-03/en/2026/0303/2398.html
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为深入贯彻落实党中央、国务院决策部署，持续深化跨境融资便利化改革，2026年5月15日，国家外汇管理局广东省分局修订新版《银行办理非金融企业外债签约（变更）登记业务实施细则》（以下简称《实施细则》），进一步推动广东跨境贸易投资高水平开放试点提质增效。 近年来，广东跨境融资便利化改革不断迈出坚实步伐。2018年12月，广东率先试点外债注销登记下放银行办理；2022年1月，跨境贸易投资高水平开放试点率先落地南沙，允许符合条件的企业在银行办理外债签约登记；2024年1月，该试点政策推广至全省，实现符合条件的外债登记全流程“银行办、少跑腿”。截至2026年5月末，国家外汇管理局广东省分局辖内银行累计办理外债签约（变更）登记业务超1300笔，累计签约金额超190亿美元。 根据前期业务试点过程积累的经验，新版《实施细则》进一步统一了业务办理标准，明确了尚可跨境融资风险加权余额查询要求及异议处置流程，细化了风险管控要求。在严守跨境融资风险底线的前提下，持续简化办理流程、优化服务路径，既压实了银行展业履职责任，又切实减轻了企业办事负担。据省内不少企业反映，外债业务下放银行办理后，业务办理周期明显缩短，资金到位速度加快，有效保障了项目运营与扩大生产需求。 新版《实施细则》将于2026年6月15日正式施行。同时，为规范政策管理、统一执行标准，《国家外汇管理局广东省分局关于扩大跨境贸易投资高水平开放试点的通知》附件4《银行办理非金融企业外债签约（变更）登记业务实施细则》将于同日废止。 国家外汇管理局广东省分局有关负责人表示，下一步将扎实推进新版《实施细则》落地实施，强化政策宣讲与业务指导，帮助辖内银行精准把握政策要求，确保政策红利精准直达经营主体，充分释放改革动能，全力护航广东实体经济高质量发展。 2026-06-01/guangdong/2026/0601/3225.html
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为进一步规范和优化银行办理非金融企业外债签约（变更）登记业务流程，满足企业跨境融资合理需要，国家外汇管理局广东省分局近期印发《国家外汇管理局广东省分局关于修订〈银行办理非金融企业外债签约（变更）登记业务实施细则〉的通知》（粤汇发〔2026〕10号，以下简称《实施细则》）。为便于拟在银行办理外债登记业务的经营主体快速了解《实施细则》修订内容，外汇局广东省分局制作“一图读懂银行办理非金融企业外债登记新规”宣传长图，以图文形式介绍《实施细则》的政策背景、主要修订内容，以及《实施细则》实施后银行办理非金融企业外债登记适用对象、登记地、登记手续、审核要求等要点。 公众可通过国家外汇管理局政府网站广东省分局子网站“特色服务”栏目浏览查看。 2026-06-02/guangdong/2026/0602/3226.html