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In May 2025, the export and import of China’s international trade in goods and services totalled RMB 4164.3 billion, up 3 percent over the same time last year. Of this, the export of goods recorded RMB 2049.8 billion and the import recorded RMB 1531.5 billion, resulting in a surplus of RMB 518.3 billion. The export of services recorded RMB 235.6 billion and the import recorded RMB 347.4 billion, resulting in a deficit of RMB 111.8 billion. In terms of the major items, the export and import of transport, travel, other business services, telecommunications, computer and information services registered RMB 171.4 billion, RMB 163.2 billion, RMB 103.6 billion and RMB 59.2 billion respectively. In the US dollar terms, in May 2025, the export and import of China’s international trade in goods and services were USD 317.6 billion and USD 261.1 billion respectively, with a surplus of USD 56.5 billion.(End) International Trade in Goods and Services of China May 2025 Item In 100 million of RMB In 100 million of USD Goods and services 4064 565 Credit 22854 3176 Debit -18789 -2611 1. Goods 5183 720 Credit 20498 2849 Debit -15315 -2129 2. Services -1118 -155 Credit 2356 327 Debit -3474 -483 2.1Manufacturing services on physical inputs owned by others 53 7 Credit 68 9 Debit -15 -2 2.2Maintenance and repair services n.i.e 27 4 Credit 72 10 Debit -45 -6 2.3Transport -254 -35 Credit 730 101 Debit -984 -137 2.4Travel -1018 -142 Credit 307 43 Debit -1325 -184 2.5Construction 49 7 Credit 107 15 Debit -58 -8 2.6Insurance and pension services -36 -5 Credit 18 3 Debit -55 -8 2.7Financial services 3 0 Credit 24 3 Debit -22 -3 2.8Charges for the use of intellectual property -241 -33 Credit 35 5 Debit -276 -38 2.9Telecommunications, computer and information services 116 16 Credit 354 49 Debit -238 -33 2.10Other business services 205 28 Credit 620 86 Debit -416 -58 2.11Personal, cultural, and recreational services -19 -3 Credit 10 1 Debit -29 -4 2.12Government goods and services n.i.e -3 0 Credit 9 1 Debit -12 -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: Goods and Services: refers to the trade in goods and services between residents and non-residents, which is based on the same standard as 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 the customs statistics of imports and exports, but 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. 2.1 Manufacturing 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. 2.2 Maintenance 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. 2.3 Transport: 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. 2.4 Travel: 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. 2.5 Construction 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-lifeinsurance, 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 tocommunications 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. 2025-06-27/en/2025/0627/2314.html
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As at the end of March 2025, China recorded RMB 17.5967 trillion in outstanding external debt denominated in both domestic and foreign currencies (equivalent to USD 2451.4 billion, excluding those of Hong Kong SAR, Macao SAR, and Taiwan Province of China, the same below). In terms of maturity structure, the outstanding medium and long-term external debt was RMB 7424.8 billion (equivalent to USD 1034.4 billion), accounting for 42 percent; while the outstanding short-term external debt was RMB 10171.9billion (equivalent to USD 1417.0 billion), taking up 58 percent,of which 33 percent was trade-related credit. In terms of institutional sectors, the outstanding debt of general government totaled RMB 2906.2 billion (equivalent to USD 404.9 billion), accounting for 16 percent; the outstanding debt of the central bank totaled RMB 807.7 billion (equivalent to USD 112.5billion), accounting for 5 percent; the outstanding debt of banks totaled RMB 7714.3 billion (equivalent to USD 1074.7 billion), accounting for 44 percent; the outstanding debt of other sectors (including inter-company lending under direct investments) totaled RMB 6168.5 billion (equivalent to USD 859.3 billion), accounting for 35 percent. In terms of debt instruments, the balance of loans was RMB 2358.5 billion (equivalent to USD 328.5 billion), accounting for 13 percent; the outstanding trade credits and advances was RMB 2690.4 billion (equivalent to USD 374.8 billion), accounting for 15 percent; the outstanding currency and deposits was RMB 3390.1 billion (equivalent to USD 472.3 billion), accounting for 19 percent; the outstanding debt securities was RMB 6235.2 billion (equivalent to USD 868.6 billion), accounting for 36 percent; the Special Drawing Rights (SDR) allocation amounted to RMB 345.3 billion (equivalent to USD 48.1billion), accounting for 2 percent; the balance of inter-company lending under direct investments totaled RMB 1710.3 billion (equivalent to USD 238.3 billion), accounting for 10 percent; and the balance of other debt liabilities was RMB 866.9 billion (equivalent to USD 120.8 billion), accounting for 5 percent. With respect to currency structures, the outstanding external debt in domestic currency totaled RMB 9163.4 billion (equivalent to USD 1276.6billion), accounting for 52 percent; the outstanding external debt in foreign currencies (including SDR allocation) totaled RMB 8433.3 billion (equivalent to USD 1174.8 billion), accounting for 48 percent. In the outstanding registered external debt in foreign currencies, the USD debt accounted for 81 percent, the Euro debt accounted for 7 percent, the JPY debt accounted for 5 percent, the HKD debt accounted for 4 percent, the SDR and other foreign currency-denominated external debt accounted for 3 percent. Since all major external debt indicators were within the internationally recognized thresholds, China's external debt risk is under control. Appendix Definitionof terms and interpretations External debt classificationby 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., ba nks) 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 March 2025 End of March 2025 End of March 2025 （Unit:100 million RMB） （Unit:100 million US dollars） General Government 29062 4049 Short-term 1247 174 Currency and deposits 0 0 Debt securities 1247 174 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 0 0 Long-term 27815 3875 Special drawing rights (allocations) 0 0 Currency and deposits 0 0 Debt securities 24079 3355 Loans 3736 520 Trade credit and advances 0 0 Other debt liabilities 0 0 Central Bank 8077 1125 Short-term 3036 423 Currency and deposits 1135 158 Debt securities 1901 265 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 0 0 Long-term 5041 702 Special drawing rights (allocations) 3453 481 Currency and deposits 0 0 Debt securities 0 0 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 1588 221 Other Depository Corporations 77143 10747 Short-term 62294 8678 Currency and deposits 32756 4563 Debt securities 16245 2263 Loans 12896 1797 Trade credit and advances 0 0 Other debt liabilities 397 55 Long-term 14849 2069 Currency and deposits 0 0 Debt securities 11319 1577 Loans 3448 480 Trade credit and advances 0 0 Other debt liabilities 82 12 Other Sectors 44582 6211 Short-term 31414 4376 Currency and deposits 9 1 Debt securities 235 33 Loans 1100 153 Trade credit and advances 26433 3682 Other debt liabilities 3637 507 Long-term 13168 1835 Currency and deposits 0 0 Debt securities 7326 1021 Loans 2405 335 Trade credit and advances 471 66 Other debt liabilities 2966 413 Direct Investment: Intercompany Lending 17103 2382 Debt liabilities of direct investment enterprises to direct investors 9214 1284 Debt liabilities of direct investors to direct investment enterprises 1403 195 Debt liabilities to fellow enterprises 6486 903 Gross External Debt Position 175967 24514 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. 2025-06-27/en/2025/0627/2317.html
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As shown in the statistics of the State Administration of Foreign Exchange (SAFE), in June 2025, the amount of foreign exchange settlement and sales by banks was RMB 1490.0 billion and RMB 1308.3 billion, respectively. During January to June 2025, the accumulative amount of foreign exchange settlement and sales by banks was RMB 8213.5 billion and RMB 8395.0 billion, respectively. In the US dollar terms, in June 2025, the amount of foreign exchange settlement and sales by banks was USD 207.7 billion and USD 182.3 billion, respectively. During January to June 2025, the accumulative amount of foreign exchange settlement and sales by banks was USD 1143.2 billion and USD 1168.5 billion, respectively. In June 2025, the amount of cross-border receipts and payments by non-banking sectors was RMB 4648.5 billion and RMB 4466.7 billion, respectively. During January to June 2025, the accumulative amount of cross-border receipts and payments by non-banking sectors was RMB 27734.7 billion and RMB 26820.7 billion, respectively. In the US dollar terms, in June 2025, the amount of cross-border receipts and payments by non-banking sectors was USD 647.8 billion and USD 622.5 billion, respectively. During January to June 2025, the accumulative amount of cross-border receipts and payments by non-banking sectors was USD 3860.6 billion and USD 3733.3 billion, respectively. Addendum: Glossary and relevant definitions Balance of payments (BOP) refers to all economic transactions between residents and non-residents. Foreign exchange settlement and sales by banks refers to settlement and sale transaction that bank executes for customers and for the banks themselves, including statistic data on settlements of forward contracts for foreign exchange settlement and sales and the exercises of option, and excluding the transactions in the interbank foreign exchange market. The statistic reporting date of Foreign exchange settlement and sales by banks should be the trade day of the Foreign exchange settlement and sales transaction. By definition, foreign exchange settlement means that foreign exchange holders sell foreign exchange to banks, and foreign exchange sales means that banks sell foreign exchange to foreign exchange buyers. The newly signed contract amount of forward foreign exchange settlement and sales refers to the binding forward contract between a bank and its client that predetermines foreign exchange currency, amount, exchange rate and tenor which to be executed upon maturity. The unwind amount of forward foreign exchange settlement and sales refers to, where client is unable to perform the original forward contract due to change in its real demand, client to fully or partially close its forward position by executing another deal with opposite direction to the original contract. The rolling amount of forward foreign exchange settlement and sales refers to client to adjust the settlement date of original contract due to change in its real demand. The outstanding amount of forward foreign exchange settlement and sales by the end of the current period refers to the total amount of forward contracts accumulated from all non-matured forward contracts with client. The net Delta exposure of outstanding options refers to the implied foreign exchange spot risk exposure from outstanding option contracts that bank executed with client. The cross-border receipts and payments by non-banking sectors refers to the receipts and payments between domestic non-banking sectors (including institutional and individual residents) and non-residents through domestic banks, excluding receipts and payments in cash. 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 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 the capital of non-banking sectors received from non-residents via domestic banks; the payments refer to the capital of non-banking sectors paid to non-residents via domestic banks. 2025-07-22/en/2025/0722/2320.html
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As at the end of March 2025, China’s external financial assets reached USD 10697.8 billion, external financial liabilities reached USD 7085.4 billion, and net external assets totaled USD 3612.4 billion. In the external financial assets, direct investment assets amounted to USD 3276.5 billion, portfolio investment assets, USD 1581.8 billion, financial derivative assets, USD 21.1 billion, other investment assets, USD 2284.5 billion, and reserves assets, USD 3533.9 billion, accounting for 31 percent, 15 percent, 0.2 percent, 21 percent and 33 percent of external financial assets respectively. In external liabilities, direct investment liabilities were USD 3655.8 billion, portfolio investment liabilities, USD 2061.4 billion, financial derivative liabilities, USD 28.7 billion and other investment liabilities, USD 1339.5 billion, accounting for 52 percent, 29 percent, 0.4 percent and 19 percent of the external financial liabilities respectively. In SDR terms, China’s external financial assets and liabilities reached SDR 8051.3 billion and SDR 5332.6 billion respectively, and external net assets totaled SDR 2718.8 billion at the end of March 2025.(End) China's International Investment Position, End of March 2025 Item Line No. Position in 100 million USD Position in 100 million SDR Net Position 1 36124 27188 Assets 2 106978 80513 1 Direct Investment 3 32765 24660 1.1 Equity and Investment Fund Shares 4 28646 21559 1.2 Debt Instruments 5 4119 3100 1.a Financial Sectors 6 4504 3390 1.1.a Equity and Investment Fund Shares 7 4165 3135 1.2.a Debt Instruments 8 339 255 1.b Non-financial Sectors 9 28261 21270 1.1.b Equity and Investment Fund Shares 10 24481 18425 1.2.b Debt Instruments 11 3780 2845 2 Portfolio Investment 12 15818 11905 2.1 Equity and Investment Fund Shares 13 9849 7413 2.2 Debt Securities 14 5969 4492 3 Financial Derivatives (other than reserves) and Employee Stock Options 15 211 159 4 Other Investment 16 22845 17194 4.1 Other Equity 17 99 75 4.2 Currency and Deposits 18 5604 4217 4.3 Loans 19 8719 6562 4.4 Insurance, Pension, and Standardized Guarantee Schemes 20 326 245 4.5 Trade Credit and Advances 21 7008 5274 4.6 Others 22 1089 820 5 Reserve Assets 23 35339 26597 5.1 Monetary Gold 24 2296 1728 5.2 Special Drawing Rights 25 539 406 5.3 Reserve Position in the IMF 26 101 76 5.4 Foreign Currency Reserves 27 32407 24390 5.5 Other Reserve Assets 28 -4 -3 Liabilities 29 70854 53326 1 Direct Investment 30 36558 27514 1.1 Equity and Investment Fund Shares 31 33936 25541 1.2 Debt Instruments 32 2621 1973 1.a Financial Sectors 33 2075 1562 1.1.a Equity and Investment Fund Shares 34 1908 1436 1.2.a Debt Instruments 35 167 126 1.b Non-financial Sectors 36 34483 25952 1.1.b Equity and Investment Fund Shares 37 32028 24105 1.2.b Debt Instruments 38 2454 1847 2 Portfolio Investment 39 20614 15514 2.1 Equity and Investment Fund Shares 40 12787 9624 2.2 Debt Securities 41 7827 5890 3 Financial Derivatives (other than reserves) and Employee Stock Options 42 287 216 4 Other Investment 43 13395 10081 4.1 Other Equity 44 0 0 4.2 Currency and Deposits 45 4784 3600 4.3 Loans 46 3209 2415 4.4 Insurance, Pension, and Standardized Guarantee Schemes 47 306 230 4.5 Trade Credit and Advances 48 3748 2821 4.6 Others 49 868 653 4.7 Special Drawing Rights 50 481 362 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”. 2025-06-27/en/2025/0627/2316.html
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In the first quarter of 2025, China's current account registered a surplus of RMB 1187.4 billion, and the capital and financial accounts recorded a deficit of RMB 1009.4 billion. In the US dollar terms, in the first quarter, China's current account recorded a surplus of USD 165.4 billion, including a surplus of USD 237.5 billion under trade in goods, a deficit of USD 59.3 billion under trade in services, a deficit of USD 15.5 billion under primary income and a surplus of USD 2.8 billion under secondary income. The capital and financial accounts registered a deficit of USD 140.7 billion, including a deficit of USD 73.1 million under the capital account, and a deficit of USD 140.6 billion under the financial account. In SDR terms, in the first quarter, China posted a surplus of SDR 126.0 billion under the current account, and a deficit of SDR 106.8 billion under the capital and financial accounts.(End) Abridged Balance of Payments, Q1 2025 Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current Account 1 11874 1654 1260 Credit 2 72030 10037 7645 Debit 3 -60157 -8383 -6384 1. A Goods and Services 4 12788 1782 1357 Credit 5 66449 9260 7053 Debit 6 -53661 -7478 -5695 1.A.a Goods 7 17047 2375 1809 Credit 8 59264 8258 6290 Debit 9 -42217 -5883 -4480 1.A.b Services 10 -4259 -593 -452 Credit 11 7185 1001 763 Debit 12 -11444 -1595 -1215 1.B Primary Income 13 -1111 -155 -118 Credit 14 4961 691 526 Debit 15 -6072 -846 -644 1.C Secondary Income 16 198 28 21 Credit 17 621 86 66 Debit 18 -423 -59 -45 2. Capital and Financial Account 19 -10094 -1407 -1068 2.1 Capital Account 20 -5 -1 -1 Credit 21 2 0 0 Debit 22 -7 -1 -1 2.2 Financial Account 23 -10089 -1406 -1068 Assets 24 -13222 -1842 -1400 Liabilities 25 3133 437 333 2.2.1 Financial Account Excluding Reserve Assets 26 -12323 -1717 -1306 2.2.1.1 Direct Investment 27 -2430 -338 -259 Assets 28 -3471 -484 -369 Liabilities 29 1041 145 109 2.2.1.2 Portfolio Investment 30 -4390 -612 -467 Assets 31 -6469 -901 -687 Liabilities 32 2079 290 220 2.2.1.3 Financial Derivatives (other than reserves) and Employee Stock Options 33 -534 -74 -57 Assets 34 -416 -58 -44 Liabilities 35 -118 -16 -12 2.2.1.4 Other Investment 36 -4969 -693 -523 Assets 37 -5100 -710 -539 Liabilities 38 131 18 16 2.2.2 Reserve Assets 39 2234 311 238 3. Net Errors and Omissions 40 -1780 -248 -192 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 quarter of 2025, the equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 18.8 billion (RMB 134.9 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”. 2025-06-27/en/2025/0627/2315.html
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According to the statistics of the State Administration of Foreign Exchange (SAFE), the Chinese foreign exchange market (excluding foreign currency pairs, the same below) recorded total transactions of RMB 25.55 trillion (equivalent to USD 3.56 trillion) in June 2025. In terms of markets, the transactions volume of client market was RMB 3.68 trillion (equivalent to USD 0.51 trillion), and the transactions volume of interbank market was RMB 21.88 trillion (equivalent to USD 3.05 trillion). In terms of products, the cumulative transactions volume of the spot market was RMB 8.91 trillion (equivalent to USD 1.24 trillion), and that of the derivatives market was RMB 16.64 trillion (equivalent to USD 2.32 trillion). From January to June 2025, a total of RMB 150.87 trillion (equivalent to USD 21.00 trillion) was traded in the Chinese foreign exchange market. 2025-07-25/en/2025/0725/2321.html
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External Financial Assets and Liabilities of China's Banking Sector(As of March 31,2025) 2025-06-26/en/2025/0626/2313.html
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According to the statistics of the State Administration of Foreign Exchange (SAFE), the Chinese foreign exchange market (excluding foreign currency pairs, the same below) recorded total transactions of RMB 25.03 trillion (equivalent to USD 3.48 trillion) in May 2025. In terms of markets, the transactions volume of client market was RMB 3.42 trillion (equivalent to USD 0.48 trillion), and the transactions volume of interbank market was RMB 21.61 trillion (equivalent to USD 3.00 trillion). In terms of products, the cumulative transactions volume of the spot market was RMB 9.45 trillion (equivalent to USD 1.31 trillion), and that of the derivatives market was RMB 15.58 trillion (equivalent to USD 2.17 trillion). From January to May 2025, a total of RMB 125.31 trillion (equivalent to USD 17.44 trillion) was traded in the Chinese foreign exchange market. 2025-06-27/en/2025/0627/2318.html
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Recently, the second Committee Meeting of China-Brazil Cooperation Fund for the Expansion of Production Capacity for Sustainable Development (the "Fund") was held in Beijing. The meeting was co-chaired by Deputy Administrator of State Administration of Foreign Exchange Li Hongyan and Vice Minister of Minister of Finance of Brazil Tatiana Rosito. The meeting reviewed the Fund’s progress since the first Committee Meeting held in September, 2024, and a series of projects in the sectors of climate, renewable energy and infrastructure have been integrated as the Fund’s second deliverables, encompassing multiple investment vehicles such as equity, debt, fund, etc. Both sides agreed to hold the next Committee Meeting in Brazil in 2026. 2025-07-08/en/2025/0706/2319.html
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Editors notes: Our administration has published questions and answers about popular topics regarding foreign exchange management policies in periodicals and has analyzed and interpreted ideas and concepts relating to foreign exchange management in response to questions of public concern about foreign exchange management and foreign exchange reserves. This move has been widely acknowledged and welcomed by the media and the general public. With the deepening of the reform and opening up, the general public is becoming more closely involved in foreign exchange business. Therefore, we will continue to popularize knowledge about foreign exchange management and interpret the relevant policies, so that the general public will understand foreign exchange management in plain language. As for the recent de-listing of Fannie Mae and Freddie Mac (hereinafter referred to as Fannie and Freddie) from the New York Stock Exchange (NYSE), we have clearly stated in early remarks that our foreign exchange reserves did not invest in Fannie and Freddie stocks. The bond prices for Fannie and Freddie are stable and repayments for the investment and interest are being made according to schedule. Some readers hope to know more about Fannie and Freddie as well as to learn about the stocks and bonds of the two companies. Therefore, our administration has compiled some questions and answers about relevant information for your reference. Q1: What kinds of enterprises are Fannie and Freddie? How are they positioned in the American financial system? A: Fannie and Freddie are the two biggest mortgage lenders in the United States, i.e., the Federal National Mortgage Association (Fannie Mae) and the Federal Home Mortgage Corporation (Freddie Mac). Fannie and Freddie are government-sponsored enterprises established through legislation by the U.S. Congress. The legislation is aimed at providing stable and constant support to the housing mortgage loan markets and improving the accessibility of home mortgage loans. The businesses operated by the two companies play an important role in American housing policy. U.S. housing policy is public. After the Federal Home Loan Bank System was established in 1932, a secondary market of housing mortgages came into being, with Fannie and Freddie as the primary players and private mortgage finance agencies as supplementary players, to provide financial security for housing construction by combining government intervention and market-oriented operations. Fannie and Freddie are the pillars of the American real estate market. Real estate loans underwritten or purchased by the two companies account for 50 percent of the American real estate market; this figure reached over 80 percent after the outbreak of the sub-prime lending crisis. Fannie and Freddie are not only important to the American real estate market, but also are crucial to the stability of the financial market. The assets owned or guaranteed by the two companies total about USD 5.5 trillion. Over 70 percent of the bond investors in Fannie and Freddie are American investors, such as pension funds, mutual funds, commercial banks, and insurance companies, which are of overriding importance to the U.S. financial system. At the initial stage after the outbreak of the sub-prime lending crisis, the U.S. Government still relied on these two companies to alleviate the crisis and it adopted such measures as lowering their capital requirements and expanding the maximum single loan limit to enhance their role in resolving the crisis. With the deepening of the crisis, the American real estate market experienced dramatic changes; furthermore, due to poor management, the two companies encountered problems. Therefore, the U.S. Government took over Fannie and Freddie, indicative of its support for the companies. At present, in addition to the injection of USD 145 billion in the preferred stocks of Fannie and Freddie by the Treasury, the U.S. Government has promised limitless injections for the two companies by 2012 to offset net losses. Thereafter, the two firms may still apply to the Treasury for injections within the limit of USD 200 billion respectively. In addition, the Federal Reserve and the Treasury purchased a total of over USD 1.4 trillion of Fannie and Freddie bonds, accounting for 25 percent of the total assets owned and guaranteed by the two companies, thus making them the biggest bond holders of Fannie and Freddie. The U.S. Government has promised on several occasions that the capacity of Fannie and Freddie to repay relevant debts in the face of any future reforms will be guaranteed. During the recent second round of the Sino-U.S. Strategic and Economic Dialogue, the U.S. Government stated it will continue to enhance supervision over government- sponsored enterprises so as to ensure that they have adequate capital and a capacity to carry out their financial liabilities. The U.S. Government will listen to all stakeholders and adopt proper measures to further reform so as to ensure that government- sponsored enterprises have the capacity to fulfill their liabilities. Q2: What about the stocks issued by Fannie and Freddie? Why were they de-listed? A: Fannie and Freddie were listed on the New York Stock Exchange in 1970 and 1989 respectively and Fannie Mae was also listed on the Chicago Stock Exchange. In addition to preferred stock, the amount of Fannie and Freddie common stocks totals about 1.14 billion and 0.65 billion respectively. During the ten years before the 2007 sub-prime lending crisis, the share price of the two companies remained at USD 50-70 per share and the dividends were distributed regularly; therefore, the stocks were popular with investors. After the outbreak of the sub-prime lending crisis, Fannie and Freddie suffered heavy losses due to the continuous slowdown in the American real estate market and their share prices declined dramatically. With the deepening of the crisis, the U.S. Government took over the two companies and their share prices fell to lower than USD 1. Thereafter, their share prices fluctuated around USD 1 for a long time. Since this mid-May, the average closing price of Fannie Mae has been lower than USD 1 for thirty consecutive trading days. According to the regulations of the New York Stock Exchange, under such circumstances the company may choose to de-list or to adopt measures such as a reverse split so as to restore the share price to over USD 1. The U.S. Government, the biggest shareholder of Fannie and Freddie, held 80 percent of the total shares, whereas the market value of the shares held by other shareholders was no more than USD 1 billion. Actually, Fannie and Freddie were no longer operated under a common business model. Under these circumstances, the regulatory authority of Fannie and Freddiethe Federal Housing Finance Agencydeclared that the stocks of the two companies would be de-listed on July 7, 2010. The shares of the two companies would continue to be traded on the OTC market after the de-listing. Q3: What agency bonds are issued by Fannie and Freddie? What about their market performance? A: The common agency bonds issued by Fannie and Freddie refer to the preferred unsecured debentures issued by the two companies. Fannie and Freddie raise funds by issuing this kind of bonds, investing in home mortgage loans and other securitization products. The two firms have always been considered to be U.S. Government agencies. Legal contracts signed with the U.S. Government to inject funds and increase their capital were not affected after Fannie and Freddie were de-listed from the NYSE. Fannie and Freddie bonds still maintain a top credit ratingAAA. Bonds issued by Fannie and Freddie still have a large market capacity and good liquidity, so they are important targets of bond investments on the international market. At the end of 2008, the Federal Reserve announced it would buy USD 200 billion of agency bonds issued by Fannie and Freddie, which further improved the safety and liquidity of the bonds and safeguarded steady market operations. The repayment of capital and interest for old bonds and the issuance of new bonds are both very normal. Take Fannie Mae for example. Fannie Mae issued USD 70.5 billion of agency bonds in 2009, 2.2 times the amount issued in 2007. In terms of the locations of the investors, about 73 percent of the investors were from the U.S.; in terms of the types of investors, institutional investors such as mutual funds, insurance funds, and pension funds accounted for about 63 percent and central banks accounted for about 19 percent. The earnings from Fannie and Freddie agency bonds are quite stable. As revealed by the Market Index, which is mainly comprised of agency bonds issued by Fannie and Freddie, the cumulative rate of return stood at 10.7 percent in 2008 and 2009 when the crisis was at its peak and since 2010 the rate of return has remained at 3.9 percent Q4: What are the mortgage-backed securities guaranteed by Fannie and Freddie? What about their performance in the market? A: Mortgage Backed Securities (MBS) refer to securities collateralized by home mortgage loans issued by financial institutions. Government-sponsored enterprises such as Fannie and Freddie provide guarantees to MBS that meet all their standards and secured MBS are called agency MBS. Compared with Fannie and Freddie agency bonds, the MBS guaranteed by Fannie and Freddie are not only secured by Fannie and Freddie credit, but they are also backed by the mortgage pool for repayment, so they have a double assurance. At the end of 2008, the Federal Reserve announced it would buy USD 1.25 trillion of MBS guaranteed by Fannie and Freddie, which further improved market liquidity. This purchase plan has now been completed. The market responded positively to the move. The repayment of capital and interest of old bonds and the issuance of new bonds are both very normal. The earnings from MBS guaranteed by Fannie and Freddie are stable. The cumulative rate of return of the U.S. Agency MBS Market Index, which is mainly comprised of MBS guaranteed by Fannie and Freddie, was 14.9 percent from 2008 to 2009, and since 2010 the rate of return has remained at 4.6 percent. Q5: What about the performance of Fannie and Freddie bonds after the de-listing of their stocks from the NYSE? A: The stocks of Fannie and Freddie are different from their bonds. Generally, the stock represents the ownership of the company, whereas the bond represents the debt of the company. The two are traded on different markets. The bond price of Fannie and Freddie was not affected by the de-listing of Fannie and Freddie stocks after the de-listing was announced on June 16, 2010 As for market performance, the de-listing does not have a negative influence on their bonds; in fact, the spreads between agency bonds and the MBS in different terms and U.S.Treasuries have been narrowed and the bond price has gone up. Taking the 30-year agency MBS market index, for example, the market quotation was up about 0.8 percent on July 13 from when the de-listing was first announced. In addition, new bond financing activities were not affected after the de-listing of Fannie and Freddie stocks was announced. For example, Fannie issued USD 6 billion of 3-year maturity agency bonds on July 8, and since July Fannie and Freddie have guaranteed USD 36.6 billion of MBS. In general, the new bonds issued by Fannie and Freddie sell well. Trading is active on the secondary market and liquidity is adequate. 2010-07-16/en/2010/0716/941.html