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 September 2025. SAFE Deputy Administrator and Press Spokesperson Li Bin answered media questions on foreign exchange market situation for September 2025.
Q: Could you brief us on China’s foreign exchange market situation in September 2025?
A: China's foreign exchange market operated smoothly in September, showing two main trends.
First, cross-border capital flows remained active and balanced. The cross-border receipts and payments by enterprises, individuals and other non-banking sectors reached USD 1.37 trillion in September, representing a month-on-month increase of 7%. Specifically, the cross-border receipts and payments under both the current account and the financial account registered growth, demonstrating the steady development of China's foreign-related economy. Due to seasonal effects of the National Day holiday on cross-border receipts and payments, the cross-border capital experienced a slight net outflow of USD 3.1 billion in September, but has turned into net inflow since October. By component, China’s foreign trade maintained steady growth, with a high-level net inflow under trade in goods in September, while cross-border capital flows under trade in services and investment income remained stable.
Second, the supply and demand of the foreign exchange market remained relatively balanced. In September, foreign exchange purchases and sales by non-banking sectors showed significant month-on-month growth, with enterprises and other entities flexibly engaging in foreign exchange transactions based on their own needs. The surplus of foreign exchange purchases and sales by banks in September reached USD 51 billion. Net balance of foreign exchange was higher in early and mid-September, while the difference of foreign exchange purchases and sales tended to balance out in late September. Since October, foreign exchange purchases and sales by non-banking sectors have been roughly equal, indicating a basically balanced supply and demand in the foreign exchange market.
In the first three quarters of this year, China’s total cross-border payments and receipts reached USD 11.6 trillion, hitting a record high for the same period. Net cross-border capital flows stood at USD 119.7 billion, and the surplus of foreign exchange purchases and sales by banks reached USD 63.2 billion, both higher than the same period last year. Overall, despite a complex external environment, China’s foreign exchange market has operated steadily this year, with stable market expectations, balanced supply and demand, as well as strong resilience and vitality.
