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 October 2025. SAFE Deputy Administrator and Press Spokesperson Li Bin answered media questions on foreign exchange market situation for October 2025.

Q: Could you brief us on China’s foreign exchange market situation since October? What are its key characteristics and changes?
A: Since the beginning of October, volatility in global financial markets has increased, with the U.S. dollar index generally trending upward. Despite this, China’s foreign exchange market has continued to operate steadily.
First, the supply and demand of the foreign exchange market remained broadly balanced. The surplus of foreign exchange purchases and sales by banks in October reached USD 17.7 billion, which narrowed month-on-month, reflecting a more balanced pattern. Enterprises and other entities engaged in foreign exchange purchases and sales transactions   in an orderly manner based on actual needs, with the purchase rate and sale rate largely in line with the monthly averages recorded over the first nine months of this year.
Second, cross-border capital flows remained stable. Influenced by factors such as the National Day and Mid-Autumn Festival holidays, enterprises, individuals, and other non-banking sectors experienced a slight net outflow of cross-border capital in September, whereas the  net inflows increased in October. On a two-month average, cross-border receipts and payments showed a surplus of USD 24 billion. Specifically, net inflows under trade in goods remained high. Net c ross-border capital outflows under trade in services and investment income narrowed month-on-month, partly due to seasonal declines in cross-border expenditures such as resident overseas travel and dividend payments by foreign-invested enterprises.
Overall, China’s foreign exchange market operates with stable expectations, balanced supply and demand, as well as strong resilience and vitality.