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In the second quarter of 2025, China's current account registered a surplus of RMB 971.5 billion, including a surplus of RMB 1575.1 billion under trade in goods, a deficit of RMB 334.5 billion under trade in services, a deficit of RMB 297.8 billion under primary income and a surplus of RMB 28.7 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of RMB 971.5 billion. Inward foreign direct investments (FDI) continued the net inflow. In the first half of 2025, China's current account registered a surplus of RMB 2158.9 billion, including a surplus of RMB 3279.8 billion under trade in goods, a deficit of RMB 760.4 billion under trade in services, a deficit of RMB 408.9 billion under primary income, and a surplus of RMB 48.5 billion under secondary income. The capital and financial accounts (including net errors and omissions for the second quarter) recorded a deficit of RMB 1981.0 billion. In the US dollar terms, in the second quarter of 2025, China's current account registered a surplus of USD 135.1 billion, including a surplus of USD 219.1 billion under trade in goods, a deficit of USD 46.5 billion under trade in services, a deficit of USD 41.4 billion under primary income and a surplus of USD 4.0 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of USD 135.1 billion. In the US dollar terms, in the first half of 2025, China's current account recorded a surplus of USD 300.6 billion, including a surplus of USD 456.6 billion under trade in goods, a deficit of USD 105.9 billion under trade in services, a deficit of USD 56.9 billion under primary income, and a surplus of USD 6.7 billion under secondary income. The capital and financial accounts (including net errors and omissions for the second quarter) recorded a deficit of USD 275.8 billion. In SDR terms, in the second quarter of 2025, China's current account registered a surplus of SDR 99.6 billion, including a surplus of SDR 161.5 billion under trade in goods, a deficit of SDR 34.3 billion under trade in services, a deficit of SDR 30.5 billion under primary income and a surplus of SDR 2.9 billion under secondary income. The capital and financial accounts (including net errors and omissions for the quarter) recorded a deficit of SDR 99.6 billion. In SDR terms, in the first half of 2025, China posted a surplus of SDR 225.7 billion under the current account, including a surplus of SDR 342.5 billion under trade in goods, a deficit of SDR 79.6 billion under trade in services, a deficit of SDR 42.3 billion under primary income and a surplus of SDR 5.0 billion under secondary income. The capital and financial accounts (including net errors and omissions for the second quarter) recorded a deficit of SDR 206.5 billion.(End) China's Balance of Payments, Q2 2025 (Preliminary Data) Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current account 1 9715 1351 996 Credit 2 76684 10664 7868 Debit 3 -66968 -9312 -6871 1. A Goods and Services 4 12406 1726 1272 Credit 5 69992 9733 7181 Debit 6 -57586 -8007 -5909 1.A.a Goods 7 15751 2191 1615 Credit 8 62696 8718 6433 Debit 9 -46945 -6528 -4817 1.A.b Services 10 -3345 -465 -343 Credit 11 7296 1015 749 Debit 12 -10642 -1480 -1092 1.A.b.1 Processing services 13 174 24 18 Credit 14 224 31 23 Debit 15 -51 -7 -5 1.A.b.2 Maintenance and Repair Services 16 83 12 8 Credit 17 235 33 24 Debit 18 -153 -21 -16 1.A.b.3 Transport 19 -900 -125 -92 Credit 20 2095 291 215 Debit 21 -2996 -417 -307 1.A.b.4 Travel 22 -3050 -424 -313 Credit 23 952 132 98 Debit 24 -4002 -556 -411 1.A.b.5 Construction 25 126 18 13 Credit 26 288 40 30 Debit 27 -162 -23 -17 1.A.b.6 Insurance and Pension Services 28 -220 -31 -23 Credit 29 46 6 5 Debit 30 -266 -37 -27 1.A.b.7 Financial Services 31 0 0 0 Credit 32 79 11 8 Debit 33 -79 -11 -8 1.A.b.8 Charges for the Use of Intellectual Property 34 -747 -104 -77 Credit 35 155 22 16 Debit 36 -901 -125 -92 1.A.b.9 Telecommunications, Computer, and Information Services 37 492 68 51 Credit 38 1238 172 127 Debit 39 -746 -104 -77 1.A.b.10 Other Business Services 40 778 108 80 Credit 41 1923 267 197 Debit 42 -1145 -159 -118 1.A.b.11 Personal, Cultural, and Recreational Services 43 -55 -8 -6 Credit 44 34 5 4 Debit 45 -89 -12 -9 1.A.b.12 Government Goods and Services n.i.e 46 -26 -4 -3 Credit 47 27 4 3 Debit 48 -53 -7 -5 1.B Primary Income 49 -2978 -414 -305 Credit 50 5982 832 613 Debit 51 -8959 -1246 -919 1.C Secondary Income 52 287 40 29 Credit 53 710 99 73 Debit 54 -423 -59 -43 2. Capital and Financial Accounts (Including Net Errors and Omissions for the Quarter) 55 -9715 -1351 -996 2.1 Capital Account 56 -5 -1 -1 Credit 57 2 0 0 Debit 58 -7 -1 -1 2.2. Financial Account (Including Net Errors and Omissions for the Quarter) 59 -9710 -1351 -996 2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Quarter) 60 -10398 -1446 -1066 Including: 2.2.1.1 Direct Investment 61 -1502 -209 -154 2.2.1.1.1 Assets 62 -2127 -296 -218 2.2.1.1.1.1 Equity and investment fund shares 63 -1948 -271 -200 2.2.1.1.1.2 Debt instruments 64 -179 -25 -18 2.2.1.1.2 Liabilities 65 624 87 64 2.2.1.1.2.1 Equity and investment fund shares 66 675 94 69 2.2.1.1.2.2 Debt instruments 67 -51 -7 -5 2.2.2 Reserve Assets 68 687 96 70 2.2.2.1 Monetary gold 69 0 0 0 2.2.2.2 Special drawing rights 70 -147 -20 -15 2.2.2.3 Reserve position in the IMF 71 -85 -12 -9 2.2.2.4 Foreign exchange reserves 72 919 128 94 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 second quarter of 2025, the equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 20.4 billion (RMB 146.4 billion). 6.This table employs rounded-off numbers. China's Balance of Payments, First Half of 2025 (Preliminary Data) Item Line No. RMB 100 million USD 100 million SDR 100 million 1. Current account 1 21589 3006 2257 Credit 2 148714 20701 15512 Debit 3 -127125 -17695 -13256 1. A Goods and Services 4 25194 3507 2629 Credit 5 136441 18993 14234 Debit 6 -111248 -15485 -11605 1.A.a Goods 7 32798 4566 3425 Credit 8 121960 16977 12722 Debit 9 -89162 -12411 -9297 1.A.b Services 10 -7604 -1059 -796 Credit 11 14482 2016 1512 Debit 12 -22086 -3074 -2307 1.A.b.1 Processing services 13 361 50 38 Credit 14 435 61 45 Debit 15 -74 -10 -8 1.A.b.2 Maintenance and Repair Services 16 191 27 20 Credit 17 461 64 48 Debit 18 -269 -38 -28 1.A.b.3 Transport 19 -1687 -235 -176 Credit 20 4185 583 437 Debit 21 -5872 -817 -613 1.A.b.4 Travel 22 -7319 -1019 -767 Credit 23 1749 243 182 Debit 24 -9068 -1262 -949 1.A.b.5 Construction 25 229 32 24 Credit 26 554 77 58 Debit 27 -325 -45 -34 1.A.b.6 Insurance and Pension Services 28 -550 -77 -57 Credit 29 112 16 12 Debit 30 -662 -92 -69 1.A.b.7 Financial Services 31 15 2 2 Credit 32 161 22 17 Debit 33 -146 -20 -15 1.A.b.8 Charges for the Use of Intellectual Property 34 -1317 -183 -137 Credit 35 344 48 36 Debit 36 -1661 -231 -173 1.A.b.9 Telecommunications, Computer, and Information Services 37 912 127 95 Credit 38 2434 339 254 Debit 39 -1522 -212 -159 1.A.b.10 Other Business Services 40 1688 235 177 Credit 41 3914 545 409 Debit 42 -2226 -310 -232 1.A.b.11 Personal, Cultural, and Recreational Services 43 -87 -12 -9 Credit 44 81 11 8 Debit 45 -168 -23 -17 1.A.b.12 Government Goods and Services n.i.e 46 -40 -6 -4 Credit 47 53 7 6 Debit 48 -93 -13 -10 1.B Primary Income 49 -4089 -569 -423 Credit 50 10942 1523 1140 Debit 51 -15031 -2092 -1563 1.C Secondary Income 52 485 67 50 Credit 53 1331 185 139 Debit 54 -846 -118 -88 2. Capital and Financial Accounts (Including Net Errors and Omissions for the Second Quarter) 55 -19810 -2758 -2065 2.1 Capital Account 56 -10 -1 -1 Credit 57 3 0 0 Debit 58 -14 -2 -1 2.2. Financial Account (Including Net Errors and Omissions for the Second Quarter) 59 -19799 -2757 -2063 2.2.1 Financial Account (Excluding Reserve Assets, But Including Net Errors and Omissions for the Second Quarter) 60 -22721 -3163 -2372 Including: 2.2.1.1 Direct Investment 61 -3932 -547 -413 2.2.1.1.1 Assets 62 -5598 -779 -587 2.2.1.1.1.1 Equity and investment fund shares 63 -4260 -593 -445 2.2.1.1.1.2 Debt instruments 64 -1338 -186 -142 2.2.1.1.2 Liabilities 65 1665 232 174 2.2.1.1.2.1 Equity and investment fund shares 66 2208 308 231 2.2.1.1.2.2 Debt instruments 67 -543 -76 -58 2.2.2 Reserve Assets 68 2922 407 309 2.2.2.1 Monetary gold 69 0 0 0 2.2.2.2 Special drawing rights 70 -233 -32 -24 2.2.2.3 Reserve position in the IMF 71 -110 -15 -11 2.2.2.4 Foreign exchange reserves 72 3264 454 344 2.2.2.5 Other reserves 73 0 0 0 3. Net Errors and Omissions 74 -1780 -248 -192 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 half of 2025 is the sum of the official amounts of the BOP for 2025Q1 and the preliminary amount for 2025Q2. 5.According to preliminary statistics, in the first half of 2025, the equity other than reinvestment of earnings under direct investment liabilities (credit) was USD 39.2 billion (RMB 281.3 billion). 6.This table employs rounded-off numbers. 2025-08-08/en/2025/0808/2323.html
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In June 2025, the export and import of China’s international trade in goods and services totalled RMB 4221.4 billion, up 6 percent over the same time last year. Of this, the export of goods recorded RMB 2118.5 billion and the import recorded RMB 1511.2 billion, resulting in a surplus of RMB 607.3 billion. The export of services recorded RMB 243.7 billion and the import recorded RMB 348.0 billion, resulting in a deficit of RMB 104.3 billion. In terms of the major items, the export and import of transport, travel, other business services, telecommunications, computer and information services registered RMB 163.9 billion, RMB 160.3 billion, RMB 96.7 billion and RMB 65.9 billion respectively. In the US dollar terms, in June 2025, the export and import of China’s international trade in goods and services were USD 329.2 billion and USD 259.1 billion respectively, with a surplus of USD 70.1 billion.(End) International Trade in Goods and Services of China June 2025 Item In 100 million of RMB In 100 million of USD Goods and services 5030 701 Credit 23622 3292 Debit -18592 -2591 1. Goods 6073 846 Credit 21185 2952 Debit -15112 -2106 2. Services -1043 -145 Credit 2437 340 Debit -3480 -485 2.1Manufacturing services on physical inputs owned by others 64 9 Credit 82 11 Debit -19 -3 2.2Maintenance and repair services n.i.e 30 4 Credit 88 12 Debit -58 -8 2.3Transport -303 -42 Credit 668 93 Debit -971 -135 2.4Travel -976 -136 Credit 313 44 Debit -1289 -180 2.5Construction 54 7 Credit 101 14 Debit -47 -7 2.6Insurance and pension services -107 -15 Credit 25 3 Debit -132 -18 2.7Financial services 9 1 Credit 29 4 Debit -20 -3 2.8Charges for the use of intellectual property -248 -35 Credit 68 10 Debit -316 -44 2.9Telecommunications, computer and information services 170 24 Credit 414 58 Debit -244 -34 2.10Other business services 293 41 Credit 630 88 Debit -337 -47 2.11Personal, cultural, and recreational services -21 -3 Credit 10 1 Debit -30 -4 2.12Government goods and services n.i.e -9 -1 Credit 8 1 Debit -17 -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. 2025-07-31/en/2025/0731/2322.html
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In July 2025, the export and import of China’s international trade in goods and services totalled RMB 4402.2 billion, up 4 percent over the same time last year. Of this, the export of goods recorded RMB 2207.6 billion and the import recorded RMB 1548.4 billion, resulting in a surplus of RMB 659.3 billion. The export of services recorded RMB 265.1 billion and the import recorded RMB 381.1 billion, resulting in a deficit of RMB 116.0 billion. In terms of the major items, the export and import of transport, travel, other business services, telecommunications, computer and information services registered RMB 180.5 billion, RMB 179.3 billion, RMB 107.8 billion and RMB 71.5 billion respectively. In the US dollar terms, in July 2025, the export and import of China’s international trade in goods and services were USD 345.9 billion and USD 269.9 billion respectively, with a surplus of USD 76.0 billion.(End) International Trade in Goods and Services of China July 2025 Item In 100 million of RMB In 100 million of USD Goods and services 5433 760 Credit 24728 3459 Debit -19295 -2699 1. Goods 6593 922 Credit 22076 3088 Debit -15484 -2166 2. Services -1160 -162 Credit 2651 371 Debit -3811 -533 2.1Manufacturing services on physical inputs owned by others 62 9 Credit 79 11 Debit -16 -2 2.2Maintenance and repair services n.i.e 46 6 Credit 86 12 Debit -40 -6 2.3Transport -289 -40 Credit 758 106 Debit -1047 -146 2.4Travel -1164 -163 Credit 315 44 Debit -1478 -207 2.5Construction 29 4 Credit 105 15 Debit -76 -11 2.6Insurance and pension services -49 -7 Credit 32 4 Debit -81 -11 2.7Financial services 2 0 Credit 27 4 Debit -25 -3 2.8Charges for the use of intellectual property -283 -40 Credit 71 10 Debit -354 -50 2.9Telecommunications, computer and information services 223 31 Credit 469 66 Debit -246 -34 2.10Other business services 295 41 Credit 687 96 Debit -392 -55 2.11Personal, cultural, and recreational services -17 -2 Credit 13 2 Debit -31 -4 2.12Government goods and services n.i.e -16 -2 Credit 10 1 Debit -26 -4 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 enterprise survey, which 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. 2025-08-29/en/2025/0829/2327.html
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As shown in the statistics of the State Administration of Foreign Exchange (SAFE), in July 2025, the amount of foreign exchange settlement and sales by banks was RMB 1670.0 billion and RMB 1507.0 billion, respectively. During January to July 2025, the accumulative amount of foreign exchange settlement and sales by banks was RMB 9883.5 billion and RMB 9902.0 billion, respectively. In the US dollar terms, in July 2025, the amount of foreign exchange settlement and sales by banks was USD 233.6 billion and USD 210.8 billion, respectively. During January to July 2025, the accumulative amount of foreign exchange settlement and sales by banks was USD 1376.8 billion and USD 1379.3 billion, respectively. In July 2025, the amount of cross-border receipts and payments by non-banking sectors was RMB 4935.7 billion and RMB 4990.9 billion, respectively. During January to July 2025, the accumulative amount of cross-border receipts and payments by non-banking sectors was RMB 32670.5 billion and RMB 31811.6 billion, respectively. In the US dollar terms, in July 2025, the amount of cross-border receipts and payments by non-banking sectors was USD 690.4 billion and USD 698.1 billion, respectively. During January to July 2025, the accumulative amount of cross-border receipts and payments by non-banking sectors was USD 4551.0 billion and USD 4431.5 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 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. 2025-08-15/en/2025/0815/2324.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 28.28 trillion (equivalent to USD 3.96 trillion) in July 2025. In terms of markets, the transactions volume of client market was RMB 4.06 trillion (equivalent to USD 0.57 trillion), and the transactions volume of interbank market was RMB 24.22 trillion (equivalent to USD 3.39 trillion). In terms of products, the cumulative transactions volume of the spot market was RMB 9.47 trillion (equivalent to USD 1.33 trillion), and that of the derivatives market was RMB 18.81 trillion (equivalent to USD 2.63 trillion). From January to July 2025, a total of RMB 179.15 trillion (equivalent to USD 24.96 trillion) was traded in the Chinese foreign exchange market. 2025-08-29/en/2025/0829/2326.html
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According to the statistics by the State Administration of Foreign Exchange (SAFE), by the end of February 2025, China’s foreign exchange reserves totaled USD 3.2272 trillion, up by USD 18.2 billion or 0.57% from the end of January 2025. In February 2025, the US dollar index fell, driven by the monetary policies and expectations of major central banks, along with macro policies and economic data of major economies, while 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 is underpinned by a stable foundation, multiple advantages, strong resilience, and great potential, which will support the sustained basic stability of the scale of foreign exchange reserves. 2025-03-07/en/2025/0307/2331.html
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According to the statistics by the State Administration of Foreign Exchange (SAFE), by the end of January 2025, China’s foreign exchange reserves totaled USD 3.2090 trillion, up by USD 6.7 billion or 0.21% from the end of December 2024. In January 2025, the US dollar index fell, driven by the monetary policies and expectations of major central banks, along with macroeconomic data, while global financial asset prices saw an overall increase. China’s foreign exchange reserves increased this month due to the combined effects of currency translation and changes in asset prices. The fundamentals of China’s economy that will sustain long-term growth remain unchanged, which will support the sustained basic stability of the scale of foreign exchange reserves. 2025-02-07/en/2025/0207/2330.html
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According to the statistics by the State Administration of Foreign Exchange (SAFE), by the end of July 2025, China's foreign exchange reserves totaled USD 3.2922 trillion, down by USD 25.2 billion or 0.76% from the end of June 2025. In July 2025, driven by factors such as 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 decreased this month due to the combined effects of currency translation and changes in asset prices. China’s economy is underpinned by a stable foundation, multiple advantages, strong resilience, and great potential. The fundamentals sustaining China’s long-term growth remain unchanged, which will support the sustained basic stability of the scale of foreign exchange reserves. 2025-08-07/en/2025/0807/2329.html
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China Balance of Payment Report(2024) 2025-08-28/en/2025/0828/2325.html
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Recently, a meeting was held in Beijing by the State Administration of Foreign Exchange (SAFE) to circulate information about the situation regarding inspections of the foreign exchange businesses operated by banks. Deng Xianhong, deputy administrator of the SAFE, attended the meeting and delivered a speech. Representatives from 21 Chinese-funded banks and 7 foreign-funded banks attended the meeting. It was stressed at the meeting that due to the drastic changes in the domestic and international economic and financial environments, the SAFE has taken active steps to prevent risks from abnormal cross-border fund flows and to crack down strongly on various types of violations of the foreign exchange laws and regulations. During the past two years, the SAFE carried out in succession a series of special inspections throughout the country of the foreign exchange businesses operated by banks. The results show that the designated foreign exchange banks have enhanced their awareness of regulatory compliance and risk prevention and have made improvements to comply with the regulations. But it was also discovered that some banks are still operating in breach of the foreign exchange regulations. The meeting circulated information about the banks violations of the regulations with respect to the operation of foreign exchange businesses. Typical examples of violations include: failure to fulfill the obligation to examine authenticity when handling agent businesses, violating the regulations for the administration of foreign exchange accounts, declaration of the balance of payments, capital fund and settlement and sales of exchange by individuals; violations of the regulations with regard to external debt, the comprehensive position of exchange settlement and sales, capital conversions of home and foreign currencies, and so forth, when handling foreign exchange businesses. Meanwhile, there are some specific phenomena in bank operations that require attention. These are: the constant low-level of operations of the comprehensive position by some banks, the hyper-normal increase in foreign exchange loans by some banks, and the increase in the number of interest arbitrage trade financing products by some banks. These violations can be attributed to three factors: the first is that some banks are weak in their awareness of regulatory compliance and driven by profit-making motives, some banks have deliberately lowered standards to examine authenticity; the second is that the internal control mechanisms of some banks are still imperfect, and their capability to execute their management system is weak; the third is that since the outbreak of the global financial crisis, some banks, driven by profit-making motives, have increasingly focused on business expansion and have overlooked regulatory compliance in their business operations. Some representatives of the banks spoke at the meeting. They introduced their operations of foreign exchange business and some specific measures for enhancing the construction of internal control systems, optimizing foreign exchange business procedures, upgrading relevant techniques, and so on. They also made some suggestions about further refining foreign exchange administration policies, promoting policy dissemination and training, strengthening communications between the SAFE and banks, as well as other foreign-related economic entities. The meeting established the requirement that all banks shall conscientiously follow the concept of operating prudently and developing in a scientific manner. Banks are required to actively undertake their social responsibilities and to operate in strict compliance with the policies on foreign exchange administration. Looking into the future, on the one hand the SAFE will continue to uphold a people-oriented philosophy, strive to improve the quality of services, achieve the Five Transformations, and take practical measures to facilitate the operations of banks, enterprises, and individuals. On the other hand, efforts will be made to constantly refine foreign exchange administration policies, to enhance statistics, monitoring, and analysis, to strengthen foreign exchange inspections, to adopt a combination of inspections both on a regular and irregular basis, to constantly expand the scope of inspections, to increase the frequency of inspections, to further intensify efforts to punish violations of the foreign exchange laws and regulations, to effectively check illegal foreign exchange transactions, such as the inflow of hot money, and to promote the healthy and stable development of the foreign-related economy and finance. 2010-07-29/en/2010/0729/942.html