State Administration of Foreign Exchange photo: VCG

China's total cross-border receipts and payments reached a record high in the first three quarters of 2025, at $11.6 trillion, according to an official with the State Administration of Foreign Exchange (SAFE) on Wednesday.

In response to media inquiries about the performance of China's foreign exchange market in September, Li Bin, deputy head and spokesperson of the SAFE, said that China's foreign exchange market operated smoothly last month, showing two main characteristics.

Cross-border capital flows remained active and balanced. In September, the total cross-border receipts and payments of non-bank sectors, including enterprises and individuals, reached $1.37 trillion, a month-on-month increase of 7 percent, Li said. 

Moreover, cross-border transactions under both the current account and capital account continued to grow, reflecting the steady development of China's foreign-related economy, the SAFE official said.

According to the SAFE, cross-border funds saw a small net outflow of $3.1 billion in September due to seasonal effects from the National Day holidays, but this has turned into a net inflow since October.

Looking at specific areas, China's foreign trade continued to grow steadily, with strong net inflows from goods trade in September, while cross-border flows from services trade and investment income remained stable.

Since October, banks' client foreign exchange purchases and sales have been roughly equal, keeping the foreign exchange market's supply and demand basically balanced.

Net cross-border capital inflows amounted to $119.7 billion, and banks' foreign exchange settlements and sales posted a surplus of $63.2 billion, both higher than the same period last year, according to Li.

"Overall, despite a complex and ever-changing external environment, China's foreign exchange market has operated steadily so far this year, with stable market expectations, a generally balanced supply and demand, and strong resilience and vitality," said Li.

Global Times