Li Bin, Deputy Administrator and Spokesperson of the State Administration of Foreign Exchange, Answers Questions from Reporters on the Foreign Exchange Market Situation in September 2026

Recently, the State Administration of Foreign Exchange (SAFE) released data on bank settlement and sales of foreign exchange and cross-border receipts and payments by banks on behalf of clients for September 2026. Li Bin, Deputy Administrator and Spokesperson of SAFE, answered questions from reporters on the foreign exchange market situation in September 2026. Q: Since September, the external market environment has changed considerably. How has China's foreign exchange market been performing? A: Since September, the central banks of Europe, the United States and Japan have raised interest rates successively. Notable fluctuations have occurred in the foreign exchange and bond markets of some economies, and the international financial market has continued to adjust amid turbulence. China's foreign exchange market has been generally stable. On the whole, cross-border transactions have remained active. In September, China's cross-border receipts and payments and the scale of foreign exchange settlement and sales increased by 9% and 17% month on month, respectively. Market expectations have been basically stable, and both the foreign exchange settlement ratio and the sales ratio of enterprises and other entities rose month on month. Cross-border capital continued to show net inflows. In September, non-bank sectors such as enterprises and individuals recorded a net cross-border capital inflow of US$40.7 billion, down 35% month on month. In terms of channels, net inflows under trade in goods remained relatively large. The services trade deficit was relatively stable. Among this, Chinese residents showed a strong willingness to travel abroad and foreign nationals showed a strong willingness to travel to China, with travel receipts and expenditures remaining at relatively high levels. Outward direct investment by enterprises increased, among which financing provided by domestic entities to overseas affiliated enterprises rose rapidly, which is related to changes in domestic and external interest rates and, to some extent, also reflects the enhanced role of the RMB as a financing currency.