China's Cross-Border Capital Averaged Net Inflows of USD 14.9 Billion Per Month in March-April

China's State Administration of Foreign Exchange (SAFE) reported on May 18 that cross-border capital flows experienced some net outflows in March due to external disturbances, but returned to net inflows in April. Taking March and April together, average monthly net cross-border inflows stood at USD 14.9 billion, while average monthly net foreign exchange settlements by banks reached USD 28.0 billion.

Industry experts noted that the overall trend shows China's cross-border capital flows have maintained a stable pattern, with the foreign exchange market operating steadily and market expectations remaining broadly stable.

According to SAFE statistical data, in April 2026, banks settled foreign exchange worth RMB 1.7673 trillion and sold foreign exchange worth RMB 1.4920 trillion. For the January-April 2026 period, banks cumulatively settled RMB 7.0948 trillion and sold RMB 5.8526 trillion. In April 2026, banks' on-behalf-of-clients cross-border receipts totaled RMB 5.7143 trillion, while external payments reached RMB 5.2889 trillion. For January-April 2026, cumulative cross-border receipts on behalf of clients amounted to RMB 21.0427 trillion, and cumulative external payments reached RMB 20.0166 trillion.

SAFE Deputy Director and Spokesperson Li Bin stated: “Recently, geopolitical developments have caused fluctuations in international financial markets, while China’s foreign exchange market has operated with overall stability. Cross-border capital saw some net outflows in March due to external disruptions, but recovered to net inflows in April. Combining March and April, average monthly net cross-border inflows reached USD 14.9 billion, with average monthly net FX settlements of USD 28.0 billion — below the monthly surplus levels seen at the end of last year and early this year. Cross-border transactions remained active. In April, cross-border receipts and payments by non-bank sectors including enterprises and individuals totaled USD 1.6 trillion, up 15% year-on-year. Foreign exchange market turnover reached USD 3.7 trillion, continuing at an elevated level.”

Industry experts cautioned against drawing conclusions solely from single-month data, as monthly indicators are susceptible to short-term distortions from factors such as differences in corporate settlement patterns, concentrated fulfillment of export orders, and seasonal influences. A multi-month trend assessment is required for a comprehensive judgment.

Zhao Qingming, Deputy Director of the Huiguan Research Institute, noted that since Q4 2025, the RMB exchange rate has shown a notable appreciating trend, reflecting the basic stability of China's foreign exchange fundamentals. Looking ahead, as China's economy maintains its recovery momentum and trade activity remains robust, cross-border capital flows are expected to continue their stable trajectory, with the foreign exchange market remaining in overall equilibrium.