SAFE Releases China's Balance of Payments for the Second Quarter and for the First Half of 2025

In the second quarter of 2025, China's current account registered a surplus of RMB 925.2 billion, and the capital and financial accounts recorded a deficit of RMB 984.2 billion.

In the first half of 2025, China's current account registered a surplus of RMB 2112.6 billion, and the capital and financial accounts recorded a deficit of RMB 1993.6 billion.

In the US dollar terms, in the second quarter, China's current account recorded a surplus of USD 128.7 billion, including a surplus of USD 219.1 billion under trade in goods, a deficit of USD 47.1 billion under trade in services, a deficit of USD 47.4 billion under primary income and a surplus of USD 4.1 billion under secondary income. The capital and financial accounts registered a deficit of USD 137.0 billion, including a deficit of USD 71.8 million under the capital account, and a deficit of USD 136.9 billion under the financial account.

In the US dollar terms, in the first half of 2025, China's current account recorded a surplus of USD 294.1 billion, including a surplus of USD 456.7 billion under trade in goods, a deficit of USD 106.4 billion under trade in services, a deficit of USD 62.9 billion under primary income and a surplus of USD 6.8 billion under secondary income. The capital and financial accounts recorded a deficit of USD 277.6 billion, including a deficit of USD 144.9 million under the capital account, a deficit of USD 277.5 billion under the financial account.

In SDR terms, in the second quarter, China posted a surplus of SDR 94.9 billion under the current account, and a deficit of SDR 100.8 billion under the capital and financial accounts.

In SDR terms, in the first half of 2025, China posted a surplus of SDR 220.9 billion under the current account, and a deficit of SDR 207.6 billion under the capital and financial accounts.

In addition, in order to facilitate understanding of the data of Balance of Payments and International Investment Position among all data users, the BOP Analysis Team of the SAFE released China’s Balance of Payments Report for the First Half of 2025. (End)

Abridged Balance of Payments, Q2 2025

SAFE Releases Data on International Trade in Goods and Services of China in February 2025

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Item	Line No.	RMB 100 million	USD 100 million	SDR 100 million
1. Current Account	1	9252	1287	949
Credit	2	76896	10693	7889
Debit	3	-67644	-9406	-6940
1. A Goods and Services	4	12368	1720	1268
Credit	5	69973	9730	7179
Debit	6	-57604	-8010	-5911
1.A.a Goods	7	15756	2191	1616
Credit	8	62696	8718	6433
Debit	9	-46940	-6527	-4817
1.A.b Services	10	-3388	-471	-348
Credit	11	7277	1012	747
Debit	12	-10664	-1483	-1094
1.B Primary Income	13	-3409	-474	-349
Credit	14	6209	864	637
Debit	15	-9618	-1338	-986
1.C Secondary Income	16	292	41	30
Credit	17	715	99	73
Debit	18	-422	-59	-43
2. Capital and Financial Account	19	-9842	-1370	-1008
2.1 Capital Account	20	-5	-1	-1
Credit	21	2	0	0
Debit	22	-7	-1	-1
2.2 Financial Account	23	-9837	-1369	-1007
Assets	24	-11567	-1610	-1184
Liabilities	25	1730	241	177
2.2.1 Financial Account Excluding Reserve Assets	26	-10524	-1465	-1078
2.2.1.1 Direct Investment	27	-918	-127	-94
Assets	28	-2165	-301	-222
Liabilities	29	1248	174	128
2.2.1.2 Portfolio Investment	30	-4043	-562	-415
Assets	31	-4644	-646	-477
Liabilities	32	601	83	62
2.2.1.3 Financial Derivatives (other than reserves) and Employee Stock Options	33	-648	-90	-67
Assets	34	-549	-76	-56
Liabilities

SAFE Releases China's Balance of Payments for the Second Quarter and for the First Half of 2025

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