State Administration of Foreign Exchange deputy head and spokesperson Li Bin
said non-bank cross-border net inflows from corporates and individuals were
$40.7bn in September 2026, a 35% MoM decline. Cross-border receipts and FX
settlement volumes rose 9% and 17% MoM respectively; market expectations were
broadly stable and settled corporate and sales rates both edged up. Goods
trade continued to deliver large net inflows; the services deficit was stable,
with strong outbound and inbound travel keeping travel receipts and payments
elevated. Outward direct investment increased, and onshore financing to overseas
affiliates rise rapidly—linked to domestic and external interest-rate moves and,
to some extent, reflecting a stronger RMB financing currency function.
