China’s foreign exchange market maintained overall balance and strong resilience in 2025, with transaction volume hitting a record high, officials said at a press conference on Thursday.
According to the State Administration of Foreign Exchange (SAFE), total foreign exchange market transactions reached 42.6 trillion U.S. dollars in 2025, the highest level on record. The corporate foreign exchange hedging ratio also rose to 30 percent, marking another historic high.
"More than 1,100 cases involving illegal foreign exchange activities, including underground banking and illicit cross-border fund transfers through fake transactions were investigated and dealt with in 2025, effectively safeguarding foreign exchange market order,” said Li Bin, deputy director of SAFE.
Meanwhile, the total cross-border revenue and expenditure for enterprises and individuals reached 15.6 trillion U.S. dollars in 2025, a nearly 10 percent increase over 2024. Notably, cross-border capital flows shifted from a net outflow at the start of 2025 to a net inflow, totaling 302.1 billion U.S. dollars for the full year, while banks recorded a foreign exchange settlement and sales surplus of 196.6 billion U.S. dollars.
"Direct investment into China recorded a net inflow in 2025, while outbound investment by domestic entities grew rapidly. As of the end of September 2025, China’s external assets and liabilities reached 11.5 trillion and 7.5 trillion U.S. dollars respectively, both at record highs. Foreign exchange reserves remained stable, totaling 3.3579 trillion U.S. dollars at year-end, while the RMB exchange rate stayed basically stable at a reasonable and balanced level," Li said.
According to SAFE, China’s international economic activity has expanded steadily in recent years, supported by continued efforts to advance high-standard opening-up, with cross-border trade and two-way investment further expanding.
"China's total goods trade exceeded 6.3 trillion U.S. dollars in 2025, and that the country is now a major trading partner for more than 150 countries and regions. By the end of September 2025, China's outward direct investment stock and inbound foreign direct investment stock reached 3.4 trillion and 3.7 trillion U.S. dollars respectively, both among the highest in the world. Looking ahead, China will continue to expand independent opening up, promote more balanced growth in imports and exports, foster new strengths in attracting foreign investment, and improve the management of outbound investment. As a result, the scale of China's international economy is expected to keep expanding, with a more balanced structure and orderly cross-border capital flows," Li added.
China's forex transactions hit record 42.6 trln US dollars in 2025
The three astronauts of China's recently-returned Shenzhou-20 mission on Friday shared the experiences of their dramatic 204-day space mission, including detailing the emergency procedures which were implemented to bring them safely home after their return capsule was struck by space debris.
The trio -- Chen Dong, Chen Zhongrui, and Wang Jie -- met with the press in Beijing on Friday afternoon, marking their first public appearance since returning to Earth in November.
When detailing the emergency response mechanisms which were enacted prior to their scheduled return, the astronauts explained that upon discovering a triangular crack on the spacecraft's viewport window, they immediately took photos for documentation and transmitted them to the ground team, who swiftly activated an emergency plan to get the trio home safely.
Experienced mission commander Chen Dong explained how the crew had complete faith in their colleagues on the ground to find a solution to these unforeseen circumstances which led to their return being delayed.
"First, we must trust the ground team, who would anticipate everything and develop the safest return plan for us. Second, we must believe in ourselves; as well-trained astronauts, we have the ability to manage various unexpected failures. I believe that with the collaboration of astronauts and researchers on the ground, our space home will surely go farther, more steadily, and for a longer time," he said.
Following their extended stay in space as a result of the debris incident, the Shenzhou-20 crew spent a total 204 days in orbit, setting a new record for the longest duration by a single group of Chinese astronauts.
During their mission, they completed multiple payload operations, conducted extensive scientific experiments, and carried out four extravehicular activities.
"Our crew worked together with the ground team in unity and coordination, completing four extravehicular activities, several payload entry and exit tasks, and a large number of scientific experiments. It was a fulfilling yet challenging mission. The path to exploring the heavens is long and arduous, but I firmly believe that China's space missions will succeed," said Chen Zhongrui, a former air force pilot who was making his first spaceflight during the mission.
"From the ground to space, from learning to application, I have deeply felt the solid progress of Chinese space endeavors and the quiet dedication of countless personnel behind the scenes. In the future, I will accomplish each mission with full commitment, living up to the trust of the motherland and the people," said fellow astronaut Wang Jie, who was also making his debut spaceflight.
After returning to Earth on Nov 14, the trio successfully completed their isolation recovery and rehabilitation and will now resume normal training following health assessments.
The crew's return, originally scheduled for Nov 5, was postponed due to safety concerns, with the astronauts later using the return capsule belonging to their successor crew of the Shenzhou-21 mission to get back to Earth. China later launched the unmanned Shenzhou-22 spacecraft which will serve the future return of the crew now aboard the Tiangong Space Station.
Shenzhou-20 astronauts share experiences after safely returning from debris incident
