TREE NEWS reports: China’s State Administration of Foreign Exchange reported that cross-border capital flows from non-bank sectors, including companies and individuals, recorded a net inflow of $40.7 billion in September, down 35% from the previous month. SAFE deputy administrator and spokesperson Li Bin said the FX market has operated steadily overall, even as rate hikes by central banks in Europe, the US and Japan triggered volatility in some economies’ currency and bond markets.
China FX regulator: September cross-border net inflow $40.7B, down 35% MoM
AI take
The 35% month-on-month drop in cross-border net inflows is the signal worth noting: flows remain positive, but the cushion is thinning at a moment when SAFE itself flags volatility from European, US and Japanese rate hikes. The official emphasis on steadiness reads as reassurance aimed at markets watching the yuan and bond flows, not as a data point in itself. Whether the sequential slowdown extends into the next reading, and whether SAFE's tone shifts with it, is the open question.
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