China H1 Current Account Surplus $378B, 4.6T in Total Receipts and Payments: SAFE

The headline surplus matters less than the $4.6 trillion gross flow behind it: a 16% rise in two-way receipts and payments points to an economy still deeply plugged into trade and cross-border settlement, even as the net position stays contained relative to GDP. For RWA and tokenization watchers, the relevant signal is the income line — rising overseas investment income against stable inbound foreign investment income suggests Chinese capital is earning more abroad while foreign capital's returns in China hold steady. Whether that asymmetry persists through the second half is the open question.