China FX regulator: September cross-border net inflow $40.7B, down 35% MoM

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.