China recorded a net US$127.3 billion cross-border capital inflow in its non-banking sector during the first half of 2025, extending the positive trend that began in the second half of last year, the State Administration of Foreign Exchange said at a State Council Information Office briefing on Tuesday. SAFE data showed equity-based foreign direct investment rose 16% from a year earlier to US$31.1 billion in the January–May period, while overseas investors added a net US$10.1 billion to on-shore stocks and funds in the first half, reversing two consecutive years of reductions. Securities inflows during the first five months reached about US$33 billion. Domestic institutions also stepped up support for the equity market. Shanghai Securities News reported that sovereign wealth fund Central Huijin deployed as much as 200 billion yuan (US$27.9 billion) in the second quarter to buy ten broad-based exchange-traded funds. Meanwhile, southbound purchases of Hong Kong–listed shares by mainland investors have approached HK$800 billion so far this year, helping lift the Hang Seng Index 25% year-to-date to 25,130, its highest level since November 2021. SAFE officials added that the foreign-exchange market shows no clear consensus on the renminbi’s direction. June settlement data indicated a US$25 billion net accumulation of foreign currency, bringing second-quarter accumulation to roughly US$75 billion, which the regulator said reflects efforts to counter upward pressure on the yuan.