上半年外汇收支数据向好，外资增配人民币资产成亮点

Core Viewpoint - The Chinese foreign exchange market has demonstrated resilience amid complex external conditions, maintaining stability and showing no significant unilateral appreciation or depreciation expectations for the Renminbi [1][2][4]. Group 1: Foreign Exchange Market Performance - In the first half of the year, the net inflow of cross-border funds from non-bank sectors reached $127.3 billion, continuing the trend from the second half of last year, with a 46% quarter-on-quarter increase in Q2 [2]. - The Renminbi appreciated by 1.9% against the US dollar in the first half, fluctuating within the range of 7.15 to 7.35, indicating its role as a stabilizer for macroeconomic and international balance of payments [2][3]. - The foreign exchange market has shown balanced supply and demand, with active trading and stable foreign exchange reserves [2][4]. Group 2: International Balance of Payments - The current account surplus has been steadily increasing, maintaining a reasonable equilibrium, while the non-reserve financial account has shown a deficit roughly equivalent to the current account surplus [3]. - Direct investment inflows into China reached $31.1 billion from January to May, a 16% year-on-year increase, while securities investment net inflows were approximately $33 billion, reversing the previous year's outflow trend [3][6]. Group 3: Foreign Investment in Renminbi Assets - Foreign investment in Renminbi assets has remained stable, with foreign holdings of domestic Renminbi bonds exceeding $600 billion, a historically high level [6]. - In the first half of the year, foreign investors net increased their holdings of domestic stocks and funds by $10.1 billion, reversing a two-year trend of net reductions [6]. - The attractiveness of Renminbi assets is expected to grow, with foreign investors currently holding about 3% to 4% of the market value of domestic bonds and stocks, indicating potential for sustainable growth in foreign allocations [6][7].