外汇局释放稳汇率信号 上半年外资净增持境内股票和基金超百亿美元

Core Viewpoint - The State Administration of Foreign Exchange (SAFE) has released data indicating a significant increase in foreign investment in China's stock and fund markets, signaling a positive outlook for the Chinese market despite a complex external environment [1][3]. Group 1: Foreign Investment Trends - In the first half of 2025, foreign investors net increased their holdings in domestic stocks and funds by $10.1 billion, reversing a two-year trend of net reductions [3][4]. - The net inflow of foreign capital into China's stock market was particularly strong in May and June, with a total of $18.8 billion, reflecting a growing willingness of global capital to allocate resources to the Chinese market [3][4]. - The total foreign holdings of domestic RMB bonds exceeded $600 billion, indicating a sustained interest in Chinese debt instruments [4]. Group 2: Cross-Border Capital Flows - The total cross-border income and expenditure of non-bank sectors reached $7.6 trillion, a year-on-year increase of 10.4%, marking a historical high for the same period [3][4]. - Non-bank sectors experienced a net inflow of $127.3 billion in cross-border funds, continuing the trend of net inflows observed since the second half of the previous year, with a 46% quarter-on-quarter increase in the second quarter [3][4]. Group 3: Foreign Exchange Market Developments - The total trading volume in the domestic RMB foreign exchange market reached $21 trillion in the first half of the year, a 10.2% increase year-on-year, with spot and derivative transactions accounting for 35% and 65% respectively [4]. - As of the end of June, China's foreign exchange reserves stood at $3.3174 trillion, an increase of $115.1 billion from the end of 2024, indicating a stable upward trend in reserves [4]. Group 4: Policy Measures and Market Stability - SAFE announced plans to promote innovative pilot policies across more free trade zones, aiming to enhance cross-border trade facilitation and investment openness [5][6]. - The agency is preparing to eliminate the registration requirement for foreign direct investment reinvestment in China, which is expected to streamline processes and reduce operational costs for foreign enterprises [6]. - The exchange rate of the RMB against the USD appreciated by 1.9% in the first half of the year, maintaining stability within a range of 7.15 to 7.35, which serves as an automatic stabilizer for the macroeconomy and international balance of payments [8].