人民币资产强势吸金，外资积极“打卡”股债市场

Core Viewpoint - The foreign exchange market in China has shown resilience and vitality in the first half of 2023, with a steady increase in foreign exchange receipts and a net inflow of cross-border funds, exceeding market expectations [1][2]. Group 1: Foreign Exchange Market Performance - In the first half of 2023, the net inflow of cross-border funds from non-bank sectors reached $127.3 billion, continuing the trend from the second half of the previous year, with a 46% quarter-on-quarter increase in Q2 [1]. - The foreign exchange market maintained a basic balance in supply and demand, with active trading and stable foreign exchange reserves [1][2]. Group 2: Capital and Financial Account Analysis - The increase in the current account surplus corresponds to an expansion of the capital and financial account deficit, which should not be interpreted as increased capital outflow pressure [2]. - The capital and financial account deficit is primarily due to increased outward investment by domestic entities, while foreign investment in China remains net inflow [2]. Group 3: Attractiveness of Renminbi Assets - The Renminbi appreciated by 1.9% against the US dollar in the first half of 2023, with the exchange rate fluctuating between 7.15 and 7.35, indicating stability and serving as an automatic stabilizer for the macroeconomy and international payments [3]. - Foreign investment in Renminbi-denominated bonds has increased, with foreign holdings exceeding $600 billion, and net foreign purchases of domestic stocks and funds reached $10.1 billion in the first half of 2023 [3][4]. Group 4: Future Outlook for Foreign Investment - The foreign investment in Renminbi assets is expected to have stable and sustainable growth, supported by a robust economic environment and improved financial market conditions [3][4]. - Approximately 30% of central banks surveyed indicated plans to increase their allocation to Renminbi assets, reflecting a growing global interest [4]. Group 5: Policy Initiatives for Trade and Investment - The State Administration of Foreign Exchange (SAFE) is implementing measures to enhance trade facilitation, cross-border investment, and financing, including reforms to streamline foreign exchange business processes [6][7]. - SAFE plans to expand innovative policies in free trade zones to promote cross-border trade and investment, including optimizing international trade settlement and enhancing the efficiency of foreign debt registration [7][8].