全球资本配置境内股市的意愿增强

Core Viewpoint - The foreign exchange market in China has shown resilience and vitality in 2025, with stable foreign exchange reserves and a balanced supply-demand situation, indicating a positive outlook for foreign investment in RMB assets [1][2][3] Group 1: Foreign Exchange Market Performance - The foreign exchange market has exhibited five key characteristics: steady increase in foreign-related income and expenditure, continued net inflow of cross-border funds, basic balance in supply and demand, active trading, and stable foreign exchange reserves [1] - The RMB appreciated by 1.9% against the USD in the first half of the year, with fluctuations between 7.15 and 7.35, maintaining stability while acting as an automatic stabilizer for the macro economy and international balance of payments [1][3] Group 2: Foreign Investment in RMB Assets - Foreign investment in RMB assets has remained stable, with foreign holdings of domestic RMB bonds exceeding $600 billion, a historically high level [2] - In the first half of 2025, foreign investors net increased their holdings of domestic stocks and funds by $10.1 billion, reversing a two-year trend of net reductions, with significant increases in May and June [2] Group 3: Future Outlook - The outlook for foreign investment in RMB assets is positive, with expectations of stable and sustainable growth due to a robust economic foundation, high-quality financial market development, and global asset diversification needs [2] - The foreign exchange market is expected to maintain stability in the second half of the year, supported by high-quality economic development, steady progress in opening up, and enhanced market resilience [2][3]