我国外汇市场韧性足、预期稳 人民币资产“磁性”不断增强 上半年外资净增持境内股票基金101亿美元

Core Viewpoint - The Chinese foreign exchange market has demonstrated strong resilience and vitality in the first half of the year, effectively responding to external shocks and performing better than market expectations [1][2]. Group 1: Economic Factors - The foreign exchange market's stability is supported by three favorable factors: high-quality economic development, steady progress in opening up to the outside world, and continuously enhancing market resilience [1]. - The total cross-border income and expenditure of non-bank sectors reached a historical high of $7.6 trillion in the first half of the year, while bank settlement and sale of foreign exchange amounted to $2.3 trillion, the second-highest in history [1]. Group 2: Currency Performance - The RMB appreciated by 1.9% against the USD in the first half of the year, fluctuating between 7.15 and 7.35, maintaining basic stability at a reasonable equilibrium level [2]. - The foreign exchange market has shown no significant unilateral expectations for RMB appreciation or depreciation, with overall rational trading behavior observed [2]. Group 3: Foreign Investment - Foreign investment in domestic RMB-denominated bonds has exceeded $600 billion, reaching a historically high level, while net foreign investment in domestic stocks and funds amounted to $10.1 billion in the first half of the year [2]. - The proportion of foreign investors holding domestic bonds and stocks is approximately 3% to 4%, indicating potential for gradual increases in RMB asset allocation [2].