上半年外汇市场韧性凸显 外资增配人民币资产趋势向好

Group 1 - The foreign exchange market in China is operating smoothly, with an increased willingness from foreign investors to allocate assets in RMB, and overall balanced cross-border capital flows [1][3] - In the first half of the year, the scale of foreign-related income and expenditure in China reached a record high of $7.6 trillion, a year-on-year increase of 10.4% [3] - There was a net inflow of $127.3 billion in cross-border funds, with a significant quarter-on-quarter growth of 46% in the second quarter [3] Group 2 - Foreign exchange reserves increased to $33,174 billion by the end of June, up by $115.1 billion from the end of 2024 [3] - The trading volume in the domestic RMB foreign exchange market reached $21 trillion, a year-on-year increase of 10.2%, with derivatives trading accounting for 65% of the total [3] - Foreign investment in domestic stocks and funds saw a net increase of $10.1 billion, reversing the trend of net reductions over the past two years [3] Group 3 - The State Administration of Foreign Exchange plans to implement three key measures to enhance cross-border trade and investment, including expanding pilot policies in free trade zones and simplifying foreign direct investment registration [4] - The foreign debt quota for high-quality technology enterprises will be increased to $20 million, with formal documents to be released soon [4] - The market mechanism for RMB exchange rates is being continuously improved, with a historical high of 30% in the foreign exchange hedging ratio among enterprises [4]