汇改十年：汇率弹性成常态，市场化筑基国际化未来

Core Viewpoint - The "8·11" exchange rate reform marks a significant step towards the market-oriented formation of the RMB exchange rate, transitioning from a rigid peg to a more flexible and market-driven pricing mechanism [2][4][7]. Exchange Rate Reform Impact - The reform has led to increased elasticity in the RMB exchange rate, allowing for both appreciation and depreciation, with fluctuations expanding from less than 1% to over 10% [5][7]. - The dual reference pricing model, based on the previous day's closing rate and a basket of currencies, has effectively transferred the pricing power of the RMB from the central bank to the foreign exchange market [3][4]. Market Stability and Regulation - Regulatory authorities have enhanced tools for managing the foreign exchange market, effectively curbing excessive fluctuations in the RMB exchange rate and maintaining stability at a reasonable equilibrium level [6][8]. - The balance of non-reserve foreign financial assets and liabilities is nearly 1:1, indicating improved self-balancing capabilities of the foreign exchange market compared to a decade ago [6]. Corporate Risk Management - Domestic enterprises have significantly improved their awareness of foreign exchange risk management, with the ratio of foreign exchange hedging and RMB cross-border transactions reaching historical highs of around 30% [9][10]. - Companies are encouraged to adapt their risk management systems to align with ongoing reforms, ensuring long-term operational stability [10]. Future Directions - The future focus will be on cautiously advancing the internationalization of the RMB, with an emphasis on enhancing its role in the global monetary system [12][13]. - The regulatory framework will likely become more flexible regarding offshore RMB liquidity management, aiming to balance efficiency and safety in cross-border capital flows [15].