国家外汇局：人民币在跨境贸易中的占比已上升到近30%

Core Insights - The press conference highlighted the achievements of China's financial industry during the "14th Five-Year Plan" period, emphasizing the resilience and vitality of the foreign exchange market despite a complex external environment [1][3]. Group 1: Foreign Economic Development - The foreign-related economy has shown steady development, with cross-border receipts and payments reflecting strong vitality. In 2024, China's cross-border receipts and payments are projected to reach $14 trillion, a 64% increase from 2020, with an average annual growth rate during the "14th Five-Year Plan" period 8 percentage points higher than the "13th Five-Year Plan" [3]. - In the first eight months of this year, cross-border receipts and payments increased by 10%, indicating sustained activity in cross-border trade and investment [3]. Group 2: Foreign Exchange Market Functionality - The foreign exchange market has become more complete, with a trading volume expected to reach $41 trillion in 2024, a 37% increase from 2020. Both spot and derivative trading have seen simultaneous growth, providing a robust capacity for various transactions [3]. - As of June this year, 703 banks and 115 non-bank institutions are participating in the interbank foreign exchange market, including 296 foreign institutions, covering major currencies to better meet the trading needs of diverse participants [3]. - Improvements in trading, clearing, and payment mechanisms have effectively reduced transaction costs and settlement risks, better serving the real economy [3]. Group 3: Market Stability and Resilience - The foreign exchange market has exhibited rational and orderly trading, with the RMB exchange rate showing increased flexibility and serving as an automatic stabilizer for the macro economy and international balance of payments. The ratio of corporate foreign exchange hedging has risen from 17% in 2020 to around 30% [4]. - The share of RMB in cross-border trade has increased from 16% to nearly 30%, further enhancing the resilience of the foreign exchange market [4]. - A macro-prudential management system for the foreign exchange market is gradually being established, with a richer toolbox for counter-cyclical regulation, contributing to overall balance in cross-border capital flows [4]. Group 4: Future Outlook - Looking ahead, China's economic fundamentals are expected to remain strong, with high-level opening-up progressing steadily, which will stabilize the autonomous balance of international payments [5]. - The market-oriented formation mechanism of the RMB exchange rate is continuously improving, and the effectiveness of macro-prudential management in the foreign exchange market is increasing, providing stronger confidence to address external risks and challenges [5].