超10万亿元！国家外汇局透露
Shang Hai Zheng Quan Bao·2025-09-22 21:47

Core Insights - The foreign exchange market in China has shown resilience and vitality, with significant growth in cross-border capital flows and foreign investments [1][3][5] Group 1: Foreign Exchange Market Performance - As of July, foreign institutions and individuals held over 10 trillion yuan in domestic stocks, bonds, and deposits, with the RMB's share in cross-border trade rising to nearly 30% [1][5] - The cross-border capital flow is projected to reach 14 trillion USD in 2024, a 64% increase from 2020, with an average annual growth rate during the "14th Five-Year Plan" period 8 percentage points higher than the previous period [3][4] - The trading volume in the foreign exchange market is expected to be 41 trillion USD in 2024, a 37% increase from 2020, indicating a deepening market with sufficient capacity for various transactions [3][4] Group 2: Market Structure and Functionality - The foreign exchange market has become more complete and deepened, with 703 banks and 115 non-bank institutions participating, including 296 foreign institutions [3][4] - The infrastructure for trading, clearing, and payment has improved, effectively reducing transaction costs and settlement risks, thereby better serving the real economy [3][4] Group 3: Stability and Management - The RMB exchange rate has shown increased flexibility, acting as an automatic stabilizer for the macro economy and international balance of payments, with the corporate foreign exchange hedging ratio rising from 17% in 2020 to around 30% [4][5] - The macro-prudential management system for the foreign exchange market is gradually improving, with enhanced counter-cyclical adjustment tools to manage external risks [4][5] Group 4: Future Outlook - The long-term positive fundamentals of the Chinese economy and steady high-level opening-up are expected to support a stable international balance of payments [4][6] - The foreign exchange reserve has remained stable above 3 trillion USD, providing a strong foundation for economic stability and growth [6]