朱鹤新：我国外汇市场运行平稳 活力和韧性都在增强

Core Insights - Since the beginning of the "14th Five-Year Plan," China's foreign exchange sector has effectively coordinated development and security, steadily advancing high-level openness, which provides strong support for constructing a new development pattern [1] Group 1: International Balance of Payments - China's international balance of payments has become more stable, with a reasonable ratio of current account surplus to GDP [1] - By the end of July, foreign institutions and individuals held over 10 trillion yuan in domestic stocks, bonds, and deposits [1] Group 2: Cross-Border Capital Flows - In 2024, China's cross-border capital flow scale is projected to reach 14 trillion USD, a 64% increase from 2020, with an average annual growth rate 8 percentage points higher than during the "13th Five-Year Plan" [2] - The trading volume in the foreign exchange market is expected to be 41 trillion USD in 2024, a 37% increase from 2020, indicating sufficient capacity to accommodate various transactions [2] Group 3: Foreign Exchange Market Resilience - The ratio of enterprises using foreign exchange hedging has increased from 17% in 2020 to around 30%, while the proportion of the renminbi in cross-border trade has risen from 16% to nearly 30% [2] - The macro-prudential management system of the foreign exchange market is gradually improving, with a richer toolbox for counter-cyclical adjustments [2] Group 4: Future Outlook - The long-term positive fundamentals of China's economy and steady progress in high-level openness lay a solid foundation for a stable international balance of payments [3] - The foreign exchange reserve has remained stable above 3 trillion USD, exceeding 3.2 trillion USD in recent years, serving as an important stabilizer for the national economy [4]