外汇领域高水平制度型开放稳步推进

Core Viewpoint - The article discusses the ongoing reforms in the foreign exchange (FX) sector in China, highlighting the expansion and improvement of bank FX operations, capital account opening, and support for key regional developments, aiming for a more efficient and open FX market by 2026 [1][2][3]. Group 1: Bank FX Operations Reform - The State Administration of Foreign Exchange (SAFE) is promoting reforms to enhance the quality and scope of bank FX operations, with a focus on efficient processing of FX transactions [2][3]. - By the end of 2025, banks processed FX transactions worth $440 billion based on client instructions, with 30 banks participating and covering 32,000 clients [3]. - The SAFE has established a regulatory framework for bank FX operations, including the release of the "Bank FX Operations Management Measures (Trial)" to standardize procedures and enhance operational capabilities [2][3]. Group 2: Capital Account Opening - The promotion of the integrated currency pool for multinational corporations has been expanded nationwide, facilitating centralized fund management for large companies [4]. - As of the third quarter of 2025, 98 multinational companies participated in the currency pool pilot, benefiting nearly 5,000 domestic and foreign member enterprises, with cross-border transactions amounting to approximately $150 billion from January to September 2025 [4]. - The SAFE is also working on policies to streamline the management of funds for domestic companies listed overseas, simplifying processes and enhancing efficiency [5]. Group 3: Support for Key Regional Developments - The SAFE is implementing a series of facilitation policies to support the construction of free trade pilot zones and enhance cross-border financial services in major financial centers like Shanghai and Hainan [1][5]. - The issuance of $30.8 billion in Qualified Domestic Institutional Investor (QDII) investment quotas aims to meet reasonable investment demands in a stable foreign exchange market [5].