新华鲜报丨多个新高！2025年外汇市场保持韧性与活力

Core Insights - The foreign exchange market in China reached a record trading volume of $42.6 trillion in 2025, with the corporate foreign exchange hedging ratio rising to 30%, both marking historical highs [1][3] - By the end of September 2025, China's foreign assets and liabilities reached $11.5 trillion and $7.5 trillion respectively, with net foreign assets surpassing $4 trillion for the first time [1][3] Group 1: Market Performance - The foreign exchange market supply and demand remained balanced over the past year, with overall expectations stable, showcasing strong resilience and vitality [3] - The trading volume increased from $34.5 trillion in 2022 to $42.6 trillion in 2025, indicating significant market resilience and vitality [3] Group 2: Economic Growth - China's GDP is projected to reach approximately 140 trillion yuan by 2025, a 40% increase compared to five years ago, providing a robust foundation for the foreign exchange market [4] - The high-tech industry saw a 9.2% year-on-year increase in value added from January to November 2025, highlighting the substantial growth potential of the Chinese economy [4] Group 3: Policy and Reform - The foreign exchange management department has implemented a series of reforms to enhance the convenience of foreign exchange transactions, significantly supporting the growth of foreign-related economic activities [5] - In 2025, the foreign exchange management department introduced 28 measures across three key areas: supporting stable foreign trade development, deepening cross-border investment and financing reforms, and supporting free trade zone construction [5] Group 4: Market Participation and Risk Management - The foreign exchange market now includes a diverse range of participants, including both domestic and foreign institutions, which enhances its ability to absorb external changes [5] - The proportion of corporate foreign exchange hedging reached 30% in 2025, indicating improved capabilities for foreign-related enterprises to manage international exchange rate fluctuations [5] - The share of the renminbi in global foreign exchange transactions rose to 8.6%, an increase of 1.6 percentage points from 2022, making it the fastest-growing currency in terms of global trading share [5] Group 5: Stability Measures - The market-oriented mechanism for the renminbi exchange rate has been continuously improved, effectively serving as a stabilizer for supply and demand balance [6] - The authorities will continue to enhance monitoring of cross-border capital flows and improve macro-prudential management to maintain stability in the foreign exchange market [6]