无意通过汇率贬值获取国际贸易竞争优势！汇率风险管理仍是重点

Core Viewpoint - The press conference highlighted the effectiveness of monetary and financial policies in supporting the high-quality development of the real economy, with a focus on the stability and resilience of China's foreign exchange market in 2025 and expectations for 2026 [1][3]. Group 1: Foreign Exchange Market Performance - In 2025, China's foreign exchange market achieved a record trading volume of $42.6 trillion, with the corporate foreign exchange hedging ratio rising to 30%, both marking historical highs [1][4]. - The RMB/USD exchange rate surpassed 7 yuan by the end of 2025, reflecting a 4.3% appreciation for onshore RMB and a 4.9% appreciation for offshore RMB throughout the year [6][10]. - The foreign exchange market maintained a basic balance in supply and demand, with banks' total foreign exchange settlement and sales showing a surplus of $1.966 billion in 2025 [5][8]. Group 2: Policy Measures and Support - The State Administration of Foreign Exchange (SAFE) introduced 28 measures across three key areas to support stable foreign trade development, deepen cross-border investment and financing reforms, and aid the construction of free trade pilot zones [4][7]. - Financial institutions are encouraged to enhance their foreign exchange risk management services and develop more flexible and cost-effective hedging products for enterprises [1][7]. - The government aims to promote a neutral approach to foreign exchange risk management, providing enterprises with better tools and strategies for hedging against currency fluctuations [7][10]. Group 3: Outlook for 2026 - The foreign exchange market is expected to operate stably in 2026, supported by a solid economic foundation and ongoing high-level opening-up policies [8][10]. - The People's Bank of China (PBOC) will continue to ensure that the RMB exchange rate remains stable at a reasonable and balanced level, while also allowing for two-way fluctuations [9][10]. - Analysts predict that the RMB/USD exchange rate will fluctuate around the 7.0 to 7.2 range in 2026, influenced by external geopolitical factors and adjustments in developed economies' interest rates [10].