2025年交易量达42.6万亿美元创下历史新高 外汇市场韧性不断增强

Core Insights - The foreign exchange market in China is projected to reach a trading volume of $42.6 trillion by 2025, with the corporate foreign exchange hedging ratio increasing to 30% [1] - The State Administration of Foreign Exchange (SAFE) reported a stable operation of the foreign exchange market despite complex external conditions, aiming to deepen reforms and create a conducive policy environment [1] Group 1: Market Performance - In 2025, total cross-border income and expenditure for enterprises and individuals reached $15.6 trillion, a nearly 10% increase from 2024 [2] - The net inflow of cross-border funds turned positive, amounting to $302.1 billion, with a bank settlement surplus of $196.6 billion [2] - Foreign exchange reserves remained stable at $33,579 billion by year-end, with the RMB exchange rate maintaining basic stability at a reasonable level [2] Group 2: Policy and Reform - SAFE has implemented 28 measures across three key areas: supporting stable foreign trade development, deepening cross-border investment and financing reforms, and supporting the construction of free trade pilot zones [2] - The number of banks participating in foreign exchange business reform increased from 16 at the end of 2024 to 30, covering major banks handling cross-border transactions [3] Group 3: Risk Management - There is a growing demand among enterprises to manage exchange rate risks due to increased volatility in international financial markets [4] - In 2025, enterprises utilized foreign exchange derivatives to manage exchange rate risks amounting to over $1.9 trillion, nearly doubling since 2020, with the hedging ratio reaching a historical high of 30% [4] Group 4: Future Outlook - The foreign exchange market in China is expected to operate steadily in 2026, with cross-border capital flows remaining orderly and resilient [7] - The economic foundation is strengthening, with ongoing efforts to expand high-level opening-up and enhance the depth of the foreign exchange market [7] - Global economic growth is anticipated to be moderate, which may support the stable operation of China's foreign exchange market [7]