【读年报·看亮点·谋发展】外汇市场保持较强韧性和活力

Group 1: Foreign Exchange Market Overview - In 2025, China's foreign exchange market trading volume reached $42.6 trillion, marking a historical high, with the corporate foreign exchange hedging ratio rising to 30% [1] - The demand for managing exchange rate risks among enterprises has increased, with the scale of using foreign exchange derivatives for risk management exceeding $1.9 trillion, nearly doubling since 2020 [1] - The foreign exchange reserves have remained above $3.3 trillion for five consecutive months, the highest level since December 2015, indicating a stable market supply and demand [1] Group 2: Regulatory and Policy Developments - The State Administration of Foreign Exchange (SAFE) has been enhancing services for corporate exchange rate risk management, including promoting the concept of exchange rate risk neutrality and improving financial institutions' service mechanisms [2] - Over 120 banks have launched foreign exchange derivative businesses, and efforts are being made to lower transaction and clearing costs for small and medium-sized enterprises [2] - SAFE plans to strengthen corporate hedging services and support enterprises in focusing on their core businesses while managing risks effectively [2] Group 3: Capital Account Opening and Management - The financial market's two-way opening continues to advance, with measures to promote high-level institutional opening in direct investment, securities investment, and cross-border financing [3] - The integrated currency pool policy for multinational companies has been upgraded, benefiting over 1,100 multinational companies and 19,000 member enterprises, facilitating cross-border receipts and payments of $2.1 trillion [3][4] - The policy aims to create a unified and transparent regulatory environment, enhancing confidence in China's cross-border financial management [4] Group 4: Future Outlook and Market Stability - The foreign exchange market is expected to operate steadily in 2026, with cross-border capital flows remaining orderly and resilient [6] - Global economic growth is anticipated to be moderate, with potential interest rate cuts in major developed economies supporting the stability of China's foreign exchange market [6] - The People's Bank of China will continue to improve policies for the cross-border use of the renminbi and enhance the capacity of foreign trade enterprises to cope with exchange rate fluctuations [7]