央行下调远期售汇业务外汇风险准备金 支持实体企业管理汇率风险

Core Viewpoint - The People's Bank of China (PBOC) announced a reduction in the foreign exchange risk reserve ratio for forward foreign exchange sales from 20% to 0% effective March 2, 2026, indicating a move to balance supply and demand in the foreign exchange market while supporting enterprises in managing exchange rate risks [1][2]. Group 1 - The reduction in the foreign exchange risk reserve ratio will lower the cost of forward foreign exchange purchases for enterprises, thereby increasing demand for USD in the foreign exchange market and stabilizing exchange rate expectations amid rapid appreciation of the RMB [2]. - The foreign exchange risk reserve ratio is a counter-cyclical macro-prudential management tool established by the PBOC to regulate forward foreign exchange sales by requiring banks to freeze a portion of funds based on the contract amount [1]. - Previously, when the reserve ratio was set at 20%, banks had to freeze $20 for every $100 in forward foreign exchange sales, which increased costs for enterprises. The new policy will eliminate this requirement, reducing costs for forward purchases [1]. Group 2 - The adjustment aims to facilitate enterprises in locking in exchange rates at lower costs, thereby better managing exchange rate risks and serving the real foreign exchange needs of the economy [2]. - The PBOC's decision to lower the reserve ratio is seen as a signal to cool down the market's one-sided bets on RMB appreciation, emphasizing the central bank's goal of maintaining the RMB exchange rate at a reasonable and balanced level [2]. - Given the complex external environment and uncertainties in RMB exchange rate trends, enterprises and financial institutions are advised to avoid blindly following market trends and to adopt a neutral approach to exchange rate risk management [2].