时隔超三年，央行调整远期售汇业务外汇风险准备金率

Group 1 - 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, to promote the development of the foreign exchange market and support enterprises in managing exchange rate risks [1][3] - This adjustment is seen as a reasonable exit from previous measures, aiming to return foreign exchange policy to a neutral stance [1] - The reduction is expected to lower the cost of forward foreign exchange purchases for enterprises, increase demand for USD in the foreign exchange market, and stabilize exchange rate expectations [1][3] Group 2 - The adjustment is intended to encourage enterprises to manage exchange rate risks more effectively and to better serve the real foreign exchange needs of the economy [1][3] - The current strong appreciation pressure on the RMB has made the high reserve ratio less meaningful, as it increases the hedging costs for enterprises [3] - Lowering the reserve ratio is viewed as a signal to curb the rapid appreciation of the RMB, potentially releasing pent-up demand for forward purchases and balancing foreign exchange supply and demand [3]