央行下调远期售汇业务外汇风险准备金率至0 支持企业管理好汇率风险

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% starting March 2, 2026, to promote the development of the foreign exchange market and support enterprises in managing exchange rate risks [1] Group 1 - The reduction in the foreign exchange risk reserve ratio will lower the cost of forward foreign exchange purchases for enterprises and encourage them to engage in foreign exchange hedging [1] - This adjustment marks a return to a neutral foreign exchange policy after a previous increase in the reserve ratio in September 2022 [1] - The previous requirement meant that banks had to freeze $20 for every $100 in forward foreign exchange sales, increasing costs for enterprises [1] Group 2 - The adjustment is part of a broader set of policies aimed at enhancing the level of exchange rate risk management services provided by financial institutions [2] - By 2025, it is expected that the hedging ratio for enterprises will rise to 30%, and the proportion of trade settled in RMB will also increase to nearly 30%, reducing the impact of exchange rate risks on 60% of exporting enterprises [2] - The PBOC will continue to guide financial institutions in optimizing exchange rate hedging services to maintain the RMB exchange rate at a reasonable and balanced level [2]