上半年外汇收支数据向好，外资增配人民币资产成亮点

Core Viewpoint - The article discusses the resilience of China's foreign exchange market in the face of complex external environments, highlighting the stable operation and strong fundamentals of the market despite increased risks and challenges [1][2]. Group 1: Foreign Exchange Market Performance - In the first half of the year, China's foreign exchange market demonstrated strong resilience, with a net inflow of cross-border funds amounting to $127.3 billion, continuing the trend from the second half of the previous year, and a 46% increase in net inflow in the second quarter [2]. - The foreign exchange market showed several positive trends, including a steady increase in foreign-related income and expenditure, a balanced supply and demand, and stable foreign exchange reserves [2]. - The RMB appreciated by 1.9% against the USD in the first half of the year, maintaining a stable range of 7.15 to 7.35, which helped stabilize market expectations [2][3]. Group 2: International Balance of Payments - China's current account surplus has been steadily increasing, indicating a balanced international payment situation, with a corresponding financial account deficit that is roughly equivalent to the current account surplus [3]. - From January to May, direct investment inflows into China reached $31.1 billion, a 16% year-on-year increase, while securities investment inflows amounted to approximately $33 billion, reversing the previous year's outflow trend [3]. Group 3: Policy and Regulatory Environment - The foreign exchange management authorities have been optimizing policy supply and deepening reforms to enhance the convenience of cross-border trade and investment, while also cracking down on illegal activities [4]. - Over 400 cases of foreign exchange violations were addressed in the first half of the year, demonstrating the effectiveness of regulatory measures [4]. Group 4: Foreign Investment in RMB Assets - Foreign investment in RMB assets has remained stable, with foreign holdings of domestic RMB bonds exceeding $600 billion, marking a historically high level [6]. - In the first half of the year, foreign investors net purchased $10.1 billion in domestic stocks and funds, reversing the net selling trend of the past two years [6]. - The attractiveness of RMB assets is expected to continue growing, supported by a stable macroeconomic environment and positive investment sentiment from international financial institutions [6][7].