新华财经北京7月23日电 上半年，非银行部门跨境收支合计7.6万亿美元，创历史同期新高；银行结售汇 合计2.3万亿美元，为历史同期次高；外资净增持境内股票和基金101亿美元，扭转了过去两年总体净减 持态势...... "总的来看，上半年我国外汇市场有力有效应对外部冲击风险；展现出较强的韧性和活力，表现好于市 场预期。"国家外汇管理局副局长李斌说。 往后看，受访人士预计，人民币汇率的扰动和支撑因素相对均衡，年内或呈现震荡偏强运行，加之国际 收支平衡也有望延续"一顺一逆"、整体平衡格局，下半年外汇市场总体将继续稳定运行。 ——外汇市场表现超预期跨境资金持续净流入 展望后续，受访人士预计，外部环境波动对我国出口的影响或在下半年集中显现，银行代客外币收支或 仍有一定幅度顺差。不过稳汇率仍是宏观政策的主要目标之一，加之国际收支也有望延续平衡格局，下 半年外汇市场总体将保持稳定状态。 ——人民币汇率保持稳定人民币资产强势吸金 今年以来，外部环境更趋复杂多变，国际金融市场波动加大。我国加快实施更加积极有为的宏观政策， 外汇市场持续平稳运行。 如从总量的角度看，涉外收支规模稳步增加。上半年，企业、个人等非银行部门跨境收入和支 ...

Group 1 - The core viewpoint of the articles highlights the resilience and stability of China's foreign exchange market in the first half of 2025, supported by proactive macroeconomic policies aimed at expanding domestic demand and addressing external challenges [1][3]. - In the first half of 2025, the total cross-border income and expenditure of non-bank sectors reached $7.6 trillion, a year-on-year increase of 10.4%, marking a historical high for the same period [1]. - The net inflow of cross-border funds for non-bank sectors was $127.3 billion, continuing the trend of net inflows since the second half of the previous year, with a 46% quarter-on-quarter increase in the second quarter [1][3]. Group 2 - The foreign exchange market showed a basic balance, with a bank settlement and sale deficit of $25.3 billion in the first half of 2025, but with a notable monthly variation leading to a surplus in May and June [2]. - The total trading volume in the domestic RMB foreign exchange market reached $21 trillion, a year-on-year increase of 10.2%, with spot and derivative transactions accounting for 35% and 65% respectively [2]. - As of the end of June 2025, China's foreign exchange reserves stood at $3.3174 trillion, an increase of $115.1 billion from the end of 2024, reflecting stability amid global financial asset price increases [2]. Group 3 - The RMB exchange rate remained stable, appreciating by 1.9% against the USD in the first half of 2025, fluctuating between 7.15 and 7.35, which helped stabilize the macroeconomy and international payments [3]. - Direct investment into China showed positive trends, with net inflows of equity-based direct investment reaching $31.1 billion, a 16% year-on-year increase, and net inflows of securities investment reversing the previous year's outflow [3]. - The State Administration of Foreign Exchange plans to continue promoting a more convenient, open, secure, and intelligent foreign exchange management system to support high-quality economic development and high-level openness [3].

Group 1 - The foreign exchange market in China demonstrated strong resilience in the first half of 2025 despite a complex external environment, characterized by weakening global economic growth and increased market volatility [1] - The scale of cross-border receipts and payments showed steady growth, with non-bank sector cross-border receipts and payments totaling $7.6 trillion, a 10.4% increase year-on-year, marking a historical high for the same period [3] - The proportion of the Renminbi in cross-border receipts and payments rose to 53%, indicating steady progress in the internationalization of the Renminbi [3] Group 2 - Cross-border capital flows maintained a net inflow trend, with non-bank sector net inflows reaching $127.3 billion in the first half, and a 46% quarter-on-quarter increase in the second quarter [3] - The Renminbi exchange rate exhibited good two-way fluctuation characteristics, appreciating by 1.9% against the US dollar, maintaining stability within the range of 7.15 to 7.35 [4] - Market expectations remained stable and rational, with no significant unilateral appreciation or depreciation expectations for the Renminbi, reflecting mature behavior among market participants [4]

Core Viewpoint - The Chinese foreign exchange market has shown strong resilience and vitality in the first half of the year, performing better than market expectations [1][2] Group 1: Market Performance - In the first half of 2025, the bank's settlement of foreign exchange reached 14,900 billion RMB, while the sale of foreign exchange was 13,083 billion RMB [1] - The total cross-border income and expenditure of non-bank sectors, including enterprises and individuals, reached 7.6 trillion USD, marking a year-on-year increase of 10.4%, the highest for the same period in history [1] - The total trading volume in the domestic RMB foreign exchange market reached 21 trillion USD, with a year-on-year growth of 10.2% [1] - The net inflow of cross-border funds for non-bank sectors was 127.3 billion USD, continuing the net inflow trend since the second half of last year, with a quarter-on-quarter increase of 46% [1] Group 2: Regulatory Actions - The foreign exchange management department has actively worked to prevent and mitigate external shock risks, maintaining a stable and healthy foreign exchange market [2] - Over 400 cases of foreign exchange violations were investigated in the first half of the year, with more than 180 cases related to underground money laundering being punished in cooperation with public security authorities [2] - Overall, policies aimed at stabilizing the market and expectations have achieved positive results [2]

Group 1 - The foreign exchange market in China is operating smoothly, with an increased willingness from foreign investors to allocate assets in RMB, and overall balanced cross-border capital flows [1][3] - In the first half of the year, the scale of foreign-related income and expenditure in China reached a record high of $7.6 trillion, a year-on-year increase of 10.4% [3] - There was a net inflow of $127.3 billion in cross-border funds, with a significant quarter-on-quarter growth of 46% in the second quarter [3] Group 2 - Foreign exchange reserves increased to $33,174 billion by the end of June, up by $115.1 billion from the end of 2024 [3] - The trading volume in the domestic RMB foreign exchange market reached $21 trillion, a year-on-year increase of 10.2%, with derivatives trading accounting for 65% of the total [3] - Foreign investment in domestic stocks and funds saw a net increase of $10.1 billion, reversing the trend of net reductions over the past two years [3] Group 3 - The State Administration of Foreign Exchange plans to implement three key measures to enhance cross-border trade and investment, including expanding pilot policies in free trade zones and simplifying foreign direct investment registration [4] - The foreign debt quota for high-quality technology enterprises will be increased to $20 million, with formal documents to be released soon [4] - The market mechanism for RMB exchange rates is being continuously improved, with a historical high of 30% in the foreign exchange hedging ratio among enterprises [4]

Core Viewpoint - China's foreign exchange market has effectively responded to external shocks, demonstrating strong resilience and vitality, with performance exceeding market expectations [1] Group 1: Cross-Border Capital Flows - In the first half of the year, China's cross-border income and expenditure reached a total of $7.6 trillion, a year-on-year increase of 10.4%, marking a historical high for the same period [2] - Non-bank sectors recorded a net inflow of $127.3 billion in cross-border funds, continuing the net inflow trend since the second half of last year [2] - The net inflow under goods trade remained high, with foreign capital increasing its holdings of domestic stocks and bonds [2] Group 2: Market Resilience and Risk Management - The resilience of China's foreign exchange market has been enhanced, with improved mechanisms for the market-oriented formation of the RMB exchange rate and increased exchange rate flexibility [3] - The awareness of exchange rate risk among enterprises has improved, with the foreign exchange hedging ratio and RMB cross-border receipts under goods trade both reaching around 30%, a historical high [3] - The foreign exchange market has accumulated rich experience in counter-cyclical regulation, enhancing its ability to prevent and mitigate external shock risks [3] Group 3: Reform Initiatives - The State Administration of Foreign Exchange (SAFE) has completed public consultations on a draft notice to deepen cross-border investment and financing foreign exchange management reforms, which will be promoted nationwide [4] - The reforms include measures to facilitate the receipt of foreign funds by research institutions and to simplify the cross-border financing process for technology enterprises [4][5] - The reforms aim to eliminate the registration requirement for foreign direct investment reinvestment, thereby improving investment efficiency [5] Group 4: Attractiveness of RMB Assets - Foreign investment in RMB-denominated bonds has remained stable, with foreign holdings exceeding $600 billion, a historically high level [6] - In the first half of the year, foreign investors net increased their holdings of domestic stocks and funds by $10.1 billion, reversing a two-year trend of net reductions [6] - The proportion of foreign investors holding domestic bonds and stocks is estimated to be around 3% to 4%, indicating potential for stable and sustainable growth in foreign allocations to RMB assets [7] Group 5: Global Investment Trends - The demand for diversified global asset allocation has created favorable opportunities for foreign investment in China, as RMB assets have shown independent performance in global markets [8] - Continuous financial reform and opening-up in China are expected to further integrate domestic financial markets into the international financial system, enhancing the attractiveness of RMB assets [8]

Core Viewpoint - The Chinese foreign exchange market demonstrated resilience and stability in the first half of 2025, effectively responding to external shocks and maintaining a balanced supply and demand [4][6][7]. Summary by Sections Foreign Exchange Market Performance - In the first half of 2025, the total cross-border income and expenditure of non-bank sectors reached $7.6 trillion, a year-on-year increase of 10.4%, marking a historical high for the same period [5]. - The net inflow of cross-border funds for non-bank sectors was $127.3 billion, continuing the trend of net inflows since the second half of the previous year, with a 46% increase in the second quarter compared to the first [5][6]. Exchange Rate Stability - The RMB/USD exchange rate appreciated by 1.9% in the first half of 2025, fluctuating between 7.15 and 7.35, maintaining basic stability while serving as an automatic stabilizer for the macroeconomy and international balance of payments [7][8]. Cross-Border Trade and Investment Facilitation - The State Administration of Foreign Exchange (SAFE) is enhancing the convenience of cross-border trade and investment, with over $700 billion in related facilitation services processed in the first half of 2025, a year-on-year increase of 11% [9][10]. - The pilot program to simplify foreign investment registration for foreign enterprises has benefited over 600 companies, improving capital efficiency [9][10]. Foreign Exchange Management Reforms - SAFE is advancing reforms in foreign exchange management, allowing banks to process foreign exchange transactions for high-quality clients based on corporate instructions, reducing processing times by over 50% [10]. - The total foreign exchange reserves reached $33,174 billion by the end of June 2025, an increase of $115.1 billion from the end of 2024 [6][10].

Core Viewpoint - The foreign exchange market in China has shown strong resilience and vitality in the first half of the year, with significant growth in cross-border income and expenditure, exceeding market expectations [1][2]. Group 1: Foreign Exchange Market Performance - In the first half of the year, the total cross-border income and expenditure of non-bank sectors reached $7.6 trillion, a year-on-year increase of 10.4%, marking a historical high for the same period [1]. - The net inflow of cross-border funds for non-bank sectors was $127.3 billion, continuing the trend of net inflows observed since the second half of last year [1]. - The foreign exchange market maintained a basic balance in supply and demand, with a bank settlement and sale deficit of $25.3 billion, transitioning from a deficit in January to a surplus in May and June [1]. Group 2: Policy and Reform Initiatives - The State Administration of Foreign Exchange (SAFE) has made progress in facilitating cross-border trade and investment, with over $700 billion in related businesses processed in the first half of the year, a year-on-year increase of 11% [2]. - Six new banks have initiated foreign exchange business reforms, bringing the total to 22 banks, which have identified over 20,000 first-class clients, an increase of 23% from the end of last year [2]. - The foreign exchange management policies have been expanded to include small and medium-sized enterprises, enhancing the convenience of cross-border trade [2][3]. Group 3: Foreign Investment Trends - Foreign investment in RMB-denominated assets has remained stable, with foreign holdings of domestic RMB bonds exceeding $600 billion, at a historically high level [2]. - In the first half of the year, foreign investors net increased their holdings of domestic stocks and funds by $10.1 billion [2]. - The market value of domestic bonds and stocks held by foreign investors accounts for approximately 3%-4%, with expectations for gradual increases in foreign allocations to RMB assets supported by multiple positive factors [2]. Group 4: Future Outlook - The foreign exchange market is expected to maintain stable operations, supported by high-quality economic development, steady progress in opening up, and increasing resilience in the foreign exchange market [3]. - The RMB exchange rate is likely to remain stable at a reasonable and balanced level under favorable conditions [3].

Core Viewpoint - The Chinese foreign exchange market has demonstrated strong resilience and vitality in the first half of the year, effectively responding to external shocks and performing better than market expectations [1][2]. Group 1: Economic Factors - The foreign exchange market's stability is supported by three favorable factors: high-quality economic development, steady progress in opening up to the outside world, and continuously enhancing market resilience [1]. - The total cross-border income and expenditure of non-bank sectors reached a historical high of $7.6 trillion in the first half of the year, while bank settlement and sale of foreign exchange amounted to $2.3 trillion, the second-highest in history [1]. Group 2: Currency Performance - The RMB appreciated by 1.9% against the USD in the first half of the year, fluctuating between 7.15 and 7.35, maintaining basic stability at a reasonable equilibrium level [2]. - The foreign exchange market has shown no significant unilateral expectations for RMB appreciation or depreciation, with overall rational trading behavior observed [2]. Group 3: Foreign Investment - Foreign investment in domestic RMB-denominated bonds has exceeded $600 billion, reaching a historically high level, while net foreign investment in domestic stocks and funds amounted to $10.1 billion in the first half of the year [2]. - The proportion of foreign investors holding domestic bonds and stocks is approximately 3% to 4%, indicating potential for gradual increases in RMB asset allocation [2].

Core Viewpoint - The foreign exchange market in China has shown resilience and vitality in 2025, with stable foreign exchange reserves and a balanced supply-demand situation, indicating a positive outlook for foreign investment in RMB assets [1][2][3] Group 1: Foreign Exchange Market Performance - The foreign exchange market has exhibited five key characteristics: steady increase in foreign-related income and expenditure, continued net inflow of cross-border funds, basic balance in supply and demand, active trading, and stable foreign exchange reserves [1] - The RMB appreciated by 1.9% against the USD in the first half of the year, with fluctuations between 7.15 and 7.35, maintaining stability while acting as an automatic stabilizer for the macro economy and international balance of payments [1][3] Group 2: Foreign Investment in RMB Assets - Foreign investment in RMB assets has remained stable, with foreign holdings of domestic RMB bonds exceeding $600 billion, a historically high level [2] - In the first half of 2025, foreign investors net increased their holdings of domestic stocks and funds by $10.1 billion, reversing a two-year trend of net reductions, with significant increases in May and June [2] Group 3: Future Outlook - The outlook for foreign investment in RMB assets is positive, with expectations of stable and sustainable growth due to a robust economic foundation, high-quality financial market development, and global asset diversification needs [2] - The foreign exchange market is expected to maintain stability in the second half of the year, supported by high-quality economic development, steady progress in opening up, and enhanced market resilience [2][3]