古巴政府希望通过这一系列法令，有限度地放松外汇管制，激活非国有经济活力，吸引外资，从而为经济注入动力。（总台记者 史 跃） 2025年12月11日， 古巴官方公报正式发布一系列法令与决议，对外汇管理进行了多项重大调整。其核心为，在政府管控下，通过实 施"部分美元化"，以应对当前经济挑战。 △古巴哈瓦那（资料图） 此次改革的最大亮点是向非国有经济倾斜。中小微企业、合作社及个体经营者等，在出口、电子商务等创汇活动中，可将高达80%的 外汇收入留存于古巴的个人外汇账户中，自主支配使用。此外，古巴政府通过建立"外汇获取能力分配"机制，允许国家重点计划内主 体按官方汇率购买外汇。境内交易原则上仍使用古巴比索，但与马里埃尔特区及授权外汇商店的交易等特定场景可使用外汇。 公报指出，这一系列旨在增加国家外汇收入的措施具有明确过渡性质。政府授权经济与计划部批准特定外汇交易，但最终目标仍是恢 复古巴比索的唯一法定货币地位。相关新规将于2025年12月17日生效。 ...

37号文与7号文的核心差异在于适用的企业上市阶段，二者分别对应境外上市前、后的股权激励外汇管理需求，定位清晰且互不重叠。 37号文（汇发〔2014〕37号）：全称为《国家外汇管理局关于境内居民通过特殊目的公司境外投融资及返程投资外汇管理有关问题的通知》，主要适用于 企业上市前的股权激励场景，尤其针对通过特殊目的公司（SPV）搭建红筹架构的情况。其核心功能是解决境内居民个人境外持股的合规性问题，同时打 通境外投资资金调回境内的合法通道，是红筹架构下上市前股权激励的"基础合规保障"。 7号文：全称为《国家外汇管理局关于境内个人参与境外上市公司股权激励计划外汇管理有关问题的通知》，是专门规范境外上市后股权激励计划的文 件。它明确了从外汇登记到资金划转的全流程操作规则，为上市后企业开展员工股权激励提供了清晰的合规指引。 一、法律法规定位 二、登记主体与流程 三、适用对象与场景 四、资金管理与账户要求 由于适用场景不同，37号文与7号文在登记主体、办理时机及流程要求上存在显著区别，企业需根据自身阶段准确把握。 公司准备在境外上市时，若想在香港公司层面对大陆员工实施股权激励，需要申报哪些合规手续。要解答这一问题，首先需明 ...

Core Viewpoint - The Bank of Korea's monetary policy committee member Kim Jong-hwa emphasizes the need for the foreign exchange management department to take action to curb the depreciation of the Korean won against the US dollar, as it may reignite inflationary pressures and weaken retail purchasing power [1] Group 1 - Kim highlights that the foreign exchange management agency cannot remain passive regarding high exchange rates and must consider measures from a supply and demand perspective [1] - The rising exchange rate poses challenges for exporters with insufficient currency hedging capabilities and small to medium-sized enterprises that cannot pass on rising intermediate product costs to consumers [1] - An increase in the exchange rate could exacerbate inflation and lead to a decline in purchasing power [1]

根据现行规定，出口商可在将外汇兑换为印尼盾后，用于日常经营、支付股息、偿还贷款、采购原材料 等。然而，财政部财政政策办公室主任卡查里布透露，新规将设定外汇兑换上限，最多仅允许将50%的 外汇收入兑换为印尼盾使用；目前法规尚无相关比例限制。 汇率方面，印尼盾8日持续承压，美元／印尼盾汇率跌至16700附近，连续第三个交易日走弱。不过，外 汇储备表现稳健，有助于遏制印尼盾进一步下跌。印尼央行数据显示，截至2025年11月底，印尼外汇储 备规模由10月的1499亿美元增至1501亿美元，为近三个月高位。 （文章来源：新华财经） 印尼财政部官员8日表示，政府计划自2026年1月1日起实施更严格的外汇管理新规，要求自然资源出口 商将全部外汇收入在印尼国有银行至少存放一年，并对其使用方式设定新的限制。此举旨在提升外汇在 国内银行体系的沉淀规模，增加境内美元供给，稳定印尼盾汇率。 印尼多年来持续推动出口商延长外汇收入在境内的停留时间，以增强银行体系美元流动性。今年早些时 候，政府已对相关规则作出调整，要求煤炭、棕榈油、镍等自然资源出口商将外汇收入至少留存一年。 ...

Core Viewpoint - The National Foreign Exchange Administration warns against fraudulent activities where individuals impersonate the agency to solicit fees from businesses or individuals under false pretenses [1][2]. Group 1 - The National Foreign Exchange Administration has issued a notice regarding the rise of scams where fraudsters use the agency's name to demand payments for fictitious regulatory requirements such as "cross-border fund attention list" and "transaction background risk fund" [1]. - The agency clarifies that it has never requested any form of "risk fund" or "channel fee" from any entity through paper documents, emails, or phone calls [2]. - Any communication demanding payment for "transaction background risk fund" or "channel fee" is considered fraudulent and should be reported [2]. Group 2 - The National Foreign Exchange Administration urges recipients of such fraudulent communications to remain vigilant, verify the authenticity of the messages, and protect their personal information and financial security [3]. - In case of encountering such scams or suffering losses, individuals are advised to report to local law enforcement and provide any relevant information to assist in investigations [3].

Core Points - The 2025 Financial Street Forum opened in Beijing, focusing on global financial development under the theme of "Innovation, Transformation, and Reshaping" with over 400 key guests from more than 30 countries and regions in attendance [1] Monetary Policy - The People's Bank of China (PBOC) has maintained a supportive monetary policy stance, utilizing various tools to ensure ample liquidity in response to complex domestic and international conditions [3][4] - The PBOC plans to continue implementing a moderately loose monetary policy, providing liquidity arrangements across short, medium, and long terms [3] Government Bonds - The PBOC initiated government bond trading in the secondary market last year to enhance the financial function of government bonds and improve the pricing benchmark role of the yield curve [4] - The PBOC temporarily suspended government bond trading earlier this year due to market imbalances but plans to resume operations as the bond market stabilizes [4] Stablecoins - The PBOC expressed caution regarding the development of stablecoins, highlighting their inability to meet basic requirements for customer identification and anti-money laundering, which increases global financial system vulnerabilities [5] - The PBOC will continue to combat domestic virtual currency trading and speculation while monitoring the development of overseas stablecoins [5] Digital Currency - The PBOC aims to optimize the management system for the digital yuan and support more commercial banks in becoming operational entities for digital yuan services [6] - The establishment of international and operational management centers for the digital yuan in Shanghai and Beijing is intended to promote its development and facilitate cross-border cooperation [6] Financial Regulation - The Financial Regulatory Administration will enhance economic and financial adaptability to promote sustainable economic development while deepening reforms and expanding openness [8] - New financial service models will be developed to support strategic projects and improve financing for traditional and emerging industries [8] Capital Market Development - The China Securities Regulatory Commission (CSRC) will continue to position Beijing as a key window for capital market reform and opening up, enhancing the capital market's role in economic development [10][12] - The CSRC plans to implement reforms in the ChiNext board and improve the New Third Board's systems to better serve new industries and technologies [12][13] Trade and Foreign Exchange - The State Administration of Foreign Exchange (SAFE) will introduce nine new policy measures to promote trade innovation and facilitate cross-border trade [14] - China aims to maintain global supply chain stability and actively participate in global governance while enhancing foreign exchange management and promoting high-level openness [15][16]

Financial Market Developments - Over the past five years, China's financial system has undergone comprehensive reforms, enhancing the quality, efficiency, and inclusiveness of financial services [3] - As of June 2023, China's banking sector total assets reached nearly 470 trillion yuan, ranking first globally, with stock and bond market sizes also ranking second worldwide [3] - The banking and insurance sectors' total assets exceeded 500 trillion yuan, with an average annual growth rate of 9% over five years [3] Capital Market Insights - The A-share market's total market capitalization surpassed 100 trillion yuan for the first time in August 2023, with 157 futures and options products covering major industries [3] - More than 90% of newly listed companies in recent years are technology-related, with the technology sector's market capitalization exceeding 25% of the A-share market [3] - Listed companies have significantly increased their return to investors, distributing a total of 10.6 trillion yuan through dividends and buybacks over the past five years, an increase of over 80% compared to the previous five-year period [3] Risk Management in Financial Institutions - The focus on managing risks in small and medium-sized financial institutions has led to a significant reduction in the number of high-risk institutions and assets, with many provinces achieving "dynamic zero" for high-risk institutions [4] - Recent reports indicate a substantial decline in China's high-risk financial assets, with expectations for further reductions in the next two years [4] Real Estate and Local Debt Risk Mitigation - Financial support exceeding 1.6 trillion yuan has been provided for housing projects, with an average annual growth of 52% in loans for rental housing [5] - Financial institutions are guided to avoid new hidden debts while restructuring and replacing debts for local financing platforms [5] Monetary Policy and Global Financial Environment - The recent 25 basis point cut in the Federal Reserve's interest rate was anticipated by global financial markets, with stable reactions observed in major financial markets in China [7] - China's monetary policy remains supportive and moderately loose, aimed at fostering economic recovery and maintaining financial market stability [7] Foreign Exchange Management - Since the beginning of the "14th Five-Year Plan," China's foreign exchange reserves have remained stable above 3 trillion USD, consistently exceeding 3.2 trillion USD in recent years [8] - The country is actively promoting foreign exchange innovation policies in key regions such as free trade zones and the Guangdong-Hong Kong-Macao Greater Bay Area [8]

Core Viewpoint - Recent legislative developments in the U.S. and Hong Kong regarding stablecoins have sparked significant market interest, prompting an analysis of their potential impacts on foreign exchange management in China and offering policy insights for improvement [1]. Group 1: Potential Impacts of Stablecoin Development on China's Foreign Exchange Management - Stablecoins, despite China's prohibition on virtual currency activities, are circulating through overseas platforms and OTC markets, posing a potential threat to existing foreign exchange management frameworks [2]. - The anonymity and decentralization of stablecoins allow them to evade traditional regulatory measures, undermining the effectiveness of cross-border capital flow supervision [3]. - Unregulated cross-border movement of stablecoins increases the risk of RMB exchange rate volatility, as investors can quickly convert RMB to foreign assets during market fluctuations [4]. - Transactions involving stablecoins fall outside the current international balance of payments statistics, leading to data inaccuracies and potential distortions in trade balance indicators [5]. - The bypassing of regulatory frameworks by stablecoins threatens the central bank's ability to monitor and manage cross-border currency flows, potentially undermining China's monetary sovereignty [6]. Group 2: Global Stablecoin Regulatory Framework Characteristics and Lessons - The U.S. employs a dual-track regulatory framework for stablecoins, combining federal and state oversight, with stringent reserve requirements for issuers [7]. - The EU's MiCA establishes a systematic regulatory framework for stablecoins, categorizing them based on their risk profiles and implementing differentiated governance [8]. - Hong Kong's Stablecoin Ordinance introduces a comprehensive regulatory framework for fiat-backed stablecoins, emphasizing open innovation while ensuring risk control [9][10]. - Hong Kong's approach allows for multi-currency stablecoin issuance and aims to break the dominance of the U.S. dollar in the global reserve currency landscape [11]. Group 3: Implications for China's Foreign Exchange Management - Strengthening regulatory oversight to prevent capital outflows through stablecoins is essential, with a focus on integrating stablecoin activities into existing capital project management frameworks [14]. - Developing a smart monitoring system based on the digital RMB infrastructure can enhance the precision of regulatory measures against stablecoin transactions [15]. - Establishing international cooperation mechanisms to combat illegal capital transfers via stablecoins is crucial for maintaining financial security [16]. - Regulatory frameworks should be updated to clearly define stablecoins' legal status and ensure compliance with foreign exchange management regulations [17]. - Exploring the use of stablecoins in international trade can enhance the efficiency of transactions and promote the internationalization of the RMB [18].

Core Insights - Standard Chartered Bank and Ant International have announced a new collaboration to launch an AI-driven treasury and foreign exchange management solution [1][2] - The solution integrates Ant International's Falcon foreign exchange forecasting model and Standard Chartered's SCALE liquidity engine, aimed at reducing cross-border transaction costs and foreign exchange volatility risks for enterprises [1][2] Group 1 - The collaboration is part of Standard Chartered's foreign exchange automation program, designed to support real-time, multi-currency booking and international supplier settlement needs for businesses [1] - The integration allows seamless data exchange between the two platforms, providing real-time AI foreign exchange forecasting capabilities [1] - Standard Chartered can predict Ant International's foreign exchange risk exposure with over 90% accuracy, enabling real-time risk management and reducing clients' foreign exchange hedging costs [1] Group 2 - Ant International's technology general manager stated that this collaboration marks a significant step in developing next-generation cross-border payment solutions using AI [2] - The Falcon model, based on a Transformer architecture with nearly 2 billion parameters, utilizes advanced time series forecasting algorithms to learn complex patterns from vast historical data [2] - The Falcon model currently processes over 60% of Ant International's foreign exchange transactions, effectively reducing foreign exchange costs for the company and its clients by up to 60% and liquidity management costs by 50% [2]

Core Viewpoint - The National Foreign Exchange Administration emphasizes the modernization of foreign exchange governance and the establishment of a more convenient, open, secure, and intelligent foreign exchange management system to support high-quality economic development and the construction of Chinese-style modernization [1]. Group 1: Key Work Deployment for H2 2025 - Strengthening Party Construction: The meeting highlights the importance of implementing the spirit of the financial system's Party construction work meeting and enhancing the quality and effectiveness of Party building within the system [1]. - Deepening Reform and Opening Up in Foreign Exchange: The meeting proposes a comprehensive policy package to support foreign trade stability, including optimizing foreign exchange fund settlement for new foreign trade entities and facilitating overseas fund management for contracting enterprises [1][2]. - Promoting Cross-Border Investment and Financing Facilitation: The meeting calls for the removal of registration for reinvestment by foreign-invested enterprises and the facilitation of cross-border financing for technology enterprises, along with the implementation of multinational corporate cash pool management policies [1][2]. Group 2: Risk Management and Regulatory Enhancements - Preventing External Shock Risks: The meeting emphasizes the need for enhanced monitoring and analysis of foreign exchange conditions, macro-prudential management of cross-border capital flows, and timely counter-cyclical adjustments to maintain market stability [2]. - Improving Regulatory Capacity: The meeting stresses the importance of strengthening the legal framework for foreign exchange management, enhancing real-time supervision, and utilizing technology to improve regulatory efficiency while combating illegal cross-border financial activities [2]. Group 3: Enhancements in Foreign Exchange Management - Improving Foreign Exchange Reserve Management: The meeting outlines the need to ensure the safety, liquidity, and value preservation of foreign exchange reserve assets [3]. - Advancing International Balance of Payments Statistics: The meeting discusses the development of an implementation plan for the seventh edition of the "Balance of Payments and International Investment Position Manual" [4]. - Elevating Foreign Exchange Management Standards: The meeting calls for improved evaluation and tracking of policies before and after implementation, as well as the exploration of "smart foreign exchange management" [4].