6月18日，2025年陆家嘴论坛在上海召开，中国人民银行行长潘功胜在论坛开幕式上公布了八项重 要金融政策。 其中，明确提出将会同证监会研究推进人民币外汇期货交易，推动完善外汇市场产品 序列，便利金融机构和外贸企业更好管理汇率风险。 从全球外汇期货的发展历程来看，1972年5月16日，芝加哥商品交易所推出了全球首个金融期货产 品——外汇期货，这也是外汇期货首次问世。而经过50余年的发展，外汇期货目前已成为国际流行 的汇率对冲工具之一。但国内此前却迟迟没有推出这一金融期货品种。 而在当下时点，央行宣布研究推进人民币外汇期货交易，从侧面说明国内发布这一金融期货品种的时 机已经成熟。近年来，人民币国际化进程高歌猛进，跨境资本流动愈发频繁且深入，极大地提升了人 民币在国际间的兑换需求。 与此同时，国际社会对人民币的关注度持续上升，人民币汇率的双向波动特征也愈发明显。境内企业 在这样的环境下，面临的汇率风险急剧增加，其避险需求呈现出指数级的增长态势。市场对多样化、 精准化的人民币汇率风险管理工具的需求也变得愈发迫切。 目前，我国基础汇率避险工具领域已与国际市场发展水平接轨，构建起了包含远期、掉期、货币互换 及期权等产品的 ...

Group 1 - The number of A-share listed companies participating in hedging activities continues to grow, with a significant increase in announcements related to hedging in May 2025 compared to the same period in 2024 [1] - In May 2025, 50 A-share listed companies in the real economy issued 78 announcements regarding hedging, up from 26 companies in May 2024, indicating a strong demand for risk management tools [1] - Year-to-date, 1,295 A-share listed companies have issued hedging-related announcements, an increase of 142 companies or 12% compared to the same period in 2024, with exchange rate risk being the primary concern [1] Group 2 - The People's Bank of China announced eight major financial opening measures, including the promotion of RMB foreign exchange futures trading to enhance risk management for financial institutions and foreign trade enterprises [1] - The China Securities Regulatory Commission plans to accelerate the implementation of key measures for capital market opening by 2025, including expanding the range of products available for foreign investment [1] - The establishment of the RMB foreign exchange futures market is expected to deepen the onshore market and provide a new option for the People's Bank of China in foreign exchange market regulation [2] Group 3 - The introduction of foreign exchange futures is anticipated to diversify trading participants and better serve the risk management needs of the real economy [2] - The China Financial Futures Exchange currently offers various futures and options products in equity and interest rate derivatives, and the addition of foreign exchange futures will fill a gap in the market [2]

公开资料显示，艾芬达的主营业务为暖通家居产品和暖通零配件的研发、设计、生产和销售，主要产品 包括卫浴毛巾架与暖通零配件。 本次冲击上市，艾芬达拟募集资金约6.65亿元，扣除发行费用后将投资于年产130万套毛巾架自动化生产 线技改升级项目、年产100万套毛巾架自动化生产线建设项目、补充流动资金。 利润增长靠"补助" 财务表现是衡量企业发展状况的重要指标，艾芬达多项财务指标受到质疑。 经过近三年的等待，江西艾芬达暖通科技股份有限公司（以下简称"艾芬达"）的IPO之旅迎来进展，其 申请深交所创业板IPO审核状态于近日变更为"注册生效"。翻阅招股书可以发现，公司正面临业绩波 动、研发能力存疑等多重挑战。 IPO之路一波三折 回顾艾芬达的上市之路，可谓一波三折。 深交所官网显示，艾芬达创业板IPO于2022年6月20日获受理，2022年7月17日进入问询阶段，2023年4月 27日上会获通过。 此后，因需要更换申报会计师，艾芬达的发行上市审核于2024年5月中止。2024年8月，因已完成申报会 计师更换，深交所恢复艾芬达发行上市审核。但直到2025年5月26日，艾芬达才提交了注册申请。6月11 日，该公司IPO审核状态 ...

Core Viewpoint - Chinese enterprises are increasingly expanding into overseas markets, but they face significant financial risks due to global currency fluctuations. The introduction of the "Action Plan" aims to enhance cross-border financial services and promote the concept of currency risk neutrality among businesses [2][3]. Group 1: Currency Risk Management - The recent volatility in the foreign exchange market has made it difficult for companies to predict currency movements, leading to a reluctance to engage in currency hedging [3][4]. - The proportion of foreign trade enterprises in China utilizing foreign exchange hedging has increased from 21.7% in 2021 to 27% in 2024, indicating a growing willingness to manage currency risks [5]. - Companies are increasingly seeking advice from banks on currency risk management, with some banks providing tailored hedging solutions and training to help businesses understand the benefits of hedging [4][6]. Group 2: Cost Considerations - Small and medium-sized enterprises (SMEs) often face pressure from costs associated with currency hedging, which can deter them from utilizing these financial instruments [6]. - The government has initiated measures to reduce the costs of foreign exchange hedging for SMEs, including subsidies for guarantee fees and encouraging banks to offer competitive quotes [6][7]. - A case study of a bearing machinery company illustrates how a bank's policy-backed hedging service allowed the company to convert unused loan amounts into hedging products without incurring additional costs [7]. Group 3: Innovative Financial Solutions - The "Action Plan" emphasizes the need to optimize currency risk management services and improve the capabilities of enterprises to respond to foreign exchange risks [8]. - A new financing scheme developed by a bank allows companies to convert high-cost foreign currency liabilities into lower-cost, controlled-risk RMB liabilities, effectively managing financing costs and risks [8][9]. - This innovative approach includes locking in exchange rates for future payments, thereby mitigating potential risks associated with currency fluctuations and interest rate changes [9].

■本报记者 李美丽 通讯员 冯泽诗 为提升跨境金融服务质效，近日，农业银行中山分行成功举办"智汇湾区稳健创赢"外汇助企宣讲活动。 此次活动特邀国家外汇管理局中山市分局、农业银行总行及澳门分行外汇业务骨干现场授课，为广东中 山市100多家外贸企业代表解读外汇前沿政策、贸易便利化举措、汇率风险管理等，以金融之力赋能企 业行稳致远。 国家外汇管理局中山市分局工作人员以《跨境贸易投资高水平开放政策宣讲》为题，系统梳理近年来外 汇管理改革试点政策。该分局工作人员结合中山市企业实际案例，详细讲解优质企业单证审核手续简 化、优化企业跨境融资管理等政策要点，并强调企业需建立"实质合规"理念，通过优化内部流程，充分 释放政策红利。 农业银行总行专家从实操角度，进一步讲解应对汇率风险难题。他以"汇率避险工具箱"为例，通过对比 不同汇率避险产品适用场景，重点介绍远期结售汇、期权组合等汇率套保产品，企业可结合自身收付汇 周期进行相应产品搭配。 随着高质量共建"一带一路"深化，中山企业海外布局需求激增。农业银行澳门分行专家以《融通湾区共 赢未来》为主题，介绍澳门特别行政区营商环境、投资机遇及澳门分行金融服务优势。农业银行澳门分 行充分 ...

活动上，针对外贸企业结算难、结算慢、资金占用高等痛点问题，中国银行上海分行针对杨浦白名单企业，首发 推出"7*24小时直入账"便利化展业服务方案，以及中小企业担保基金模式下的"关税保函"服务方案。"7*24小时直 入账"便利化展业服务方案，为白名单企业制定外汇展业一户一策，企业可直接申请办理7*24小时汇入汇款直入 账，银行通过事后非现场数据监测方式进行风险管理，能有效提高企业资金收益；中小企业担保基金模式下的"关 税保函"服务方案，引入中小企业担保基金，减少企业缴纳保证金比例，在关税波动情况下，帮助企业提升通关效 率，降低企业综合资金成本。 人民网上海6月9日电(记者董志雯)6月9日上午，"谋出海，创新局"金融赋能企业"走出去"——暨杨浦区科技金融俱 乐部第五季活动在启迪之星(上海)创业孵化器举办。 今年4月，中国人民银行、国家金融监管总局、国家外汇管理局、上海市人民政府联合印发《上海国际金融中心进 一步提升跨境金融服务便利化行动方案》。面对多元化的金融需求，杨浦顺势而为，从顶层设计抓统筹，发挥杨 浦资源禀赋，发布《杨浦区关于促进科创金融高质量发展的若干措施》。 围绕打造全业态金融机构集群、创新高质量科创金 ...

5月30日，上海银行联合外汇交易中心在外滩15号大楼成功举 办"新形势下企业汇率避险研讨"活动。本次活动聚焦全球经济 格局演变下的中国企业汇率风险管理议题，来自上海、深圳、 浙江、江苏地区制造、贸易、科创等行业近30名企业代表参 加。国家外汇管理局上海市分局国际收支处处长何念如、外汇 交易中心市场一部总经理华小岳、上海银行业务总监武俊、特 邀专家中信银行金融市场部总经理、中国外汇市场指导委员会 委员、全国外汇市场自律机制银行间市场规范工作组牵头人、 自律机制专家组牵头人孙炜出席本次活动。 作者：上海银行 封图：图片资料室 国家外汇管理局上海市分局国际收支处处长何念如围绕"汇率风险管理"主题，分享了汇率风险中 性理念，阐述了企业汇率风险管理的原则、框架和管理策略，强调了汇率双向波动背景下，企业聚 焦主业、规范化开展汇率风险管理的重要性和现实意义。 特邀专家中信银行金融市场部总经理孙炜以"特朗普关税政策下的国际形势研判"为主题，系统剖 析特朗普政府关税政策对国际秩序重构的传导效应，提出了在美国国家信用受到质疑、全球资产配 置转向多元化背景下，人民币将展现出极强韧性，人民币国际化将加速演进。 在主题分享环节，外汇交 ...

Core Insights - The global economic situation is complex, and the domestic economy is in a critical recovery phase, with the Bank of China Yangzhou Branch focusing on stabilizing foreign investment and trade through financial empowerment, service enhancement, and risk protection [1] Group 1: Financial Services and Support - The "Timely Rain" financing product facilitates efficient fund circulation by utilizing a cross-border financial blockchain service platform, enabling quick loan approvals and disbursements for enterprises [2] - The bank has provided nearly 1 billion yuan in supply chain financing to support various operational activities of foreign trade enterprises since the beginning of 2024 [2] Group 2: Cross-Border Settlement Efficiency - The establishment of a green channel for cross-border finance allows for 24/7 online foreign exchange and cross-border RMB services, reducing document review time by 30% [3] - In the first quarter of this year, the bank achieved an international settlement business volume of 1.742 billion USD and a cross-border RMB settlement volume of 7.826 billion yuan, with significant increases across various metrics [3] Group 3: Exchange Rate Risk Management - The bank has formed a professional team to assist small and medium-sized foreign trade enterprises in managing exchange rate risks, resulting in nearly 80 new clients utilizing hedging services and a hedging scale exceeding 1 billion USD since 2024 [4] - The bank organized discussions with key import and export enterprises to understand their needs and provide tailored financial support in response to changing tariff policies [4]

Core Viewpoint - Standard Chartered's G10 FX Research Head, Steve Englander, warns of an imminent liquidity crisis facing U.S. assets, with 2026 potentially being a critical point for foreign investors' decisions on U.S. debt purchases [1] Group 1: U.S. Debt and Foreign Investment - Over the past decade, U.S. external debt has surged, with fiscal deficits heavily reliant on international capital inflows [1] - If foreign investors lose confidence in U.S. Treasuries and the dollar, the market will quickly feel the pain of "blood loss" [1] - The recent "Beautiful Bill" passed by the Senate failed to alleviate concerns about fiscal sustainability, with economists believing it will exacerbate deficits rather than resolve them [1] Group 2: Economic Indicators and Risks - Despite a 15 basis point decline in 10-year Treasury yields this year, the dollar index has plummeted 8% in 2025, signaling potential risks [1] - The low domestic savings rate in the U.S. poses a significant challenge, making foreign investor confidence crucial for maintaining the debt chain [1] - Englander cites Hemingway's quote about crisis patterns, suggesting that while the U.S. may maintain a "boiling frog" state for a while, 2026 could mark a turning point [1] Group 3: Inflation and Currency Concerns - Inflation and exchange rate risks are core concerns for foreign investors [2] - Even if the Federal Reserve eases monetary policy, rising risk premiums could deter foreign capital, potentially leading to an increase in long-term Treasury yields [2] - The lack of alternative options in the global market is currently delaying the crisis, with international investors likely to adopt a wait-and-see approach regarding tariff conflicts and the effects of the Trump administration's tax reforms and deregulation policies in 2025 [2]

转自：新华财经 2025年5月22日至25日，第四届中国-中东欧国家博览会暨国际消费品博览会（以下简称"中东欧博览 会"）在浙江宁波举办。中国银行连续三届作为银行合作伙伴，认真谋划、精心组织，全方位支持保障 博览会顺利举办。 期间，中国银行宁波市分行深度参与展会重点活动，进驻服务贸易展区，点对点、面对面为参展客商提 供金融服务方案，首日已与10余家企业达成合作意向。5月24日下午，在贸易促进中行专场活动中，该 行为到场的100多名客商介绍了汇率走势分析及汇率风险中性、出口企业跨境金融服务方案及中国银行 跨境贸易俱乐部平台，获得了相关部门、海内外嘉宾的一致好评及高度认可。 一直以来，中国银行充分发挥集团全球化优势和综合化特色，依托"一点接入、全球响应"联动工作机 制，积极参与对接多个宁波企业跨境合作项目，先后落地宁波某设备制造企业匈牙利项目、某汽车配件 制造企业波兰项目等，深入协助企业在中东欧地区业务布局，帮助企业"走出去""引进来"。此外，中国 银行依托贸易俱乐部联盟（Trade Club Alliance，简称TCA）中国区独家合作银行身份，推出"中国银行 跨境贸易俱乐部平台"，为广大进出口客户提供7×24 ...