Core Viewpoint - The State Administration of Foreign Exchange (SAFE) held a video conference to discuss foreign exchange management work for the second half of 2025, emphasizing the importance of risk prevention, strong regulation, and promoting development in the foreign exchange sector [1][2]. Group 1: Key Points from the Meeting - Since 2025, the foreign exchange management department has focused on implementing the central economic work conference's spirit, enhancing support for the real economy's high-quality development, and facilitating foreign trade [2]. - The department has introduced policies to ease foreign exchange settlement for quality enterprises and expanded cross-border trade pilot programs [2]. - A total of $30.8 billion in new investment quotas has been allocated to Qualified Domestic Institutional Investors (QDII) [2]. Group 2: Future Work Plans - The meeting outlined plans to deepen foreign exchange reform and support stable foreign trade, including optimizing foreign exchange management for new trade entities and facilitating overseas funding for engineering companies [3]. - There will be a push to cancel registration for reinvestment by foreign-invested enterprises and to facilitate cross-border financing for technology companies [3]. - The focus will also be on enhancing the regulatory capacity under open conditions, improving legal frameworks for foreign exchange management, and utilizing technology to increase regulatory efficiency [3].

Core Points - The State Administration of Foreign Exchange (SAFE) held a video conference on August 1 to discuss foreign exchange management work for the second half of 2025, emphasizing the need to prevent and mitigate external shock risks [1][3] - The meeting highlighted the importance of deepening reforms and opening up in the foreign exchange sector to support stable foreign trade and facilitate cross-border financing [1][4] Group 1: Key Highlights from the Meeting - The meeting underscored the need for enhanced monitoring and analysis of foreign exchange conditions, as well as macro-prudential management of cross-border capital flows [1][6] - SAFE reported that since the beginning of 2025, it has made significant progress in supporting the real economy, including facilitating foreign exchange settlement for quality enterprises and expanding cross-border trade [4][6] - The foreign exchange market has shown resilience amid complex conditions, with the management maintaining a flexible RMB exchange rate [4][6] Group 2: Focus Areas for the Second Half of 2025 - The meeting outlined key tasks, including strengthening the Party's leadership in financial and foreign exchange work and modernizing governance capabilities in the foreign exchange sector [5][6] - Specific measures include optimizing foreign exchange management for new foreign trade entities, facilitating overseas fund management for engineering companies, and promoting cross-border financing for technology enterprises [1][6] - The meeting also emphasized the need to enhance regulatory capabilities under open conditions and improve the legal framework for foreign exchange management [6][7]

8月1日，国家外汇管理局以视频形式召开2025年下半年外汇管理工作交流会。会议强调，深化外汇领域 改革开放。支持外贸稳定发展，实施优化外贸新业态主体外汇资金结算、便利承包工程企业境外资金集 中管理等贸易外汇管理改革一揽子政策。积极推进跨境投融资便利化，推动取消外商投资企业境内再投 资登记、便利科技型企业跨境融资等一揽子措施落地见效，在全国实施跨国公司资金池管理政策，开展 绿色外债政策试点，优化完善境内企业境外上市资金管理。推动银行外汇展业改革扩面提质。深化外汇 市场发展，继续完善企业汇率风险管理服务。因地制宜支持区域开放发展，积极支持自贸试验区提升战 略，支持海南自由贸易港、粤港澳大湾区等开展外汇管理创新。(国家外汇管理局) ...

《浙江省关于科技金融赋能创新浙江建设 因地制宜发展新质生产力的若干举措（征求意见稿）》公开 征求意见。其中提到，增进跨境投融资便利程度。用好合格境外有限合伙人（QFLP）试点政策，引导 境外创业投资机构合规开展跨境投资，到2027年，合格境外有限合伙人（QFLP）、合格境内有限合伙 人（QDLP）试点基金规模突破400亿元。支持开展"科汇通"试点，允许境外科研资金直接汇入外资非企 业科研机构。推进科技型企业跨境融资便利化试点，支持符合条件的高新技术、" 专精特新"和科技型 中小企业可在不超过等值1000万美元额度内自主借用外债。 ...

Group 1 - The People's Bank of China and the State Administration of Foreign Exchange have issued measures to support cross-border investment and financing facilitation, focusing on the construction of a cross-strait integration development demonstration zone in Fujian [1][2] - The measures include optimizing the financial ecosystem for cross-strait living circles, enhancing services for Taiwanese enterprises, and supporting high-level open pilot projects for cross-border trade in Fuzhou, Xiamen, and Quanzhou [1] - A total of 12 policy measures have been proposed to deepen the integration development demonstration zone and promote high-level financial openness [1] Group 2 - Taiwanese enterprises in Fujian can conduct reinvestment without registration, and banks will directly handle foreign debt and overseas listing foreign exchange registration [2] - The measures allow qualified enterprises in Fujian to manage integrated currency pools, facilitating centralized management of domestic and foreign currency funds [2] - The initiative aims to build a multi-level cross-strait financial market, encouraging more Taiwanese enterprises to participate in the mainland financial market [2] Group 3 - There is an emphasis on strengthening cross-border financial risk monitoring and prevention, with a focus on assessing foreign exchange conditions and cross-border capital flows [3] - The People's Bank of China and the State Administration of Foreign Exchange will ensure the implementation of these policies to provide robust financial support for the integration development demonstration zone [3]

Group 1: Financial Policies Announced - The 2025 Lujiazui Forum opened with the theme "Financial Openness and Cooperation in the Global Economic Landscape" [1] - Eight policy measures will be implemented in Shanghai, including the establishment of a trading report database for interbank markets and a digital RMB international operation center [2][3] - A personal credit agency will be established to provide diversified credit products for financial institutions [3] Group 2: Offshore Trade and Financing - A pilot program for offshore trade financial services will be launched in the Lingang New Area of Shanghai [4] - Development of offshore bonds will follow international standards to broaden financing channels for enterprises involved in the Belt and Road Initiative [4] - The optimization of free trade account functions aims to enhance cross-border trade and investment [4] Group 3: Financial Opening and Foreign Investment - The National Financial Regulatory Administration plans to expand the breadth and depth of financial openness, optimizing the business environment for foreign investment [5] - The total assets of foreign banks and insurance institutions in China exceed 7 trillion yuan, with foreign insurance companies' market share increasing from 4% in 2013 to 9% currently [5] - The administration will replicate successful practices from free trade zones to support foreign institutions in more financial business trials [5] Group 4: Support for Innovative Enterprises - The China Securities Regulatory Commission will enhance the STAR Market's role by introducing a growth tier and restarting the listing of unprofitable companies under the fifth set of standards [6][7] - New measures will include a pre-review mechanism for IPOs of quality tech companies and expanding the fifth set of standards to more frontier technology sectors [7] Group 5: Foreign Trade and Investment Facilitation - The State Administration of Foreign Exchange will support foreign trade enterprises and promote cross-border investment facilitation [8] - A series of foreign exchange innovation policies will be implemented in free trade pilot zones to stabilize employment and market expectations [9] - The administration will enhance the foreign exchange management system, focusing on convenience, openness, and security [9]

Core Viewpoint - The People's Bank of China and the State Administration of Foreign Exchange express confidence in maintaining a stable foreign exchange market and the basic stability of the RMB exchange rate amid external changes [1][2]. Group 1: Supportive Policies for Foreign Trade - The government will implement multiple supportive policies to aid the development of foreign trade enterprises, encouraging banks to include more new trade entities in facilitation policies [1]. - Policies will be optimized for foreign trade service enterprises regarding foreign exchange fund settlement and management of overseas funds for contracting enterprises [1]. Group 2: Cross-Border Investment and Financing Facilitation - The government plans to promote cross-border investment and financing facilitation nationwide, including attracting foreign investment for research institutions and expanding financing convenience for technology enterprises [2]. - A pilot program for green foreign debt will be initiated to encourage eligible enterprises to borrow foreign debt for green projects [2]. - The management of funds for domestic enterprises listed overseas will be improved, and a new batch of Qualified Domestic Institutional Investor (QDII) investment quotas will be issued to meet reasonable overseas investment demands [2]. Group 3: Innovation Policies in Free Trade Zones - A comprehensive set of foreign exchange innovation policies will be implemented in free trade pilot zones, including optimizing international trade settlement and expanding the Qualified Foreign Limited Partner (QFLP) pilot [2]. - The State Administration of Foreign Exchange has released a draft notice proposing nine specific policies related to cross-border investment and financing foreign exchange management reform [2].

Core Viewpoint - The Chinese foreign exchange market is expected to maintain stability, supported by economic recovery, balanced international payments, and enhanced market resilience [1][2]. Group 1: Economic Outlook - The RMB has appreciated by 1.6% against the USD this year, with overall stability against a basket of currencies [1]. - Economic operations are projected to continue on a recovery path, contributing to a stable foreign exchange market [1]. Group 2: Policy Initiatives - The central bank aims to deepen reforms in the foreign exchange sector, focusing on creating a more convenient, open, safe, and intelligent management system [1][2]. - Efforts will be made to enhance the foreign exchange policy framework, improving services for the real economy and increasing convenience for compliant entities [1][2]. Group 3: Open Market Strategies - The plan includes promoting high-level institutional openness in the foreign exchange sector, facilitating the internationalization of the RMB, and improving the investment environment for foreign entities [2]. - Reforms will streamline foreign direct investment processes and support enterprises in international cooperation within supply chains [2]. Group 4: Risk Management - A dual management approach combining macro-prudential and micro-regulatory measures will be implemented to maintain market stability and safeguard economic security [2]. - Monitoring and early warning systems for cross-border capital flows will be strengthened to prevent external shocks [2]. Group 5: Technological Integration - The use of AI and big data will be leveraged to enhance the digital and intelligent management of foreign exchange [2]. Group 6: Cross-Border Financing - Initiatives will be introduced to facilitate cross-border investment and financing, including pilot programs for green foreign debt and streamlined management for domestic companies raising funds abroad [3]. - A series of innovative foreign exchange policies will be implemented in free trade zones to support strategic enhancements [3].

Core Viewpoint - The State Administration of Foreign Exchange (SAFE) has drafted a notice to deepen the reform of foreign exchange management for cross-border investment and financing, aiming to optimize the business environment and support high-quality economic development [1] Group 1: Cross-Border Investment Policies - The notice cancels the registration of basic information for foreign direct investment (FDI) pre-investment expenses, allowing foreign investors to open accounts directly at banks without prior registration [2] - Foreign investment enterprises can now reinvest in China without the need for registration, streamlining the process and improving efficiency [3] - The notice clarifies that foreign exchange profits generated by foreign investment can be reinvested domestically, providing a clear policy basis for foreign enterprises [3] Group 2: Financing for High-Tech and Specialized Enterprises - The notice raises the foreign debt facilitation limit for high-tech, "specialized and innovative," and technology-based small and medium-sized enterprises to the equivalent of $1 million, with certain qualified enterprises able to access up to $2 million [4][5] - The simplification of signing and registration requirements for cross-border financing will reduce financial costs and improve financing efficiency for enterprises [6] Group 3: Real Estate Sector Adjustments - The notice reduces the negative list for capital project income usage, allowing foreign exchange income to be used for purchasing non-self-occupied residential properties [7] - The notice facilitates the process for foreign individuals to exchange funds for property purchases in China, allowing them to complete transactions without prior registration [8]

Group 1 - The core viewpoint is that the National Foreign Exchange Administration will further support foreign trade enterprises and promote cross-border investment and financing facilitation, implementing a package of foreign exchange innovation policies in free trade pilot zones to stabilize employment, enterprises, markets, and expectations [1][2] Group 2 - In supporting foreign trade enterprises, banks are encouraged to include more new trade entities in trade facilitation policies, optimizing foreign exchange fund settlement for foreign trade service companies and facilitating centralized management of overseas funds for trustworthy contracting enterprises [1] - The facilitation of cross-border investment and financing will include policies to attract foreign investment for research institutions, expand cross-border financing for technology enterprises, and reduce the negative list for capital project income usage [1][2] - A pilot program for green foreign debt will be launched, encouraging eligible enterprises to use foreign debt for green projects, and there will be a unified management of domestic enterprises' overseas listing funds [1][2] Group 3 - The National Foreign Exchange Administration aims to establish a more convenient, open, secure, and intelligent foreign exchange management system, enhancing the foreign exchange policy framework based on integrity [2] - The foreign exchange market has remained stable amid complex conditions, with the RMB appreciating by 1.6% against the USD and a reasonable balance in the current account surplus [2] - Future expectations indicate that the resilience of the foreign exchange market will continue to strengthen, with the proportion of foreign exchange hedging by enterprises and the share of RMB cross-border receipts in goods trade expected to rise to around 30% [2]