中新社北京1月15日电 (陶思阅)中国央行副行长邹澜15日在国新办新闻发布会上表示，中国是负责任的 大国，没有必要、也无意通过汇率贬值来获取国际贸易竞争优势。 他认为，影响汇率的因素是多元的，比如经济增长、货币政策、金融市场、地缘政治、突发风险事件 等。2025年末，在市场力量推动下，人民币对美元汇率升破了7，主要是2025年5月以来中美经贸形势趋 于缓和，美元指数有所走弱，人民币汇率相对美元升值。 邹澜指出，中国具有超大规模市场和完整产业链，科技创新和产业创新加速融合，新动能蓬勃发展，内 需潜力不断释放，国内国际双循环更加畅通，宏观经济基本面长期向好，这对人民币汇率基本稳定形成 了支撑。 邹澜还表示，要看到外部形势依然复杂严峻，主要经济体利率调整幅度和节奏还有不确定性，地缘政治 冲击可能持续存在，对汇率走势会有一定扰动，人民币汇率预计将继续双向浮动，保持弹性。(完) 邹澜强调，中国汇率政策是清晰的、一贯的，坚持市场在汇率形成中发挥决定性作用，保持人民币汇率 在合理均衡水平上的基本稳定。 ...

Core Viewpoint - The Chinese government emphasizes that there is no intention to devalue the currency for trade advantages, highlighting the resilience of the RMB amid global financial market fluctuations in 2025 [1][3]. Group 1: RMB Exchange Rate Trends - The RMB exchange rate experienced pressure early in 2025 due to rising global tariff risks and the introduction of "reciprocal tariffs" by the US, with the offshore RMB briefly falling below 7.40 [2]. - Following improvements in the internal and external environment, the RMB began a gradual appreciation, with both onshore and offshore RMB breaking the 7 mark against the USD by year-end, reaching the highest levels since May 2023 [2]. Group 2: Factors Influencing Exchange Rate - Multiple factors influence the exchange rate, including economic growth, monetary policy, financial markets, geopolitical events, and unexpected risks [3]. - The People's Bank of China and the State Administration of Foreign Exchange have strengthened expectation management to prevent excessive fluctuations in the exchange rate, with the CFETS RMB Index rising by 7.2% since 2020 despite a 1.9% increase in the USD index [3]. Group 3: Corporate Currency Risk Management - There is an increasing demand for companies to identify and manage exchange rate risks in cross-border trade and investment, with the scale of using foreign exchange derivatives for risk management exceeding $1.9 trillion in 2025, nearly doubling since 2020 [4]. - The foreign exchange management reform and financial opening are steadily deepening, providing long-term support for exchange rate stability, with plans to introduce policies to better support enterprises in international trade [4][5]. Group 4: Financial Market Opening - The State Administration of Foreign Exchange plans to optimize the Qualified Foreign Institutional Investor (QFII) cross-border capital policies and continue to issue Qualified Domestic Institutional Investor (QDII) quotas to enhance the level of financial market openness [5].

极目新闻记者 曹雪娇 1月15日，国务院新闻办举行新闻发布会，介绍货币金融政策支持实体经济高质量发展成效。 会上，有记者提问，人民银行如何看今年人民币对美元汇率的可能表现和扰动因素？对此，中国人民银行新 闻发言人、副行长邹澜回应称，中国汇率政策是清晰的、一贯的，坚持市场在汇率形成中发挥决定性作用， 保持人民币汇率在合理均衡水平上的基本稳定。 中国人民银行新闻发言人、副行长邹澜（图片来源：国新网） "中国是负责任的大国，没有必要、也无意通过汇率贬值来获取国际贸易竞争优势。"邹澜表示，从全球看，过 去几年发达经济体大幅加息后又快速降息，国际上经贸壁垒和摩擦也在增多，全球金融市场波动显著加大。 人民币汇率一度面临贬值压力，人民银行、外汇局加强预期管理，防范汇率超调风险。2020年以来，美元指 数上涨约1.9%，同期衡量人民币对一篮子货币汇率的CFETS人民币汇率指数上涨7.2%，总体看人民币汇率是 稳健的。 此外，邹澜进一步介绍，影响汇率的因素是非常多元的，比如经济增长、货币政策、金融市场、地缘政治、 突发风险事件等。2025年末，在市场力量推动下，人民币对美元汇率升破了7元，主要是2025年5月以来，中 美经贸形 ...

围绕部分政策措施以及本场发布会释放的信息，风口财经记者采访了招联首席研究员董希淼、东方金诚 首席宏观分析师王青。 精准"滴灌"支持实体经济 国务院新闻办公室于2026年1月15日（星期四）下午3时举行新闻发布会，请中国人民银行（简称"央 行"）新闻发言人、副行长邹澜，国家外汇管理局新闻发言人、副局长李斌介绍货币金融政策支持实体 经济高质量发展成效，并答记者问。 邹澜在会上表示，根据当前经济金融形势需要，人民银行将先行推出两方面政策措施。一方面是下调各 类结构性货币政策工具利率，提高银行重点领域信贷投放的积极性。另一方面是完善结构性工具并加大 支持力度，进一步助力经济结构转型优化。包括下调各类结构性货币政策工具利率0.25个百分点；将支 农支小再贷款与再贴现打通使用，增加额度，并单设民营企业再贷款；增加科技创新和技术改造再贷款 额度并扩大支持范围等八项措施。 邹澜表示，以上相关措施的政策文件将于近日发布。按照国务院常务会议部署，在实施过程中，将与财 政贴息、担保和风险成本分担等财政政策协同配合，进一步放大政策效能，共同促进扩大有效内需。 图片来源：国新办网站 风口财经：在2025年5月下调结构性货币政策利率0. ...

过去一年，人民币兑美元汇率经历了跌宕起伏。年初还在7.27关口徘徊的人民币，在4月迎来关键拐点后快速回升，年底离岸人民币一度触及6.99709，在岸 人民币逼近7.0058，全年累计升值超过4%。从年初的低迷到年末的强势，人民币升值成为2025年最引人关注的财经话题之一。 2025年回顾 回顾2025年，人民币汇率走势可分为两个阶段：年初至4月初，受美元高位震荡、美联储暂停降息等外部因素影响，人民币整体偏弱，4月初触及全年低点 7.42879，全年贬值幅度超过2%。 转折点出现在4月，中国一季度GDP同比增长5.4%，远超预期，为人民币反转提供了坚实的经济基本面支撑。与此同时，美联储降息预期明确、中美经贸谈 判取得进展，多重利好叠加，人民币汇率从4月起快速升值。4月至7月，人民币兑美元从7.35升至7.16，趋势性拐点正式形成。 进入7月后，人民币进入温和升值通道。国内经济数据持续向好，前三季度GDP同比增长5.3%，贸易顺差稳定，为人民币提供支撑。9月美联储重启降息周 期后，结汇资金集中回流，进一步推动升值。 11月下旬，人民币升破7.1关口，年末离岸人民币升破7.0大关。值得注意的是，即便在美元阶段性回升 ...

Core Viewpoint - The People's Bank of China (PBOC) is committed to supporting the high-quality development of the real economy through monetary policy adjustments, including a 0.25 percentage point reduction in various structural monetary policy tool rates, indicating that there is still room for further rate cuts and reserve requirement ratio (RRR) reductions [2][6]. Group 1: Monetary Policy Adjustments - The PBOC has lowered the rates of various structural monetary policy tools by 0.25 percentage points [2]. - There is still potential for further RRR and interest rate cuts [2]. - The PBOC emphasizes the importance of maintaining a stable RMB exchange rate, which is influenced by multiple factors including economic growth and geopolitical risks [2][3]. Group 2: Foreign Exchange Market Outlook - The State Administration of Foreign Exchange (SAFE) anticipates a stable operation of the foreign exchange market in 2026, with cross-border capital flows remaining orderly [4]. - The trading volume in China's foreign exchange market has reached historical highs, indicating a resilient market capable of absorbing external changes [4]. - The proportion of trade settled in RMB has increased to nearly 30%, reflecting a growing trend towards using RMB in international trade [4][9]. Group 3: Economic Indicators and Support Measures - Recent positive changes in China's price levels are noted, with the PBOC focusing on aligning monetary policy to support stable economic growth and reasonable price recovery [5][6]. - The PBOC plans to include medium-sized private enterprises in the re-lending support program, allocating a total of 1 trillion yuan for this purpose [7]. - The PBOC will also expand support for the health industry under the service consumption and elderly care re-lending program [8]. Group 4: Financial Market Developments - By the end of 2025, the total assets of asset management products are expected to reach 119.9 trillion yuan, with a year-on-year growth of 13.1% [12]. - The increase in funding for asset management products from households and non-financial enterprises is significant, with an additional 4 trillion yuan and 1 trillion yuan respectively compared to 2024 [13]. - Approximately 60% of import and export trade is minimally affected by exchange rate fluctuations, with ongoing improvements in financial services expected to enhance this resilience [9].

Group 1 - The report highlights that the US inflation data for December 2025 is in line with expectations, indicating that inflation remains moderate and controllable. The Consumer Price Index (CPI) increased by 2.7% year-on-year, matching the forecast, while the core CPI rose by 2.6% year-on-year, slightly below expectations [5][6][8] - Seasonal demand during the holiday period has led to a slight increase in food and energy service prices, while core inflation was impacted by used car prices. Core service inflation saw a minor uptick due to rising rent prices and holiday travel effects [6][7] - The market is increasingly betting on a dual easing policy in 2026, following the release of the inflation data, with US stocks rising and the dollar index experiencing fluctuations. The Federal Reserve is expected to adopt a wait-and-see approach in January, with a low probability of interest rate cuts [6][8] Group 2 - The report discusses the recent trends in the Chinese yuan (RMB) following its depreciation past the 7 mark. The central bank's intervention through counter-cyclical measures has been noted as a significant factor in stabilizing the RMB exchange rate [11][12] - The report estimates that the current foreign trade settlement backlog is approximately $480 billion, with a significant portion attributed to the 2024 backlog. The holding cost for enterprises is projected to rise, indicating a potential shift in settlement behavior if the RMB appreciates beyond 6.80 [12][13] - The report also highlights that foreign capital is gradually stabilizing in the domestic bond market, with a strategic shift towards risk-balanced allocations in RMB assets. The RMB's appreciation is expected to enhance the attractiveness of Chinese assets for foreign investors [14][15] Group 3 - The report outlines recent fiscal policies, including the extension of personal income tax support for residents purchasing new homes, effective from January 1, 2026, to December 31, 2027. This policy aims to stimulate the housing market [16] - The People's Bank of China announced a 900 billion yuan reverse repurchase operation to inject liquidity into the market, indicating ongoing efforts to maintain financial stability [16] - The report notes that the US Producer Price Index (PPI) for November increased by 0.2%, aligning with expectations, reflecting stable inflationary pressures in the manufacturing sector [17]

从全球看，过去几年发达经济体大幅加息后又快速降息，国际上经贸壁垒和摩擦也在增多，全球金融市 场波动显著加大。人民币汇率一度面临贬值压力，人民银行、外汇局加强预期管理，防范汇率超调风 险。2020年以来，美元指数上涨约1.9%，同期衡量人民币对一篮子货币汇率的CFETS人民币汇率指数 上涨7.2%，总体看人民币汇率是稳健的。 邹澜指出，影响汇率的因素是非常多元的，比如经济增长、货币政策、金融市场、地缘政治、突发风险 事件等。2025年末，在市场力量推动下，人民币对美元汇率升破了7元，主要是2025年5月以来，中美经 贸形势趋于缓和，美元指数有所走弱，人民币汇率相对美元升值。向前看，中国具有超大规模市场和完 整产业链，科技创新和产业创新加速融合，新动能蓬勃发展，内需潜力不断释放，国内国际双循环更加 畅通，宏观经济基本面长期向好，这对人民币汇率基本稳定形成了支撑。 北京商报讯（记者 董晗萱）1月15日，国新办举行新闻发布会，介绍货币金融政策支持实体经济高质量 发展成效。 中国人民银行新闻发言人、副行长邹澜表示，中国汇率政策是清晰的、一贯的，坚持市场在汇率形成中 发挥决定性作用，保持人民币汇率在合理均衡水平上的基本稳 ...

Group 1 - The core viewpoint of the article emphasizes that China's exchange rate policy is clear and consistent, with a focus on allowing the market to play a decisive role in exchange rate formation [1] - The People's Bank of China asserts that it aims to maintain the basic stability of the RMB exchange rate at a reasonable and balanced level [1] - China positions itself as a responsible major country, stating that it neither needs nor intends to devalue its currency to gain competitive advantages in international trade [1]

Core Insights - The press conference held by the State Council Information Office on January 15 highlighted the effectiveness of monetary and financial policies in supporting high-quality development of the real economy [1] Group 1: Foreign Exchange Market - The foreign exchange market maintained a basic balance in supply and demand over the past year, with overall expectations remaining stable and demonstrating strong resilience and vitality [3] - In 2025, total cross-border income and expenditure for enterprises and individuals is projected to reach $15.6 trillion, representing an increase of nearly 10% compared to 2024 [3] - Cross-border capital shifted from a net outflow at the beginning of the year to a net inflow, with a total net inflow of $302.1 billion and a bank settlement surplus of $196.6 billion for the year [3] Group 2: Direct Investment and Foreign Assets - By the end of September 2025, foreign direct investment in China is expected to show a net inflow, while domestic entities are experiencing rapid growth in outward investment [3] - China's foreign assets and liabilities reached historical highs of $11.5 trillion and $7.5 trillion, respectively, by the end of September 2025 [3] - Foreign exchange reserves remained stable, with a year-end balance of $335.79 billion, and the RMB exchange rate maintained basic stability at a reasonable and balanced level [3]