Group 1 - China's first batch of L3-level autonomous driving vehicles has received approval for market access [1] - The China Securities Regulatory Commission (CSRC) has initiated the implementation of reforms to accelerate the landing of the "1+6" reform measures for the Sci-Tech Innovation Board [1] - Six departments have deployed actions to promote high-quality development in the service outsourcing sector [1] Group 2 - The State Administration of Foreign Exchange (SAFE) aims to maintain the basic stability of the RMB exchange rate at a reasonable and balanced level [1] - The Hong Kong Stock Exchange (HKEX) is set to soon launch a consultation on the reform of the minimum trading unit for securities [1] - Muxi Co., Ltd. will have its stock listed on the Sci-Tech Innovation Board on December 17 [1] Group 3 - The three major U.S. stock indices collectively declined, with the Nasdaq falling by 0.59% [1]

会议指出，今年是很不平凡的一年，以习近平同志为核心的党中央团结带领全党全国各族人民迎难而 上、奋力拼搏，我国经济顶压前行、向新向优发展，经济社会发展主要目标将顺利完成，"十四五"即将 圆满收官。这些成绩的取得殊为不易，根本在于以习近平同志为核心的党中央领航掌舵，在于习近平新 时代中国特色社会主义思想科学指引。 会议强调，2026年是"十五五"开局之年，做好经济工作意义重大。外汇管理部门要以习近平新时代中国 特色社会主义思想为指导，深刻领悟"两个确立"的决定性意义、坚决做到"两个维护"，全面贯彻中央经 济工作会议部署和全国金融系统工作会议要求，准确把握"五个必须"，更好统筹发展和安全，紧紧围绕 防风险、强监管、促高质量发展工作主线，着力构建"更加便利、更加开放、更加安全、更加智慧"的外 汇管理体制机制。重点抓好以下工作： 一是着力增强高质量发展动力活力。深入推进银行外汇展业改革和跨境贸易投资便利化，加大外汇支持 实体经济力度。以支持科技创新、中小微企业为重点做好金融"五篇大文章"。深化外汇市场发展，提高 外汇市场资源配置效率，完善企业汇率风险管理服务。积极支持跨境电商等贸易新业态发展。 二是稳步扩大外汇领域高水 ...

新华财经北京12月12日电（记者翟卓）12月10日至11日，中央经济工作会议在北京举行，分析当前经济 形势并部署2026年工作。会议强调"要继续实施适度宽松的货币政策""灵活高效运用降准降息等多种政 策工具""保持流动性充裕"等。 再综合考虑明年经济金融形势以及物价走势，东方金诚首席宏观分析师王青判断，2026年政策性降息幅 度或达0.2至0.3个百分点，降准幅度有望达到1个百分点。 "若从稳定明年一季度宏观经济运行等角度出发，不排除今年底或明年初就有降息降准落地的可能。而 着眼于推动房地产市场止跌回稳，2026年还有可能引导5年期以上贷款市场报价利率（LPR）单独下 行。"王青说。 业内专家表示，总的来看，货币政策延续了"适度宽松"基调，降准降息仍然可期，但也会更加注重"相 机抉择"以提高实施质效，结构性货币政策工具或再度"量增价降"，政策落地成效则有望成为下阶段宏 观政策部门的主要关注对象。 ——延续"适度宽松"政策基调强调"灵活高效"降准降息 会议明确，要继续实施适度宽松的货币政策。"该表述延续了去年中央经济工作会议基调，表明我国 在'十五五'开局之年仍需以适度宽松的货币金融环境支持实体经济高质量发展。 ...

the the state of the AND STORE THE and and the company e No t 2017-01-11 the state of the ME Spec 前行支撑：内生韧性与政策调控的双重保障 在错综复杂的外部环境中，人民币之所以能保持稳步前行态势，核心在于国内经济基本面提供的"硬核支撑"与政策调控形成的"稳定锚"。经济基本面是汇率 走势的根本决定因素，2025年前三季度我国国内生产总值同比增长5.2%，这一增速在全球主要经济体中保持领先。进入四季度，各地通过提振消费、推进 重大项目投资、强化企业支持等政策冲刺全年目标，经济延续稳中有进态势。产业层面的数据更凸显结构性韧性：11月官方制造业PMI环比回升至49.2，高 技术制造业PMI连续10个月位于50的临界点以上，有色金属冶炼、铁路船舶航空航天设备等行业的生产经营活动预期指数均超过57.0%，处于较高景气区 间。 外贸韧性与结汇需求形成的市场支撑尤为显著。尽管10月出口同比出现短期回落，但前10个月出口累计同比增长6.2%，显示我国外贸在全球贸易放缓背景 下仍具较强竞争力。四季度作为传统结汇高峰，出口企业的结汇需求 ...

Core Viewpoint - After the global financial crisis, China has actively explored and implemented foreign exchange macro-prudential policies with Chinese characteristics during its gradual financial opening process. The main goals of these policies are to stabilize the RMB exchange rate and manage cross-border borrowing by domestic enterprises, rather than solely addressing systemic risks from volatile capital flows [1][2][3]. Summary by Relevant Sections Framework of China's Foreign Exchange Macro-Prudential Policy - The reform of China's foreign exchange management system has undergone three significant phases since the opening up in 1979, transitioning from a planned to a market-oriented system, and establishing a managed floating exchange rate system [4]. - The current phase, starting from 2013, focuses on balancing facilitation and risk prevention, particularly after the "8·11" exchange rate reform in 2015, which established a more market-oriented exchange rate formation mechanism [4][5]. Key Measures of Foreign Exchange Macro-Prudential Policy - Key measures include foreign exchange reserve requirements, middle price management mechanisms, comprehensive position management for banks' foreign exchange transactions, and macro-prudential management of cross-border financing and overseas lending [7][10]. - The foreign exchange reserve requirement includes three types: foreign exchange deposit reserve ratio, forward foreign exchange risk reserve ratio, and reserve ratio for deposits from foreign financial institutions [7][10]. Policy Effects and Adjustments - The foreign exchange deposit reserve ratio has been adjusted multiple times since its introduction in 2004, with the most recent adjustments occurring in 2022 and 2023, reflecting the central bank's response to changing market conditions [13][14]. - The foreign exchange risk reserve ratio was introduced in 2015 to curb excessive volatility in the foreign exchange market, with adjustments made based on market conditions [16][19]. - The comprehensive position management for banks has evolved since 2005, allowing for greater flexibility in managing foreign exchange risks and enhancing the overall development of the foreign exchange market [32][36]. Future Directions - The central bank aims to strengthen macro-prudential management of the foreign exchange market to support high-quality development of the real economy and maintain the RMB exchange rate at a reasonable and balanced level [3][39]. - The implementation of all-encompassing cross-border financing macro-prudential management has been expanded nationwide, allowing for better monitoring and management of cross-border financing activities [39][40].

Core Viewpoint - The People's Bank of China (PBOC) aims to implement a moderately accommodative monetary policy to support the ongoing economic recovery and create a suitable financial environment [1] Monetary Policy Implementation - The PBOC will execute existing monetary policy measures effectively and continuously release policy effectiveness [1] - There will be a comprehensive use of various monetary policy tools to maintain ample liquidity, aligning the growth of social financing scale and money supply with economic growth and price level expectations [1] Efficiency and Cost Management - The focus will be on revitalizing existing funds and optimizing new funds to improve capital utilization efficiency [1] - Strengthening the execution and supervision of interest rate policies, and promoting a reduction in the comprehensive financing costs for society [1] Exchange Rate Stability - The PBOC will maintain exchange rate flexibility, enhance expectation guidance, and prevent excessive exchange rate fluctuations, ensuring the stability of the RMB at a reasonable and balanced level [1]

Core Viewpoint - The report from the State Council emphasizes the implementation of a moderately loose monetary policy to support the ongoing economic recovery and create a conducive financial environment [1] Monetary Policy Implementation - The report highlights the need to effectively execute existing monetary policy measures and continuously release their effectiveness [1] - It calls for the comprehensive use of various monetary policy tools to maintain ample liquidity, ensuring that the growth of social financing and money supply aligns with economic growth and price level expectations [1] Efficiency and Cost Management - The focus is on revitalizing existing funds and optimizing new funds to improve capital utilization efficiency [1] - There is an emphasis on strengthening the execution and supervision of interest rate policies, as well as deepening the work on the comprehensive financing cost of loans to drive down the overall financing costs in society [1] Exchange Rate Stability - The report advocates for maintaining exchange rate flexibility, enhancing expectation guidance, and preventing excessive fluctuations in the exchange rate [1] - It aims to keep the RMB exchange rate stable at a reasonable and balanced level [1]

Core Points - The onshore and offshore RMB/USD exchange rates both surpassed the 7.10 mark on October 28, with the onshore rate opening at 7.1070 and reaching a low of 7.0995, reflecting an increase of 75 basis points from the opening price [2] - The offshore RMB/USD exchange rate opened at 7.1087 and hit a low of 7.0994, showing an increase of 93 basis points from the opening price [2] - The People's Bank of China announced a mid-point exchange rate of 7.0856 for the RMB against the USD, which is an increase of 25 basis points from the previous day's mid-point of 7.0881, marking a new high since October 15, 2024 [2] Industry Analysis - Analysts suggest that the recent adjustments in the RMB mid-point rate towards a stronger direction are influenced by the robust domestic economic performance and the significant decline of the USD [2][3] - The focus on stabilizing the RMB exchange rate is shifting towards maintaining the CFETS index, which may help alleviate trade frictions and provide a stable external environment for Chinese foreign trade enterprises [3] - The Governor of the People's Bank of China emphasized the importance of market forces in determining the exchange rate and maintaining stability at a reasonable level to prevent significant fluctuations [3]

Core Points - The meeting emphasized the importance of maintaining stability in the foreign exchange market and ensuring the safety of the national economy and financial system [1] - It highlighted the need for a dual management approach of "macro-prudential + micro-regulation" in the foreign exchange market [1] - The meeting called for the improvement of the cross-border capital flow monitoring and early warning system [1] - There is a focus on keeping the RMB exchange rate stable at a reasonable and balanced level [1] - The meeting stressed the importance of comprehensive supervision in the foreign exchange sector and the strict crackdown on illegal activities [1] - It also mentioned the need to enhance the management of foreign exchange reserves to ensure the safety, liquidity, and value preservation of these assets [1]

Core Viewpoint - The Chinese yuan (RMB) has appreciated against the US dollar, with the central parity rate reaching a new high of 7.0995 on October 15, marking the first time it has surpassed the 7.10 threshold since late October 2024 [1][3][4] Exchange Rate Performance - On October 15, the RMB central parity rate was adjusted up by 26 basis points from the previous day's rate of 7.1021, achieving a near one-year high [3] - The onshore and offshore RMB against the US dollar both appreciated, with onshore RMB at 7.1267 (up 0.17%) and offshore RMB at 7.1301 (up 0.14%) [3] - Since the beginning of 2025, both onshore and offshore RMB have appreciated over 2%, specifically 2.37% and 2.82% respectively [3] Dollar Index Movement - The US dollar index fell below 99, reported at 98.8482 on October 15, down 0.21% for the day [4] - Despite a 1% increase in the dollar index since October 2025, it has depreciated nearly 9% overall this year [4] Economic Context - The recent appreciation of the RMB is attributed to the decline of the US dollar and increased external market volatility, which necessitates stronger measures to stabilize the currency market [4][5] - The People's Bank of China (PBOC) emphasizes maintaining a stable RMB exchange rate to support domestic economic stability and external trade [6][7] Future Outlook - Analysts predict that the RMB will continue to operate in a strong position in the short term, with a focus on the dollar's performance and the PBOC's management of the central parity rate [8] - The RMB's future stability is supported by a solid macroeconomic foundation and the anticipated impact of US monetary policy adjustments [7][8]