Group 1 - The article highlights the increasing foreign exchange risk faced by companies engaged in international trade due to rising economic uncertainties and currency fluctuations [1][2] - Since 2015, the number of domestic listed companies participating in foreign exchange hedging has surged from 143 to 1,241, indicating a growth of approximately eight times [1][4] - The demand for standardized and highly liquid domestic RMB foreign exchange futures is rising, which is expected to enhance the efficiency of risk management for market participants [1][4] Group 2 - BYD has increased its foreign exchange derivatives trading limit from the equivalent of $5 billion to $12 billion in 2023, reflecting the growing foreign exchange risk exposure as its overseas business expands [2][3] - In 2023, China's outward direct investment flow reached $177.29 billion, a year-on-year increase of 8.7%, highlighting the importance of foreign exchange risk management for companies with substantial overseas assets [2][3] - The participation rate in foreign exchange hedging among listed companies has increased from around 5% to 23.6% over the past nine years, driven by the expansion of foreign-related businesses and heightened risk management awareness [4][7] Group 3 - The introduction of RMB foreign exchange futures is seen as a crucial step in improving the foreign exchange risk management framework in China, with significant advantages such as expanding participation coverage and reducing hedging costs [6][7] - The article emphasizes that foreign exchange futures can provide additional benefits in risk hedging, potentially allowing companies to achieve extra returns while managing risks [7] - The operational convenience of foreign exchange futures is highlighted, as it allows for quicker hedging without the need for complex agreements or bank credit approvals [7]

Core Viewpoint - The recent strengthening of the Renminbi (RMB) against the US dollar has raised market attention towards the future trends of the RMB exchange rate, influenced by various economic factors and geopolitical risks [1][2]. Group 1: Economic Factors Influencing RMB Exchange Rate - The RMB has appreciated 0.89% against the US dollar in the onshore market and 0.68% in the offshore market as of March 9, 2023, with both markets reaching their highest levels since 2018 [1]. - Key factors affecting the RMB's exchange rate include the economic growth rate differences between China and the US, monetary policy comparisons, and the balance of international payments [1][2]. - The GDP growth rate gap between China and the US is expected to narrow in 2022 due to post-pandemic recovery, while the People's Bank of China is likely to implement policies that support economic growth, indicating a marginal easing of monetary policy [2]. Group 2: Geopolitical and Market Sentiment Factors - Geopolitical risks, such as the ongoing Russia-Ukraine conflict and high overseas pandemic rates, have increased the demand for the RMB as a safe-haven asset, which may support its value [2][3]. - The current export growth rate is anticipated to decline, leading to a reduction in the current account surplus, which may weaken support for the RMB [3]. - Overall, the RMB is expected to maintain a stable central tendency with two-way fluctuations rather than a sustained trend of appreciation or depreciation [3]. Group 3: Risk Management for Enterprises - In the context of fluctuating exchange rates, effective risk management is crucial for foreign trade enterprises, which should adopt a neutral stance towards exchange rate risks and develop effective hedging strategies [4]. - Enterprises are encouraged to rationally manage their currency exposure and utilize financial derivatives to hedge against exchange rate risks [4].

Group 1 - The People's Bank of China (PBOC) has implemented multiple measures to stabilize foreign trade, including reducing financing costs for the real economy and providing targeted support for foreign trade enterprises affected by the pandemic [1] - As of the end of April this year, the balance of inclusive small and micro loans increased by 23.4% year-on-year, supporting a 41.5% year-on-year growth in the number of small and micro business entities [1] - The PBOC, along with the Ministry of Commerce and the State Administration of Foreign Exchange, has taken steps to help enterprises manage the impact of exchange rate fluctuations, including providing more foreign exchange risk management products and reducing transaction fees for small and micro enterprises [1] Group 2 - The demand for export credit insurance has increased due to various risks faced by foreign trade enterprises, with the scale of insurance underwritten by China Export & Credit Insurance Corporation exceeding $350 billion, a year-on-year increase of 12.7% [2] - Export credit insurance plays a significant role in reducing risks for enterprises and stabilizing foreign trade, with suggestions for preferential rates and improved claims processing to enhance the experience for small and micro foreign trade enterprises [2] - The Ministry of Commerce plans to further leverage export credit insurance to bolster risk protection and enhance financing support for foreign trade enterprises, aiming to boost their confidence in receiving orders [3] Group 3 - The PBOC will continue to guide the downward trend of financing costs for the real economy and increase financial support for stabilizing foreign trade [3] - The PBOC aims to open up the financial market further, simplify procedures for foreign investors, and improve the business environment to create favorable macroeconomic policies for foreign trade enterprises [3] - The Ministry of Commerce expresses confidence in maintaining stable growth in foreign trade while improving its quality [3]

Core Viewpoint - The resilience of China's foreign exchange market has strengthened in the first half of the year, with significant surpluses in both bank foreign exchange settlement and cross-border payments, indicating a stable outlook for the market in the second half of the year [1][2]. Group 1: Foreign Exchange Market Performance - In the first half of the year, the bank's foreign exchange settlement surplus reached 85.2 billion USD, and the surplus for cross-border payments was 83.4 billion USD, primarily driven by high surpluses in goods trade and direct investment [2]. - The foreign exchange settlement rate increased slightly, with a rate of 66% for customer purchases from banks, up 2 percentage points from the previous year [2]. - The foreign exchange deposit balance for enterprises remained stable at 695.1 billion USD, with a settlement rate of 67%, which is an increase of 0.4 percentage points compared to the same period last year [2]. Group 2: Foreign Exchange Derivatives and Risk Management - The scale of enterprises using foreign exchange derivatives for risk management grew by 29% year-on-year, significantly outpacing the growth rate of foreign exchange settlement, raising the hedging ratio to 26%, an increase of 4.1 percentage points from the previous year [3]. - The foreign exchange reserve stood at 3.0713 trillion USD at the end of June, with fluctuations in value due to the rising dollar index and falling prices of major financial assets [3]. Group 3: Foreign Investment in Chinese Bonds - Despite recent international market volatility, foreign investment in Chinese bonds is expected to continue steadily, with foreign holdings of Chinese bonds remaining stable and accounting for over 50% by central bank institutions [4][5]. - By the end of 2021, China had attracted nearly 820 billion USD in cross-border bond investments, representing about one-third of the total external bond investment in emerging markets [4]. Group 4: Support for Enterprises in Managing Exchange Rate Risks - The foreign exchange bureau is actively supporting enterprises, especially small and medium-sized enterprises, in managing exchange rate risks by reducing hedging costs and enhancing their risk management capabilities [7][8]. - In the first half of the year, enterprises utilized foreign exchange derivatives to manage risks amounting to 755.8 billion USD, with nearly 17,000 new enterprises engaging in hedging, most of which are small and medium-sized [8].

Group 1 - The State Administration of Foreign Exchange (SAFE) Liaoning Branch focuses on supporting the real economy and enhancing cross-border trade and investment facilitation to provide strong financial support for high-quality foreign economic development [1] - In the first half of the year, foreign-related enterprises utilized RMB foreign exchange derivatives to manage exchange rate risks amounting to 3.22 billion USD, with a foreign exchange hedging ratio of 22.3% and 97 new enterprises engaging in exchange rate hedging for the first time [1] - The cross-border financial service platform has seen 7 banks assist 26 enterprises in conducting RMB foreign exchange derivative transactions, with a total signed amount of 130 million USD, improving the efficiency of these transactions [1] Group 2 - The SAFE Liaoning Branch promotes banks to provide foreign exchange settlement and related fund payment services for cross-border e-commerce enterprises, enhancing the convenience of foreign exchange settlements in this new trade format [2] - In the first half of the year, 17 direct export cross-border e-commerce transactions were processed, totaling 31,180 USD [2] - The branch has established 5 demonstration zones for payment services for foreign visitors, with 2,046 bank outlets and 53 authorized currency exchange institutions available to meet various cash exchange needs [2]

Core Viewpoint - The People's Bank of China announced the implementation of eight policy measures in Shanghai, including the promotion of RMB foreign exchange futures trading to enhance the management of exchange rate risks for financial institutions and foreign trade enterprises [1] Group 1: RMB Foreign Exchange Futures - The introduction of RMB foreign exchange futures has been officially prioritized, despite its absence in the domestic market [1] - The offshore RMB futures market has been relatively mature, with the Singapore Exchange launching the first cash-settled RMB futures in October 2014 [1] Group 2: Demand for Risk Management Tools - The increasing complexity of international circumstances and significant cross-border capital flows have heightened the exchange rate risk exposure for domestic enterprises, leading to a rapid growth in hedging demand [2] - The current foreign exchange derivative market in China includes forward contracts, swaps, currency swaps, and options, which partially meet the hedging needs of the real economy [2] - However, the evolving global economic landscape necessitates the introduction of domestic foreign exchange futures to fill the existing gap and enhance market structure [2] Group 3: Market Competitiveness and Internationalization - The introduction of standardized onshore derivatives is expected to significantly enhance the international competitiveness of China's foreign exchange market [3] - A diversified foreign exchange product system will attract more international investors, increasing market liquidity and trading volume [3] - Improved domestic exchange rate risk management tools will boost foreign investors' confidence in holding RMB assets, promoting the currency's broader use in international payments, settlements, investments, and reserves [3]

加征关税在特朗普第二任期的施政中处于关键位置，是特朗普政府推行"美国优先"理念和实现相关政策目标的重要工具。此举严重破坏正常的国际贸易秩 序，带来巨大冲击和不确定性。中国与广大新兴经济体合作不断深入，面对动荡的市场环境，相关汇率风险管理的紧迫性愈发凸显。文章聚焦美国关税政策 对新兴市场货币汇率走势的差异化影响，并围绕市场主体避险需求，系统梳理多种汇率风险管理路径，以供参考借鉴。 一、特朗普第二任期关税政策主要特点 （一）围绕关税的多重目标 特朗普政府将美国一己之私凌驾于国际公利，表现出强硬的贸易保护主义立场，声称关税政策能"让美国再次伟大"（MAGA）。 内容提要 财政方面，加征关税可以暂时增加美国政府财政收入，在缓解公共债务压力的同时，为"大美丽法案"等减税刺激政策创造条件。美国财政部数据显示，截至 5月底，美国2025财年累计关税收入已达到814亿美元，同比大涨65%，提前超过全年预算目标。不过相较于近2万亿美元的财政赤字以及超过36万亿美元的 国债余额，加征关税带来的有限收入可能难以有效弥补庞大的财政缺口。 产业方面，不同于拜登时期的补贴型产业政策，特朗普政府转向通过贸易壁垒、关税压力等手段来限制外国商 ...

Group 1 - Foreign trade enterprises are crucial for connecting domestic and international markets, serving as an important engine for high-quality economic development [2] - Jiangsu Bank Beijing Branch has been advancing the "Su Yin Cross-Border" brand since 2025, establishing a comprehensive financial service system for foreign trade enterprises, including cross-border settlement, investment and financing, guarantees, and foreign exchange transactions [2] - As of June 2025, the international business investment and financing balance of Jiangsu Bank increased by 35.81% compared to the beginning of the year, significantly supporting enterprises' expansion in overseas markets [2] Group 2 - Jiangsu Bank Beijing Branch aims to enhance the convenience of trade settlement by implementing measures for foreign exchange fund payments and optimizing international trade settlements [3] - The bank promotes the "Hui Chang Tong" multi-currency advance payment service, providing cross-border remittance services in 120 currencies for enterprises engaged in trade with Belt and Road countries [3] Group 3 - Jiangsu Bank Beijing Branch is focused on helping foreign trade enterprises manage exchange rate risks, which is essential for stabilizing cross-border settlement costs [4] - As of June 2025, the annual foreign exchange business volume reached 1.492 billion USD, with the bank providing professional foreign exchange trading services and training to enhance enterprises' risk management capabilities [4] - The bank plans to continue strengthening business and financial collaboration, focusing on financing, risk prevention, and service optimization to enhance cross-border business service levels [4]

转自：新华财经 汇率风险管理是跨境金融的核心服务能力之一，依托衍生品交易工具等，帮助企业实现财务成本可测、风险敞口可控。未来，上海银行将持续深化产品创 新，扩大服务半径，为更多外贸企业提供"一站式"金融解决方案，筑牢汇率风险"防护墙"，全力护航实体经济高质量发展。（邓侃） 编辑：谈瑞 除服务集团型企业外，浦西支行同步推进普惠型外贸企业外汇衍生品覆盖。孚生国际贸易有限公司通过上海银行外汇衍生品业务服务，成功落地多笔锁汇业 务，实现套期保值。该业务以"操作便捷化、风险管理精准化、收益可视化"的特点，获得中小外贸企业广泛认可，正逐步成为企业汇率风险中性管理的重要 工具。 外贸企业遇到汇率敞口风险怎么办？近日，上海银行总行营业部在外汇衍生品交易领域再获突破，通过远期锁汇等专业服务，精准助力外贸企业应对汇率波 动风险，实现企业稳健经营，彰显金融服务实体经济的专业担当。 上海的益商贸有限公司长期面临"外币采购付款、人民币销售收款"的汇率敞口风险。今年以来，美元汇率波动加剧，企业汇兑管理需求迫切。上海银行总行 营业部浦西支行为其量身定制远期锁汇方案，积极普及汇率避险金融配套策略，培养企业形成常态化锁汇习惯，并先后落地两笔业 ...

上海的益商贸有限公司长期面临"外币采购付款、人民币销售收款"的汇率敞口风险。今年以来，美元汇率波动加剧，企业汇兑管理需求迫切。 外贸企业遇汇率敞口风险怎么办？近日，上海银行总行营业部在外汇衍生品交易领域再获突破，通过远期锁汇等专业服务，精准助力外贸企业应对汇率波 动风险，实现企业稳健经营，彰显金融服务实体经济的专业担当。 精准施策：定制化方案破解企业汇险 上海银行总行营业部浦西支行为其量身定制远期锁汇方案，积极普及汇率避险金融配套策略，培养企业形成常态化锁汇习惯，并先后落地两笔业务，锁定 美元汇率价格，帮助企业有效成本管理。 普惠提质：衍生品服务惠及中小外贸 除服务集团型企业外，浦西支行同步推进普惠型外贸企业外汇衍生品覆盖。孚生国际贸易有限公司通过上海银行外汇衍生品业务服务，成功落地多笔锁汇 业务，实现套期保值。 汇率风险管理作是跨境金融的核心服务能力之一，依托衍生品交易工具等，帮助企业实现财务成本可测、风险敞口可控。 未来，上海银行将持续深化产品创新，扩大服务半径，为更多外贸企业提供"一站式"金融解决方案，筑牢汇率风险"防护墙"，全力护航实体经济高质量发 展。 该业务以"操作便捷化、风险管理精准化、收益可视 ...