证券日报网1月21日讯，思源电气（002028）在接受调研者提问时表示，公司海外业务结算币种(外币) 主要涉及美元、欧元、英镑等多种货币。公司为防范汇率波动风险，开展了外汇套期保值交易业务。该 业务的目的是以正常生产经营业务为基础，以锁定项目成本、降低汇率风险为目的，不进行任何单纯以 投机为目的的外汇交易。随着未来公司海外业务的持续发展，汇率波动将对公司的经营业绩产生一定的 影响。 ...

2025年外汇市场交易量达到42.6万亿美元，企业外汇套期保值比率升至30%；2025年9月末，我国对外 资产和负债分别达到11.5万亿和7.5万亿美元……过去这一年，中国外汇市场创下一个个历史新高。 国家外汇管理局新闻发言人、副局长李斌近日在新闻发布会上表示，2025年，面对更加严峻复杂的外部 环境，外汇市场保持平稳运行。下一步，将深化拓展外汇领域改革开放，努力营造既"放得活"又"管得 好"的外汇政策环境，为"十五五"开好局、起好步贡献力量。 一组组数据，勾勒出2025年外汇市场运行情况。 2025年企业、个人等跨境收入和支出总计15.6万亿美元，较2024年增长近10%。跨境资金由年初的净流 出转为净流入，全年净流入3021亿美元，银行结售汇顺差1966亿美元。 2025年来华直接投资呈现净流入，境内主体对外投资较快增长。 外汇储备保持稳定，年末余额为33579亿美元。人民币汇率在合理均衡水平上保持基本稳定。 "过去一年里，外汇市场供求基本平衡，预期总体平稳，保持较强韧性和活力。"李斌说。 与此同时，外汇管理服务实体经济质效明显提升。围绕支持外贸稳定发展、深化跨境投资和融资改革、 支持自贸试验区建设3项重 ...

Core Viewpoint - The National Foreign Exchange Administration (NFA) has made significant progress in enhancing the quality and efficiency of foreign exchange services for the real economy, with a focus on supporting stable foreign trade development, deepening cross-border investment and financing reforms, and promoting the construction of free trade pilot zones [2][3]. Group 1: Achievements in Foreign Exchange Management - In the past year, the NFA implemented 28 measures across three comprehensive policy packages, resulting in over $220 billion in facilitated transactions [2]. - The number of banks participating in foreign exchange business reforms increased from 16 at the end of 2024 to 30, covering major banks handling cross-border transactions [2]. - The total cross-border income and expenditure for enterprises and individuals is projected to reach $15.6 trillion in 2025, a nearly 10% increase from 2024 [3]. Group 2: Currency Risk Management - Companies' awareness and capability in managing currency risk have improved, with the scale of using foreign exchange derivatives exceeding $1.9 trillion in 2025, nearly doubling since 2020 [4]. - The foreign exchange hedging ratio for enterprises increased by 8 percentage points to 30% compared to 2020 [4]. Group 3: Future Outlook for Foreign Exchange Market - The foreign exchange market is expected to operate steadily in 2026, with cross-border capital flows remaining orderly and resilient [5]. - The NFA plans to enhance monitoring of cross-border capital flows and improve macro-prudential management to maintain stability in the foreign exchange market [5]. Group 4: Continued Reform and Opening-up - The NFA aims to deepen foreign exchange facilitation reforms and enhance the openness of the foreign exchange sector, supporting win-win cooperation [7][8]. - Policies will be introduced to better support enterprises in going global and developing foreign trade, including the management of cross-border capital operations for multinational companies [8][10]. Group 5: Enhancing Financial Services - The NFA will continue to optimize trade foreign exchange business management and support the development of new trade formats such as cross-border e-commerce [7]. - There will be a focus on promoting digital services and improving the efficiency of foreign exchange management to support high-quality development of the real economy [10].

Group 1 - The State Council announced eight structural policies to support the high-quality development of the real economy and enhance the level of capital account openness [1] - These policies aim to improve the precision of monetary policy and work in coordination with fiscal policies such as interest subsidies and risk cost sharing [1] - Structural monetary policy tools will see an increase in support, including a 0.25 percentage point reduction in interest rates for various tools and a dedicated 1 trillion yuan relending quota for private enterprises [1] Group 2 - The Central Economic Work Conference emphasized the flexible use of various policy tools, including potential interest rate cuts, to maintain ample liquidity and relatively loose social financing conditions [2] - The average reserve requirement ratio for financial institutions is currently 6.3%, indicating room for further reductions [2] - Consumer Price Index (CPI) showed a year-on-year increase of 0.8% in December 2025, marking the highest level since March 2023, which may influence decisions on interest rate adjustments [2] Group 3 - The "14th Five-Year" plan suggests enhancing the openness of capital accounts, focusing on direct investment, securities investment, and cross-border financing [3] - The stability of the renminbi exchange rate is supported by China's large market and complete industrial chain, with the CFETS renminbi index rising 7.2% since 2020 [3] - A robust regulatory framework is in place to manage exchange rate risks and maintain the renminbi's stability [3] Group 4 - To enhance capital account openness, reforms in cross-border financing and foreign exchange management will be implemented, including a unified management policy for domestic enterprises' overseas loans [4] - Policies will promote the centralized management of cross-border funds for multinational companies and upgrade the cross-border funding pool [4] - Financial market openness will be advanced through policies for overseas listings and further optimization of cross-border capital policies for qualified foreign institutional investors [4]

Core Viewpoint - The article discusses the resilience of the Renminbi (RMB) exchange rate amidst increasing global financial market volatility in 2025, driven by factors such as monetary policy adjustments in developed economies and geopolitical disturbances [3]. Exchange Rate Trends - The RMB exchange rate faced depreciation pressure early in 2025 due to rising global tariff policy risks and the introduction of "reciprocal tariffs" by the U.S., with the offshore RMB rate dropping below 7.40 [5]. - Following improvements in both internal and external environments, the RMB began a gradual appreciation, with both onshore and offshore RMB rates breaking the 7 mark against the USD by year-end, reaching new highs since May 2023 [6]. Influencing Factors - Various factors influence the exchange rate, including economic growth, monetary policy, financial markets, geopolitical events, and unexpected risks. The People's Bank of China (PBOC) has emphasized the importance of managing expectations to prevent excessive fluctuations in the exchange rate [7]. - The RMB has shown resilience, with the CFETS RMB Index rising by 7.2% since 2020, despite a 1.9% increase in the USD index during the same period [7]. Future Outlook - The PBOC anticipates continued two-way fluctuations and elasticity in the RMB exchange rate, supported by China's large market size, complete industrial chain, and ongoing domestic demand potential [7]. - External uncertainties remain, particularly regarding interest rate adjustments in major economies and ongoing geopolitical shocks, which may impact exchange rate trends [7]. Cross-Border Capital Management - As international financial market volatility increases, there is a rising demand for enterprises to actively identify and manage exchange rate risks. The State Administration of Foreign Exchange (SAFE) is enhancing services for enterprises in this regard [9]. - In 2025, the scale of enterprises using foreign exchange derivatives to manage exchange rate risks exceeded $1.9 trillion, nearly doubling since 2020, with a hedging ratio of 30%, up 8 percentage points from 2020 [9]. Financial Market Opening - SAFE is set to introduce policies to better support enterprises in their international operations and foreign trade development, including improvements in cross-border capital management for multinational companies [10]. - The next steps include optimizing Qualified Foreign Institutional Investor (QFII) cross-border capital policies and continuing to issue Qualified Domestic Institutional Investor (QDII) investment quotas to enhance the level of financial market openness [10].

Core Viewpoint - The press conference highlighted the effectiveness of monetary and financial policies in supporting the high-quality development of the real economy, with a focus on the stability and resilience of China's foreign exchange market in 2025 and expectations for 2026 [1][3]. Group 1: Foreign Exchange Market Performance - In 2025, China's foreign exchange market achieved a record trading volume of $42.6 trillion, with the corporate foreign exchange hedging ratio rising to 30%, both marking historical highs [1][4]. - The RMB/USD exchange rate surpassed 7 yuan by the end of 2025, reflecting a 4.3% appreciation for onshore RMB and a 4.9% appreciation for offshore RMB throughout the year [6][10]. - The foreign exchange market maintained a basic balance in supply and demand, with banks' total foreign exchange settlement and sales showing a surplus of $1.966 billion in 2025 [5][8]. Group 2: Policy Measures and Support - The State Administration of Foreign Exchange (SAFE) introduced 28 measures across three key areas to support stable foreign trade development, deepen cross-border investment and financing reforms, and aid the construction of free trade pilot zones [4][7]. - Financial institutions are encouraged to enhance their foreign exchange risk management services and develop more flexible and cost-effective hedging products for enterprises [1][7]. - The government aims to promote a neutral approach to foreign exchange risk management, providing enterprises with better tools and strategies for hedging against currency fluctuations [7][10]. Group 3: Outlook for 2026 - The foreign exchange market is expected to operate stably in 2026, supported by a solid economic foundation and ongoing high-level opening-up policies [8][10]. - The People's Bank of China (PBOC) will continue to ensure that the RMB exchange rate remains stable at a reasonable and balanced level, while also allowing for two-way fluctuations [9][10]. - Analysts predict that the RMB/USD exchange rate will fluctuate around the 7.0 to 7.2 range in 2026, influenced by external geopolitical factors and adjustments in developed economies' interest rates [10].

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].

Core Viewpoint - The People's Bank of China (PBOC) is implementing monetary policy measures to support the high-quality development of the real economy, including interest rate cuts and adjustments to loan requirements for commercial properties. Group 1: Monetary Policy Adjustments - The PBOC has lowered the interest rates on various structural monetary policy tools by 0.25 percentage points, with the one-year re-lending rate decreasing from 1.5% to 1.25% [6][7] - The minimum down payment ratio for commercial property loans has been reduced to 30% to stimulate the commercial real estate market [21] Group 2: Support for Innovation and SMEs - The PBOC has increased the re-lending quota for technological innovation and technological transformation by 400 billion to 1.2 trillion yuan, including support for high R&D investment private SMEs [11] - An additional 500 billion yuan has been allocated for re-lending to support agriculture and small enterprises, with a specific quota of 1 trillion yuan for private enterprises [15] Group 3: Foreign Exchange Market Developments - By 2025, the foreign exchange market transaction volume is expected to reach 42.6 trillion USD, with the corporate foreign exchange hedging ratio rising to 30%, both historical highs [18] - Cross-border income and expenditure for enterprises and individuals is projected to total 15 trillion USD in 2025, reflecting a nearly 10% increase from 2024 [24] Group 4: Trade and Investment Outlook - The total import and export volume of goods is expected to exceed 6.3 trillion USD by 2025, with China being a major trading partner for over 150 countries and regions [30] - By the end of September 2025, China's outward direct investment and foreign direct investment stock are projected to reach 3.4 trillion and 3 trillion USD, respectively, ranking among the top globally [30]

证券日报网讯 1月15日，健康元在互动平台回答投资者提问时表示，公司始终密切关注汇率走势，积极 运用外汇衍生品等工具，并结合优化结算货币、合理规划外币收支等方式，对冲汇率波动风险，降低汇 兑损益。 （编辑 丛可心） ...

Core Viewpoint - The press conference held by the State Council Information Office on January 15 highlighted the effectiveness of monetary and financial policies in supporting the high-quality development of the real economy, with a focus on enhancing foreign exchange management systems for better convenience, openness, security, and intelligence [1]. Group 1: Financial Services to the Real Economy - The fundamental purpose is to enhance financial services for the real economy by deepening foreign exchange facilitation reforms and boosting high-quality development vitality [1]. - There will be an optimization of trade foreign exchange business management and an orderly expansion of high-level opening-up pilot projects for cross-border trade and investment [1]. - Support will be provided for new trade formats such as cross-border e-commerce and market procurement trade, along with facilitating electronic transaction information for payment institutions and banks [1]. Group 2: High-Level Opening-Up - The focus will be on promoting high-level opening-up in the foreign exchange sector, aiding win-win cooperation through the internationalization of the Renminbi and high-quality opening of capital projects [2]. - New policies will be introduced for overseas loans and domestic foreign exchange loan fund management to better support enterprises in going global and developing foreign trade [2]. - The implementation of cross-border capital centralized operation management for multinational companies will enhance fund turnover efficiency and reduce financial costs for enterprises [2]. Group 3: Foreign Exchange Market Development - The strategy includes promoting a robust foreign exchange market while enhancing regulatory capabilities to maintain stable market operations [3]. - There will be improvements in exchange rate risk management, with financial institutions encouraged to develop user-friendly hedging products to lower costs for small and medium-sized enterprises [3]. - The focus will also be on strengthening non-site regulatory capabilities and combating illegal cross-border financial activities [3]. Group 4: Capacity Enhancement - The emphasis will be on improving the effectiveness of foreign exchange policy implementation and ensuring that policies reach enterprises and residents effectively [3]. - There will be a steady exploration of building a "smart foreign exchange management" system to enhance the digitalization of foreign exchange management and service [3].