Core Insights - The foreign exchange market in China reached a record trading volume of $42.6 trillion in 2025, with the corporate foreign exchange hedging ratio rising to 30%, both marking historical highs [1][3] - By the end of September 2025, China's external assets and liabilities reached $11.5 trillion and $7.5 trillion respectively, with net external assets surpassing $4 trillion for the first time [1] Group 1: Market Performance - The trading volume of China's foreign exchange market increased from $34.5 trillion in 2022 to $42.6 trillion in 2025, indicating strong market resilience and vitality [1] - China's GDP is projected to reach approximately 140 trillion yuan in 2025, a 40% increase over five years, providing a solid foundation for the foreign exchange market [1] Group 2: Policy and Reform - The foreign exchange management department has implemented a series of reforms and measures to enhance the convenience of foreign exchange transactions, significantly supporting the growth of foreign-related economic activities [2] - In 2025, the foreign exchange management department introduced 28 measures focused on stabilizing foreign trade, deepening cross-border investment reforms, and supporting free trade zone construction [2] Group 3: Market Development - The foreign exchange market in China has seen a diversification of participants, including both domestic and foreign institutions, which enhances its ability to absorb external shocks [3] - The proportion of corporate foreign exchange hedging reached 30% in 2025, indicating improved capabilities among foreign-related enterprises to manage exchange rate risks [3] - The trading volume of the renminbi in global foreign exchange markets increased to 8.6%, rising 1.6 percentage points from 2022, making it the fastest-growing currency in terms of global trading share [3]

Core Insights - The foreign exchange market in China showed a balanced supply and demand in 2025, with strong resilience and vitality, according to the State Administration of Foreign Exchange [1][2] Group 1: Foreign Exchange Data - In December 2025, banks settled foreign exchange at $318 billion and sold $217.9 billion, with total annual settlements reaching $25,949 billion and sales at $23,983 billion [1] - For the same month, banks recorded foreign income of $824.4 billion and foreign payments of $710.9 billion, with total annual foreign income at $79,725 billion and payments at $76,704 billion [1] Group 2: Cross-Border Capital Flows - Total cross-border income and expenditure for enterprises and individuals reached $15.6 trillion in 2025, marking a nearly 10% increase from 2024 [2] - The year saw a net inflow of $302.1 billion in cross-border capital, reversing from a net outflow at the beginning of the year, with a bank settlement surplus of $196.6 billion [2] Group 3: Economic and Trade Performance - China's goods trade volume exceeded $6.3 trillion in 2025, maintaining its position as the world's largest trader for nine consecutive years [3] - By September 2025, China's foreign direct investment and foreign investment in China reached $3.4 trillion and $3.7 trillion, respectively, both ranking among the highest globally [3] Group 4: Foreign Exchange Market Development - The foreign exchange market in China has seen continuous growth in trading volume, with a diverse range of market participants, enhancing its ability to absorb external shocks [4] - The hedging ratio for enterprises improved by 3 percentage points in 2025, and the proportion of trade settled in RMB rose to nearly 30%, indicating stronger risk management capabilities [4]

Core Viewpoint - The Chinese foreign exchange market is expected to maintain resilience and vitality in 2025, with stable operations anticipated in 2026, supported by both internal and external factors [2][3]. External Environment - Global economic growth is projected to be moderate, with major developed economies likely to continue interest rate cuts, which will benefit the stability of China's foreign exchange market [3]. - There are uncertainties in international financial markets and geopolitical areas that could impact the foreign exchange market [3]. Internal Environment - China's economic development quality and efficiency are improving, with the economy reaching new milestones in total output [3]. - The added value of high-tech industries above designated size grew by 9.2% year-on-year in the first 11 months of 2025, becoming a significant new driving force for economic growth [3]. Trade and Investment - China's total goods trade import and export volume exceeded $6.3 trillion in 2025, with the country being a major trading partner for over 150 nations and regions [4]. - By the end of September 2025, China's foreign direct investment and foreign investment in China reached $3.4 trillion and $3.7 trillion, respectively, ranking among the top globally [4]. Foreign Exchange Market Development - The foreign exchange market in China is deepening, with trading volumes reaching historical highs and a diverse range of market participants, including domestic financial institutions and foreign entities [4]. - The foreign exchange risk exposure of domestic entities is decreasing, with the hedging ratio for enterprises increasing by 3 percentage points in 2025 [5]. - The proportion of trade settled in RMB has risen to nearly 30%, enhancing the ability of enterprises and banks to respond to market changes [5]. Currency Mechanism - The market-oriented formation mechanism of the RMB exchange rate is continuously improving, effectively stabilizing supply and demand [5]. - There is a sufficient toolbox for macro-prudential regulation of cross-border capital flows, with accumulated experience in responding to external shocks [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]

Core Insights - The foreign exchange market in China reached a record trading volume of $42.6 trillion in 2025, with the corporate foreign exchange hedging ratio rising to 30%, both marking historical highs [1][3][5] - China's foreign assets and liabilities are projected to hit $11.5 trillion and $7.5 trillion respectively by the end of September 2025, resulting in a net foreign asset exceeding $4 trillion for the first time [1][3] Group 1: Market Performance - The foreign exchange market supply and demand remained balanced over the past year, with overall expectations stable, showcasing strong resilience and vitality [3] - The trading volume increased from $34.5 trillion in 2022 to $42.6 trillion in 2025, indicating significant market resilience and vitality [3][4] Group 2: Economic Growth and Support - China's GDP is expected to reach approximately 140 trillion RMB by 2025, a 40% increase from five years ago, providing a robust foundation for the foreign exchange market [4] - The high-tech industry saw a 9.2% year-on-year increase in value added from January to November 2025, highlighting the substantial growth potential of the Chinese economy [4] Group 3: Policy and Reform - The foreign exchange management department has implemented a series of reforms and measures to facilitate foreign exchange business, significantly enhancing the convenience for various operating entities [4] - In 2025, the department introduced three comprehensive policy packages with a total of 28 measures aimed at supporting stable foreign trade development and deepening cross-border investment and financing reforms [4] Group 4: Market Participation and Risk Management - The foreign exchange market now includes not only domestic financial institutions but also numerous foreign entities, enhancing market depth and resilience against external changes [4] - The proportion of corporate foreign exchange hedging reached 30% in 2025, indicating improved capabilities among foreign-related enterprises to manage international exchange rate fluctuations [5] - The share of RMB in global foreign exchange transactions rose to 8.6%, an increase of 1.6 percentage points from 2022, marking it as the fastest-growing currency in terms of trading volume [5]

Core Insights - The foreign exchange market in China reached a record trading volume of $42.6 trillion in 2025, with the corporate foreign exchange hedging ratio rising to 30%, both marking historical highs [1][3][5] - By the end of September 2025, China's foreign assets and liabilities are projected to hit $11.5 trillion and $7.5 trillion respectively, resulting in a net foreign asset exceeding $4 trillion for the first time [1][3] Group 1: Market Performance - The foreign exchange market has maintained a basic balance of supply and demand over the past year, demonstrating strong resilience and vitality [3] - The trading volume increased from $34.5 trillion in 2022 to $42.6 trillion in 2025, reflecting the market's robust performance [3][4] Group 2: Economic Growth and Support - China's GDP is expected to reach approximately 140 trillion yuan by 2025, a 40% increase compared to five years ago, providing a solid foundation for the foreign exchange market [4] - The high-tech industry saw a 9.2% year-on-year increase in value added from January to November 2025, highlighting the significant growth potential of the Chinese economy [4] Group 3: Policy and Reform Initiatives - The foreign exchange management department has implemented a series of reforms and measures to facilitate foreign exchange operations, significantly enhancing the convenience for various business entities [4][5] - In 2025, the department introduced three comprehensive policy packages with a total of 28 measures aimed at supporting stable foreign trade development and deepening cross-border investment and financing reforms [4] Group 4: Market Dynamics and Innovations - The foreign exchange market has seen an increase in participation from both domestic and foreign institutions, enhancing its depth and ability to absorb external changes [5] - The proportion of corporate foreign exchange hedging reached 30% in 2025, indicating improved capabilities for foreign-related enterprises to manage exchange rate risks [5] - The share of the renminbi in global foreign exchange transactions rose to 8.6%, an increase of 1.6 percentage points from 2022, making it the fastest-growing currency in terms of global trading share [5]

Core Insights - The foreign exchange market in China reached a record trading volume of $42.6 trillion in 2025, with the corporate foreign exchange hedging ratio rising to 30%, both marking historical highs [1][3] - By the end of September 2025, China's foreign assets and liabilities reached $11.5 trillion and $7.5 trillion respectively, with net foreign assets surpassing $4 trillion for the first time [1][3] Group 1: Market Performance - The foreign exchange market supply and demand remained balanced over the past year, with overall expectations stable, showcasing strong resilience and vitality [3] - The trading volume increased from $34.5 trillion in 2022 to $42.6 trillion in 2025, indicating significant market resilience and vitality [3] Group 2: Economic Growth - China's GDP is projected to reach approximately 140 trillion yuan by 2025, a 40% increase compared to five years ago, providing a robust foundation for the foreign exchange market [4] - The high-tech industry saw a 9.2% year-on-year increase in value added from January to November 2025, highlighting the substantial growth potential of the Chinese economy [4] Group 3: Policy and Reform - The foreign exchange management department has implemented a series of reforms to enhance the convenience of foreign exchange transactions, significantly supporting the growth of foreign-related economic activities [5] - In 2025, the foreign exchange management department introduced 28 measures across three key areas: supporting stable foreign trade development, deepening cross-border investment and financing reforms, and supporting free trade zone construction [5] Group 4: Market Participation and Risk Management - The foreign exchange market now includes a diverse range of participants, including both domestic and foreign institutions, which enhances its ability to absorb external changes [5] - The proportion of corporate foreign exchange hedging reached 30% in 2025, indicating improved capabilities for foreign-related enterprises to manage international exchange rate fluctuations [5] - The share of the renminbi in global foreign exchange transactions rose to 8.6%, an increase of 1.6 percentage points from 2022, making it the fastest-growing currency in terms of global trading share [5] Group 5: Stability Measures - The market-oriented mechanism for the renminbi exchange rate has been continuously improved, effectively serving as a stabilizer for supply and demand balance [6] - The authorities will continue to enhance monitoring of cross-border capital flows and improve macro-prudential management to maintain stability in the foreign exchange market [6]

Core Viewpoint - The press conference highlighted the effectiveness of monetary and financial policies in supporting the high-quality development of the real economy, with significant achievements expected by 2025, including record-high foreign exchange market transaction volumes and corporate hedging ratios. Group 1: Foreign Exchange Market Developments - By 2025, the foreign exchange market transaction volume is projected to reach $42.6 trillion, with the corporate foreign exchange hedging ratio increasing to 30%, both representing historical highs [1][4] - In the past year, the State Administration of Foreign Exchange (SAFE) has implemented 28 measures across three key areas to support stable foreign trade, deepen cross-border investment and financing reforms, and aid the construction of free trade pilot zones [3] Group 2: Policy Implementation and Impact - Since the implementation of these policies in the last quarter of the previous year, over $220 billion in related facilitation services have been processed nationwide [3] - The SAFE has facilitated over 1 billion online foreign exchange transactions for cross-border e-commerce and served more than 1.8 million small and micro enterprises [3] Group 3: Cross-Border Capital Flows - In 2025, total cross-border income and expenditure for enterprises and individuals is expected to reach $15.6 trillion, reflecting a nearly 10% increase from 2024 [4] - The net inflow of cross-border capital for the year is projected at $302.1 billion, with a bank settlement surplus of $196.6 billion [4] Group 4: Regulatory Measures and Market Stability - Over 1,100 cases of illegal foreign exchange activities, including underground banks and fraudulent transactions, have been addressed, effectively maintaining order in foreign exchange trading [4] - The foreign exchange market has shown resilience and vitality, with a balanced supply and demand, and the RMB exchange rate remaining stable at a reasonable level [4] Group 5: Future Outlook - The SAFE plans to further deepen and expand reforms and opening-up in the foreign exchange sector, aiming to create a policy environment that is both flexible and well-regulated [5]

Core Insights - In 2025, China's foreign exchange market transaction volume reached a historic high of 42.6 trillion USD, indicating strong resilience and vitality in the market [1][2][3] - The foreign exchange hedging ratio for enterprises increased to 30%, also a record high [3] - Total cross-border income and expenditure for enterprises and individuals amounted to 15.6 trillion USD, reflecting a nearly 10% growth compared to the previous year [3] - The net capital flow shifted from a net outflow at the beginning of the year to a net inflow of 302.1 billion USD by year-end, with a bank settlement surplus of 196.6 billion USD [3] - The supply and demand in the foreign exchange market remained fundamentally balanced, with overall expectations stable [3]

北京商报讯（记者 廖蒙）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。会上，国家外汇局新闻发言人、副局长李斌表示，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%，均为历史新高。全年查处地下钱庄、通过虚假交易非法跨境转移资金 等外汇违法违规案件1100多起，有效维护了外汇交易秩序。 李斌指出，2025年我国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。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。12月当月跨境资金净流入和银行结售汇顺差扩 大，与季节性等因素有关，从今年1月份以来的情况看，已有所收敛。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。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，均为历史新高。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。 ...