7月末境外机构和个人持有境内股票、债券、存贷款超10万亿元，人民币在跨境贸易中占比升至近30%，我国外汇储备规模近两年始终稳定在3.2万亿美元 以上…… 中国人民银行副行长、国家外汇局局长朱鹤新9月22日在国新办"高质量完成'十四五'规划"系列主题新闻发布会上提到的这些数据，部分凸显出我国外汇 领域近年来的发展活力与韧性。 "十四五"以来，国际政治、经济、社会等多元因素交织，外部环境更趋严峻复杂，国际金融市场波动加大。朱鹤新总结我国外汇市场运行表现时说，我国 外汇市场运行平稳，不论是活力还是韧性都在增强，主要有三方面特点。 一是涉外经济稳健发展，跨境收支展现较强活力。"跨境收支可以反映一个国家涉外经济的活跃度。"朱鹤新介绍说，2024年，我国跨境收支规模为14万亿 美元，较2020年增长64%，"十四五"期间年均增长速度比"十三五"期间提高8个百分点。今年前8个月，我国跨境收支同比增长10%，跨境贸易和投资持续 活跃。 二是外汇市场功能更加完备，市场深度拓展。朱鹤新具体表示，从交易规模看，2024年交易量为41万亿美元，较2020年增长了37%，即期和衍生品交易同 步增长，外汇市场有足够的容量承接各类交易，为 ...

Core Viewpoint - The Loan Prime Rate (LPR) has remained unchanged for four consecutive months, with the 1-year LPR at 3.0% and the 5-year LPR at 3.5%, aligning with market expectations [2] Group 1: Current LPR Situation - The stability of LPR is attributed to the unchanged policy rates and the lack of motivation for banks to lower LPR spreads due to historical low net interest margins [2][4] - Recent increases in medium to long-term market interest rates, such as the AAA-rated interbank certificates of deposit and 10-year government bond yields, have influenced market expectations [2] Group 2: Future Outlook - Experts predict potential downward adjustments in policy rates and LPR by the end of the year to stimulate domestic demand and stabilize the real estate market [3] - The easing of external constraints due to potential interest rate cuts by the Federal Reserve may provide a more favorable environment for China's monetary policy adjustments [2][5] Group 3: Constraints on LPR Changes - The decline of LPR is constrained by factors such as bank interest margins, which could be negatively impacted by rapid LPR decreases, and the already low levels of deposit rates [4] - The current low levels of newly issued loan rates further limit the space for reducing deposit rates [4] Group 4: Monetary Policy Strategy - The central bank is expected to maintain a balanced approach, focusing on internal and external factors while implementing moderately loose monetary policies, with a preference for reserve requirement ratio cuts over interest rate reductions [5] - Future LPR changes will need to balance multiple objectives, including growth stabilization, interest margin maintenance, and foreign trade stability [5]

从市场韧性看，企业外汇套期保值的比率已经由2020年的17%上升到30%左右，人民币在跨境贸易中的 占比由16%上升到近30%。朱鹤新进一步指出，近年来面对高波动的国际市场环境，我国跨境资金流动 总体均衡，人民币汇率在主要货币中的表现比较稳健。 中国人民银行副行长、国家外汇局局长朱鹤新9月22日在国新办新闻发布会上介绍"十四五"时期金融业 发展成就时表示，近年来面对高波动的国际市场环境，我国跨境资金流动总体均衡，人民币汇率在主要 货币中表现比较稳健。我国外汇市场运行平稳，不论是活力还是韧性都在增强。展望未来，外汇局应对 外部风险挑战的底气更足。 "十四五"以来，国际金融市场波动加大，我国外汇市场运行平稳。朱鹤新介绍，从市场活力看，2024 年，我国跨境收支规模为14万亿美元，较2020年增长64%，"十四五"时期年均增长速度比"十三五"时期 提高8个百分点。今年前8个月，我国跨境收支同比增长10%，跨境贸易和投融资活动持续活跃。 "展望未来，我国经济基本面长期向好，高水平对外开放稳步推进，这奠定了国际收支自主平衡格局的 稳定。"朱鹤新表示，随着人民币汇率市场化形成机制不断完善，外汇市场宏观审慎管理更加有效，外 ...

Core Viewpoint - The press conference highlighted the achievements of China's financial sector during the "14th Five-Year Plan" period, emphasizing the stability and resilience of the foreign exchange market amidst a complex external environment [1][2][3] Group 1: Achievements in Foreign Exchange Sector - The foreign exchange sector has effectively balanced development and security, supporting the new development pattern with a stable foreign exchange reserve above $3 trillion [1] - The cross-border capital flow has shown strong vitality, with a projected cross-border payment scale of $14 trillion in 2024, a 64% increase from 2020, and an average annual growth rate 8 percentage points higher than the previous five-year period [1] - The foreign exchange market has maintained stability, with increased market vitality and resilience, characterized by a balanced international payment and a reasonable current account surplus to GDP ratio [1] Group 2: Market Functionality and Structure - The foreign exchange market has expanded significantly, with a trading volume of $41 trillion in 2024, a 37% increase from 2020, and a diverse range of participants including 703 banks and 115 non-bank institutions [2] - The infrastructure for trading, clearing, and payment has improved, reducing transaction costs and settlement risks, thereby better serving the real economy [2] - The rational and orderly trading in the foreign exchange market has enhanced its stability, with the proportion of enterprises using foreign exchange hedging rising from 17% in 2020 to around 30% [2] Group 3: Future Outlook - The long-term positive economic fundamentals and steady high-level opening up will support a stable international payment balance, while the market-oriented formation mechanism of the RMB exchange rate continues to improve [3] - Enhanced macro-prudential management of the foreign exchange market will provide a stronger foundation for healthy development in the "15th Five-Year Plan" period [3]

Group 1: Financial Industry Overview - As of June 2023, China's banking sector total assets reached nearly 470 trillion yuan, ranking first globally; stock and bond market sizes are second in the world; foreign exchange reserves have been the largest for 20 consecutive years [1] - In August 2023, the total market capitalization of the A-share market surpassed 100 trillion yuan for the first time, with the Shanghai Composite Index's annualized volatility at 15.9%, a decrease of 2.8 percentage points compared to the "13th Five-Year Plan" [1] Group 2: Financial Risk Management - During the "14th Five-Year Plan" period, significant progress has been made in preventing and resolving financial risks, with a focus on high-risk small financial institutions, real estate, and local government debt [2] - Financial regulatory authorities have effectively reduced the number and scale of high-risk institutions, achieving a dynamic clearance of high-risk small institutions in several provinces [2][3] - Financial support for affordable housing and related projects exceeded 1.6 trillion yuan, with over 7 trillion yuan in loans for "white list" projects, aiding nearly 20 million housing units [2] Group 3: Currency and Exchange Rate Stability - The external environment has become increasingly complex, yet China has maintained basic stability in the RMB exchange rate, with cross-border receipts and payments projected at 14 trillion USD in 2024, a 64% increase from 2020 [4] - The RMB's share in cross-border trade has risen from 16% to nearly 30%, reflecting its strengthened role as a stabilizer in macroeconomics and international payments [4] Group 4: Capital Market Regulation - The capital market has faced significant challenges, with the CSRC focusing on controlling new risks and stabilizing existing ones, maintaining a bond default rate around 1% [6] - Over 7,000 zombie private equity firms have been cleared, and all problematic financial institutions have been dealt with, including the issuance of record fines against Evergrande and its auditing firm [6][11] Group 5: Monetary Policy Response - In response to the recent 25 basis point rate cut by the Federal Reserve, the People's Bank of China emphasized a policy of "self-determination," maintaining a supportive monetary stance to foster economic recovery [7][8]

一是涉外经济稳健发展，跨境收支展现较强活力。跨境收支可以反映一个国家涉外经济的活跃度。2024 年，我国跨境收支规模为14万亿美元，较2020年增长64%，年均增长速度"十四五"比"十三五"时期提高 8个百分点。今年前8个月，我国跨境收支同比增长10%，跨境贸易和投融资活动持续活跃。 新华财经北京9月22日电（记者翟卓、刘玉龙）国家外汇局数据显示，2024年，我国跨境收支规模及外 汇市场交易量分别为14万亿美元、41万亿美元，较2020年增长64%、37%；企业外汇套期保值的比率也 已由2020年的17%上升到30%左右...... 国家外汇局局长朱鹤新22日在国新办新闻发布会上表示，总的看，"十四五"以来，我国外汇市场运行平 稳，不论是活力还是韧性都在增强。未来国家外汇局将为"十五五"我国外汇市场健康发展提供更加坚实 保障。 二是外汇市场功能更加完备，市场深度拓展。从交易规模看，2024年交易量为41万亿美元，较2020年增 长了37%，即期和衍生品交易同步增长，外汇市场有足够的容量承接各类交易，为高效配置外汇资源创 造良好条件。 从参与主体看，据介绍，截止到今年6月末，已经有703家银行和115家非银机构 ...

北京商报讯(记者刘四红)9月22日，国务院新闻办公室举行"高质量完成'十四五'规划"系列主题新闻发布会，介 绍"十四五"时期金融业发展成就。中国人民银行副行长、国家外汇管理局局长朱鹤新在会上的表态，引发市场 的广泛关注，也为后续外汇市场与人民币汇率走向提供重要指引。 "十四五"以来，外汇领域有效统筹发展和安全，稳步推进高水平开放，为构建新发展格局提供有力支持。 国际收支运行方面，面对更趋复杂严峻的外部环境，我国涉外经济顶住压力、稳定发展，对外经贸呈现多元 化格局、韧性增强。国际收支基本平衡，经常账户顺差与GDP之比保持在合理区间。跨境双向投融资活跃，7 月末境外机构和个人持有境内股票、债券、存贷款超10万亿元。 外汇服务实体经济质效方面，"越诚信越便利"的外汇服务环境更加优化。支持银行根据企业信用状况，采用相 应的便利化措施，业务办理时间大幅缩短。朱鹤新介绍，其中，凭指令即可办理业务的企业数较2020年末增 长5倍以上。取消贸易外汇收支名录登记等行政许可，外汇局行政许可业务笔数下降超70%。 同时，开放环境下的监管能力和风险防控能力也在持续增强。在持续深化外汇市场发展的同时，外汇局不断 完善外汇市场"宏观审慎 ...

Core Insights - The vitality and resilience of China's foreign exchange market have been enhanced during the "14th Five-Year Plan" period despite a more complex external environment and increased volatility in international financial markets [2][5]. Group 1: Foreign Exchange Market Stability - China's foreign exchange reserves have remained stable above $3 trillion, consistently exceeding $3.2 trillion in the past two years, serving as a crucial stabilizer for the national economy [3]. - The foreign exchange market has shown rational and orderly trading, with the flexibility of the RMB exchange rate increasing, functioning as an automatic stabilizer for the macro economy and international balance of payments [5]. Group 2: Market Resilience and Regulatory Actions - The ratio of enterprises using foreign exchange hedging has increased from 17% in 2020 to approximately 30%, while the RMB's share in cross-border trade has risen from 16% to nearly 30%, indicating enhanced market resilience [5]. - Over 6,100 foreign exchange-related cases have been resolved, effectively combating illegal activities such as underground money houses, contributing to a more robust and stable foreign exchange market [6]. Group 3: Cross-Border Investment and Banking Capabilities - As of July, foreign institutions and individuals held over 10 trillion yuan in domestic stocks, bonds, and deposits, reflecting active cross-border investment and financing [7]. - The capabilities of banks in foreign exchange operations have improved, with over 23,000 quality clients, including SMEs, private enterprises, and foreign-funded companies, participating in foreign exchange business totaling over $500 billion [9].

朱鹤新介绍，"十四五"以来，国际政治、经济、社会等多元因素交织，外部环境更趋严峻复 杂，国际金融市场波动加大。我国坚持推进高质量发展，实施高水平开放，总的看，我国外 汇市场运行平稳，不论是活力还是韧性都在增强，主要有三个方面的特点： 一是涉外经济稳健发展，跨境收支展现较强活力 。跨境收支可以反映一个国家涉外经济的活 跃度。2024年，我国跨境收支规模为14万亿美元，较2020年增长64%，年均增长速度"十四 五"比"十三五"时期提高8个百分点。今年前8个月，我国跨境收支同比增长10%，跨境贸易和 投融资活动持续活跃。 二是外汇市场功能更加完备，市场深度拓展 。从交易规模看，2024年交易量为41万亿美元， 较2020年增长了37%，即期和衍生品交易同步增长，外汇市场有足够的容量承接各类交易， 为高效配置外汇资源创造良好条件。 记者丨唐婧 编辑丨曾芳 视频编辑 丨王学权 9月22日下午3时，国新办举行"高质量完成'十四五'规划"系列主题新闻发布会，中国人民银行 行长潘功胜，金融监管总局局长李云泽，中国证监会主席吴清，中国人民银行副行长、国家 外汇局局长朱鹤新介绍"十四五"时期金融业发展成就，并答记者问。 南方财 ...

（原标题：我国应对外部风险挑战底气为何更足？国家外汇局朱鹤新答21记者） 二是外汇市场功能更加完备，市场深度拓展。从交易规模看，2024年交易量为41万亿美元，较2020年增 长了37%，即期和衍生品交易同步增长，外汇市场有足够的容量承接各类交易，为高效配置外汇资源创 造良好条件。 21世纪经济报道记者唐婧 北京报道 9月22日下午3时，国新办举行"高质量完成'十四五'规划"系列主题新闻发布会，中国人民银行行长潘功 胜，金融监管总局局长李云泽，中国证监会主席吴清，中国人民银行副行长、国家外汇局局长朱鹤新介 绍"十四五"时期金融业发展成就，并答记者问。 南方财经·21世纪经济报道记者现场提问："十四五"以来外部环境发生了很大变化，请问国家外汇局如 何评价在此期间我国外汇市场运行的总体表现？对未来外汇市场形势有何展望？ 朱鹤新介绍，"十四五"以来，国际政治、经济、社会等多元因素交织，外部环境更趋严峻复杂，国际金 融市场波动加大。我国坚持推进高质量发展，实施高水平开放，总的看，我国外汇市场运行平稳，不论 是活力还是韧性都在增强，主要有三个方面的特点： 一是涉外经济稳健发展，跨境收支展现较强活力。跨境收支可以反映一个 ...