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]

Core Viewpoint - The foreign exchange market in China is showing signs of stability and balance, with significant data indicating a surplus in both bank settlement and foreign exchange transactions for August 2025 [1][2][3]. Group 1: Bank Settlement and Foreign Exchange Data - In August 2025, banks settled foreign exchange transactions amounting to 1.51 trillion yuan, with sales reaching 1.41 trillion yuan, resulting in a surplus [1]. - Cumulatively from January to August 2025, banks settled 11.39 trillion yuan and sold 11.31 trillion yuan, indicating a consistent surplus in bank settlement [1]. - The foreign exchange transactions in August, when converted to USD, showed settlements of 211.8 billion and sales of 197.1 billion, with a cumulative total of 1.59 trillion and 1.58 trillion USD respectively for the first eight months [2]. Group 2: Cross-Border Transactions - In August, the foreign exchange income from clients was 4.55 trillion yuan, while payments were 4.53 trillion yuan, also reflecting a surplus [1]. - For the first eight months, the cumulative foreign exchange income was 37.22 trillion yuan, with payments at 36.34 trillion yuan, indicating a positive balance [1]. - The non-bank sector's cross-border receipts reached 1.3 trillion USD in August, marking an 8% year-on-year increase, with both current and capital account transactions growing [2]. Group 3: Market Activity and Trends - The foreign exchange market is described as active, with a net inflow of 3.2 billion USD in August and a bank settlement surplus of 14.6 billion USD [2]. - The Shanghai region led in bank settlement with 42.6 billion USD in settlements and 50.9 billion USD in sales for August [3]. - The securities investment project recorded a settlement surplus of 4.6 billion USD in August, reversing a previous deficit, closely linked to the strong performance of the A-share market [5]. Group 4: Trade and Consumption - China's total goods trade value for the first eight months of 2025 reached 29.57 trillion yuan, reflecting a 3.5% year-on-year growth [4]. - The increase in inbound consumption is supported by policies aimed at attracting more foreign visitors, with a notable rise in the number of foreign nationals entering China [6]. - The implementation of new policies to enhance service consumption is expected to further boost inbound spending and improve the foreign exchange surplus [6].

Core Insights - The foreign exchange market in China has shown stability and resilience since the 14th Five-Year Plan, with significant growth in cross-border receipts and foreign exchange market trading volume projected for 2024 [1][2] Group 1: Cross-Border Receipts and Foreign Exchange Market - In 2024, China's cross-border receipts are expected to reach $14 trillion, a 64% increase from 2020, with an average annual growth rate 8 percentage points higher than during the 13th Five-Year Plan [1] - The foreign exchange market trading volume is projected to be $41 trillion in 2024, reflecting a 37% increase from 2020, with both spot and derivative trading growing simultaneously [1] Group 2: Market Participation and Infrastructure - As of June 2023, 703 banks and 115 non-bank institutions, including 296 foreign institutions, are participating in the interbank foreign exchange market, covering major currencies to meet diverse trading needs [2] - Continuous improvements in trading, clearing, and payment mechanisms have effectively reduced transaction costs and settlement risks, better serving the real economy [2] Group 3: Market Stability and Future Outlook - The RMB exchange rate has shown increased flexibility, with its share in cross-border trade rising from 16% to nearly 30%, enhancing the resilience of the foreign exchange market [2] - The macro-prudential management system of the foreign exchange market is gradually improving, providing a robust framework to manage external risks and challenges [2]

Core Insights - The press conference highlighted the achievements of China's financial sector during the "14th Five-Year Plan" period, emphasizing the effective coordination of development and security in the foreign exchange sector [1][3]. Group 1: Foreign Exchange Market Developments - The international balance of payments has remained stable, with a current account surplus to GDP ratio maintained within a reasonable range, reflecting resilience in foreign trade and investment [3]. - By the end of July, foreign institutions and individuals held over 10 trillion yuan in domestic stocks, bonds, and deposits, indicating active cross-border investment [3]. - The foreign exchange service environment has improved significantly, with the number of enterprises able to conduct business with just instructions increasing more than fivefold since the end of 2020 [3]. Group 2: Foreign Exchange Reserves and Market Stability - Foreign exchange reserves have remained stable above 3 trillion USD, exceeding 3.2 trillion USD for the past two years, serving as a crucial stabilizer for the national economy [4]. - The cross-border payment and receipt scale is projected to reach 14 trillion USD in 2024, a 64% increase from 2020, with an average annual growth rate 8 percentage points higher than the previous five-year period [4][5]. - The trading volume in the foreign exchange market is expected to reach 41 trillion USD in 2024, a 37% increase from 2020, indicating a well-developed market capable of accommodating various transactions [5]. Group 3: Currency and Risk Management - The flexibility of the RMB exchange rate has increased, with the hedging ratio for enterprises rising from 17% in 2020 to around 30%, and the RMB's share in cross-border trade increasing from 16% to nearly 30% [5]. - The macro-prudential management framework for the foreign exchange market is being continuously improved, enhancing the ability to respond to external risks [5]. - Future stability of the RMB will largely depend on the performance of the USD and domestic macroeconomic policies, with ongoing growth policies expected to be a key factor in stabilizing the exchange rate [6].

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 ...

Core Points - China's foreign exchange reserves have remained stable above $3 trillion since the 14th Five-Year Plan, with over $3.2 trillion in the past two years, serving as a crucial stabilizer for the economy [1] - The cross-border receipts and payments reflect the vibrancy of China's foreign economic activities, with a projected scale of $14 trillion in 2024, a 64% increase from 2020, and an annual growth rate 8 percentage points higher than during the 13th Five-Year Plan [1] - The foreign exchange market has expanded significantly, with a trading volume of $41 trillion expected in 2024, a 37% increase from 2020, and participation from 703 banks and 115 non-bank institutions as of June this year [1] - The government has successfully addressed external shocks through a dual management framework of macro-prudential and micro-regulation, with over 6,100 foreign exchange cases resolved since the 14th Five-Year Plan [1] Industry Focus - Enhancing the efficiency of trade foreign exchange receipts and payments, facilitating cross-border investment and financing, and improving banks' foreign exchange service capabilities are key priorities in China's foreign exchange sector [2] - The government aims to create a market-oriented, rule-of-law, and internationalized foreign exchange business environment while balancing financial openness and security to support a higher-level open economy [2]

（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 ...

Group 1 - The core viewpoint is that China's foreign exchange reserves have remained stable above $3 trillion since the 14th Five-Year Plan, with a current level exceeding $3.2 trillion, serving as a crucial stabilizer for the economy and finance [1] - The cross-border receipts and payments reflect the vibrancy of China's foreign economic activities, with a projected scale of $14 trillion in 2024, representing a 64% increase from 2020, and an average annual growth rate 8 percentage points higher than during the 13th Five-Year Plan [1] - The foreign exchange market has expanded significantly, with a trading volume of $41 trillion expected in 2024, a 37% increase from 2020, and participation from 703 banks and 115 non-bank institutions as of June this year [1] Group 2 - The focus of China's foreign exchange work includes enhancing the efficiency of trade foreign exchange receipts and payments, facilitating cross-border investment and financing, and improving banks' foreign exchange service capabilities [2] - The next steps involve creating a market-oriented, legal, and international foreign exchange business environment while balancing financial openness and security to support the establishment of a higher-level open economic system [2]

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the importance of maintaining stability in financial markets during the 14th Five-Year Plan period, highlighting the resilience of the foreign exchange, bond, and capital markets [1] Foreign Exchange Market - The PBOC asserts that the market plays a decisive role in the formation of exchange rates, maintaining the basic stability of the RMB despite a volatile external environment [1] - The maturity of market participants and the widespread use of exchange rate hedging tools contribute to the resilience of the foreign exchange market [1] Bond Market - The PBOC monitors and evaluates the bond market from a macro-prudential perspective, enhancing regulatory coordination and timely risk alerts to market participants [1] - The bond default rate remains low, indicating overall stability in market operations [1] Capital Market - The PBOC is exploring monetary policy tools to maintain stability in the capital market, collaborating with the China Securities Regulatory Commission (CSRC) to create swap facilities and stock repurchase lending tools [1] - Support for the Central Huijin Investment Ltd. to act as a "stabilization fund" is emphasized, aiming to continuously improve the long-term support mechanisms for the capital market [1]

钛媒体App 9月22日消息，中国人民银行副行长、国家外汇局局长朱鹤新在国新办新闻发布会上表 示，"十四五"以来，外汇市场交易理性有序，稳健性增强，人民币汇率上下浮动弹性增强，发挥了宏观 经济和国际收支自动稳定器的功能。企业外汇套期保值的比例已经由2020年的17%已经上升到30%左 右，人民币在跨境贸易中的使用占比由16%上升到近30%，外汇市场韧性进一步增强。（中国网） ...