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]

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].

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 ...

Core Insights - 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 despite a complex external environment [1][2]. Group 1: Foreign Exchange Market Performance - The foreign exchange market in China has shown stable operation with enhanced vitality and resilience, characterized by robust cross-border capital flows and trade activities [2]. - In 2024, China's cross-border capital flows are projected to reach $14 trillion, a 64% increase from 2020, with an average annual growth rate during the "14th Five-Year Plan" period being 8 percentage points higher than the previous five-year period [2]. - The trading volume in the foreign exchange market is expected to reach $41 trillion in 2024, reflecting a 37% increase from 2020, with both spot and derivative transactions growing simultaneously [2]. Group 2: Market Structure and Participation - As of June 2023, 703 banks and 115 non-bank institutions are participating in the interbank foreign exchange market, including 296 foreign institutions, indicating a broadening of market participation [3]. - The infrastructure for trading, clearing, and payment has been continuously improved, effectively reducing transaction costs and settlement risks, thereby better serving the real economy [3]. Group 3: Market Stability and Future Outlook - The foreign exchange market has demonstrated rational and orderly trading, with the dual floating and increased elasticity of the RMB exchange rate acting as stabilizers for the macro economy and international balance of payments [3]. - 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 [3]. - Looking ahead, the long-term positive fundamentals of the Chinese economy and steady high-level opening-up are expected to support a stable international balance of payments, providing a solid foundation for the healthy development of the foreign exchange market during the "15th Five-Year Plan" [3].

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） ...

Core Viewpoint - The overall cross-border capital flow in China remains balanced despite high volatility in the international market, with the RMB exchange rate showing stability against major currencies [1] Group 1: Economic Outlook - The long-term fundamentals of China's economy are positive, supported by steady progress in high-level opening-up [1] - The improvements in the RMB exchange rate formation mechanism and effective macro-prudential management of the foreign exchange market enhance the ability to respond to external risks [1] Group 2: Future Development - The stable international balance of payments is expected to provide a solid foundation for the healthy development of China's foreign exchange market during the 14th Five-Year Plan period [1]

人民财讯9月22日电，9月22日，在介绍"十四五"时期金融业发展成就时，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。 ...