Core Insights - The 2025 China International Service Trade Fair is being held in Beijing, focusing on financial services under the theme "Digital Intelligence Drives Open Win-Win" [1] - The Beijing branch of the People's Bank of China and the State Administration of Foreign Exchange are actively promoting foreign exchange management reforms and facilitating cross-border trade and investment [1] Cross-Border Trade Facilitation - The level of cross-border trade facilitation in Beijing has improved, with 30 pilot banks handling over 150,000 transactions worth more than $170 billion by the end of June [2] - Seven payment institutions and commercial banks have supported nearly 400,000 cross-border e-commerce enterprises this year, enhancing efficient and low-cost fund settlement [2] - A total of 79 pilot enterprises have signed agreements for cross-border financing, with a cumulative amount exceeding $4.8 billion [2] Growth in Cross-Border Transactions - The total amount of cross-border transactions in Beijing has rapidly increased, with a cumulative growth of 202.9% from 2019 to 2024, significantly outpacing the national growth rate [4] - In 2024, the region's foreign-related payment and receipt scale is expected to reach $2.4 trillion, accounting for 16.9% of the national total, with an annual growth rate of 13.8% [4] - The use of cross-border RMB has accelerated, with a year-on-year increase of 12.4% in the first half of 2025, reaching 6.2 trillion RMB [4] Currency Risk Management - Companies in Beijing have improved their ability to manage currency fluctuations, but challenges remain, particularly in understanding foreign exchange derivative products [5][6] - The Beijing branch of the State Administration of Foreign Exchange has established a "one platform, three pillars" mechanism to enhance corporate currency risk management capabilities [6] - The total signed amount of foreign exchange derivatives in Beijing increased by 28.1% year-on-year in the first half of the year, with a hedging ratio of 20.3%, up by 5 percentage points [6]

Core Viewpoint - The 2025 China International Service Trade Fair highlights the advancements in cross-border financial services in Beijing, emphasizing the city's role in facilitating international trade and investment through improved foreign exchange management and innovative financial products [1][5]. Group 1: Cross-Border Trade Facilitation - The level of cross-border trade facilitation in Beijing has significantly improved, with 30 pilot banks handling over 150,000 transactions worth more than $170 billion by the end of June [3]. - New settlement channels for emerging trade formats have been established, supporting nearly 400,000 cross-border e-commerce enterprises through efficient and low-cost payment solutions [3]. - The pilot program for cross-border financing has expanded, with 79 enterprises signing contracts totaling over $4.8 billion, and multinational companies benefiting from integrated funding pools that saved over 1 billion RMB [3][4]. Group 2: Growth in Cross-Border Transactions - The total amount of cross-border transactions in Beijing has rapidly increased, with a cumulative growth of 202.9% from 2019 to 2024, significantly outpacing the national growth rate [5]. - By 2024, the region's foreign-related revenue is projected to reach $2.4 trillion, accounting for 16.9% of the national total, with an annual growth rate of 13.8% [5]. - The use of the Renminbi in cross-border transactions has accelerated, with a 12.4% year-on-year increase in the first half of 2025, reaching 6.2 trillion RMB [5]. Group 3: Currency Risk Management - Companies in Beijing have improved their ability to manage currency fluctuations, with a 28.1% increase in foreign exchange derivatives contracts signed in the first half of the year [7]. - The hedging ratio for foreign exchange has risen to 20.3%, reflecting a 5 percentage point increase year-on-year [7]. - The local foreign exchange authority is committed to enhancing risk management services for enterprises, aiming to support international trade activities and maintain market stability [7].

Core Insights - Zhengzhou's cross-border RMB payments reached 168.2 billion yuan from January to July, marking a year-on-year increase of over 38%, setting a historical record for the same period [1][2] - The People's Bank of China (PBOC) Henan Branch has implemented proactive foreign exchange management policies to support high-quality development of the foreign-related economy in Zhengzhou [1] Cross-Border Trade - The PBOC Henan Branch has supported banks in expanding the coverage of trade foreign exchange payment facilitation policies, including more specialized, small and medium-sized private enterprises, and free trade zone companies [1] - From January to July, 40 quality enterprises in Zhengzhou processed 3,864 trade foreign exchange payment facilitation transactions, amounting to 46.1 billion USD [2] Cross-Border Financing - Eight multinational companies have engaged in cross-border fund concentration operations involving 81 domestic and foreign member enterprises [2] - The total scale of foreign-related receipts and payments in Zhengzhou reached 101.3 billion USD, a year-on-year increase of 8.7%, accounting for 80% of the province's total [2] Cross-Border RMB Business - The PBOC Henan Branch has organized activities to promote the use of RMB for cross-border settlements, resulting in 2,315 enterprises engaging in cross-border RMB settlement, with 597 new first-time users [2] - Since 2011, nearly 7,000 enterprises in Zhengzhou have conducted cross-border RMB settlement, with a cumulative settlement amount exceeding 1.2 trillion yuan, covering 159 countries and regions [2] Risk Management Services - Zhengzhou's foreign-related enterprises have signed 719 derivative contracts through cross-border financial service platforms, amounting to 900 million USD, enhancing their ability to manage exchange rate risks [2]

Group 1 - The core viewpoint emphasizes the establishment of a more convenient, open, secure, and intelligent foreign exchange management system to support high-quality economic development and modernization in China [1] Group 2 - The reform and opening up of the foreign exchange sector will support stable foreign trade development through a comprehensive policy package, including optimizing foreign exchange fund settlement for new foreign trade entities and facilitating centralized management of overseas funds for contracting enterprises [2] - The promotion of cross-border investment and financing facilitation includes measures such as canceling the registration of reinvestment by foreign-invested enterprises and easing cross-border financing for technology enterprises [2] - The implementation of a multinational corporate cash pool management policy and pilot programs for green foreign debt will enhance the management of funds for domestic enterprises listed abroad [2] - The banking sector will undergo reforms to expand and improve foreign exchange operations, while the foreign exchange market will continue to develop with enhanced services for enterprise exchange rate risk management [2] - There will be a focus on monitoring and analyzing foreign exchange conditions to mitigate external shocks, with macro-prudential management of cross-border capital flows and timely counter-cyclical adjustments to maintain market stability [2] - The regulatory capacity and level under open conditions will be improved, including strengthening the legal framework for foreign exchange management and utilizing technology to enhance regulatory efficiency [2] - The management of foreign exchange reserves will be refined to ensure asset safety, liquidity, and value preservation [2] - The construction of an international balance of payments statistical system will be advanced, with the implementation of the seventh edition of the "Balance of Payments and International Investment Position Manual" [2] - Overall enhancement of foreign exchange management work will include pre-policy evaluation and post-implementation tracking, alongside the development of "digital foreign exchange management" and "intelligent foreign exchange management" [2]

Core Viewpoint - The State Administration of Foreign Exchange (SAFE) held a video conference to discuss foreign exchange management work for the second half of 2025, emphasizing the importance of risk prevention, strong regulation, and promoting development in the foreign exchange sector [1][2]. Group 1: Key Points from the Meeting - Since 2025, the foreign exchange management department has focused on implementing the central economic work conference's spirit, enhancing support for the real economy's high-quality development, and facilitating foreign trade [2]. - The department has introduced policies to ease foreign exchange settlement for quality enterprises and expanded cross-border trade pilot programs [2]. - A total of $30.8 billion in new investment quotas has been allocated to Qualified Domestic Institutional Investors (QDII) [2]. Group 2: Future Work Plans - The meeting outlined plans to deepen foreign exchange reform and support stable foreign trade, including optimizing foreign exchange management for new trade entities and facilitating overseas funding for engineering companies [3]. - There will be a push to cancel registration for reinvestment by foreign-invested enterprises and to facilitate cross-border financing for technology companies [3]. - The focus will also be on enhancing the regulatory capacity under open conditions, improving legal frameworks for foreign exchange management, and utilizing technology to increase regulatory efficiency [3].

Core Viewpoint - The State Administration of Foreign Exchange emphasizes the need to deepen reforms and open up the foreign exchange sector to support stable development of foreign trade and implement a comprehensive set of policies for trade foreign exchange management [1] Group 1: Foreign Trade Management - The meeting supports the stable development of foreign trade by optimizing foreign exchange fund settlement for new foreign trade entities and facilitating centralized management of overseas funds for contracting enterprises [1] - A comprehensive policy package is being implemented to enhance trade foreign exchange management [1] Group 2: Cross-Border Investment and Financing - The administration is actively promoting the facilitation of cross-border investment and financing, including the cancellation of domestic reinvestment registration for foreign-invested enterprises and easing cross-border financing for technology-based companies [1] - A national implementation of multinational company cash pool management policies is underway, along with pilot programs for green foreign debt policies [1] Group 3: Foreign Exchange Market Development - The meeting highlights the need to push for reforms in bank foreign exchange operations to expand and improve quality [1] - Continued development of the foreign exchange market is emphasized, with a focus on enhancing corporate exchange rate risk management services [1] Group 4: Regional Development Support - The administration aims to support regional open development tailored to local conditions, with a focus on enhancing the strategies of free trade pilot zones [1] - Specific support is directed towards innovations in foreign exchange management in regions such as Hainan Free Trade Port and the Guangdong-Hong Kong-Macao Greater Bay Area [1]

Core Insights - The event "Financial Empowerment for Enterprises Going Global" was held in Shanghai, focusing on enhancing cross-border financial services and supporting enterprises in international markets [1] Group 1: Policy Initiatives - The People's Bank of China, along with other regulatory bodies, issued an action plan to enhance cross-border financial service convenience in Shanghai, addressing diverse financial needs [3] - Yangpu District released measures to promote high-quality development in science and technology finance, including 20 specific initiatives across five key areas [3] - The district aims to support international technology innovation and online new economy sectors with 15 unique measures, including establishing the "Yangfan" AEO enterprise service [3] Group 2: Financial Services and Solutions - Bank of China Shanghai Branch introduced a "24/7 Direct Account" service for whitelist enterprises, allowing for immediate foreign exchange transactions and improving capital efficiency [4] - A guarantee fund model was introduced to reduce the cash deposit ratio for enterprises, enhancing customs clearance efficiency amid tariff fluctuations [4] - The Shanghai Municipal Financial Office provided a detailed interpretation of the action plan's strategic goals and key tasks [4] Group 3: Risk Management and Support - The China Foreign Exchange Trading Center emphasized the importance of exchange rate risk management and provided case studies on risk management tools [4] - Yangpu Customs shared initiatives for AEO credit cultivation, offering preferential treatment to support the high-quality development of foreign trade enterprises [5] - Xtransfer highlighted the role of cross-border payment solutions in facilitating global transactions for foreign trade enterprises [6] Group 4: Future Directions - Yangpu District plans to further optimize the policy environment, enhance top-level design, and promote cross-border investment and financing convenience [6] - The district aims to strengthen international financial cooperation and encourage innovation in cross-border financial products and services [6]