Group 1 - The article emphasizes the importance of expanding domestic demand as a strategic initiative, advocating for a long-term mechanism to enhance consumer spending and confidence [1] - The China Securities Regulatory Commission (CSRC) is set to implement reforms to the ChiNext board and accelerate the rollout of the "1+6" reform measures for the Sci-Tech Innovation Board, aiming to enhance market stability and promote equity public funds [2] - The State Grid Corporation of China is focusing on building a new power system and energy framework to achieve carbon peak goals [3] Group 2 - The Ministry of Commerce and five other departments have issued an action plan to promote high-quality development in the service outsourcing sector, targeting the cultivation of internationally competitive leading enterprises by 2030 [4] - The State Administration of Foreign Exchange is emphasizing macro-prudential management of the foreign exchange market to maintain the stability of the RMB exchange rate and ensure a balanced international payment [5] - The first batch of L3 autonomous driving vehicles has received approval for road testing in designated areas of Beijing and Chongqing [6] Group 3 - There is a collective price increase trend among manufacturers of lithium iron phosphate cathode materials, expected to continue until the fourth quarter of next year [7] - The Henan Province Postal Regulations will take effect on March 1, 2026, imposing fines for unauthorized actions by express delivery companies [8] - Several companies, including Aerospace Electronics and TCL Technology, have announced significant capital investments and acquisitions, indicating active market movements [9] Group 4 - Nasdaq plans to submit a proposal to the SEC to extend trading hours for stocks and exchange-traded products from 16 to 23 hours per week [15] - STMicroelectronics has delivered over 5 billion RF antenna chips to SpaceX for its Starlink satellite network, with expectations to double deliveries by 2027 [17] - U.S. stock indices experienced collective declines, with the Dow Jones down 0.09%, Nasdaq down 0.59%, and S&P 500 down 0.16% [18]

会议指出，今年是很不平凡的一年，以习近平同志为核心的党中央团结带领全党全国各族人民迎难而 上、奋力拼搏，我国经济顶压前行、向新向优发展，经济社会发展主要目标将顺利完成，"十四五"即将 圆满收官。这些成绩的取得殊为不易，根本在于以习近平同志为核心的党中央领航掌舵，在于习近平新 时代中国特色社会主义思想科学指引。 会议强调，2026年是"十五五"开局之年，做好经济工作意义重大。外汇管理部门要以习近平新时代中国 特色社会主义思想为指导，深刻领悟"两个确立"的决定性意义、坚决做到"两个维护"，全面贯彻中央经 济工作会议部署和全国金融系统工作会议要求，准确把握"五个必须"，更好统筹发展和安全，紧紧围绕 防风险、强监管、促高质量发展工作主线，着力构建"更加便利、更加开放、更加安全、更加智慧"的外 汇管理体制机制。重点抓好以下工作： 一是着力增强高质量发展动力活力。深入推进银行外汇展业改革和跨境贸易投资便利化，加大外汇支持 实体经济力度。以支持科技创新、中小微企业为重点做好金融"五篇大文章"。深化外汇市场发展，提高 外汇市场资源配置效率，完善企业汇率风险管理服务。积极支持跨境电商等贸易新业态发展。 二是稳步扩大外汇领域高水 ...

Core Insights - The press conference highlighted the achievements of China's financial industry during the "14th Five-Year Plan" period, emphasizing the resilience and vitality of the foreign exchange market despite a complex external environment [1][3]. Group 1: Foreign Economic Development - The foreign-related economy has shown steady development, with cross-border receipts and payments reflecting strong vitality. In 2024, China's cross-border receipts and payments are projected to reach $14 trillion, a 64% increase from 2020, with an average annual growth rate during the "14th Five-Year Plan" period 8 percentage points higher than the "13th Five-Year Plan" [3]. - In the first eight months of this year, cross-border receipts and payments increased by 10%, indicating sustained activity in cross-border trade and investment [3]. Group 2: Foreign Exchange Market Functionality - The foreign exchange market has become more complete, with a trading volume expected to reach $41 trillion in 2024, a 37% increase from 2020. Both spot and derivative trading have seen simultaneous growth, providing a robust capacity for various transactions [3]. - As of June this year, 703 banks and 115 non-bank institutions are participating in the interbank foreign exchange market, including 296 foreign institutions, covering major currencies to better meet the trading needs of diverse participants [3]. - Improvements in trading, clearing, and payment mechanisms have effectively reduced transaction costs and settlement risks, better serving the real economy [3]. Group 3: Market Stability and Resilience - The foreign exchange market has exhibited rational and orderly trading, with the RMB exchange rate showing increased flexibility and serving as an automatic stabilizer for the macro economy and international balance of payments. The ratio of corporate foreign exchange hedging has risen from 17% in 2020 to around 30% [4]. - The share of RMB in cross-border trade has increased from 16% to nearly 30%, further enhancing the resilience of the foreign exchange market [4]. - A macro-prudential management system for the foreign exchange market is gradually being established, with a richer toolbox for counter-cyclical regulation, contributing to overall balance in cross-border capital flows [4]. Group 4: Future Outlook - Looking ahead, China's economic fundamentals are expected to remain strong, with high-level opening-up progressing steadily, which will stabilize the autonomous balance of international payments [5]. - The market-oriented formation mechanism of the RMB exchange rate is continuously improving, and the effectiveness of macro-prudential management in the foreign exchange market is increasing, providing stronger confidence to address external risks and challenges [5].

Core Insights - The press conference highlighted the achievements of the financial sector during the "14th Five-Year Plan" period, emphasizing the stability and resilience of the foreign exchange market [1][2] - The People's Bank of China (PBOC) is actively promoting the development of RMB foreign exchange futures to enhance the management of exchange rate risks for financial institutions and foreign trade enterprises [2] Group 1: Financial Market Developments - The foreign exchange market has seen rational and orderly trading, with enhanced stability [1] - The proportion of enterprises engaging in foreign exchange hedging has increased from 17% in 2020 to approximately 30% [1] - The share of RMB in cross-border trade has risen from 16% to nearly 30% [1] Group 2: Policy Initiatives - The PBOC is working with the China Securities Regulatory Commission to advance RMB foreign exchange futures trading [2] - The macro-prudential management system for the foreign exchange market is gradually improving, with a richer toolbox for counter-cyclical adjustments [1]

Core Viewpoint - The press conference highlighted the achievements of China's financial industry during the "14th Five-Year Plan" period, emphasizing the stability and resilience of the foreign exchange market and the increasing role of the RMB in international trade [1] Group 1: Foreign Exchange Market Developments - The foreign exchange market in China has seen rational and orderly trading, with enhanced stability since the beginning of the "14th Five-Year Plan" [1] - The ratio of corporate foreign exchange hedging has increased from 17% in 2020 to approximately 30% [1] - The share of RMB in cross-border trade has risen from 16% to nearly 30% [1] Group 2: Macroeconomic Management and Future Outlook - The macro-prudential management system of the foreign exchange market is gradually improving, with a richer toolbox for counter-cyclical adjustments [1] - Despite high volatility in the international market, cross-border capital flows in China have remained generally balanced [1] - The long-term positive fundamentals of the Chinese economy and steady progress in high-level opening-up are expected to stabilize the international balance of payments [1] - The market-oriented formation mechanism of the RMB exchange rate is continuously improving, enhancing the effectiveness of macro-prudential management in the foreign exchange market [1]