来源：金融界AI电报 韩国企划财政部长官具润哲周三表示，韩国外汇当局正在密切关注外汇市场上的投机交易和羊群行为， 他誓言要严厉应对市场的过度波动。具润哲在一次新闻发布会上说，由于市场对韩元疲软的预期不断增 强，再加上国内结构性因素，韩元对市场不确定性的反应比其他货币更为敏感。具润哲表示，当局将考 虑所有可用方案来稳定外汇市场，但他未在新闻发布会上宣布任何具体措施。 ...

Core Points - The meeting led by Zhu Hexin emphasized the importance of implementing the spirit of the 20th Central Committee's Fourth Plenary Session, focusing on enhancing the foreign exchange management system to support high-level opening-up and the internationalization of the Renminbi [1][2] - The meeting outlined four key areas of focus: strengthening centralized leadership, supporting high-quality economic development, expanding high-level opening-up, and maintaining foreign exchange market stability [2][3] Group 1 - The meeting highlighted the need to adhere to and strengthen the centralized leadership of the Party over foreign exchange management [2] - It emphasized the fundamental purpose of financial services to support the real economy, promoting reforms in bank foreign exchange operations and cross-border trade investment [2] - The meeting called for a steady expansion of high-level institutional opening in the foreign exchange sector, promoting the internationalization of the Renminbi and high-quality opening of capital projects [2] Group 2 - The meeting stressed the importance of maintaining stability in the foreign exchange market and ensuring national economic and financial security through a dual management approach [2][3] - It called for the establishment of a monitoring and early warning system for cross-border capital flows, aiming to keep the Renminbi exchange rate stable at a reasonable level [2] - The meeting urged the foreign exchange management system to effectively complete tasks for the fourth quarter and support the economic recovery trend [3]

Core Points - The National Foreign Exchange Administration emphasizes the importance of financial services to the real economy and aims to enhance foreign exchange support for high-quality economic development [2] - The meeting highlights the need for steady expansion of high-level institutional openness in the foreign exchange sector and supports the internationalization of the Renminbi [2] - There is a focus on maintaining stability in the foreign exchange market and ensuring the security of the national economy and finance through improved monitoring and regulation [2][3] Group 1 - The meeting stresses the fundamental purpose of financial services to the real economy, promoting reforms in foreign exchange operations and cross-border trade investment [2] - It aims to enhance the foreign exchange policy system to provide more convenience based on trustworthiness, with a focus on supporting high-level technological self-reliance [2] - The meeting calls for a comprehensive approach to expand foreign exchange market openness and support trade innovation and bilateral investment cooperation [2] Group 2 - The administration plans to strengthen macro-prudential and micro-regulatory management of the foreign exchange market to prevent external shocks [3] - It emphasizes the need for a robust regulatory environment to maintain a healthy order in the foreign exchange market [3] - The introduction of supportive foreign exchange policies is aimed at consolidating and expanding the positive momentum of economic recovery [3]

Core Viewpoint - The international financial market has experienced increased volatility this year, but China's foreign exchange market has shown resilience and stability, maintaining a basic balance in international payments [1][2]. Group 1: International Balance of Payments - In the first half of the year, China's current account surplus reached 21,126 billion yuan, while the capital and financial account recorded a deficit of 19,936 billion yuan, indicating a reasonable equilibrium [1]. - The current account surplus reflects net income from exports, which leads to capital outflows through investments, thus the capital and financial account deficit should not be simply interpreted as capital flight [1]. Group 2: Economic Fundamentals - The stability of the international balance of payments supports currency stability, enhances international competitiveness, and promotes economic development, which are key macroeconomic objectives [2]. - China's economic foundation remains strong, with a focus on expanding domestic demand as a long-term strategy, supported by proactive fiscal policies and moderately loose monetary policies [2]. Group 3: Foreign Exchange Market Dynamics - The maturity of the foreign exchange market and improved regulatory capabilities are crucial for mitigating external risks [3]. - The foreign exchange market has become more stable, with the marketization of the RMB exchange rate mechanism improving, leading to increased exchange rate flexibility [3]. - Future developments in foreign trade and foreign investment are expected to be positively influenced by a more convenient, open, secure, and intelligent foreign exchange management system [3].

Core Viewpoint - The Bank of Ghana plans to initiate foreign exchange intermediary services based on its domestic gold purchase program starting in October 2025, aiming to sell up to $1.15 billion in gold through competitive auctions to licensed banks [1] Group 1: Foreign Exchange Market - The sales will occur in a spot format, with auctions held twice a week, ensuring fair and transparent access for all market participants without special conditions or allocations [1] - The initiative aims to deepen the interbank foreign exchange market and stabilize the cedi, with monthly auction volumes subject to adjustment based on market developments [1] - The overall goal is to enhance transparency and reduce volatility in the foreign exchange market [1] Group 2: Support for SMEs and Agriculture - The Bank of Ghana encourages commercial banks to increase support for small and medium-sized enterprises (SMEs) and agricultural businesses, which are crucial for economic growth [1] Group 3: Gold Purchase Program - The domestic gold purchase program is designed to utilize locally mined gold to build reserves, part of a broader strategy to reduce reliance on foreign currency and support long-term exchange rate stability [1]

Core Insights - The report highlights the increasing volatility in international financial markets and the complex geopolitical situation, which poses significant external risks to China's economy [1] - China's economy is showing resilience and stability, with a focus on high-quality development and proactive macroeconomic policies [1] Economic Performance - In the first half of 2025, China's current account surplus reached $294.1 billion, remaining within a reasonable equilibrium range [2] - The total import and export volume of goods increased by 2% year-on-year, while service trade grew more actively with a 6% increase in service imports and exports [2] - Investment income improved, with China's outbound investment income and foreign investment income in China growing by 13% and 7% respectively [2] Financial Stability - By the end of June 2025, China's foreign financial assets and liabilities exceeded $11 trillion and $7.2 trillion respectively, resulting in a net foreign asset of $3.8 trillion, a 16% increase from the end of 2024 [2] - The non-reserve financial account deficit and current account surplus formed a self-balancing pattern, indicating a stable investment environment [2] Future Outlook - The report anticipates continued challenges from a complex external environment and downward pressure on the global economy, but expects the current account to maintain a reasonable equilibrium [3] - China's efforts to establish a new development pattern and enhance macroeconomic policy effectiveness are expected to support stable international payments [3] - The foreign exchange management department will implement policies to ensure a more convenient, open, secure, and intelligent foreign exchange management system [3]

Group 1 - The People's Bank of China emphasizes the need for stable economic growth and reasonable price levels, maintaining policy continuity while enhancing flexibility and foresight [1] - The meeting highlights the weakening momentum of global economic growth and uncertainties in inflation trends and monetary policy adjustments, while acknowledging domestic challenges such as insufficient demand and low price levels [1] - The meeting calls for the implementation of a moderately loose monetary policy and strengthening of counter-cyclical adjustments, with a focus on the effectiveness of policy measures [1] Group 2 - The meeting encourages the use of securities, funds, and insurance company swap facilities, as well as stock repurchase and increased loans to maintain capital market stability [2] - There is a continued emphasis on stabilizing the real estate market and ensuring the effectiveness of previously introduced financial policies [2] - The meeting urges large banks to play a key role in serving the real economy while encouraging small and medium-sized banks to focus on their core responsibilities and enhance capital strength [2]

Macro and Market News - President Xi Jinping and US President Trump had a phone call discussing the current state of US-China relations and strategic guidance for future development [2] - The Chinese government emphasizes the importance of mutual respect and cooperation in resolving issues, particularly regarding TikTok [2][4] - The State Council held a meeting to discuss the implementation of domestic product standards in government procurement, aiming to ensure fair competition [2] Company News - The IPO of Moer Thread will be reviewed on September 26, 2025, focusing on the development of GPU chips and related products [14] - Sunflower plans to acquire 100% equity of Xipu Materials and 40% equity of Beid Pharmaceutical, with its stock resuming trading on September 22, 2025 [17] - Absolute Food reported that it failed to disclose revenue accurately from 2017 to 2021, leading to a change in its stock name to "ST Absolute" starting September 23, 2025 [18][19] - ST New Power is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations [20] - Fudan Fuhua reported inflated profits in its annual reports from 2019 to 2023, leading to a name change to "ST Fuhua" starting September 23, 2025 [20] - Creative Information reported overstatement of revenue in its 2022 and 2023 reports, resulting in a name change to "ST Creative" starting September 23, 2025 [21] Industry News - The National Medical Insurance Administration released the 11th batch of centralized drug procurement, emphasizing principles of clinical stability and quality assurance [10] - The Ministry of Industry and Information Technology is preparing a development plan for the new battery industry to prevent low-level redundant construction [11] - Some banks are experiencing tight supply of large-denomination certificates of deposit with interest rates exceeding 2% [12]

Core Insights - The foreign exchange market in China showed a robust performance in July, with a settlement surplus of 22.8 billion USD, indicating market resilience and stability [1][3][4] Group 1: Market Performance - In July, banks settled 233.6 billion USD and sold 210.8 billion USD, resulting in a settlement surplus of 22.8 billion USD [1] - The settlement and sales volumes increased by 12% and 16% respectively compared to the previous month, maintaining a surplus trend [3] - The cross-border income and expenditure of non-bank sectors reached historical highs, reflecting a balanced state of receipts and payments [5] Group 2: Market Expectations - Market participants exhibited rational behavior, with a slight increase in settlement willingness and stable sales willingness, supporting stable market expectations [4] - The active trading environment indicates enhanced confidence among various market participants despite increased volatility in the international foreign exchange market [4] Group 3: Cross-Border Capital Flows - The cross-border capital flow remained stable, with a slight deficit of 0.077 billion USD in July, indicating no significant inflow or outflow [5] - The net inflow from goods trade increased by 33% month-on-month, showcasing strong performance in foreign trade and improved international competitiveness [5] - Cumulative surplus of 119.5 billion USD in cross-border receipts and payments over the first seven months further confirms the stability and sustainability of capital flows [5]

Core Points - The State Administration of Foreign Exchange (SAFE) held a video conference to discuss foreign exchange management work for the second half of 2025, focusing on reform, risk prevention, and regulatory enhancement [5][7]. Group 1: Reform and Development - Deepening reforms in the foreign exchange sector to support stable foreign trade and promote cross-border investment and financing facilitation [2][11]. - Enhancing the convenience of foreign exchange settlement for quality enterprises and expanding pilot programs for cross-border trade [8][11]. - Implementing a series of policies to optimize foreign exchange management for new trade entities and support regional development initiatives [11]. Group 2: Risk Management - Strengthening monitoring and analysis of foreign exchange conditions to mitigate external shocks and maintain market stability [2][11]. - Conducting counter-cyclical adjustments as necessary to safeguard economic and financial security [11]. Group 3: Regulatory Enhancement - Improving regulatory capabilities under open conditions, including legal construction and the use of technology to enhance regulatory efficiency [2][11]. - Strengthening the legal framework for foreign exchange management and combating illegal cross-border financial activities [8][11]. Group 4: International Balance of Payments - Advancing the construction of the international balance of payments statistical system [3][11]. - Developing the implementation plan for the seventh edition of the "Balance of Payments and International Investment Position Manual" [11]. Group 5: Overall Management Improvement - Aiming to enhance the overall level of foreign exchange management through better policy evaluation and tracking [4][11]. - Promoting the development of digital and intelligent foreign exchange management systems [11].