（原标题：加纳银行将向外汇市场注入 11.5 亿美元以稳定塞地） 国内黄金购买计划旨在利用当地开采的黄金建立储备，这是加纳银行减少 对外币依赖和支持长期汇率稳定的更广泛战略的一部分。 加纳银行行长约翰逊·阿西亚马博士在阿克拉与商业银行负责人会晤时强 调，不会有任何特殊条件或专项拨款，确保所有市场参与者都能公平、透明地 进入市场。 该计划旨在深化银行间外汇市场并稳定塞地。每月拍卖量可能会根据市场 发展情况进行调整。但加纳央行表示，其总体目标仍然是提高透明度并降低外 汇市场的波动性。除了外汇管理之外，央行还敦促商业银行加大对中小企业和 农业企业的支持，因为它们对经济增长至关重要。 据《城市新闻室》10月8日报道，加纳银行将于2025年10月根据其国内黄 金购买计划开始外汇中介服务，计划向市场出售高达11.5亿美元的黄金。据央 行称，此次销售将以现货形式进行，每周两次，通过价格竞争性拍卖向所有持 牌银行开放。 ...

9月30日，国家外汇管理局发布《2025年上半年中国国际收支报告》(以下简称《报告》)。 《报告》显示，2025年上半年，我国经常账户顺差2941亿美元，继续处于合理均衡区间。货物贸易保持 韧性，国际收支口径的货物进出口总额同比增长2%。服务贸易更加活跃，服务进出口总额同比增长 6%，服务贸易逆差同比收窄13%。投资收益向好，我国对外投资收益、外资在华投资收益同比分别增 长13%和7%。非储备性质金融账户逆差与经常账户顺差形成自主平衡格局。上半年，境内主体各类对 外投资有序、活跃；我国吸收各类来华投资向好，股权性质的来华直接投资保持增长，外资净增持境内 股票，外资投资境内债券总体稳定。2025年6月末，我国对外金融资产和负债分别超过11万亿美元和7.2 万亿美元，对外净资产为3.8万亿美元，较2024年末增长16%。 展望下一阶段，《报告》表示，外部环境依然复杂，全球经济存在下行压力，产业链供应链格局面临重 构，地缘政治冲突和国际金融市场波动风险较大。我国加快构建新发展格局，加力培育新质生产力，持 续提升宏观政策效能，稳步推进高水平对外开放，将继续为国际收支平稳运行提供坚实支撑。预计经常 账户继续保持合理均衡 ...

会议继续要求，用好证券、基金、保险公司互换便利和股票回购增持再贷款，探索常态化的制度安排， 维护资本市场稳定。 近日，中国人民银行货币政策委员会召开2025年第三季度（总第110次）例会。本次例会要求促进经济 稳定增长和物价处于合理水平。保持政策连续性稳定性，增强灵活性预见性。在研究下阶段货币政策主 要思路时，会议建议加强货币政策调控，提高前瞻性、针对性、有效性。 对比二季度例会，本次例会在分析外部形势时，继续强调当前世界经济增长动能减弱，通胀走势和货币 政策调整存在不确定性。我国经济运行稳中有进，但仍面临国内需求不足、物价低位运行等困难和挑 战。 会议要求实施好适度宽松的货币政策，加强逆周期调节。会议建议下阶段加强货币政策调控，提高前瞻 性、针对性、有效性，根据国内外经济金融形势和金融市场运行情况，把握好政策实施的力度和节奏， 抓好各项货币政策措施执行，充分释放政策效应。 在利率方面，会议建议强化央行政策利率引导，完善市场化利率形成传导机制，发挥市场利率定价自律 机制作用，加强利率政策执行和监督。 对于外汇市场，会议强调增强外汇市场韧性，稳定市场预期，防范汇率超调风险，保持人民币汇率在合 理均衡水平上的基本 ...

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].

Core Viewpoint - The State Administration of Foreign Exchange emphasizes the importance of preventing and mitigating external shock risks while maintaining foreign exchange market stability and national economic and financial security [1] Summary by Relevant Categories Foreign Exchange Management - The meeting highlighted the need for enhanced monitoring and analysis of foreign exchange conditions [1] - It called for strengthening macro-prudential management of cross-border capital flows and guiding expectations [1] Economic Stability - The administration plans to implement counter-cyclical adjustments as necessary to ensure stability in the foreign exchange market [1] - The focus is on safeguarding the overall economic and financial security of the country [1]

Group 1 - The core viewpoint of the articles is that China's foreign exchange market performed better than expected in the first half of the year, with stable foreign capital allocation in RMB assets and a positive outlook for future investment [1][3][6] - The foreign exchange market showed strong resilience and vitality, with five key features: steady increase in foreign-related income and expenditure, continued net inflow of cross-border funds, basic balance in supply and demand, active market trading, and stable foreign exchange reserves [1][6] - The RMB exchange rate remained stable, appreciating by 1.9% against the USD in the first half of the year, fluctuating between 7.15 and 7.35, which helped stabilize the macro economy and international payments [1][6] Group 2 - Foreign capital's allocation in RMB assets is expected to have sustainable growth potential, with foreign holdings of domestic RMB bonds exceeding $600 billion, and a net increase of $10.1 billion in domestic stocks and funds in the first half of the year [3][4] - The international balance of payments is maintaining basic equilibrium, with a steady increase in the current account surplus and a corresponding financial account deficit, indicating a self-balancing pattern [2][6] - Three factors are expected to support the continued stable operation of the foreign exchange market: robust economic fundamentals, steady progress in opening up to the outside world, and enhanced resilience of the foreign exchange market [6][7]

Core Viewpoint - The article discusses the stability and resilience of China's foreign exchange market in the context of a complex global economic environment, highlighting key factors that support this stability, including economic growth, high-level opening up, and enhanced market resilience [3][5]. Economic Performance - China's GDP grew by 5.3% year-on-year in the first half of the year, with domestic demand contributing 77% to economic growth, an increase of 17 percentage points from the previous quarter [3]. - The service trade deficit decreased by 14%, with service trade income growing by 13% and cross-border travel income increasing by 42% [10]. Foreign Exchange Market Dynamics - In the first half of the year, there was a net inflow of $127.3 billion from non-bank sectors, continuing the trend from the second half of the previous year, with a 46% increase in net inflow in the second quarter [6]. - The total net increase in foreign investment in domestic stocks and bonds was $10.1 billion, reversing the net selling trend of the past two years [7]. - The RMB appreciated by 1.9% against the USD in the first half of the year, maintaining stability within a range of 7.15 to 7.35 [12]. Foreign Investment Trends - Foreign investors' holdings of domestic RMB bonds exceeded $600 billion, indicating a stable investment environment [7]. - A survey indicated that 30% of global central banks plan to increase their allocation of RMB assets, reflecting the asset's appeal for diversification and risk management [8]. Banking Sector Developments - Six new banks initiated foreign exchange business reforms in the first half of the year, bringing the total to 22 banks involved in these reforms [9]. - The total volume of foreign exchange transactions in the domestic RMB market reached $21 trillion, a year-on-year increase of 10.2% [14]. Overall Market Activity - The total scale of foreign-related income and expenditure reached $7.6 trillion, marking a historical high for the same period [16]. - The combined scale of bank settlements and sales of foreign exchange was $2.3 trillion, the second-highest for the same period historically [15].

Core Insights - The foreign exchange market in China is expected to maintain stable and sustainable growth for foreign investment in RMB assets, with confidence in the ability to ensure a robust market operation [1][5] Group 1: Foreign Exchange Market Performance - In the first half of 2025, the foreign exchange market showed resilience, with record high cross-border income and expenditure from non-bank sectors [1] - There is no significant unilateral expectation for the appreciation or depreciation of the RMB, indicating rational and orderly market trading [2] Group 2: Investment Trends - From January to May 2025, net inflows of direct investment in equity from foreign sources reached $31.1 billion, a year-on-year increase of 16% [3] - Foreign investment in RMB-denominated bonds has increased, with foreign holdings exceeding $600 billion, and net foreign purchases of domestic stocks and funds amounted to $10.1 billion in the first half of 2025 [4] Group 3: Policy Initiatives - The State Administration of Foreign Exchange plans to promote innovative policies across more free trade zones to enhance cross-border trade and investment [6] - Policies include optimizing international trade settlement and expanding the scope of trade revenue and expenditure netting [6]