Core Viewpoint - The meeting led by the Director of the State Administration of Foreign Exchange emphasizes the importance of the "14th Five-Year Plan" period for achieving socialist modernization and enhancing the foundation for economic development [1] Group 1: Financial Services and Economic Support - The State Administration of Foreign Exchange aims to uphold the fundamental purpose of financial services for the real economy, advancing reforms in bank foreign exchange operations and cross-border trade and investment facilitation [1] - There is a focus on enhancing foreign exchange support for the real economy, particularly in promoting high-level technological self-reliance [1] Group 2: Policy and Market Development - The meeting calls for the establishment of a foreign exchange policy system that rewards integrity with convenience, aiming to improve the overall foreign exchange policy framework [1] - It emphasizes the need for a steady expansion of high-level institutional openness in the foreign exchange sector, coordinating the internationalization of the Renminbi with high-quality capital account openness [1] Group 3: Regulatory Measures and Stability - The administration plans to strengthen the dual management of the foreign exchange market through macro-prudential and micro-regulatory measures, enhancing the monitoring and early warning system for cross-border capital flows [1] - There is a commitment to maintain the basic stability of the Renminbi exchange rate at a reasonable and balanced level while ensuring comprehensive regulatory coverage in the foreign exchange sector [1]

Core Viewpoint - The People's Bank of China and the State Administration of Foreign Exchange have effectively coordinated development and security in the foreign exchange sector since the 14th Five-Year Plan, steadily advancing high-level openness to support the new development pattern [1][3]. Group 1: Key Developments in Foreign Exchange Sector - The international balance of payments has become more stable, with foreign trade showing resilience and diversification, maintaining a reasonable ratio of current account surplus to GDP [4]. - As of the end of July, foreign institutions and individuals held over 10 trillion yuan in domestic stocks, bonds, and deposits [4]. - The regulatory capacity and risk prevention abilities in an open environment have continuously improved, with over 6,100 foreign exchange cases cracked since the beginning of the 14th Five-Year Plan, effectively combating illegal activities such as underground banks [4]. Group 2: Future Outlook - Looking ahead to the 15th Five-Year Plan, the focus will be on establishing a more convenient, open, secure, and intelligent foreign exchange management system [5].

Core Viewpoint - The People's Bank of China and the State Administration of Foreign Exchange have drafted the "Regulations on the Management of the Interbank Foreign Exchange Market (Draft for Comments)" to enhance regulation and promote the foreign exchange market's service to the real economy [1] Group 1: Regulatory Enhancements - The draft aims to improve the management and service capabilities of the foreign exchange market infrastructure [1] - It specifies the responsibilities, collaboration mechanisms, abnormal handling, and information reporting requirements for the interbank foreign exchange market infrastructure [1] - The infrastructure is tasked with managing trading and clearing qualifications and fulfilling supervisory responsibilities [1] Group 2: Market Development - The draft emphasizes the need for proactive management of the foreign exchange market [1] - It proposes to continuously enrich trading varieties and currencies based on market demand [1] - The regulations advocate for market-oriented principles in providing data services and standardizing the behavior of financial information service providers in distributing data [1]

Core Viewpoint - The draft regulation on the management of the interbank foreign exchange market aims to enhance the management and service capabilities of the foreign exchange market infrastructure [1] Group 1: Infrastructure Management - The regulation clarifies the responsibilities of the interbank foreign exchange market infrastructure, including collaboration mechanisms, abnormal handling, and information reporting requirements [1] - The infrastructure is responsible for managing trading and clearing qualifications and fulfilling supervisory duties [1] Group 2: Market Development - The regulation emphasizes the need to enhance the forward-looking nature of foreign exchange market management [1] - It proposes to continuously enrich trading varieties and currencies based on market demand, providing data services according to market principles [1] - The regulation aims to standardize the behavior of financial information service providers in distributing data [1]

Core Viewpoint - The recent meeting of the China Foreign Exchange Market Guidance Committee emphasized the need to maintain the stability of the RMB exchange rate at a reasonable and balanced level amidst a complex international environment and a strengthening US dollar [1][2]. Group 1: Market Conditions - The international situation has become increasingly complex and severe since the beginning of 2024, with the US dollar index showing volatility and non-US currencies generally weakening [1]. - The RMB has shown overall strength among major international currencies, with the China Foreign Exchange Trading Center RMB exchange rate index appreciating by 4.2% throughout the year [1]. Group 2: Regulatory Measures - The People's Bank of China and the State Administration of Foreign Exchange will continue to implement comprehensive measures to stabilize expectations, enhance market resilience, and strengthen foreign exchange market management [2]. - The committee will focus on correcting pro-cyclical behaviors in the market and addressing actions that disrupt market order, while also preventing risks of excessive exchange rate fluctuations [2]. Group 3: Self-Regulation and Market Conduct - The foreign exchange market self-regulation mechanism members are urged to prioritize serving the real economy and provide a stable exchange rate environment for enterprises and residents [2]. - Members must adhere to self-regulatory norms, avoid disrupting market order, and refrain from exacerbating pro-cyclical behaviors to maintain orderly and regulated market operations [2].