Core Viewpoint - The 2026 National Foreign Exchange Management Work Conference was held to summarize the 2025 work and outline key tasks for 2026, emphasizing the integration of domestic and international strategies and the importance of high-quality development in foreign exchange management [1][2]. Group 1: Key Achievements in 2025 - The foreign exchange management department effectively implemented the decisions of the central government, achieving new results in various areas, including enhancing the quality of foreign exchange services for the real economy and deepening reforms in the foreign exchange sector [1][2]. - The foreign exchange reserve scale remained basically stable, indicating effective management practices [1]. Group 2: 2026 Work Focus - The work in 2026 will be guided by Xi Jinping's thoughts and will focus on creating a more convenient, open, safe, and intelligent foreign exchange management system [2][3]. - Key tasks include strengthening the Party's leadership in financial work, promoting strict governance, and enhancing the quality of party-building efforts [3][9]. Group 3: Reform and Development Initiatives - The conference highlighted the need for deepening foreign exchange facilitation reforms to enhance high-quality development, including optimizing trade foreign exchange management and supporting new trade formats like cross-border e-commerce [3][9]. - There will be a steady push for high-level institutional opening in the foreign exchange sector, including reforms in bank foreign exchange operations and policies for cross-border capital management [3][9]. Group 4: Regulatory Enhancements - The conference emphasized the importance of maintaining a robust regulatory framework to ensure the stability of the foreign exchange market, including macro-prudential management and the analysis of market conditions [4][10]. - Strengthening foreign exchange supervision and enhancing regulatory capabilities were also key points, with a focus on combating illegal cross-border financial activities [4][10]. Group 5: Future Directions - The management of foreign exchange reserves will prioritize asset safety, liquidity, and value preservation [5][11]. - The revision of the Foreign Exchange Management Regulations and the development of a higher standard international balance of payments statistical system are planned to improve the digitalization of foreign exchange management [5][11].

Core Viewpoint - The 2026 National Foreign Exchange Management Work Conference emphasized the need for a more convenient, open, secure, and intelligent foreign exchange management system, aiming to enhance the quality and efficiency of foreign exchange management while balancing development and security [1]. Group 1: Key Work Areas for 2026 - The conference outlined seven key areas for foreign exchange management in 2026, including strict governance, deepening foreign exchange facilitation reforms, and advancing high-level institutional openness in the foreign exchange sector [1]. - It highlighted the importance of strengthening foreign exchange market defenses and enhancing regulatory capabilities to ensure a stable foreign exchange policy environment [1]. Group 2: Foreign Exchange Facilitation Reforms - The meeting called for optimizing trade foreign exchange business management and expanding cross-border trade pilot programs, particularly supporting the development of new trade formats like cross-border e-commerce [2]. - It emphasized the need for financial institutions to develop user-friendly foreign exchange hedging products to lower costs for small and medium-sized enterprises [2]. Group 3: Strengthening Foreign Exchange Regulation - The conference stressed the importance of strict and fair law enforcement in foreign exchange regulation, enhancing non-site supervision capabilities, and monitoring trading behaviors in the foreign exchange market [3]. - It also highlighted the ongoing efforts to combat illegal cross-border financial activities [3].

Core Viewpoint - The National Foreign Exchange Administration is committed to enhancing foreign exchange regulation and risk prevention capabilities under open conditions, while strictly enforcing laws and combating illegal activities in the foreign exchange sector to maintain national financial security [1] Group 1: Regulatory Actions - The National Foreign Exchange Administration is intensifying law enforcement collaboration to combat illegal activities in the foreign exchange sector, focusing on areas such as illegal currency exchange underground banks, export tax fraud, and cross-border gambling funding chains [1] - The administration is enhancing its technological capabilities to improve risk monitoring and clue discovery in illegal cross-border financial activities [1] - Since the beginning of the 14th Five-Year Plan, the foreign exchange management department has administratively investigated 6,100 cases of foreign exchange violations, effectively maintaining a healthy order in the foreign exchange market [1] Group 2: Collaborative Efforts - The National Foreign Exchange Administration is strengthening collaboration with multiple regulatory bodies, including the Ministry of Public Security and the People's Bank of China, to promote information sharing, joint assessments, and coordinated actions against professional underground banks and new types of foreign exchange crimes [1] - In May of this year, the National Foreign Exchange Administration and the Supreme People's Procuratorate released six typical cases of reverse connection between administrative and criminal penalties in the foreign exchange sector, promoting a closed-loop approach to combating and punishing illegal activities [1]