来源：贸易金融 从跨境电商10亿笔线上业务到银行凭指令办理4400亿美元外汇业务，新一轮外汇管理改革正 在重塑银行国际业务的发展逻辑。 2026年全国外汇管理工作会议释放出明确信号：外汇管理将朝着"更加便利、更加开放、更加安全、更 加智慧"的方向迈进。这一政策导向预示着银行国际业务将进入深度调整期，传统的经营模式和服务理 念面临全新挑战。 银行需要构建支持7×24小时不间断服务的线上系统，实现从传统国际结算向数字化生态服务的转型。 这要求银行打通前中后台系统，实现业务流程的无缝衔接，为企业提供全流程线上化的跨境金融解决方 案。 外汇局提出的"智慧外管"建设，将为银行数字化转型提供基础设施支持。银行需要把握这一机遇，将内 部系统与跨境金融服务平台深度对接，提升数据共享和业务协同效率。 资本项目开放：综合化经营迎来新空间 在跨国公司本外币一体化资金池政策全国推广基础上，会议部署在全国实施跨国公司本外币跨境资金集 中运营管理政策，这为银行拓展综合化跨境金融服务提供了政策支持。资本项目开放程度的提升，使得 银行能够为企业提供更加全面的跨境财资管理服务。 会议数据显示，2025年外汇市场展现出强劲韧性，银行凭客户指令办 ...

来源：央视新闻客户端 作者: 史跃 公报指出，这一系列旨在增加国家外汇收入的措施具有明确过渡性质。政府授权经济与计划部批准特定 外汇交易，但最终目标仍是恢复古巴比索的唯一法定货币地位。相关新规将于2025年12月17日生效。 古巴政府希望通过这一系列法令，有限度地放松外汇管制，激活非国有经济活力，吸引外资，从而为经 济注入动力。 2025年12月11日，古巴官方公报正式发布一系列法令与决议，对外汇管理进行了多项重大调整。其核心 为，在政府管控下，通过实施"部分美元化"，以应对当前经济挑战。 此次改革的最大亮点是向非国有经济倾斜。中小微企业、合作社及个体经营者等，在出口、电子商务等 创汇活动中，可将高达80%的外汇收入留存于古巴的个人外汇账户中，自主支配使用。此外，古巴政府 通过建立"外汇获取能力分配"机制，允许国家重点计划内主体按官方汇率购买外汇。境内交易原则上仍 使用古巴比索，但与马里埃尔特区及授权外汇商店的交易等特定场景可使用外汇。 ...

Group 1 - The State Administration of Foreign Exchange (SAFE) plans to introduce nine trade facilitation policies to support cross-border trade and emerging business models, including expanding the pilot scope for high-level cross-border trade openness and optimizing foreign exchange fund settlement for new trade entities [1] - Analysts believe these measures will reduce cross-border funding costs for enterprises and enhance foreign exchange management flexibility and international competitiveness [1] - Recent concentrated selling in the precious metals market saw New York gold futures drop by 3.15% to $3997 per ounce, with spot gold briefly falling below $3970 [1] Group 2 - A-share gold concept stocks fell over 1.6%, with notable declines in companies like Tongling Nonferrous Metals and Shengda Resources, while domestic gold prices also retreated [2] - The U.S. dollar index decreased by 0.17% to 104.78, with limited fluctuations in the overall foreign exchange market as investors await interest rate decisions from major central banks [2] - Analysts suggest that recent fluctuations in gold prices are a technical adjustment, with support levels identified between $3974 and $4042 [2] Group 3 - The U.S. government shutdown has delayed key economic data, complicating the Federal Reserve's ability to assess employment and inflation [3] - Market expectations indicate a nearly 99% probability of a Federal Reserve rate cut, with Powell's subsequent statements likely to influence market direction [3] - The interplay of policy expectations and market sentiment is currently a focal point for capital movements, with the ability of gold to maintain the $4000 level dependent on market interpretations of Federal Reserve policy signals [3]

Core Insights - The People's Bank of China announced that the foreign exchange market transaction volume in 2024 is expected to grow by 37% compared to 2020, while the scale of foreign-related income and expenditure is projected to increase by 64% [2] - In the first three quarters of this year, China's foreign-related income and expenditure reached a record high of 11.6 trillion USD, indicating that high-level openness has become a strong driving force for China's economic development [2] Group 1 - The focus is on building a foreign exchange management system that is "more convenient, more open, safer, and smarter" while ensuring systemic risk is avoided [2] - The foreign exchange policy system is being improved to enhance convenience for businesses, with the number of companies able to conduct transactions based on instructions increasing more than fivefold since the end of 2020 [2] - Nine new policy measures will be introduced to promote trade facilitation, including expanding the pilot scope for high-level cross-border trade openness and optimizing foreign exchange fund settlement for new trade entities [2] Group 2 - A comprehensive package of cross-border investment and financing policies was launched in September, with upcoming policies for multinational companies' integrated currency pools and management of funds for domestic companies listed abroad [3] - The regulatory framework for foreign exchange will be enhanced under conditions of increased openness, utilizing macro-prudential and micro-regulatory approaches, along with AI and big data for smart regulation [3] - There will be a focus on monitoring and early warning of cross-border capital flows to effectively prevent external risk shocks and enhance the resilience of economic and trade cooperation [3]

Core Viewpoint - The 2025 Financial Street Forum Annual Meeting in Beijing highlighted key financial policies and reforms aimed at stabilizing the financial market, enhancing credit systems, and promoting investment opportunities. Group 1: Central Bank Policies - The People's Bank of China (PBOC) will resume public market operations for government bonds after a pause due to market imbalances and risks [1] - A preliminary plan for monitoring and assessing systemic financial risks has been established, with a list of systemically important insurance companies to be released [1] - The PBOC aims to balance financial market stability and moral hazard prevention, exploring liquidity provision mechanisms for non-bank institutions in specific scenarios [1] - The central bank will continue to combat domestic virtual currency operations and closely monitor the development of overseas stablecoins [1] - The digital RMB management system will be optimized to support more commercial banks as operational entities for digital RMB [1][2] Group 2: Financial Regulatory Reforms - The Financial Regulatory Administration will promote the merger and restructuring of small and medium financial institutions in a prudent manner [3] - There will be a deepening of structural reforms on the financial supply side to enhance institutional layout, quality, resilience, and international influence [3] - Efforts will be made to strengthen funding supply for major projects to boost consumption [4] - Increased focus on the disposal of non-performing assets and capital replenishment to ensure the stability of the financial system [5] Group 3: Capital Market Developments - The China Securities Regulatory Commission (CSRC) has launched the "Qualified Foreign Investor System Optimization Work Plan" to improve access management and investment efficiency for foreign investors [6] - The CSRC will enhance the interconnectivity mechanism and improve the efficiency of overseas listing filings, fostering cooperation between mainland and Hong Kong markets [7] - Continuous promotion of high-quality development of the Beijing Stock Exchange and improvement of differentiated listing and trading systems for the New Third Board [7] - The CSRC will initiate reforms for the Growth Enterprise Market to set listing standards that align with emerging industries [8] - A refinancing framework will be introduced to broaden support channels for mergers and acquisitions [9] Group 4: Foreign Exchange Management - The State Administration of Foreign Exchange will deepen reforms in foreign exchange management for direct investment, cross-border financing, and securities investment [10] - Policies for integrated currency pools for multinational companies and management of domestic enterprises' overseas listing funds will be implemented [11] - The use of AI and big data will enhance smart regulation and monitoring of cross-border capital flows [12]

Core Viewpoint - The speech by the Deputy Governor of the People's Bank of China emphasizes the importance of high-level institutional opening in the foreign exchange sector and the promotion of the internationalization of the Renminbi alongside high-quality capital account opening [1] Group 1: Foreign Exchange Management Reforms - The focus is on enhancing overall planning for reforms in the foreign exchange sector, particularly in direct investment, cross-border financing, and securities investment [1] - A comprehensive policy package for cross-border investment and financing was launched in September, indicating proactive measures to facilitate international financial activities [1] Group 2: Upcoming Policies - Upcoming policies include the implementation of integrated currency pools for multinational companies and management of funds for domestic enterprises listed overseas, aimed at streamlining foreign exchange management [1] - The integration of innovative foreign exchange management reforms will be piloted in free trade zones to foster a new landscape of autonomous opening [1]

Core Viewpoint - The recent notification from the State Administration of Foreign Exchange aims to enhance the convenience of cross-border investment and financing, particularly in the real estate sector, by optimizing foreign exchange management measures for overseas individuals purchasing property in China [3][5][10]. Summary by Sections Policy Changes - The notification reduces the negative list for capital project foreign exchange income and its conversion into RMB for domestic payments, specifically removing restrictions on using these funds for purchasing non-self-occupied residential properties [5][9]. - The policy facilitates overseas individuals' property purchases by allowing them to convert foreign exchange for payment before obtaining the necessary real estate registration documents, streamlining the process [6][7]. Implementation and Impact - The pilot program for Hong Kong and Macau residents in the Guangdong-Hong Kong-Macau Greater Bay Area has been expanded nationwide, allowing overseas individuals to make property payments more easily [7][10]. - As of January 2025, the pilot program has successfully processed 2,603 transactions for Hong Kong and Macau residents, amounting to approximately RMB 2.993 billion, indicating strong demand for cross-border property purchases [7]. Future Directions - The State Administration of Foreign Exchange plans to continue promoting reforms in the foreign exchange sector to support legitimate cross-border investment activities, thereby contributing to the high-quality development of the real economy [10].

Group 1 - The core viewpoint emphasizes the importance of capital account openness as a crucial part of China's high-level opening-up and market economy reform [1][2] - The State Administration of Foreign Exchange (SAFE) is committed to enhancing the monitoring and risk prevention measures for cross-border capital flows while promoting a more convenient and open foreign exchange management system [1][2][4] Group 2 - The "three focuses" approach will be adopted to deepen capital account foreign exchange management reform, aiming for high-quality development and security [2][3] - The focus on system integration will involve top-level design and practical exploration of direct investment, external debt management, and securities investment reform [2][3] - Emphasis will be placed on key areas to drive reform, including the removal of certain registration requirements for foreign investment and the expansion of pilot programs for direct bank handling of external debt registration [3][4] Group 3 - The overall progress of capital account openness aligns with the construction of a socialist market economy, providing strong support for high-quality economic development [4][5] - Recent reforms have significantly improved the convenience of cross-border direct investment, including the reduction of foreign investment registration processes [4][5] - Cross-border securities investment channels are expanding, with ongoing efforts to optimize policies for domestic companies seeking to list abroad [5][6] Group 4 - Cross-border financing reforms have shown notable improvements, including the simplification of external debt registration procedures and the expansion of pilot programs for high-tech enterprises [6] - The government is enhancing the digitalization of capital project services, increasing the proportion of online processing for administrative approvals [6]

Core Viewpoint - The State Administration of Foreign Exchange (SAFE) has drafted a notice to deepen the reform of foreign exchange management for cross-border investment and financing, aiming to optimize the business environment and support high-quality economic development. The notice includes nine specific policies across three main areas: enhancing cross-border investment and financing management, and optimizing capital project income payment facilitation [1]. Group 1: Cross-Border Investment Policies - The notice cancels the basic information registration for foreign direct investment (FDI) pre-investment expenses, allowing foreign investors to directly open accounts at banks without prior registration [2]. - Foreign investors can now directly transfer funds for project evaluation and due diligence without needing to complete pre-investment expense registration, thus reducing their operational costs and improving capital efficiency [2]. Group 2: Domestic Reinvestment Policies - The notice eliminates the registration requirement for foreign investment enterprises' domestic reinvestment, allowing funds to be directly transferred to relevant accounts [3]. - It also permits the reinvestment of foreign exchange profits generated domestically by foreign enterprises, providing a clear policy basis for related business operations [3]. Group 3: Financing for High-Tech Enterprises - The notice raises the foreign debt facilitation limit for high-tech, specialized, and innovative small and medium-sized enterprises to the equivalent of $1 million, with certain qualified enterprises able to access up to $2 million [4][5]. - The simplification of signing and registration requirements for cross-border financing will reduce financial costs and improve financing efficiency for enterprises [6]. Group 4: Real Estate Sector Adjustments - The notice reduces the negative list for capital project income usage, allowing foreign exchange income to be used for purchasing non-self-occupied residential properties, which was previously restricted [7]. - For foreign individuals, the notice facilitates the currency exchange process for purchasing property in China, allowing them to complete transactions without prior registration documentation [8].

Core Viewpoint - The State Administration of Foreign Exchange (SAFE) held a video conference to discuss foreign exchange management work for the second half of 2025, emphasizing the importance of risk prevention, strong regulation, and promoting development in the foreign exchange sector [1][2]. Group 1: Key Points from the Meeting - Since 2025, the foreign exchange management department has focused on implementing the central economic work conference's spirit, enhancing support for the real economy's high-quality development, and facilitating foreign trade [2]. - The department has introduced policies to ease foreign exchange settlement for quality enterprises and expanded cross-border trade pilot programs [2]. - A total of $30.8 billion in new investment quotas has been allocated to Qualified Domestic Institutional Investors (QDII) [2]. Group 2: Future Work Plans - The meeting outlined plans to deepen foreign exchange reform and support stable foreign trade, including optimizing foreign exchange management for new trade entities and facilitating overseas funding for engineering companies [3]. - There will be a push to cancel registration for reinvestment by foreign-invested enterprises and to facilitate cross-border financing for technology companies [3]. - The focus will also be on enhancing the regulatory capacity under open conditions, improving legal frameworks for foreign exchange management, and utilizing technology to increase regulatory efficiency [3].