人民财讯1月6日电，2026年全国外汇管理工作会议1月5日至6日在京召开。会议深入学习贯彻党的二十 届四中全会和中央经济工作会议精神，总结2025年外汇管理工作，分析当前金融外汇形势，研究部署 2026年重点工作。会议强调，2026年，外汇管理工作要按照全国金融系统工作会议要求，坚持稳中求 进、提质增效，更好统筹发展和安全，着力构建"更加便利、更加开放、更加安全、更加智慧"的外汇管 理体制机制，推动外汇领域深层次改革和高水平开放，有效保障各类主体用汇需求，防范化解外部冲击 风险，进一步加强事中事后监管，努力营造既"放得活"又"管得好"的外汇政策环境，为"十五五"开好 局、起好步贡献外汇力量。 转自：证券时报 ...

Core Points - The People's Bank of China and the State Administration of Foreign Exchange will introduce nine policy measures to promote trade innovation and development [1] - The policies will include integrated currency pools for multinational companies and management of funds for domestic companies listed overseas [1] - The aim is to create a more convenient, open, secure, and intelligent foreign exchange management system [1] Summary by Category Policy Measures - Nine new policy measures will be implemented to enhance trade innovation and development [1] - Policies will focus on integrated currency pools and management of overseas listing funds [1] Market Performance - In 2024, foreign exchange market trading volume is expected to increase by 37% compared to 2020 [1] - The scale of foreign-related income and expenditure is projected to grow by 64% compared to 2020 [1] - In the first three quarters of this year, the foreign-related income and expenditure reached $11.6 trillion, setting a historical record for the same period [1] Future Outlook - The focus will be on creating a foreign exchange management system that is more convenient, open, secure, and intelligent [1] - There will be an emphasis on trade facilitation and the introduction of new policies to promote trade innovation [1] - The strategy includes advancing the internationalization of the Renminbi and high-quality opening of capital projects [1]

Core Insights - The People's Bank of China and the State Administration of Foreign Exchange will introduce nine policy measures to promote trade innovation and development [1][2] - The focus will be on enhancing cross-border trade and investment facilitation, deepening foreign exchange market development, and creating favorable conditions for global economic cooperation [2] Group 1: Policy Measures - Nine new policy measures will be implemented to drive trade innovation and development [1] - Policies will include integrated currency pools for multinational corporations and management of funds for domestic companies listed overseas [1][2] - A pilot program for integrated foreign exchange management reform will be launched in free trade zones [1] Group 2: Market Performance - In 2024, foreign exchange market trading volume is expected to increase by 37% compared to 2020, while foreign-related income and expenditure will grow by 64% [2] - In the first three quarters of this year, the foreign-related income and expenditure reached a record high of 11.6 trillion USD [2] Group 3: Future Outlook - The aim is to build a foreign exchange management system that is more convenient, open, secure, and intelligent [2] - The focus will be on enhancing the foreign exchange policy system that rewards integrity with convenience, and promoting high-level institutional openness in the foreign exchange sector [2] - Continuous improvement of foreign exchange supervision and risk prevention capabilities will be prioritized to enhance economic resilience and stability [2]

Core Viewpoint - The People's Bank of China and the State Administration of Foreign Exchange are committed to deepening reforms and high-level openness in the foreign exchange sector, introducing supportive policies to enhance cross-border investment and financing convenience in response to external challenges [1][2]. Group 1: Policy Initiatives - The State Administration of Foreign Exchange has proposed nine policies to deepen cross-border financing foreign exchange management reform, aiming to enhance the convenience of cross-border investment and financing [1][5]. - Policies include the cancellation of pre-registration for domestic direct investment expenses, allowing foreign exchange profits from foreign direct investment to be reinvested domestically, and simplifying cross-border financing registration requirements [5]. Group 2: Economic Context - Since April, international economic and trade order has faced severe shocks, leading to significant fluctuations in international financial markets. However, the foreign exchange market in China has remained stable overall [1]. - The RMB has appreciated by 1.6% against the USD this year, with increased foreign investment in domestic bonds and stocks [1]. Group 3: Future Outlook - The foreign exchange market in China is expected to maintain stable operations, supported by a recovering economy and balanced international payments [1]. - The State Administration of Foreign Exchange plans to implement a series of supportive policies to stabilize employment, businesses, markets, and expectations [3][4]. Group 4: Technological Integration - The State Administration of Foreign Exchange aims to enhance the digital and intelligent level of foreign exchange management through the use of artificial intelligence and big data [3]. Group 5: Support for Trade and Investment - The administration will deepen trade foreign exchange business management reform and implement high-level open pilot projects for cross-border trade, facilitating more entities in trade to benefit from these policies [3][4]. - A series of innovative foreign exchange policies will be implemented in free trade pilot zones, including optimizing international trade settlement and expanding pilot programs for qualified foreign limited partners [4].

Core Views - The 2025 Lujiazui Forum focuses on "Financial Opening Cooperation and High-Quality Development in the Context of Global Economic Changes" [2] - Key speeches were delivered by prominent financial leaders, emphasizing the importance of financial cooperation and reform in response to global economic challenges [19][43] Group 1: Global Financial Governance - The evolution of the international monetary system reflects deep changes in global dynamics, with historical shifts in dominant currencies indicating the need for reform [6][8] - Discussions on the international monetary system are increasingly driven by geopolitical factors, with a focus on reducing reliance on a single sovereign currency and promoting a multipolar currency system [7][8] - The potential for Special Drawing Rights (SDR) to serve as a super-sovereign currency is acknowledged, but challenges remain in achieving international consensus and expanding its use [8] Group 2: Cross-Border Payment Systems - The cross-border payment system is crucial for global financial stability and is evolving towards greater diversification due to technological advancements [9][10] - Traditional cross-border payment methods face challenges such as inefficiency and high costs, prompting calls for improvement and international cooperation [10] - Emerging technologies like blockchain are reshaping cross-border payments, enhancing efficiency while posing regulatory challenges [11] Group 3: Global Financial Stability - The global financial stability framework has been strengthened post-2008 financial crisis, with enhanced crisis response mechanisms and regulatory reforms [12][13] - New challenges include fragmented regulatory frameworks and insufficient oversight of emerging financial sectors, necessitating improved global coordination [14][15] - The importance of a robust IMF in maintaining global financial stability and governance is emphasized, with calls for reform to reflect the changing global economic landscape [16][17] Group 4: Financial Opening and Cooperation - Financial opening is seen as a key driver for China's financial reform and development, with significant foreign investment in the Chinese financial sector [20][21] - China's financial market is positioned as a vital opportunity for global investors, with a growing share of foreign assets and increasing market participation [21][22] - The expansion of financial services and products in China is expected to continue, driven by consumer demand and technological advancements [23][24] Group 5: Capital Market Development - The capital market in China is undergoing structural changes that support the integration of technology and industry, enhancing the financing environment for innovative enterprises [32][34] - The role of the capital market in facilitating technology innovation and industry transformation is highlighted, with a focus on improving service offerings for different stages of enterprise development [33][35] - Continued reforms in the capital market are necessary to enhance its attractiveness and competitiveness, particularly in supporting high-quality development [36][40]