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]

在"更加开放"方面，国家外汇局将推动外汇领域高水平制度型开放。深化直接投资外汇管理体制改革， 缩减外商直接投资外汇登记流程和资金使用负面清单。稳慎拓展金融市场互联互通，优化合格境外投资 者制度。深化外汇市场发展和对外开放，完善外汇市场产品体系，扩大境内外汇市场参与主体，持续优 化企业汇率风险管理服务。 在"更加安全"方面，国家外汇局将加强外汇市场"宏观审慎+微观监管"两位一体管理，维护外汇市场稳 定和国家经济金融安全。坚决防范外部冲击风险，强化跨境资金流动监测预警，加强宏观审慎管理和预 期引导，保持人民币汇率在合理均衡水平上的基本稳定，保持国际收支基本平衡。全面加强外汇领域监 管，高压打击外汇领域违法违规活动。 在"更加智慧"方面，国家外汇局将妥善运用人工智能、大数据等科技手段，提升外汇管理数字化智能化 水平。 证券时报记者贺觉渊 6月18日，中国人民银行副行长、国家外汇局局长朱鹤新在2025陆家嘴论坛发表主题演讲时表示，坚定 推进外汇领域深层次改革和高水平开放。面对外部环境急剧变化，国家外汇局积极推出多项支持性政 策。当天，国家外汇局就《关于深化跨境投融资外汇管理改革有关事宜的通知（征求意见稿）》（以下 简 ...

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]