Core Viewpoint - The State Administration of Foreign Exchange has released the compliance and prudent operation assessment results for bank foreign exchange businesses for 2025, with ICBC Jiyuan Branch achieving an "A" rating for the third consecutive year, highlighting its strong compliance capabilities and stable operational performance in the foreign exchange sector [1][2]. Group 1: Compliance and Operational Excellence - ICBC Jiyuan Branch has adhered strictly to foreign exchange management policies and established a comprehensive compliance internal control system [1]. - The bank conducts regular specialized training and compliance checks to ensure that foreign exchange operations are standardized and risks are controllable [1]. - The branch has optimized cross-border financial services based on corporate needs and introduced various measures to benefit enterprises [1]. Group 2: Support for the Real Economy - The bank actively implements policies to facilitate trade foreign exchange receipts and payments, creating a "green channel" for compliant enterprises [1]. - It focuses on hedging against exchange rate risks by providing tailored solutions such as forward contracts and options, maintaining a leading position in the regional exchange rate hedging business [1]. - The branch is accelerating its digital transformation to expand the application scenarios of cross-border financial service platforms, enabling online processing of financing and settlement, thereby reducing operational costs for enterprises [1]. Group 3: Collaboration with Regulatory Authorities - ICBC Jiyuan Branch enhances communication and collaboration with regulatory authorities, actively participating in various research and inspection activities [1]. - The bank promptly conveys policy directions and builds a communication bridge between enterprises and regulatory bodies, fostering a positive interaction between regulation and operations [1]. Group 4: Future Commitment - The branch views its continued "A" rating as both an honor and a responsibility, committing to strengthen compliance management and innovate cross-border financial service models [2]. - It aims to enhance the quality of professional services to support local foreign trade enterprises and inject financial momentum into the high-quality development of the regional open economy [2].

Core Viewpoint - The Chinese yuan (RMB) has strengthened against the US dollar, reaching a high point not seen in over a year, with both onshore and offshore RMB trading around 7.08 against the dollar, indicating a "double strong" trend between the RMB and the dollar [1][2] Group 1: Economic Fundamentals - China's economy has shown resilience this year, with exports strengthening and a favorable international balance of payments, achieving a total foreign-related income and expenditure of $11.6 trillion in the first three quarters, a historical high for the same period [1] - There has been a net inflow of cross-border capital amounting to $119.7 billion, surpassing the level from the previous year, contributing to the RMB's strength [1] - The RMB's appreciation is supported by stable expectations in the foreign exchange market, particularly following the recent summit between the Chinese and US leaders, which has improved bilateral relations [1] Group 2: Market Dynamics - The expectation of a potential interest rate cut by the Federal Reserve in December is anticipated to further support the RMB's strength [2] - The end of the year is traditionally a peak season for currency settlement, which is expected to provide additional upward momentum for the RMB [2] - The foreign exchange market in China has demonstrated resilience and vitality amid complex international conditions, with rational market expectations and orderly trading [2] Group 3: Risk Management and Market Behavior - More enterprises are adopting a neutral stance on exchange rate risks, and there is a steady improvement in risk management capabilities, which enhances the stability of the RMB [2] - The price mechanism is increasingly playing a role in balancing market supply and demand, further solidifying the foundation for a stable RMB exchange rate [2]

美联储12月降息预期再度升温，这一因素也会支撑人民币汇率走强。而年末是传统季节性结汇高峰，有 望继续为人民币汇率提供重要升值动能。今年以来，我国外汇市场在复杂多变的国际局势下保持平稳运 行，表现出较强韧性和活力，市场预期和交易理性有序，人民币汇率经受住了市场波动的考验。展望未 来一段时间，市场普遍看好人民币汇率维持稳定甚至升值的阶段性趋势。随着越来越多的企业树立汇率 风险中性理念，以及汇率风险管理水平稳步提升，价格机制促进市场供求平衡的作用愈发凸显，人民币 汇率稳的基础将进一步夯实。 11月26日，人民币对美元中间价再度上调，创逾一年高点；在岸人民币、离岸人民币对美元汇率双双走 高至7.08附近。近一段时间以来，人民币与美元呈现"双强"格局，美元指数从9月中旬的96左右走强至 100附近；同期人民币对美元汇率震荡上行，反映人民币对一篮子汇率的CFETS人民币汇率指数同样走 强，与众多非美货币相比走出独立行情。 9月以来，人民币对美元汇率曾数次升破7.10。尽管此次能否打破这一关键阻力点位尚需观察，但支撑 人民币走强的因素不断积累。 从基本面看，今年以来，我国经济顶住压力，出口韧性进一步增强，国际收支状况良好。 ...

为企业提升汇率风险管理能力、 近日，兴业银行肇庆分行在肇庆市举办2025年度"兴享共赢·汇达未来"金融护航外贸企业高质量发展大会系列活动，旨在精准传导外汇便利化政策红利， 为当地涉外企业提供专业汇率风险管理方案与跨境金融服务，推动外贸企业高水平发展，活动得到中国人民银行肇庆市分行、国家外汇管理局肇庆市分局 的悉心指导，吸引了50多家中资出海大型企业、中小微进出口企业代表参会。 活动现场，兴业研究公司、总行资金营运中心及兴业银行广州分行的专家团队，围绕"海外宏观与汇率展望""企业新型汇率风险管理体系"以及"兴业银行 跨境金融服务方案暨出海企业全生命周期服务方案"三大主题展开深入讲解。既分析了复杂国际形势下汇率波动的深层逻辑，又结合当地的经济特征，详 解套期保值工具在实际经营中的应用策略，引导企业树立汇率风险中性理念，助力企业实现"走出去"过程中的资金高效管理和合规运营，提升应对市场波 动的能力，并针对外贸企业账户、结算、融资等需求提供切实可行的综合方案。 参会企业代表纷纷表示， 本次会议内容详实、案例生动， 既有宏观趋势的前瞻研判， 又有贴近实际业务的操作指引， 优化跨境资金运作提供了 清晰路径和有力支撑。 本 ...

参会企业代表反馈，会议内容详实、案例生动，兼具宏观视野与实操指导，为提升跨境资金管理能力提 供了有效支持。 兴业银行广州分行表示，未来将继续整合资源，通过"线上+线下、本外币一体化"服务模式，精准助力 外贸企业高质量发展，为广东构建高水平开放新格局贡献金融力量。 日前，由兴业银行广州分行主办的"兴享共赢·汇达未来"金融护航外贸企业高质量发展大会在肇庆举 行。活动在中国人民银行肇庆市分行、国家外汇管理局肇庆市分局指导下开展，共吸引50多家中资出海 大型企业及中小微进出口企业代表参与。 会议聚焦海外宏观与汇率展望、企业汇率风险管理体系及跨境金融服务方案三大主题。来自兴业研究公 司、总行资金营运中心及广州分行的专家团队深入解析汇率波动逻辑，结合本地实际推介套期保值工具 应用，引导企业树立汇率风险中性理念，并提供涵盖账户、结算、融资等需求的综合服务方案。 采写：南都N视频记者蔡雯 ...

Core Insights - The event "Pu Ying Si Hai E Lu Tong Xing" organized by SPD Bank Chengdu Branch focuses on new opportunities for enterprises going abroad and exchange rate risk hedging [1][4] - Over 40 foreign-related enterprises from Sichuan province participated in the event, highlighting the bank's commitment to supporting local businesses in their international endeavors [1][4] Group 1: Event Overview - The event featured leaders and experts from SPD Bank's cross-border financial department, financial market department, and external consulting firms, providing lectures and discussions [1][3] - The event aims to implement the Sichuan provincial government's strategy to leverage Shanghai's unique advantages in financial services for regional economic development [4] Group 2: Financial Services and Solutions - SPD Bank's cross-border financial service system, termed "6+X," was introduced, along with representative project cases addressing the pain points faced by Chinese enterprises going abroad [3] - The bank's senior trader analyzed recent foreign exchange market trends and promoted the concept of exchange rate risk neutrality, emphasizing the advantages of the "Pu Yin Hedging" product and related strategies [3] Group 3: Tax Compliance and Risk Management - A cross-border tax expert discussed the current foreign payment policies and regulatory framework, analyzing various countries' tax systems and potential risks [3] - The expert emphasized the importance of tax compliance requirements and strategies for enterprises during their international expansion [3]

Core Viewpoint - The People's Bank of China, Henan Branch, reported on the financial operations and monetary policy implementation in Henan Province for the first three quarters of 2025, highlighting the stability and growth of financial metrics, credit structure optimization, and support for various sectors including agriculture, manufacturing, and consumption [4][5][6][9]. Financial Operations and Monetary Policy Implementation - The financial operation in Henan Province has shown overall stability, with a total deposit balance of 11.7 trillion yuan and a loan balance of 9.3 trillion yuan as of September [5]. - New loans in the first three quarters amounted to 408.16 billion yuan, with a social financing scale increase of 726.95 billion yuan [5]. Credit Structure Optimization - Agricultural loans increased to 2.6 trillion yuan, with a rise of 77.13 billion yuan since the beginning of the year, supporting food security and high-standard farmland construction [6]. - Manufacturing loans reached 664.88 billion yuan, up by 79.46 billion yuan, while loans for strategic emerging industries like new energy vehicles grew by 74.6 billion yuan [6]. - Infrastructure loans also saw an increase, totaling 1.7 trillion yuan, with a rise of 52.46 billion yuan [6]. - General consumer loans grew to 724.1 billion yuan, with a 36.57 billion yuan increase, indicating a focus on supporting consumption [6]. Financing Costs - The average interest rate for newly issued loans in September was 3.83%, down by 0.61 percentage points year-on-year, indicating a reduction in financing costs for both enterprises and individuals [8]. Financial Support for Key Areas - The Henan Branch has implemented the "Five Major Financial Articles" policy, focusing on technology finance, green finance, inclusive finance, pension finance, and digital finance, with respective loan balances showing significant year-on-year growth [9][10][11][12]. - Technology loans reached 1.07916 trillion yuan, up by 15.9%, while green loans increased by 27% to 1.03809 trillion yuan [9]. Bond Market Financing - The bond financing in the interbank market has grown, with a total of 448.87 billion yuan in corporate debt financing tools by September, reflecting an 8.6% increase [12]. - Innovative debt financing tools saw a 64.9% increase, reaching 46.23 billion yuan [12]. Support for Foreign Economic Development - The foreign exchange market in Henan has remained stable, with nearly 70 billion USD in facilitation business processed in the first three quarters [15]. - The province has supported cross-border financial innovations, with capital project digital business reaching 700 million USD [15][16]. Consumer Support Measures - The Henan Branch has implemented measures to boost consumption, with personal consumption loans (excluding housing) reaching 724.1 billion yuan, a year-on-year increase of 9.83% [20][21]. - The focus has been on enhancing financial products and services to meet diverse consumer needs, with service consumption loans growing to 105.88 billion yuan, up by 4.04% [21].

Core Viewpoint - The Bank of Communications Pingdingshan Branch is actively supporting local foreign trade enterprises, particularly Shennma Co., by providing professional exchange rate risk management services to enhance their ability to cope with exchange rate fluctuations and promote stable foreign trade development [1][2]. Group 1: Exchange Rate Risk Management - The Bank of Communications Pingdingshan Branch has responded to national policies aimed at stabilizing foreign trade by offering targeted exchange rate risk management services to key local foreign trade enterprises [1]. - Shennma Co., as a benchmark enterprise in the local foreign trade sector, faces challenges from exchange rate fluctuations, prompting the bank to implement a financial management philosophy centered on exchange rate risk neutrality [1]. - The bank's services have helped Shennma Co. improve its cost control capabilities amid exchange rate volatility and recognize the importance of maintaining an exchange rate risk-neutral approach for financial stability [1]. Group 2: Future Initiatives - The Bank of Communications Pingdingshan Branch plans to continue implementing measures related to stabilizing foreign trade, focusing on financial product and service innovation [2]. - There will be an emphasis on promoting the exchange rate risk neutrality concept to assist more foreign trade enterprises in enhancing their overall risk resistance capabilities [2]. - The bank aims to inject financial momentum into the high-quality development of the local real economy through these initiatives [2].

Core Insights - The Export-Import Bank of Jilin Province has successfully established its first "foreign exchange risk hedging" client, marking a significant breakthrough in supporting local foreign trade enterprises [1] - The increasing market-oriented reform of the RMB exchange rate has led to dual fluctuations, posing challenges to the financial stability of foreign-related enterprises, particularly small and medium-sized enterprises lacking experience in exchange rate risk management [1] - The successful establishment of the first hedging client reflects the bank's commitment to policy-oriented banking and customer-centric service, enhancing the resilience and competitiveness of foreign-related enterprises in the international market [1] Group 1 - The Export-Import Bank of Jilin Province is responding to national calls to guide enterprises in establishing a neutral approach to exchange rate risk [1] - The bank recognizes the importance of helping enterprises avoid exchange rate risks and achieve stable operations, focusing on expanding hedging services and cultivating "first clients" [1] - The successful hedging service has provided the client with confidence in managing exchange rate fluctuations, enabling better international market expansion [1] Group 2 - The bank plans to continue strengthening its core responsibilities by increasing financial support for foreign trade enterprises and enriching the supply of foreign exchange hedging products [2] - The bank aims to expand the coverage of "first client" services and provide high-quality comprehensive financial services to ensure the steady development of foreign-related enterprises in Jilin Province [2] - The efforts contribute to the revitalization of the Northeast old industrial base and support the construction of a new development pattern [2]

Core Viewpoint - The recent strengthening of the Renminbi (RMB) against the US dollar has raised market attention towards the future trends of the RMB exchange rate, influenced by various economic factors and geopolitical risks [1][2]. Group 1: Economic Factors Influencing RMB Exchange Rate - The RMB has appreciated 0.89% against the US dollar in the onshore market and 0.68% in the offshore market as of March 9, 2023, with both markets reaching their highest levels since 2018 [1]. - Key factors affecting the RMB's exchange rate include the economic growth rate differences between China and the US, monetary policy comparisons, and the balance of international payments [1][2]. - The GDP growth rate gap between China and the US is expected to narrow in 2022 due to post-pandemic recovery, while the People's Bank of China is likely to implement policies that support economic growth, indicating a marginal easing of monetary policy [2]. Group 2: Geopolitical and Market Sentiment Factors - Geopolitical risks, such as the ongoing Russia-Ukraine conflict and high overseas pandemic rates, have increased the demand for the RMB as a safe-haven asset, which may support its value [2][3]. - The current export growth rate is anticipated to decline, leading to a reduction in the current account surplus, which may weaken support for the RMB [3]. - Overall, the RMB is expected to maintain a stable central tendency with two-way fluctuations rather than a sustained trend of appreciation or depreciation [3]. Group 3: Risk Management for Enterprises - In the context of fluctuating exchange rates, effective risk management is crucial for foreign trade enterprises, which should adopt a neutral stance towards exchange rate risks and develop effective hedging strategies [4]. - Enterprises are encouraged to rationally manage their currency exposure and utilize financial derivatives to hedge against exchange rate risks [4].