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].

Core Viewpoint - The recent recovery of the RMB against the USD is attributed to domestic economic stabilization and supportive policies, alongside a decline in the USD index, which alleviates depreciation pressure on the RMB [1][2][4]. Group 1: RMB Exchange Rate Recovery - The onshore and offshore RMB against the USD have both recovered above the 6.7 mark, with the onshore rate closing at 6.6737 on May 25, following a low of 6.7898 on May 13 [1][2]. - The RMB's recovery is supported by the gradual easing of local COVID-19 restrictions and the implementation of growth-stabilizing policies, which have boosted market confidence [2][4]. Group 2: USD Index Dynamics - The USD index peaked at over 105 on May 13 but has since declined to around 102, influenced by concerns over a potential U.S. economic recession [4][5]. - Recent economic indicators, such as the New York Fed manufacturing PMI and the Philadelphia Fed manufacturing index, have shown significant declines, indicating downward pressure on U.S. economic growth [4]. Group 3: Market Sentiment and Stability - Market participants are generally rational regarding recent RMB fluctuations, with no signs of panic in the foreign exchange market, reflecting a normal state of market volatility [3][4]. - The RMB's exchange rate is expected to remain stable in the long term, primarily driven by domestic fundamentals, despite short-term fluctuations influenced by external factors [6]. Group 4: Future Outlook - Short-term predictions suggest a wide range of fluctuations for the RMB, influenced by the upcoming Federal Reserve meeting and potential interest rate hikes [6]. - The recent measures by the foreign exchange bureau aim to enhance the management of foreign exchange risks for enterprises, promoting a risk-neutral approach to currency management [7].

Core Viewpoint - The People's Bank of China (PBOC) Heilongjiang Branch emphasizes the implementation of a moderately loose monetary policy and the enhancement of financial services to support the real economy in the second half of 2025 [1] Group 1: Monetary Policy - The PBOC plans to implement a moderately loose monetary policy and utilize various monetary policy tools to maintain ample liquidity [1] - Financial institutions are encouraged to maintain reasonable credit growth [1] Group 2: Support for the Real Economy - The focus is on enhancing the quality and efficiency of financial services for the real economy, aiming to expand total financing and optimize the structure [1] - There is an emphasis on reducing the overall financing costs for enterprises and broadening financing channels [1] Group 3: Financial Risk Management - The PBOC aims to actively promote the prevention and resolution of financial risks while maintaining financial stability in the region [1] - Efforts will be made to improve financial service satisfaction and enhance credit reporting to facilitate financing [1] Group 4: Financial Services and Infrastructure - The PBOC will advance the special action plan for county-level financial service management and improve the convenience of payment environments [1] - There will be a focus on enhancing cash security capabilities and conducting comprehensive financial statistics and research [1] Group 5: Foreign Exchange Management - The PBOC is set to promote the facilitation of trade foreign exchange receipts and payments for quality enterprises [1] - Measures will be taken to lower the costs of foreign exchange risk hedging for enterprises and to regulate the foreign exchange market order [1]

Core Viewpoint - The National Foreign Exchange Administration's Wuwei Branch has successfully initiated a pilot program for the cross-border financial service platform "Enterprise Exchange Rate Risk Management Service," which aims to help enterprises manage exchange rate risks effectively and improve operational efficiency [1] Group 1: Pilot Program Implementation - The pilot program was launched on July 31, with the first exchange rate hedging transaction completed by the Bank of Communications Wuwei Branch for a local enterprise [1] - The program has significantly enhanced the efficiency of business operations while helping enterprises mitigate exchange rate risks [1] Group 2: Promotion and Support - The Wuwei Branch has actively organized financial institutions to promote the concept of neutral exchange rate risk through visits and seminars, guiding enterprises to use hedging tools to cope with exchange rate fluctuations [1] - The branch aims to focus on small and micro enterprises, deepening the application of the cross-border financial service platform and integrating pilot policies with regional economic development [1]