专家表示，此举能够降低企业远期购汇成本，提高企业在购汇方向开展外汇套期保值的积极性，也有利 于支持企业合理运用外汇衍生产品管理好汇率风险。企业和金融机构不宜盲目跟风、赌汇率走势，要坚 持汇率风险中性理念，做好汇率风险管理。 促进外汇政策回归中性 据了解，此次是人民银行时隔近3年半再次使用远期售汇业务外汇风险准备金率工具。上一次调整是在 2022年9月，人民银行将该准备金率从0上调至20%。 "远期售汇业务的外汇风险准备金率是人民银行针对银行远期售汇业务创设的逆周期宏观审慎管理工 具，通过要求金融机构按签约额比例缴存无息准备金，（下转A02版） （上接A01版）传导至远期售汇价格进而调节市场交易行为。"民生银行首席经济学家温彬说。 ● 本报记者 彭扬 中国人民银行2月27日消息，为促进外汇市场发展，支持企业管理好汇率风险，人民银行决定自2026年3 月2日起，将远期售汇业务的外汇风险准备金率从20%下调至0。 专家表示，本次人民银行下调远期售汇业务的外汇风险准备金率实质上是合理退出前期措施，促进外汇 政策回归中性。 中银证券全球首席经济学家管涛表示，根据外汇形势发展变化适时退出前期的逆周期措施，有助于降低 企业 ...

促进外汇政策回归中性 远期售汇业务外汇风险准备金率下调为0 ◎记者 张琼斯 "这意味着有60%的企业在外贸出口上，受到汇率风险的影响较小。未来，这两个比例有望进一步提 高，也有利于保持汇率稳定。"权威专家表示。 权威专家表示，未来一段时期，外部形势复杂多变，人民币汇率走势仍存在较大不确定性，外贸企业应 做好汇率套保。当前国际环境复杂多变，地缘政治冲突增多，都可能加剧全球外汇市场波动，并对人民 币汇率走势形成扰动。 "未来，随着市场在汇率形成中发挥更大作用，人民币汇率可能有升有贬、双向浮动。"权威专家表示， 企业和金融机构不宜盲目跟风、赌汇率走势，要坚持汇率风险中性理念，做好汇率风险管理。 央行称，下一步，将继续引导金融机构优化对企业汇率避险服务，保持人民币汇率在合理均衡水平上的 基本稳定。 2026年以来，在美元偏弱、结汇需求增加等因素驱动下，人民币对美元持续升值。 权威专家认为，本次下调可以降低企业远期购汇成本，提高企业在购汇方向开展外汇套保的积极性，也 有利于支持企业合理运用外汇衍生产品管理好汇率风险。 "本次下调有利于支持企业更好开展汇率避险。"权威专家表示，通过本次下调，金融机构可以为企业提 供成本合 ...

此前，中国人民银行副行长邹澜在1月份国新办举行的新闻发布会上宣布了一揽子政策举措，其中就包括"鼓励金融机构提 升汇率避险服务水平"。 上述业内专家表示，本次下调远期售汇风险准备金率，有助于金融机构为企业提供成本合理的汇率风险管理产品，也是落 实一揽子政策的具体体现。2025年，企业套期保值比率提升至30%，货物贸易中使用人民币结算的比重也提高到近30%，相当 于有60%的企业在外贸出口上，受到汇率风险的影响较小，未来这两个比例有望进一步提高，也有利于保持汇率稳定。 中国人民银行表示，下一步将继续引导金融机构优化对企业汇率避险服务，保持人民币汇率在合理均衡水平上的基本稳 定。 "未来一段时期外部形势复杂多变，人民币汇率走势仍存在较大不确定性，外贸企业应做好汇率套保。"前述业内专家进一 步表示，未来随着市场在汇率形成中发挥更大作用，人民币汇率可能有升有贬、双向浮动。企业和金融机构不宜盲目跟风、赌 汇率走势，要坚持汇率风险中性理念，做好汇率风险管理。 本报记者 刘琪 2月27日，中国人民银行宣布，为促进外汇市场发展，支持企业管理好汇率风险，自2026年3月2日起，将远期售汇业务的 外汇风险准备金率从20%下调至0。 ...

时隔3年半，央行再次下调远期售汇风险准备金率。 2月27日，中国人民银行发布公告称，决定自2026年3月2日起，将远期售汇业务的外汇风险准备金率从 20%下调至0。 记者了解到，远期售汇业务的外汇风险准备金率自2015年"8·11"汇改以来，随人民币汇率的起伏经历了 多次调整，此番为第3次归0。此次下调远期售汇风险准备金率的背景是在岸人民币兑美元持续升值，市 场对于人民币单边升值预期有所强化，远期结汇意愿相对较强，而远期购汇需求有所收缩。此时将准备 金率降至0，顺应当前市场形势，释放被动积压的外汇对冲需求，在一定程度上为汇率双向波动提供更 均衡的市场基础。 远期售汇风险准备金率多次下调 为促进外汇市场发展，支持企业管理好汇率风险，中国人民银行在2月27日宣布，自2026年3月2日起， 将远期售汇业务的外汇风险准备金率从20%下调至0。下一步，中国人民银行将继续引导金融机构优化 对企业汇率避险服务，保持人民币汇率在合理均衡水平上的基本稳定。 从人民币汇率走势来看，自2025年4月以来，在岸人民币兑美元持续升值，至2025年底已升破7.0关口， 2026年春节前进一步升破6.9，2月26日盘中更触及6.83附近， ...

2025年，企业套期保值比率提升至30%，货物贸易中使用人民币结算的比重也提高到近30%，相当于有 60%的企业在外贸出口上，受到汇率风险的影响是比较小的，未来这两个比例有望进一步提高，也有利 于保持汇率稳定。 "未来一段时期外部形势复杂多变，人民币汇率走势仍存在较大不确定性，外贸企业应做好汇率套 保。"上述专家说。 2月27日，人民币对美元汇率由涨转跌，在岸、离岸人民币对美元汇率失守6.85元关口。Wind数据显 示，截至15:08，离岸人民币对美元汇率报6.8529元，较前收盘价跌86个基点；在岸人民币对美元汇率 报6.8565元，较前收盘价跌168个基点。 权威专家表示，未来随着市场在汇率形成中发挥更大作用，人民币汇率可能有升有贬、双向浮动。企业 和金融机构不宜盲目跟风、赌汇率走势，要坚持汇率风险中性理念，做好汇率风险管理。 中国人民银行2月27日消息，为促进外汇市场发展，支持企业管理好汇率风险，中国人民银行决定自 2026年3月2日起，将远期售汇业务的外汇风险准备金率从20%下调至0。 这是时隔近3年半央行再次使用该工具，本次下调远期售汇风险准备金率实质上是合理退出前期措施， 促进外汇政策回归中性。 ...

中国人民银行（宋家儒/人民图片) 1月15日举行的国新办新闻发布会上，中国人民银行宣布一揽子政策举措，鼓励金融机构提升汇率避险服务水平。本次下调远期售汇风险准备金率，有助 于金融机构为企业提供成本合理的汇率风险管理产品，也是落实一揽子政策的具体体现。2025年，企业套期保值比率提升至30%，货物贸易中使用人民币 结算的比重也提高到近30%，相当于有60%的企业在外贸出口上，受到汇率风险的影响是比较小的，未来这两个比例有望进一步提高，也有利于保持汇率 稳定。 年初以来，受美元指数走弱等因素影响，人民币对美元汇率持续升值。当前国际环境复杂多变，地缘政治冲突增多，俄乌战争长期化，中东局势动荡，拉 美政治事件突发，都可能加剧全球外汇市场波动，并对人民币汇率走势形成扰动。未来一段时期外部形势复杂多变，人民币汇率走势仍存在较大不确定 性，随着市场在汇率形成中发挥更大作用，人民币汇率可能有升有贬、双向浮动。企业和金融机构不宜盲目跟风、押注汇率走势，要坚持汇率风险中性理 念，做好汇率风险管理。 来源：人民日报经济社会 中国人民银行27日上午发布消息，为促进外汇市场发展，支持企业管理好汇率风险，决定自2026年3月2日起，将远 ...

Core Viewpoint - The People's Bank of China (PBOC) Shanghai Headquarters emphasizes the importance of implementing monetary policy requirements and enhancing market interest rate pricing capabilities [1] Group 1: Monetary Policy Implementation - The meeting highlighted the need to strictly execute various interest rate policies and self-discipline requirements [1] - The PBOC encourages the effective use of optimized structural monetary policy tools, including Shanghai-specific instruments like "Hu Ke Special Loan," "Hu Ke Special Discount," and "Cross-Border Refinance" [1] Group 2: Risk Management - There is a focus on promoting the concept of neutral exchange rate risk and encouraging enterprises to utilize hedging tools to mitigate exchange rate fluctuation risks [1]

Core Viewpoint - The People's Bank of Shanghai emphasizes the effective implementation of monetary policy requirements and the enhancement of market interest rate pricing capabilities [1] Group 1: Monetary Policy Implementation - Strict execution of interest rate policies and self-discipline requirements is highlighted to improve market interest rate pricing ability [1] - The use of optimized structural monetary policy tools, such as "Hu Ke Special Loan," "Hu Ke Special Discount," and "Cross-Border Refinance," is encouraged as part of Shanghai's unique financial instruments [1] Group 2: Risk Management - The promotion of a neutral exchange rate risk concept is reinforced, encouraging companies to utilize various hedging tools to mitigate exchange rate fluctuation risks [1]

Core Viewpoint - The rapid growth of foreign exchange hedging in the past five years has become a crucial tool for companies to mitigate exchange rate risks, with a significant increase in the scale and adoption of such strategies among enterprises [3][4]. Group 1: Growth of Foreign Exchange Hedging - In 2025, the scale of enterprises using foreign exchange derivatives to manage exchange rate risks exceeded $1.9 trillion, nearly doubling since 2020 [3]. - The foreign exchange hedging ratio among enterprises reached 30%, an increase of 8 percentage points compared to 2020, indicating a stronger awareness and operational capability in managing exchange rate risks [3]. Group 2: Demand for Hedging - The demand for foreign exchange hedging remains robust, as many export enterprises face declining profit margins due to intense market competition, with some reporting export profit margins below 5% [4]. - Companies are increasingly concerned about rapid appreciation of the RMB against the USD, which could significantly reduce their foreign exchange earnings and profits [4][8]. Group 3: Changing Attitudes Towards Hedging - There has been a notable shift in the attitude of foreign trade enterprises towards foreign exchange hedging, with many now actively seeking hedging solutions rather than questioning their utility [8]. - In 2025, numerous foreign trade enterprises participated in promotional activities for foreign exchange hedging, reflecting a significant change from previous years when interest was minimal [8]. Group 4: Psychological Factors - Over 60% of enterprise leaders exhibit a "swinging psychology," recognizing the benefits of foreign exchange hedging while still holding onto a speculative mindset, hoping to time the market for better exchange rates [11]. - This speculative approach can lead to increased exposure to foreign exchange risks, as companies may gamble on favorable currency movements instead of securing stable rates through hedging [11][12]. Group 5: Cost Concerns - High costs associated with foreign exchange hedging are a significant barrier for many small and medium-sized enterprises, with some opting out of hedging when costs exceed 10% of their profits [16][17]. - The current interest rate differentials between China and the U.S. have pushed up the costs of hedging, making it less attractive for companies [19][20]. Group 6: Solutions and Strategies - To address the high costs of foreign exchange hedging, initiatives such as foreign exchange option fee subsidies are being implemented, which could reduce costs by up to 70% for small and medium-sized enterprises [20]. - Companies are encouraged to adopt a more systematic approach to hedging, focusing on long-term financial stability rather than short-term speculative gains [14][21].

Group 1 - The core viewpoint of the article is the strategic focus of the Shanghai Foreign Exchange Management Bureau for 2026, emphasizing the importance of enhancing foreign exchange management and services in the region [1] Group 2 - The first key point highlights the continuous deepening of foreign exchange facilitation reforms, optimizing trade foreign exchange business management, and increasing support for new trade formats, while improving personal foreign exchange convenience [1] - The second key point discusses the steady advancement of high-level openness in the foreign exchange sector, promoting banking foreign exchange business reforms in a prudent manner, and exploring integrated reform innovations in the Shanghai Free Trade Zone [1] - The third key point addresses the need for risk prevention following business reforms, optimizing business models, enhancing risk assessment of facilitation policies, and strengthening monitoring of large and unusual capital flows [1] - The fourth key point emphasizes the use of technology to enhance capabilities, continuing to develop cross-border financial service platforms, and exploring the construction of a "smart foreign exchange management" system [1]