（来源：石狮市金融服务中心） 为深入贯彻落实党的二十届四中全会精神，提升资本项目开放水平，发展人民币离岸市场，完善跨境资 本流动宏观审慎管理，2026年2月26日，中国人民银行发布《关于银行业金融机构人民币跨境同业融资 业务有关事宜的通知》（以下简称《通知》），支持境内银行业金融机构与境外机构规范开展人民币跨 境同业融资业务。《通知》自发布之日起实施。 《通知》覆盖人民币跨境同业融资各类业务，将银行业金融机构人民币跨境同业融资净融出余额与其资 本水平、资金实力挂钩，促进合理开展业务。设置宏观审慎管理相关参数，根据市场形势进行逆周期调 节。相关参数设定充分考虑了市场需求与银行业金融机构经营情况，有利于为人民币离岸市场提供稳定 的流动性，推动人民币跨境使用。 下一步，中国人民银行将稳步推进《通知》落地实施，切实发挥跨境同业融资业务服务实体经济、促进 人民币离岸市场健康发展的积极作用。 中国人民银行有关负责人就《关于银行业金融机构人民币跨境同业融资业务有关事宜的通知》答记者问 问：《关于银行业金融机构人民币跨境同业融资业务有关事宜的通知》（简称《通知》）出台的背景是 什么？ 答：党的二十届三中、四中全会提出，推进人 ...

为深入贯彻落实党的二十届四中全会精神，提升资本项目开放水平，发展人民币离岸市场，完善跨境资 本流动宏观审慎管理，2026年2月26日，中国人民银行发布《关于银行业金融机构人民币跨境同业融资 业务有关事宜的通知》（以下简称《通知》），支持境内银行业金融机构与境外机构规范开展人民币跨 境同业融资业务。《通知》自发布之日起实施。 《通知》覆盖人民币跨境同业融资各类业务，将银行业金融机构人民币跨境同业融资净融出余额与其资 本水平、资金实力挂钩，促进合理开展业务。设置宏观审慎管理相关参数，根据市场形势进行逆周期调 节。相关参数设定充分考虑了市场需求与银行业金融机构经营情况，有利于为人民币离岸市场提供稳定 的流动性，推动人民币跨境使用。下一步，中国人民银行将稳步推进《通知》落地实施，切实发挥跨境 同业融资业务服务实体经济、促进人民币离岸市场健康发展的积极作用。 中国人民银行有关负责人就《关于银行业金融机构人民币跨境同业融资业务有关事宜的通知》答记者问 问：《关于银行业金融机构人民币跨境同业融资业务有关事宜的通知》（简称《通知》）出台的背景是 什么？ 答：党的二十届三中、四中全会提出，推进人民币国际化，提升资本项目开放水平 ...

新华财经北京2月26日电为深入贯彻落实党的二十届四中全会精神，提升资本项目开放水平，发展人民 币离岸市场，完善跨境资本流动宏观审慎管理，2026年2月26日，中国人民银行发布《关于银行业金融 机构人民币跨境同业融资业务有关事宜的通知》（以下简称《通知》），支持境内银行业金融机构与境 外机构规范开展人民币跨境同业融资业务。《通知》自发布之日起实施。 《通知》覆盖人民币跨境同业融资各类业务，将银行业金融机构人民币跨境同业融资净融出余额与其资 本水平、资金实力挂钩，促进合理开展业务。设置宏观审慎管理相关参数，根据市场形势进行逆周期调 节。相关参数设定充分考虑了市场需求与银行业金融机构经营情况，有利于为人民币离岸市场提供稳定 的流动性，推动人民币跨境使用。 《通知》提出，支持境内银行顺应市场需求，按照依法合规、风险可控的原则开展人民币跨境同业融资 业务。境内中资银行、外商独资银行、中外合资银行开展相关业务应由银行总行统一管理，并按照实质 重于形式的原则，将全部人民币跨境同业融资业务纳入管理范围，建立健全风险管理和内部控制机制。 境内银行向境外机构净融出人民币资金余额不得超过人民币跨境同业融资净融出余额上限。境内银行应 ...

Core Viewpoint - The State Administration of Foreign Exchange (SAFE) aims to enhance the quality of capital account openness in 2026, focusing on orderly promotion of direct investment, cross-border financing, and securities investment, while improving policies for cross-border investment and financing to better serve the real economy [1][2]. Group 1: Financial Market Opening - The financial market will see a gradual opening with optimized policies for Qualified Foreign Institutional Investors (QFII) to enhance the convenience of foreign investment in domestic capital markets [1]. - There will be a continued issuance of Qualified Domestic Institutional Investor (QDII) investment quotas to meet the reasonable demand of domestic investors for foreign securities [1]. - Efforts will be made to enhance the interconnectivity mechanisms such as Shanghai-Hong Kong Stock Connect and Bond Connect to improve the level of bilateral financial market openness [1]. Group 2: Cross-Border Fund Management - The policy for multinational companies' currency pools will be upgraded, promoting a unified currency pool framework that integrates both domestic and foreign currencies [2]. - In 2026, the cross-border fund management policy will be implemented nationwide for medium-sized enterprise groups, facilitating efficient cross-border fund operations for multinational companies [2]. Group 3: Foreign Investment and Financing Reforms - Significant reforms will be made to simplify foreign exchange registration procedures for foreign direct investment, enhancing the convenience of foreign investment fund usage [2]. - New policies will be introduced to support domestic enterprises in overseas lending and to facilitate cross-border trade activities [2]. Group 4: Financial Innovation and Regional Development - The focus will be on promoting technological and green finance, enhancing cross-border financing convenience, and expanding green debt policies to support innovation and low-carbon development [3]. - Regional financial opening and innovation pilot projects will be supported, particularly in free trade zones and key areas like the Guangdong-Hong Kong-Macao Greater Bay Area and Hainan Free Trade Port [3].

Core Viewpoint - The article emphasizes the focus on enhancing the quality of capital account openness in China by 2026, aligning with the "14th Five-Year Plan" for higher-level openness in various investment sectors [1] Group 1: Capital Account Management - The State Administration of Foreign Exchange (SAFE) aims to improve the quality of capital account management by promoting orderly advancements in direct investment, cross-border financing, and securities investment [1] - There will be a focus on enhancing the facilitation of cross-border investment and financing policies to effectively support the development of the real economy [1] Group 2: Financial Market Openness - The article outlines plans for orderly promotion of bilateral financial market openness, including optimizing the Qualified Foreign Institutional Investor (QFII) cross-border capital policies to enhance foreign investment convenience in domestic capital markets [1] - The SAFE will continue to issue Qualified Domestic Institutional Investor (QDII) investment quotas to meet the reasonable demand of domestic investors for overseas securities investments [1] Group 3: Connectivity Mechanisms - The article mentions collaboration with relevant departments to advance the construction of interconnectivity mechanisms such as the Shanghai-Hong Kong Stock Connect and Bond Connect, aiming to continuously improve the level of bilateral financial market openness [1]

Group 1: Economic Outlook and Policy Direction - The 2026 macroeconomic outlook emphasizes the importance of the "15th Five-Year Plan," which marks a shift in policy focus towards economic construction, consumption, and technological development [1][6][17] - Key adjustments in the "15th Five-Year Plan" include a renewed emphasis on balancing economic growth with safety, promoting urban-rural integration, and reforming the fiscal and tax system [1][6][8] - China's economic growth rate has decreased to around 5%, but it remains competitive compared to emerging markets like Vietnam and India, highlighting the need for a focus on maintaining reasonable growth [1][7] Group 2: Monetary and Fiscal Policy Changes - Significant changes in monetary policy now include promoting stable economic development and reasonable price recovery as key considerations, moving away from a sole focus on inflation [2][10] - Fiscal policy is expected to maintain a deficit rate of around 4%, with an emphasis on necessary debt levels and total expenditure [2][10] - The policy aims to optimize existing demand through measures like "trade-in" programs and removing unreasonable restrictions to stimulate consumption [2][11] Group 3: Global Economic Context - The U.S. economy shows signs of weakness, with a cooling job market and a decline in the dollar's reserve status, while the European economy faces multiple challenges, including energy crises [4][15] - Despite a 35% drop in real estate prices over five years, China's economy has shown resilience, supported by advancements in semiconductor equipment, digital economy, and artificial intelligence [4][12] - China's trade surplus is projected to reach $1.2 trillion by 2025, indicating a balanced trade relationship with the U.S. despite ongoing trade tensions [12][16] Group 4: Consumer and Investment Dynamics - The core policy direction for 2026 is to boost consumption, with a significant gap between service consumption in China (18% of GDP) compared to the U.S. (46%), primarily due to urban-rural disparities [4][17] - Investment pressures are evident, with fixed asset investment declining by 12%, although this figure may not accurately reflect the actual investment situation [11][12] - The "15th Five-Year Plan" aims to enhance consumer spending through urban-rural integration and regulatory relaxation, such as in the automotive and yacht sectors [17]

市场交易量达到42.6万亿美元，企业外汇套期保值比率升至30%，均为历史新高；2025年12月末，我国 外汇储备规模已连续5个月处于3.3万亿美元之上，创2015年12月以来最高……2025年，我国外汇管理亮 点频出，市场供求基本平衡，预期总体平稳，保持较强韧性和活力。 筑牢市场"防波堤" 2025年，我国外汇市场交易量达42.6万亿美元，市场活跃度和参与度显著提升。同时，企业在跨境贸易 投资中主动识别和管理汇率风险的需求上升，企业外汇套期保值比率升至30%。这两项数据，既反映出 市场规模的扩大，也体现了市场成熟度的提升。 随着国际金融市场波动加大，越来越多企业将汇率波动纳入日常财务决策，通过外汇衍生品、本币结算 等多种方式管理汇率风险，企业汇率风险管理意识和能力不断提高。2025年，企业利用外汇衍生品管理 汇率风险的规模超1.9万亿美元，较2020年翻了近1倍；企业外汇套保比率较2020年提高8个百分点。 近年来，国家外汇管理局持续完善企业汇率风险管理服务。国家外汇管理局副局长李斌介绍，一是多种 方式开展汇率风险中性理念宣传，编发《企业汇率风险管理指引》《汇率风险情景与外汇衍生产品运用 案例集》，积极宣传汇 ...

市场交易量达到42.6万亿美元，企业外汇套期保值比率升至30%，均为历史新高；2025年12月末，我国 外汇储备规模已连续5个月处于3.3万亿美元之上，创2015年12月以来最高……2025年，我国外汇管理亮 点频出，市场供求基本平衡，预期总体平稳，保持较强韧性和活力。 随着国际金融市场波动加大，越来越多企业将汇率波动纳入日常财务决策，通过外汇衍生品、本币结算 等多种方式管理汇率风险，企业汇率风险管理意识和能力不断提高。2025年，企业利用外汇衍生品管理 汇率风险的规模超1.9万亿美元，较2020年翻了近1倍；企业外汇套保比率较2020年提高8个百分点。 近年来，国家外汇管理局持续完善企业汇率风险管理服务。国家外汇管理局副局长李斌介绍，一是多种 方式开展汇率风险中性理念宣传，编发《企业汇率风险管理指引》《汇率风险情景与外汇衍生产品运用 案例集》，积极宣传汇率风险管理的好经验好做法；二是推动金融机构建立健全汇率风险管理服务长效 机制，目前已有超120家各类银行开办外汇衍生品业务，线上交易机制不断完善，基层展业能力持续加 强；三是提高外汇市场基础设施服务能力，降低中小微企业外汇衍生品相关交易和清算成本，拓展外汇 ...

Group 1: Foreign Exchange Market Overview - In 2025, China's foreign exchange market trading volume reached $42.6 trillion, marking a historical high, with the corporate foreign exchange hedging ratio rising to 30% [1] - The demand for managing exchange rate risks among enterprises has increased, with the scale of using foreign exchange derivatives for risk management exceeding $1.9 trillion, nearly doubling since 2020 [1] - The foreign exchange reserve level has remained above $3.3 trillion for five consecutive months, the highest since December 2015, indicating a stable market supply and demand [1] Group 2: Regulatory and Policy Developments - The State Administration of Foreign Exchange (SAFE) has been enhancing services for corporate exchange rate risk management, including promoting the concept of exchange rate risk neutrality and improving financial institutions' service mechanisms [2] - SAFE has introduced measures to promote high-level institutional opening of capital projects, including direct investment and cross-border financing, to facilitate financial market openness [3] - The integration of domestic and foreign currency fund pools for multinational companies has been expanded nationwide, benefiting over 1,100 multinational companies and 19,000 member enterprises [4][5] Group 3: Future Outlook and Market Stability - The foreign exchange market is expected to maintain stable operations in 2026, with cross-border capital flows remaining orderly and resilient [6] - The external environment is projected to support stable operations, with moderate global economic growth and potential interest rate cuts in major developed economies [6] - The People's Bank of China aims to enhance the resilience of the foreign exchange market and maintain the RMB exchange rate at a reasonable and balanced level [7]

Group 1 - The core viewpoint of the article emphasizes the introduction of eight structural policies aimed at enhancing monetary policy precision and supporting the high-quality development of the real economy [1] - The structural policies include a 0.25 percentage point reduction in various structural monetary policy tool rates and a dedicated 1 trillion yuan quota for relending to private enterprises, along with an increase in the relending quota for technological innovation and transformation by 400 billion yuan to 1.2 trillion yuan [1] - The Central Economic Work Conference highlighted the flexible use of various policy tools, including potential reductions in reserve requirements and interest rates, to maintain ample liquidity and relatively loose social financing conditions [2] Group 2 - The article discusses the need for strategic and systematic arrangements to enhance the level of capital project openness, particularly in direct investment, securities investment, and cross-border financing [3] - It notes that since 2020, the US dollar index has increased by approximately 1.9%, while the CFETS RMB exchange rate index has risen by 7.2%, indicating a relatively stable performance of the RMB [3] - The article outlines the importance of establishing a long-term mechanism for managing exchange rate risks and enhancing corporate capabilities to cope with exchange rate fluctuations during the process of capital project openness [3][4] Group 3 - The article mentions the revision of regulations for domestic enterprises' foreign currency lending and the implementation of cross-border capital management policies for multinational companies to support their international expansion [4] - It emphasizes the need for orderly advancement of financial market openness, including the unification of foreign and domestic currency management for overseas listings and further optimization of cross-border capital policies for qualified foreign institutional investors [4]