● 本报记者 彭扬 近日，海南自贸港跨境资管试点正式启动、国家外汇管理局决定在北京等16省市开展绿色外债业务试 点……多项跨境金融试点密集开展，有助于进一步提升跨境投融资便利化水平，更好服务实体经济高质 量发展，为"双循环"注入新动能。 丰富人民币资产配置选择 8月21日，《海南自由贸易港跨境资产管理试点业务实施细则》生效，标志着海南自贸港跨境资管试点 正式启动。 国家外汇管理局局长朱鹤新日前表示，积极推进跨境投融资便利化，完善境内企业境外上市资金管理， 统一本外币管理政策，便利募集资金调回境内使用。 从地方层面看，不少地方正积极推进跨境投融资便利化。重庆提出，用好本外币一体化资金池、数字人 民币跨境结算等金融开放创新试点政策，为更多中小企业和贸易新业态提供优质贸易便利化服务，提升 跨境投融资便利化水平；便利绿色项目跨境融资，稳步推进合格境内有限合伙人（QDLP）对外投资试 点工作，争取开展合格境外有限合伙人（QFLP）试点。湖南明确，落实好各项跨境贸易融资便利化措 施，持续提升办理资本项目业务数字化服务水平。 优化境内企业境外上市资金管理 在海南自贸港跨境资管试点启动当日，国家外汇管理局表示，国家外汇管理局 ...

Core Insights - The "Bond Connect" program has achieved significant success since its launch seven years ago, facilitating the internationalization of China's financial market [1][2][3] Group 1: Performance and Impact - The average daily trading volume of the "Northbound Connect" has grown at an annual rate of 63%, with nearly 60% of foreign investors' transactions in Chinese bonds conducted through this channel [2] - In the past year, the "Swap Connect" has attracted 61 foreign institutions, resulting in over 4,300 transactions with a total nominal principal amount of approximately 2.2 trillion RMB [2] - Last year, international investors' total trading volume in mainland bonds exceeded 15 trillion RMB, with about two-thirds executed via "Bond Connect" [2] Group 2: Future Developments - The People's Bank of China plans to launch a new service allowing foreign institutions to use "Bond Connect" for paying "Swap Connect" margin, which will enhance the application of RMB bonds as offshore collateral [5] - Ongoing research aims to improve the openness of the bond market and enhance cross-border investment facilitation, including refining the "Bond Connect" and "Swap Connect" mechanisms [5] - The Hong Kong Stock Exchange is preparing to introduce a 10-year government bond futures product to help international investors manage RMB asset interest rate risks [6] Group 3: Regulatory and Market Integration - The Hong Kong Monetary Authority emphasizes the need for continued expansion of bond issuance in Hong Kong to enhance the offshore RMB bond market [7] - Future measures may include the introduction of government bond futures and bank bond repurchase agreements to meet diverse trading strategy needs of foreign investors [7]

Core Viewpoint - The People's Bank of China and the State Administration of Foreign Exchange have issued measures to support cross-border investment and financing facilitation, aiming to enhance financial cooperation and integration between Taiwan and mainland China, particularly in Fujian province [1][2][3]. Group 1: Financial Support Measures - The measures include 12 policy initiatives focused on optimizing the financial ecosystem for cross-strait integration, enhancing services for Taiwanese enterprises in mainland China, and supporting high-level open trials for cross-border trade in cities like Fuzhou, Xiamen, and Quanzhou [1]. - Specific support for Taiwanese enterprises includes allowing reinvestment without registration and streamlining foreign debt and overseas listing foreign exchange registration processes through banks [2]. Group 2: Cross-Border Trade and Financial Market Development - The measures aim to facilitate cross-border trade by easing foreign exchange fund payments and optimizing new types of cross-border trade settlements, including expanding the scope of net settlement for trade receipts and payments [1][2]. - There is a focus on building a multi-tiered financial market, encouraging Taiwanese enterprises to participate in mainland financial markets, and promoting the development of the Taiwan Capital Market [2]. Group 3: Risk Monitoring and Management - The measures emphasize the importance of strengthening cross-border financial risk monitoring and prevention, including assessing foreign exchange conditions and monitoring cross-border capital flows to mitigate risks [3]. - Continuous tracking and monitoring of risks will be implemented, utilizing various methods for timely risk management [3].

Core Points - The State Administration of Foreign Exchange (SAFE) emphasizes the need to promote cross-border investment and financing facilitation, including the cancellation of domestic reinvestment registration for foreign-invested enterprises and facilitating cross-border financing for technology enterprises [1][2] - The meeting outlines key tasks for the second half of 2025, focusing on strengthening the Party's leadership in financial and foreign exchange work, modernizing the governance system, and supporting high-quality economic development [1][2] Group 1 - The meeting calls for comprehensive strengthening of Party building within the financial system, enhancing the quality and effectiveness of Party work, and creating a high-quality professional team for foreign exchange management [1][2] - It aims to deepen reforms and opening up in the foreign exchange sector, supporting stable foreign trade development and optimizing foreign exchange management policies for new trade formats [2] - The meeting highlights the importance of monitoring foreign exchange trends and managing cross-border capital flows to mitigate external risks and maintain market stability [2] Group 2 - The meeting stresses the need to enhance regulatory capabilities under open conditions, improve legal frameworks for foreign exchange management, and utilize technology to increase regulatory efficiency [2][3] - It also emphasizes the importance of maintaining the safety, liquidity, and value appreciation of foreign exchange reserves [3] - The construction of an international balance of payments statistical system is prioritized, along with the implementation of the seventh edition of the Balance of Payments and International Investment Position Manual [4]

Core Viewpoint - The State Administration of Foreign Exchange (SAFE) emphasizes the establishment of a more convenient, open, secure, and intelligent foreign exchange management system to support high-quality economic development and modernization in China [1]. Group 1: Foreign Exchange Management Reforms - The SAFE plans to deepen reforms in the foreign exchange sector to support stable foreign trade development, including optimizing foreign exchange fund settlement for new foreign trade entities and facilitating centralized management of overseas funds for contracting enterprises [1]. - A comprehensive set of measures will be implemented to promote cross-border investment and financing facilitation, including the cancellation of domestic reinvestment registration for foreign-invested enterprises and easing cross-border financing for technology enterprises [1]. - The management of multinational corporate funding pools will be implemented nationwide, along with pilot programs for green foreign debt policies and improved management of funds for domestic enterprises listed abroad [1]. Group 2: Risk Prevention and Monitoring - The SAFE will enhance monitoring and analysis of foreign exchange conditions, strengthen macro-prudential management of cross-border capital flows, and conduct counter-cyclical adjustments as needed to maintain market stability and national economic security [1]. - There will be an emphasis on improving regulatory capabilities and levels under open conditions, including strengthening the legal framework for foreign exchange management and utilizing technology to enhance regulatory effectiveness [2]. Group 3: International Balance of Payments and Statistical System - The SAFE aims to advance the construction of the international balance of payments statistical system and implement the seventh edition of the "International Balance of Payments and International Investment Position Manual" [3]. - There will be a focus on enhancing the overall level of foreign exchange management, including pre-policy evaluation and post-implementation tracking [3]. - The development of "digital foreign exchange management" and "intelligent foreign exchange management" will be explored to enrich cross-border financial service platforms [3].

Core Viewpoint - The State Administration of Foreign Exchange (SAFE) emphasizes the need to enhance cross-border investment and financing facilitation, aiming to implement a series of measures to support foreign investment and optimize foreign exchange management for high-quality economic development [1][2]. Group 1: Key Measures for Foreign Exchange Management - The meeting outlines a comprehensive approach to strengthen cross-border investment and financing, including the cancellation of registration for foreign investment enterprises' domestic reinvestment and facilitating cross-border financing for technology enterprises [1][2]. - Implementation of multinational corporate cash pool management policies and pilot programs for green foreign debt is highlighted as a priority [1][2]. - The meeting stresses the importance of enhancing foreign exchange monitoring and analysis, as well as macro-prudential management of cross-border capital flows [2]. Group 2: Reform and Opening-up in Foreign Exchange - The meeting calls for deepening reforms in the foreign exchange sector to support stable foreign trade development and optimize foreign exchange management for new trade formats [2]. - It emphasizes the need for regional support in open development, particularly in free trade zones and regions like Hainan Free Trade Port and the Guangdong-Hong Kong-Macao Greater Bay Area [2]. Group 3: Risk Management and Regulatory Enhancements - The meeting addresses the necessity of preventing and mitigating external shock risks through enhanced monitoring and timely counter-cyclical adjustments to maintain market stability [2]. - It highlights the importance of improving regulatory capabilities under open conditions, including legal construction in foreign exchange management and the use of technology to enhance regulatory efficiency [2]. Group 4: Development of Foreign Exchange Management Systems - The meeting emphasizes the need to improve the management of foreign exchange reserves to ensure asset safety, liquidity, and value preservation [2]. - It also discusses the construction of an international balance of payments statistical system and the implementation of the seventh edition of the "Balance of Payments and International Investment Position Manual" [2][3]. Group 5: Overall Improvement of Foreign Exchange Management - The meeting calls for a comprehensive enhancement of foreign exchange management work, including pre-policy evaluation and post-implementation tracking [3]. - It encourages the development of "digital foreign exchange management" and "smart foreign exchange management" to enrich cross-border financial service applications [3].

Core Viewpoint - The National Foreign Exchange Administration emphasizes the modernization of foreign exchange governance and the establishment of a more convenient, open, secure, and intelligent foreign exchange management system to support high-quality economic development and the construction of Chinese-style modernization [1]. Group 1: Key Work Deployment for H2 2025 - Strengthening Party Construction: The meeting highlights the importance of implementing the spirit of the financial system's Party construction work meeting and enhancing the quality and effectiveness of Party building within the system [1]. - Deepening Reform and Opening Up in Foreign Exchange: The meeting proposes a comprehensive policy package to support foreign trade stability, including optimizing foreign exchange fund settlement for new foreign trade entities and facilitating overseas fund management for contracting enterprises [1][2]. - Promoting Cross-Border Investment and Financing Facilitation: The meeting calls for the removal of registration for reinvestment by foreign-invested enterprises and the facilitation of cross-border financing for technology enterprises, along with the implementation of multinational corporate cash pool management policies [1][2]. Group 2: Risk Management and Regulatory Enhancements - Preventing External Shock Risks: The meeting emphasizes the need for enhanced monitoring and analysis of foreign exchange conditions, macro-prudential management of cross-border capital flows, and timely counter-cyclical adjustments to maintain market stability [2]. - Improving Regulatory Capacity: The meeting stresses the importance of strengthening the legal framework for foreign exchange management, enhancing real-time supervision, and utilizing technology to improve regulatory efficiency while combating illegal cross-border financial activities [2]. Group 3: Enhancements in Foreign Exchange Management - Improving Foreign Exchange Reserve Management: The meeting outlines the need to ensure the safety, liquidity, and value preservation of foreign exchange reserve assets [3]. - Advancing International Balance of Payments Statistics: The meeting discusses the development of an implementation plan for the seventh edition of the "Balance of Payments and International Investment Position Manual" [4]. - Elevating Foreign Exchange Management Standards: The meeting calls for improved evaluation and tracking of policies before and after implementation, as well as the exploration of "smart foreign exchange management" [4].

Core Points - The State Administration of Foreign Exchange (SAFE) held a video conference to discuss foreign exchange management work for the second half of 2025, focusing on reform, risk prevention, and regulatory enhancement [5][7]. Group 1: Reform and Development - Deepening reforms in the foreign exchange sector to support stable foreign trade and promote cross-border investment and financing facilitation [2][11]. - Enhancing the convenience of foreign exchange settlement for quality enterprises and expanding pilot programs for cross-border trade [8][11]. - Implementing a series of policies to optimize foreign exchange management for new trade entities and support regional development initiatives [11]. Group 2: Risk Management - Strengthening monitoring and analysis of foreign exchange conditions to mitigate external shocks and maintain market stability [2][11]. - Conducting counter-cyclical adjustments as necessary to safeguard economic and financial security [11]. Group 3: Regulatory Enhancement - Improving regulatory capabilities under open conditions, including legal construction and the use of technology to enhance regulatory efficiency [2][11]. - Strengthening the legal framework for foreign exchange management and combating illegal cross-border financial activities [8][11]. Group 4: International Balance of Payments - Advancing the construction of the international balance of payments statistical system [3][11]. - Developing the implementation plan for the seventh edition of the "Balance of Payments and International Investment Position Manual" [11]. Group 5: Overall Management Improvement - Aiming to enhance the overall level of foreign exchange management through better policy evaluation and tracking [4][11]. - Promoting the development of digital and intelligent foreign exchange management systems [11].

Core Points - The State Administration of Foreign Exchange (SAFE) of China held a video conference to discuss foreign exchange management work for the second half of 2025, emphasizing the need to promote cross-border investment and financing facilitation [1] - A series of measures were proposed, including the cancellation of registration for reinvestment by foreign-invested enterprises and facilitating cross-border financing for technology enterprises [1] - The meeting highlighted the importance of supporting stable foreign trade development and implementing a package of policies for trade foreign exchange management [1] Group 1 - The meeting outlined key foreign exchange management tasks, such as deepening reform and opening up in the foreign exchange sector, preventing external shock risks, and enhancing regulatory capabilities under open conditions [1] - It was mentioned that there will be support for regional open development, particularly in free trade pilot zones and areas like Hainan Free Trade Port and the Guangdong-Hong Kong-Macao Greater Bay Area [1] - The conference also stressed the need for enhanced monitoring and analysis of foreign exchange conditions, macro-prudential management of cross-border capital flows, and timely counter-cyclical adjustments to maintain market stability [1] Group 2 - The meeting called for the improvement of the management of foreign exchange reserves to ensure asset safety, liquidity, and value preservation [2] - There is a focus on enriching the application scenarios of cross-border financial service platforms [2]

Group 1 - The core viewpoint emphasizes the establishment of a more convenient, open, secure, and intelligent foreign exchange management system to support high-quality economic development and modernization in China [1] Group 2 - The reform and opening up of the foreign exchange sector will support stable foreign trade development through a comprehensive policy package, including optimizing foreign exchange fund settlement for new foreign trade entities and facilitating centralized management of overseas funds for contracting enterprises [2] - The promotion of cross-border investment and financing facilitation includes measures such as canceling the registration of reinvestment by foreign-invested enterprises and easing cross-border financing for technology enterprises [2] - The implementation of a multinational corporate cash pool management policy and pilot programs for green foreign debt will enhance the management of funds for domestic enterprises listed abroad [2] - The banking sector will undergo reforms to expand and improve foreign exchange operations, while the foreign exchange market will continue to develop with enhanced services for enterprise exchange rate risk management [2] - There will be a focus on monitoring and analyzing foreign exchange conditions to mitigate external shocks, with macro-prudential management of cross-border capital flows and timely counter-cyclical adjustments to maintain market stability [2] - The regulatory capacity and level under open conditions will be improved, including strengthening the legal framework for foreign exchange management and utilizing technology to enhance regulatory efficiency [2] - The management of foreign exchange reserves will be refined to ensure asset safety, liquidity, and value preservation [2] - The construction of an international balance of payments statistical system will be advanced, with the implementation of the seventh edition of the "Balance of Payments and International Investment Position Manual" [2] - Overall enhancement of foreign exchange management work will include pre-policy evaluation and post-implementation tracking, alongside the development of "digital foreign exchange management" and "intelligent foreign exchange management" [2]