9月25日，香港证券及期货事务监察委员会与香港金融管理局联合举办首届香港固定收益及货币论坛，中国人民银行副行长邹澜出席并发表主 旨演讲。 近年来，人民银行立足债券市场宏观管理，着力完善市场化运行机制，加强债券市场基础设施统筹，提高市场运行效率，健全规则统一的违约 风险防范与处置机制，持续推动市场统一对外开放。 我国债券市场在高质量发展中亦逐渐走向成熟：当前，中国债券净融资规模占社会融资总规模的比重，已由五年前的30%左右跃升至40%以 上。债券交易更加活跃，国债的年换手率由五年前的2.4上升至3.8，投资者类型日益丰富，各类创新产品及交易机制也得到广泛应用，债券市 场的深度和广度、国际影响力和吸引力持续提升。 邹澜宣布，为进一步提升跨境投融资便利化水平，推动金融市场高水平开放，加快离岸人民币市场发展，近期人民银行将重点推动以下几项举 措落地： 一是支持各类境外机构投资者在中国债券市场开展债券回购业务，提高人民币债券的使用效率； 二是扩充互换通报价商队伍，优化报价商管理机制，并将每日交易净限额从200亿元提高至450亿元，便利投资者开展利率风险管理； 三是会同相关部门在香港市场提供更多离岸人民币国债等高信用等级 ...

强吸引力 境外机构看好中国债券市场 这些政策的落地让我国债券市场的国际影响力和吸引力不断提升。 2025年9月25日，香港证券及期货事务监察委员会与香港金融管理局联合举办首届香港固定收益及货币 论坛，中国人民银行副行长邹澜发表主旨演讲。邹澜回顾了近年来内地与香港在金融市场的务实合作， 介绍了人民币债券资产的独特优势和中国债券市场的繁荣发展成果，强调了人民银行将继续支持香港国 际金融中心建设，推动中国金融市场高水平对外开放。 "过去几年，随着中国经济增长动能不断激活，中国债券市场高质量发展稳步推进，人民币债券资产进 一步展现出良好的投资价值。"有业内人士表示。 在本次论坛上，邹澜还宣布了四项重磅措施，旨在进一步提升跨境投融资便利化水平，推动金融市场高 水平开放，加快离岸人民币市场发展。据悉，人民银行近期将重点推动这些举措落地。 中国债券市场规模居世界第二 近年来，中国债券市场在服务实体经济、优化融资结构中发挥关键作用，实现健康快速发展。债券市场 的国际影响力和吸引力显著提升。"中国人民银行通过完善市场化运行机制，加强债券市场基础设施统 筹，提高市场运行效率，健全规则统一的违约风险防范与处置机制，持续推动市场统一 ...

外汇储备方面，朱鹤新表示，"十四五"以来我国外汇储备始终稳定在3万亿美元以上。近两年在3.2万亿 美元以上。"我们持续做好外汇储备经营管理，保障资产安全、流动和保值增值，外汇储备充分发挥了 国家经济金融重要'稳定器'和'压舱石'作用。"朱鹤新说。 与此同时，跨境投融资便利化水平进一步提升。朱鹤新介绍，推进资本项目收支便利化，"十四五"以来 办理相关业务近3000亿美元。升级推广科创类企业跨境融资便利化政策，提升高新技术、"专精特新"以 及科技型中小企业自主借用外债额度。丰富跨境金融服务平台应用场景，累计协助办理企业近16万家， 付汇已超过2.4万亿美元，获得融资超4300亿美元，其中七成为中小企业。"近期，我们新推出了涵盖跨 境投资、融资以及资本项目收付等9条一揽子便利化政策，后续将加强政策跟踪问效，让企业得到实实 在在的便利。"他说。 朱鹤新表示，展望"十五五"，外汇局将健全"更加便利、更加开放、更加安全、更加智慧"的外汇管理体 制机制，为推进中国式现代化作出新的更大贡献。 中国人民银行副行长、国家外汇局局长朱鹤新9月22日在国新办举行的"高质量完成'十四五'规划"系列 主题新闻发布会上表示，"十四五"以来 ...

● 本报记者欧阳剑环 朱鹤新介绍，国际收支运行更加稳健。面对更趋复杂严峻的外部环境，我国涉外经济顶住压力、稳定发 展，对外经贸呈现多元化格局、韧性增强。国际收支基本平衡，经常账户顺差与GDP之比保持在合理区 间。跨境双向投融资活跃，7月末境外机构和个人持有境内股票、债券、存贷款超10万亿元。 与此同时，跨境投融资便利化水平进一步提升。朱鹤新介绍，推进资本项目收支便利化，"十四五"以来 办理相关业务近3000亿美元。升级推广科创类企业跨境融资便利化政策，提升高新技术、"专精特新"以 及科技型中小企业自主借用外债额度。丰富跨境金融服务平台应用场景，累计协助办理企业近16万家， 付汇已超过2.4万亿美元，获得融资超4300亿美元，其中七成为中小企业。"近期，我们新推出了涵盖跨 境投资、融资以及资本项目收付等9条一揽子便利化政策，后续将加强政策跟踪问效，让企业得到实实 在在的便利。"他说。 中国人民银行副行长、国家外汇局局长朱鹤新9月22日在国新办举行的"高质量完成'十四五'规划"系列 主题新闻发布会上表示，"十四五"以来，外汇领域有效统筹发展和安全，稳步推进高水平开放，为构建 新发展格局提供有力支持。 朱鹤新表示， ...

● 本报记者 欧阳剑环 中国人民银行副行长、国家外汇局局长朱鹤新9月22日在国新办举行的"高质量完成'十四五'规划"系列 主题新闻发布会上表示，"十四五"以来，外汇领域有效统筹发展和安全，稳步推进高水平开放，为构建 新发展格局提供有力支持。 朱鹤新介绍，国际收支运行更加稳健。面对更趋复杂严峻的外部环境，我国涉外经济顶住压力、稳定发 展，对外经贸呈现多元化格局、韧性增强。国际收支基本平衡，经常账户顺差与GDP之比保持在合理区 间。跨境双向投融资活跃，7月末境外机构和个人持有境内股票、债券、存贷款超10万亿元。 外汇储备方面，朱鹤新表示，"十四五"以来我国外汇储备始终稳定在3万亿美元以上。近两年在3.2万亿 美元以上。"我们持续做好外汇储备经营管理，保障资产安全、流动和保值增值，外汇储备充分发挥了 国家经济金融重要'稳定器'和'压舱石'作用。"朱鹤新说。 与此同时，跨境投融资便利化水平进一步提升。朱鹤新介绍，推进资本项目收支便利化，"十四五"以来 办理相关业务近3000亿美元。升级推广科创类企业跨境融资便利化政策，提升高新技术、"专精特新"以 及科技型中小企业自主借用外债额度。丰富跨境金融服务平台应用场景，累计协 ...

Domestic Developments - The State Administration of Foreign Exchange announced reforms to enhance cross-border investment and financing, increasing the convenience and limits for such activities[7] - Nine government departments released 19 specific measures to boost service consumption, aiming to direct public finance and market capital towards key infrastructure and emerging industries[9] - From January to August, national public budget revenue reached 148,198 billion yuan, a year-on-year increase of 0.3%, while expenditure grew by 3.1%[11] International Developments - The Federal Reserve lowered interest rates by 25 basis points, aligning with market expectations, marking a total reduction of 125 basis points in the current easing cycle[22] - The ZEW Economic Sentiment Index for the Eurozone rose to 26.1 in September, indicating improved investor confidence in the European economy[18] - U.S. retail sales in August increased by 0.6% month-on-month, surpassing market expectations, with a year-on-year growth of 2.1% after adjusting for CPI[20] Market Trends - Brent crude oil prices increased by 1.70% week-on-week, while iron ore and copper prices rose by 0.33% and 0.80%, respectively[25] - Real estate sales saw a significant week-on-week increase of 10.31%, indicating a rebound in the housing market[30] - The average price of rebar rose by 0.58% week-on-week, while cement prices slightly decreased by 0.05%[30]

Core Points - The new round of cross-border investment and financing foreign exchange management reform aims to enhance the convenience of cross-border investment and financing [2][3] - The reform includes measures to simplify processes and reduce institutional costs, particularly in foreign direct investment (FDI) and cross-border financing [3][7] Group 1: Cross-Border Investment Reform - The reform cancels the basic information registration for pre-investment expenses in FDI, allowing foreign investors to directly open accounts and remit funds [3] - The registration for reinvestment by foreign-invested enterprises in China has also been eliminated, enabling direct fund transfers without additional registration [3][6] - The policy has been successfully piloted in certain provinces and is now being implemented nationwide [4] Group 2: Cross-Border Financing Reform - The reform expands the borrowing limits for qualified high-tech, "specialized and innovative," and technology-based small and medium-sized enterprises to $1 million, with a potential increase to $2 million for those selected through an "innovation points system" [7][8] - The registration requirements for cross-border financing have been simplified, removing the need for audited financial reports from the previous year [7][8] - This dual optimization of limits and processes is expected to address the financing challenges faced by innovative enterprises [8] Group 3: Capital Project Income Payment Facilitation - The reform introduces a "pre-settlement and post-supplement" policy for foreign individuals purchasing property in China, allowing them to settle foreign exchange payments before obtaining the necessary purchase registration documents [9][10] - This measure aims to facilitate the housing needs of foreign individuals working and living in China, promoting regional integration and talent mobility [9][11] - The policy, initially piloted in the Guangdong-Hong Kong-Macao Greater Bay Area, is now being expanded nationwide [11]

Core Viewpoint - The recent notice from the State Administration of Foreign Exchange (SAFE) aims to enhance the convenience of cross-border investment and financing, particularly for foreign individuals purchasing real estate in China, while maintaining existing regulatory frameworks [1][2][5]. Group 1: Policy Changes - The notice reduces the negative list for capital project foreign exchange income and its conversion into RMB for domestic payments, specifically removing restrictions on purchasing non-self-occupied residential properties [2][5][6]. - The policy allows foreign individuals to make foreign exchange payments for real estate purchases before obtaining the necessary purchase registration documents from real estate authorities, streamlining the payment process [4][6]. Group 2: Implementation and Impact - The pilot program for Hong Kong and Macau residents in the Guangdong-Hong Kong-Macau Greater Bay Area, which allows for "payment first, documentation later," will be expanded nationwide [3][4]. - As of January 2025, the People's Bank of China in Guangdong has facilitated 2,603 transactions for Hong Kong and Macau residents, amounting to approximately RMB 2.993 billion, indicating strong demand for cross-border real estate purchases [3]. Group 3: Future Directions - SAFE plans to continue promoting reforms in the foreign exchange sector to support legitimate cross-border investment activities and better serve the high-quality development of the real economy [6].

Core Viewpoint - The State Administration of Foreign Exchange (SAFE) has issued a notification to deepen the reform of cross-border investment and financing foreign exchange management, aiming to enhance the convenience of cross-border investment and financing, attract foreign investment, and promote high-quality economic development [1][2]. Group 1: Cross-Border Investment Management Reform - The notification cancels the basic information registration for pre-investment expenses of foreign direct investment (FDI) [1]. - It eliminates the registration requirement for domestic reinvestment by foreign-invested enterprises, expanding the pilot policy to nationwide [1]. - Foreign exchange profits from foreign direct investment are now allowed to be reinvested domestically [1]. - The "Science and Technology Exchange" policy for non-enterprise research institutions receiving foreign funds will be expanded nationwide, facilitating foreign investment attraction [1]. Group 2: Cross-Border Financing Management Reform - The notification increases the cross-border financing convenience limit for high-tech, "specialized and innovative," and technology-based small and medium-sized enterprises to the equivalent of $10 million [2]. - For selected eligible enterprises under the "innovation points system," the cross-border financing limit is raised to the equivalent of $20 million [2]. - The signing and registration management requirements for enterprises participating in cross-border financing have been simplified, removing the need for audited financial reports from the previous year [2][3]. Group 3: Capital Project Income Payment Policy Optimization - The policy reduces the negative list for the use of foreign exchange income and its converted RMB for domestic payments, particularly lifting restrictions on purchasing non-self-use residential properties [3]. - This change indicates a relaxation of restrictions on foreign investment in the domestic real estate market, providing more convenience for foreign capital to enter [3].

Core Viewpoint - The State Administration of Foreign Exchange (SAFE) has issued a notice to deepen the reform of cross-border investment and financing foreign exchange management, which includes measures to facilitate foreign individuals' home purchases in China and optimize the foreign exchange payment process for capital project income [2][3][6]. Group 1: Policy Changes - The negative list for the use of foreign exchange income and its converted RMB for domestic payments has been reduced, specifically removing restrictions on purchasing non-self-occupied residential properties [3][6]. - The policy aims to enhance the convenience of cross-border investment and financing, allowing banks to determine the frequency and proportion of random checks based on clients' compliance and risk levels [3][6]. - The facilitation of foreign individuals' home purchase payments will be expanded from the Guangdong-Hong Kong-Macao Greater Bay Area to nationwide implementation [3][5]. Group 2: Implementation Details - Previously, foreign individuals needed to provide a purchase registration certificate from the real estate authority to process foreign exchange payment for home purchases, which often required upfront payment to the seller [3][5]. - The new policy allows foreign individuals to process foreign exchange payments based on the purchase contract before obtaining the registration certificate, streamlining the payment process [5][6]. - As of January 2025, the People's Bank of China in Guangdong has facilitated 2,603 transactions for Hong Kong and Macao residents purchasing properties in the Greater Bay Area, amounting to approximately RMB 2.993 billion [5]. Group 3: Market Context - The adjustments in foreign exchange management measures are in response to changes in the domestic real estate market and aim to support stable development in the sector [6][7]. - The removal of restrictions on purchasing non-self-occupied residential properties is intended to encourage foreign investment in the domestic real estate market while maintaining existing policies for foreign individuals [7].