面向未来，在中银证券全球首席经济学家管涛看来，资本项目高质量开放应该是"引进来"与"走出去"相 结合的高水平开放，从直接投资到间接投资、机构业务到个人业务的宽领域开放，从产品、市场到机构 准入的全方位开放。 但相较于经常项目真实贸易和跨境服务基础上相对稳定的跨境资金流动，资本项目开放涉及金融领域， 跨境资金流动波动性和敏感度相对更高，这需要在谋划开放步骤节奏等方面坚持更好统筹发展和安全， 稳中求进。 国家外汇管理局相关部门负责人表示，将继续着力构建"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，并同步建立与开放进程相适应的"宏观审慎+微观监管"两位一体的跨境资本流动管 理框架，切实筑牢跨境金融风险的"防波堤""防浪堤"，以更高水平风险防控保障更高水平金融开放。 （完） 国家外汇管理局数据显示，2025年第二季度末，我国对外金融资产与对外负债总规模达到18.32万亿美 元，较2020年底增长18%；2025年上半年，资本项下银行代客涉外收付款总额占GDP的比重为41%，较 2020年增长20个百分点。 "我国资本项目开放的主要特点是领域宽、进程稳。"国家外汇管理局相关部门负责人介绍，按照国际货 ...

Core Viewpoint - After the global financial crisis, China has actively explored and implemented foreign exchange macro-prudential policies with Chinese characteristics during its gradual financial opening process. The main goals of these policies are to stabilize the RMB exchange rate and manage cross-border borrowing by domestic enterprises, rather than solely addressing systemic risks from volatile capital flows [1][2][3]. Summary by Relevant Sections Framework of China's Foreign Exchange Macro-Prudential Policy - The reform of China's foreign exchange management system has undergone three significant phases since the opening up in 1979, transitioning from a planned to a market-oriented system, and establishing a managed floating exchange rate system [4]. - The current phase, starting from 2013, focuses on balancing facilitation and risk prevention, particularly after the "8·11" exchange rate reform in 2015, which established a more market-oriented exchange rate formation mechanism [4][5]. Key Measures of Foreign Exchange Macro-Prudential Policy - Key measures include foreign exchange reserve requirements, middle price management mechanisms, comprehensive position management for banks' foreign exchange transactions, and macro-prudential management of cross-border financing and overseas lending [7][10]. - The foreign exchange reserve requirement includes three types: foreign exchange deposit reserve ratio, forward foreign exchange risk reserve ratio, and reserve ratio for deposits from foreign financial institutions [7][10]. Policy Effects and Adjustments - The foreign exchange deposit reserve ratio has been adjusted multiple times since its introduction in 2004, with the most recent adjustments occurring in 2022 and 2023, reflecting the central bank's response to changing market conditions [13][14]. - The foreign exchange risk reserve ratio was introduced in 2015 to curb excessive volatility in the foreign exchange market, with adjustments made based on market conditions [16][19]. - The comprehensive position management for banks has evolved since 2005, allowing for greater flexibility in managing foreign exchange risks and enhancing the overall development of the foreign exchange market [32][36]. Future Directions - The central bank aims to strengthen macro-prudential management of the foreign exchange market to support high-quality development of the real economy and maintain the RMB exchange rate at a reasonable and balanced level [3][39]. - The implementation of all-encompassing cross-border financing macro-prudential management has been expanded nationwide, allowing for better monitoring and management of cross-border financing activities [39][40].

Group 1 - The People's Bank of China (PBOC) has decided to resume the trading of government bonds in the open market after a pause due to imbalances in supply and demand and accumulated market risks [1] - The digital yuan ecosystem has been preliminarily established, and the PBOC plans to further optimize its management system and support more commercial banks to operate digital yuan services [1] - The PBOC will continue to combat the operation and speculation of domestic virtual currencies, maintaining economic and financial order while monitoring the development of overseas stablecoins [1] Group 2 - The PBOC is researching a one-time personal credit relief policy to help individuals repair their credit records, which will exclude certain default information from credit reports if loans have been repaid [2] - The PBOC aims to enhance macro-prudential management of cross-border capital flows, focusing on monitoring systemic financial risks and improving risk prevention measures for key institutions and sectors [2] - The PBOC plans to strengthen the collaborative governance mechanism of macro-prudential management, aligning monetary policy with fiscal and industrial policies [3]

Core Insights - The appointment of Huo Ruirong as the Vice Chairman of the Shanghai Stock Exchange (SSE) is seen as a significant move towards enhancing the internationalization strategy of the exchange, coinciding with a critical phase of deepening openness in China's capital markets [1][4] Group 1: Leadership Changes - Huo Ruirong, aged 55 and an economist, has a diverse career spanning futures regulation, securities market monitoring, and cross-border cooperation [3] - Prior to this role, Huo held several key positions, including Deputy General Manager of the Shanghai Futures Exchange and General Manager of the China Financial Futures Exchange, where he focused on risk prevention and market data monitoring [3] - The SSE leadership team underwent optimization in August, with notable changes indicating a strong emphasis on international business [4] Group 2: Strategic Implications - Huo's experience in international regulatory frameworks and cross-border enforcement mechanisms is expected to accelerate SSE's connectivity with exchanges in London, Singapore, and Hong Kong [4] - The appointment is viewed as a signal for SSE to expand the coverage of the "Shanghai-London Stock Connect" and optimize the selection criteria for the "Shanghai-Hong Kong Stock Connect" [4] - There is potential for exploring cooperation with emerging markets in the Middle East and Latin America, further enhancing SSE's international presence [4]