Core Insights - The foreign exchange market in China has shown rational and orderly trading, with a net inflow of cross-border funds amounting to $51.7 billion in the first quarter, indicating a relatively high level compared to the same period in previous years [1][2] - The People's Bank of China has been expanding financial market openness and enhancing the attractiveness of the domestic securities market to foreign investors [1][3] Group 1: Cross-Border Fund Flows - In the first quarter, the net inflow of cross-border funds from non-bank sectors, including enterprises and individuals, reached $51.7 billion, reflecting a strong demand for foreign exchange [1] - In March, the banks' foreign exchange settlement amounted to $189.6 billion, while foreign exchange sales were $191.6 billion, resulting in a deficit of $2 billion, which is a significant narrowing from the previous deficit of $10.4 billion [1] - The bank's foreign exchange income for March was $692 billion, with payments of $642.8 billion, leading to a surplus of $49.2 billion, indicating continued net inflow of cross-border funds [1] Group 2: Market Trends and Currency Stability - The net inflow of cross-border funds under the goods trade category reached $206.3 billion in the first quarter, a year-on-year increase of 120% [2] - Foreign investment in Chinese bonds has increased, with a net increase of $26.9 billion in domestic bonds from February to March, representing an 84% year-on-year growth [2] - The RMB exchange rate has shown two-way fluctuations, with the onshore RMB to USD exchange rate at 7.288 as of April 21, reflecting a 0.1% appreciation since the end of 2024 [2] Group 3: Future Policy Directions - The State Administration of Foreign Exchange plans to introduce new incremental policies as needed, focusing on expanding domestic demand and promoting the integration of technological and industrial innovation [3] - The attractiveness of the domestic securities market to foreign capital is expected to continue to increase, supported by ongoing policy measures to facilitate cross-border trade and investment [3]

Core Viewpoint - The overall balance of foreign exchange supply and demand in China remained stable in May, with a net inflow of cross-border funds continuing. Group 1: Cross-Border Fund Flows - In May, the net inflow of cross-border funds from non-bank sectors, including enterprises and individuals, reached 33 billion USD [1] - The net inflow of trade-related funds remained at a high level, with foreign investment in domestic stocks increasing further compared to the previous month [1] - Outflows from service trade, foreign investment enterprise dividends, and direct investments abroad remained stable overall [1] Group 2: Market Expectations - In May, banks transitioned to a surplus in foreign exchange settlement and sales [1] - The willingness of enterprises and individuals to settle foreign exchange remained stable, while the demand for foreign exchange purchases decreased [1] - The current economic situation in China is characterized by overall stability and progress, which will continue to support the sound operation of the foreign exchange market [1]

智通财经5月20日早间新闻精选 1、5月20日早间，多家国有大行及部分股份行再度下调人民币存款挂牌利率。其中，中国工商银行、中 国建设银行、中国银行、招商银行活期利率均下调5个基点至0.05%；定期整存整取三个月期、半年 期、一年期、二年期均下调15个基点，分别为0.65%、0.85%、0.95%、1.05%；三年期和五年期均下调 25个基点，分别至1.25%和1.3%。 2、美国商务部网站将"在世界任何地方使用华为昇腾芯片均违反美国出口管制法规"的表述调整为"警告 业界使用中国先进计算机芯片，包括特定华为昇腾芯片的风险"。对此，中国商务部新闻发言人对此表 示，美方以莫须有的罪名对中国芯片产品加严管制，甚至干涉中国公司在中国境内使用中国自己生产的 芯片，是典型的单边霸凌行径，中方坚决反对。 11、万润新能公告，与宁德时代签订132.31万吨磷酸铁锂产品供应协议；弘信电子公告，控股子公司签 署1.77亿元算力技术服务合同和3.85亿元算力硬件采购合同。 12、乐山电力公告，分时电价机制调整，预计减少公司2025年电力业务收益850万元左右。 3、国家外汇管理局副局长、新闻发言人李斌表示，4月，企业、个人等非银行 ...