在具体举措上，国家外汇管理局北京市分局提出，强化三级责任机制，压实网格化管理主体责任。辖内 授权银行通过建立专项工作小组、召开动员会等方式，及时向下属支行传达部署服贸会期间外币兑换服 务重点工作及有关要求。进一步明确分行业务主管部门加强支行管理，开展合规指导。支行主管行长主 抓落实，及时组织开展业务巡检、人员培训、备钞准备等各项工作，切实加强代兑机构管理。支行经办 人员加强与代兑机构的对接沟通，及时了解代兑机构兑换币种需求，适时增加可兑换币种，同时做好业 务指导。 同时，加大培训和巡查力度，全力保障服贸会期间外币兑换服务质量。国家外汇管理局北京市分局要 求，一是构建"理论+实操+模拟场景"多元培训体系，不断提升兑换人员服务水平。授权银行就代兑业 务办理流程、风险点、注意事项及基本问答等内容对代兑机构进行再培训；对业务办理的印章、水单等 重要资料的准备和保管情况进行再确认。通过模拟"高峰期人员分流""设备突发故障""客户兑换疑问解 答"等情景，检验工作人员的业务熟练度、服务态度及应急处理能力。 北京商报讯（记者廖蒙）9月10日—14日，2025年服贸会在北京首钢园举行。9月12日，国家外汇管理局 北京市分局指出 ...

人民财讯9月12日电，香港金管局9月12日公布外汇基金在2025年8月底的主要分析帐目。8月份，外汇基 金的境外资产减少526亿港元，至34871亿港元。货币基础为20142亿港元，包括负债证明书、政府发行 的流通纸币及硬币、银行体系结余，以及已发行外汇基金票据及债券。外汇基金对香港私营部门的债权 总额为3296亿港元。对外负债总额为317亿港元。 ...

Core Insights - As of the end of August, China's foreign exchange reserves reached $332.22 billion, an increase of $29.9 billion from the end of July, marking a growth rate of 0.91% [1][3] - China's gold reserves stood at 7.402 million ounces at the end of August, with an increase of 60,000 ounces, representing the central bank's continuous accumulation of gold for the tenth consecutive month [1][4] Foreign Exchange Reserves - The increase in foreign exchange reserves is attributed to the depreciation of the US dollar index and the overall rise in global financial asset prices [3][5] - The foreign exchange reserves balance as of the end of August is the highest since January 2016, indicating improved capacity to withstand various shocks [3][5] - Current foreign exchange reserves are considered moderately sufficient, providing important support for maintaining the RMB exchange rate at a reasonable equilibrium level [3][5] Gold Reserves - In August, the expectation of interest rate cuts by the Federal Reserve led to a significant rebound in gold prices, with a cumulative increase of 3.9% for the month [5] - China's gold reserves increased by $9.9 billion to $253.8 billion, with the proportion of gold reserves to total foreign exchange reserves rising by 0.23 percentage points to 7.64%, setting a new historical high [5]

Core Insights - The Hong Kong Monetary Authority reported a decrease in the foreign exchange fund's overseas assets by 56.4 billion HKD, bringing the total to 3,539.8 billion HKD as of the end of July 2025 [1] - The monetary base is recorded at 2,042.6 billion HKD, which includes certificates of indebtedness, government-issued currency notes and coins, bank reserves, and issued foreign exchange fund bills and bonds [1] - The total claims of the foreign exchange fund on the private sector in Hong Kong amount to 317.6 billion HKD, while total external liabilities stand at 32.6 billion HKD [1]

港汇上一次触发7.85弱方兑换保证，为8月13日纽约交易时段收市后承接70.65亿港元。香港金管局6月以 来，已12度承接港元沽盘，累接1199.7亿港元，相当于5月流入热钱的92.7%。 港汇触发7.85"弱方兑换保证"，香港金管局公布，8月14日纽约交易时段收市后接钱33.76亿港元，根据 联系汇率机制，香港金管局按银行要求向市场卖出美元、买入港元，银行体系总结余将于8月15日减少 至537.16亿港元。 ...

Core Viewpoint - The Hong Kong dollar has weakened, triggering the weak-side convertibility guarantee at 7.85 per US dollar, leading to the Hong Kong Monetary Authority (HKMA) intervening in the market by selling US dollars and buying Hong Kong dollars [1] Group 1: Currency Intervention - On August 13, after the New York trading session, the HKMA sold 70.65 billion HKD to the market, resulting in a decrease of the banking system's balance to 570.91 billion HKD on August 14 [1] - This marks the 11th time since June that the HKMA has intervened, accumulating a total of 1,165.94 billion HKD, which is approximately 90% of the capital inflow seen in May [1] Group 2: Historical Context - The last time the weak-side convertibility guarantee was triggered was on August 6, when the HKMA absorbed 84.39 billion HKD [1] - In early May, the Hong Kong dollar had triggered the strong-side convertibility guarantee multiple times, with a total inflow of 1,294 billion HKD, indicating a significant shift in the currency's strength over the past two months [1]

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) intervened in the currency market for the first time in 2023 to maintain the stability of the Hong Kong dollar, which triggered the "weak-side convertibility guarantee" at 7.85 HKD per USD [1] Currency Mechanism - The Hong Kong dollar operates under a linked exchange rate system established in 1983, with a normal fluctuation range between 7.75 (strong-side guarantee) and 7.85 (weak-side guarantee) [1] - When the exchange rate hits the "strong-side guarantee," the HKMA buys USD and sells HKD to stabilize the rate at or below 7.75 [1] - Conversely, when the "weak-side guarantee" is triggered, the HKMA sells USD and buys HKD to maintain the rate at or above 7.85 [1] Market Intervention - On June 26, the HKMA bought a total of 9.42 billion HKD to stabilize the currency, resulting in a reduction of the banking system's aggregate balance to 164.098 billion HKD by June 27 [1] - In early May, the Hong Kong dollar was strong, triggering the "strong-side guarantee" four times, leading the HKMA to inject approximately 129 billion HKD into the market [1]

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) reported a significant increase in investment income for the first half of 2025, reaching HKD 194.4 billion, a rise of 87% compared to HKD 104 billion in the same period of 2024, driven by improved global market conditions, optimized asset allocation strategies, and currency fluctuations [1] Income Composition and Core Drivers - The primary sources of investment income include: - Bond investment income of HKD 75.3 billion, accounting for 39%, mainly from interest income on U.S. Treasury and other high-rated bonds [2] - Total stock investment income of HKD 50.3 billion, with HKD 22.9 billion from Hong Kong stocks and HKD 27.4 billion from other stocks [2] - The Hang Seng Index rose approximately 20% in the first half of 2025, attracting capital inflows into the Hong Kong stock market, while global major stock markets also saw gains due to easing inflation expectations [3] - Foreign exchange valuation adjustments contributed HKD 56.8 billion, making it the largest single contributor, as the U.S. dollar weakened against major currencies [3] - Other investment income totaled HKD 12 billion, including dividends and appreciation from private equity and real estate [2] Asset Scale and Financial Status - As of June 30, 2025, the total assets of the foreign exchange fund reached HKD 429.71 billion, an increase of HKD 21.61 billion from the end of 2024, with cumulative surplus rising to HKD 87.79 billion [5] - The growth reflects the cumulative effect of investment income and positive capital inflows [6] Investment Strategy Adjustments and Long-term Layout - The HKMA has been optimizing asset allocation, reducing the proportion of U.S. dollar assets from over 90% to 79%, and shortening the duration of U.S. Treasury holdings to mitigate interest rate volatility risks [7] - Long-term growth strategies include investments in private equity and real estate, contributing approximately HKD 12 billion in income in the first quarter of 2025 [8] Response to Market Uncertainties - Despite strong performance in the first half of 2025, the HKMA emphasizes the need to remain vigilant against geopolitical risks, tariff disputes, and potential shifts in Federal Reserve policies [9] - The foreign exchange fund will maintain high liquidity and further diversify investments into non-U.S. dollar assets to address potential market volatility [9] - The dynamic adjustment capability of the foreign exchange fund will be crucial for continued value creation in a complex international environment [10]

Core Viewpoint - The Hong Kong Monetary Authority announced that as of the end of July 2025, Hong Kong's official foreign exchange reserves amounted to 425.4 billion USD, a decrease from 432.0 billion USD at the end of June 2025 [1] Summary by Relevant Categories Foreign Exchange Reserves - As of July 2025, Hong Kong's foreign exchange reserves were reported at 425.4 billion USD, down from 432.0 billion USD in June 2025 [1] - Including unsettled foreign exchange contracts, the total foreign exchange reserves stood at 424.5 billion USD as of July 2025, compared to 431.9 billion USD in June 2025 [1] Monetary Supply - The total foreign exchange reserves of 425.4 billion USD are equivalent to more than five times the currency in circulation in Hong Kong [1] - The reserves represent approximately 37% of the Hong Kong dollar monetary supply M3 [1]

Group 1 - The People's Bank of China reported that as of the end of July, the country's gold reserves reached 73.96 million ounces, an increase of 60,000 ounces month-on-month, marking the ninth consecutive month of gold accumulation [1] - As of the end of July, China's foreign exchange reserves stood at $329.22 billion, a decrease of $25.2 billion from the end of June, representing a decline of 0.76% [1] Group 2 - On August 7, gold prices experienced a sharp decline, dropping by $16, while silver's gains narrowed to approximately 0.6% [4] - Gold prices surged, breaking through $3,466, while the US dollar index saw a significant drop [7]