Group 1 - The 2025 Financial Street Forum Annual Meeting opened on October 27, with the Deputy Governor of the People's Bank of China and Director of the State Administration of Foreign Exchange, Zhu Hexin, delivering a keynote speech [1] - Zhu Hexin announced that the State Administration of Foreign Exchange will introduce nine new policy measures aimed at promoting trade innovation and development, focusing on trade facilitation [2] - The upcoming policies will include expanding the pilot scope for high-level cross-border trade openness and optimizing foreign exchange fund settlement for new trade entities [2] Group 2 - In September, the State Administration of Foreign Exchange implemented a package of cross-border investment and financing facilitation policies, with further policies on integrated currency pools for multinational companies and management of funds for domestic companies listed abroad to be released soon [2] - The reforms will also include integrated foreign exchange management innovations in pilot free trade zones, aiming to broaden the scope for autonomous opening-up [2]

Core Viewpoint - The 2025 Financial Street Forum highlighted the commitment of Chinese financial authorities to maintain a supportive monetary policy, enhance financial stability, and promote economic growth through various reforms and measures [2][6][8]. Group 1: People's Bank of China (PBOC) Insights - The PBOC will continue to implement a moderately accommodative monetary policy, utilizing various tools to ensure liquidity across short, medium, and long terms [6]. - A one-time personal credit relief policy is being researched to help individuals restore their credit records, particularly for those who have defaulted on loans below a certain amount since the pandemic [6]. - The PBOC plans to resume open market operations for government bonds, indicating a stable bond market environment [6]. Group 2: Financial Regulatory Administration Insights - The Financial Regulatory Administration emphasizes the importance of risk prevention, aiming to maintain systemic financial stability while managing the restructuring of small financial institutions [6]. - There will be a focus on improving the financing system to align with new real estate development models, addressing local government debt risks [6]. - The administration plans to enhance cross-border risk monitoring and response mechanisms to strengthen the global financial safety net [6]. Group 3: China Securities Regulatory Commission (CSRC) Insights - The CSRC is set to launch a series of reforms aimed at enhancing the inclusivity and coverage of the multi-tiered market system, including the introduction of new listing standards for innovative enterprises [6]. - A new set of measures to protect small and medium investors will be released, focusing on improving the fairness of trading environments and enhancing investor service levels [6]. - The CSRC will also promote the high-quality development of the New Third Board and the Beijing Stock Exchange, facilitating better market access and information trading systems [6][8]. Group 4: State Administration of Foreign Exchange (SAFE) Insights - The SAFE has introduced the "Qualified Foreign Institutional Investor System Optimization Work Plan," which aims to streamline access for foreign investors and enhance operational efficiency [8]. - New policies will be implemented to promote trade facilitation and innovation, reflecting a commitment to enhancing the internationalization of the Renminbi and high-quality capital project openings [8]. - The SAFE will employ advanced technologies like AI and big data for smarter regulatory practices, improving the monitoring of cross-border capital flows [8].

Core Insights - The State Administration of Foreign Exchange (SAFE) aims to enhance a more convenient, open, secure, and intelligent foreign exchange management system to support the development of Shanghai as an international financial center [1][2] - SAFE plans to steadily expand high-level institutional opening in the foreign exchange sector while balancing the internationalization of the Renminbi and high-quality opening of capital accounts [1] - There will be a focus on facilitating foreign financial institutions' investment in China and deepening the development of the foreign exchange market, including addressing issues related to long-term, multi-variety, and small currency foreign exchange market development [1] Group 1 - SAFE will promote the optimization of exchange rate risk management services by financial institutions as the demand for hedging becomes more diverse and personalized due to the expansion of international transaction scales [1] - The principle of "the more integrity, the more convenience" will be upheld, encouraging innovative and integrated exploratory policies in Shanghai, including the application of AI and big data for smarter and more efficient foreign exchange services [2] - SAFE emphasizes that both openness and convenience must be predicated on security, implementing a dual management approach of "macro-prudential + micro-regulation" to effectively prevent risk transmission across regions, markets, and borders [2] Group 2 - The ability to prevent risks will determine the degree of openness, with effective risk prevention being fundamental to high-quality development and high-level opening [2]

Core Viewpoint - The meetings held by financial regulatory authorities emphasize the importance of implementing the spirit of the 20th Central Committee's Fourth Plenary Session, focusing on risk prevention and enhancing regulatory measures to ensure financial stability and support high-quality economic development [3][4][5]. Group 1: Financial Regulatory Measures - The National Financial Supervision Administration stresses the need to fulfill the primary responsibility of risk prevention and to maintain a bottom line against systemic financial risks [3][4]. - The meeting highlighted the importance of strengthening the "five major regulations" to enhance the foresight, precision, effectiveness, and coordination of financial supervision [4][5]. - There is a commitment to improve the system for preventing and resolving risks in key areas, ensuring that the financial sector contributes more to the modernization goals of socialism [4][5]. Group 2: External Economic Policies - The State Administration of Foreign Exchange (SAFE) aims to support the consolidation of economic recovery by introducing supportive policies and expanding high-level institutional openness in the foreign exchange sector [6][7]. - SAFE emphasizes the importance of maintaining a stable foreign exchange market and ensuring the security of national economic and financial systems through comprehensive regulatory measures [8][9]. - The agency plans to enhance the foreign exchange policy framework to better support the real economy and facilitate cross-border trade and investment [8][9]. Group 3: Future Work Plans - The financial regulatory bodies are tasked with ensuring the completion of annual work objectives and planning for the upcoming "15th Five-Year Plan" period to promote stable financial operations [5][9]. - There is a focus on aligning financial services with the real economy and enhancing the efficiency of resource allocation in the foreign exchange market [8][9]. - The meetings call for a unified approach to learning and implementing the spirit of the 20th Central Committee's Fourth Plenary Session across the financial system [5].

Core Points - The meeting led by Zhu Hexin emphasized the importance of the 20th Central Committee's Fourth Plenary Session, highlighting its role in guiding the "14th Five-Year Plan" and the upcoming "15th Five-Year Plan" for China's modernization efforts [1][2] - The meeting recognized the significant achievements during the "14th Five-Year" period, attributing them to the leadership of the Communist Party and the guiding principles of Xi Jinping's thought [2] - The "15th Five-Year" period is deemed crucial for solidifying the foundation of socialist modernization, with a focus on financial stability and high-quality development [2][4] Financial Management Strategies - The meeting outlined the need for centralized leadership in foreign exchange management, emphasizing the importance of the "two establishments" and the "four consciousnesses" [3] - It stressed the necessity of supporting high-quality economic development through reforms in foreign exchange policies and enhancing the financial services for the real economy [3] - The meeting called for expanding high-level openness in foreign exchange, promoting the internationalization of the Renminbi, and supporting trade innovation [3] Market Stability and Security - The meeting highlighted the importance of maintaining stability in the foreign exchange market and ensuring the safety of the national economy and financial system [4] - It proposed a dual management approach combining macro-prudential and micro-regulatory measures to monitor cross-border capital flows and maintain the Renminbi's stability [4] - The meeting emphasized the need for strict enforcement against illegal activities in the foreign exchange sector and the importance of safeguarding foreign exchange reserves [4]

◎记者 范子萌 10月24日，国家外汇管理局党组书记、局长朱鹤新主持召开党组会议，落实金融系统学习贯彻党的二十 届四中全会精神会议要求，研究部署贯彻落实工作。国家外汇管理局党组成员参加会议。 四是维护外汇市场稳定和国家经济金融安全。加强外汇市场"宏观审慎+微观监管"两位一体管理，完善 跨境资金流动监测预警体系，保持人民币汇率在合理均衡水平上的基本稳定，强化外汇领域监管全覆 盖，严厉打击外汇领域违法违规活动。完善中国特色外汇储备经营管理，保障外汇储备资产安全、流动 和保值增值。 会议强调，国家外汇管理局系统要继续精准落实党中央决策部署，统筹发展和安全，扎实做好四季度工 作，坚决完成好全年工作任务。加强外汇市场宏观审慎和预期管理，有效防范外部冲击风险。巩固严监 管氛围，维护外汇市场健康秩序。加快推出多项外汇支持性政策，助力巩固拓展经济回升向好势头，为 顺利开启"十五五"提供有力支持。 一是坚持和加强党中央对外汇管理工作的集中统一领导。深刻领悟"两个确立"的决定性意义，增强"四 个意识"、坚定"四个自信"、做到"两个维护"，持之以恒推进全面从严治党，切实把党的领导贯穿外汇 管理工作各方面全过程。 二是服务经济高质量 ...

此外，统筹好金融开放与安全的关系。刘斌指出，开放和便利都必须以安全为前提，尤其要加强外 汇市场"宏观审慎+微观监管"两位一体管理，切实防范跨区域、跨市场、跨境的风险传递和叠加共振。 【纠错】 【责任编辑:吴京泽】 新华社上海10月24日电（记者桑彤、刘开雄）国家外汇管理局副局长刘斌在10月23日至25日举行的 2025外滩年会上表示，目前我国债券和股票市场规模均位居全球第二，并被纳入多个主流国际指数。境 外主体持有的人民币金融资产规模已超过10万亿元，有效增强了上海国际金融中心的国际竞争力和影响 力。 一方面，稳步扩大外汇领域高水平制度型开放。"在推进过程中，我们将统筹好人民币国际化与资 本项目高水平开放，以扩大金融市场开放为重点，便利外资金融机构来华投资兴业。"刘斌表示，同 时，深化外汇市场发展，研究长期限、多品种、小币种等外汇市场发展问题，进一步支持外汇交易中心 强化金融基础设施功能与服务能力，同时推动金融机构优化汇率风险管理服务。 另一方面，促进跨境贸易和投融资便利化。根据市场需求和我国实际，持续推进外汇管理改革创 新，赋予诚信合规主体更高便利度。"我们鼓励在上海率先落地一些首创性、集成性的探索政策，包 ...

Core Viewpoint - The National Foreign Exchange Administration is focusing on enhancing the foreign exchange management system in Shanghai to support its development as an international financial center, emphasizing convenience, openness, security, and intelligence in its approach [1]. Group 1: Expansion of Foreign Exchange System - The administration plans to steadily expand high-level institutional openness in the foreign exchange sector, balancing the internationalization of the Renminbi with high-quality capital account openness [2]. - There will be a focus on integrating domestic and foreign currency management, facilitating foreign financial institutions' investment in China, and enhancing the development of the foreign exchange market [2]. - The administration aims to support the foreign exchange trading center in strengthening its financial infrastructure and service capabilities, particularly in managing exchange rate risks as international transaction volumes grow [2]. Group 2: Facilitation of Cross-Border Trade and Investment - The administration will continue to promote reforms and innovations in foreign exchange management based on market demand and national conditions, providing higher convenience for compliant entities [2]. - The principle of "the more honest, the more convenient" will guide the administration's approach, ensuring that genuine transactions and compliant entities receive greater ease of fund usage [2]. - There is encouragement for Shanghai to implement pioneering and integrated exploratory policies, utilizing technologies like artificial intelligence and big data to offer smarter and more efficient foreign exchange services [2]. Group 3: Balancing Financial Openness and Security - The administration emphasizes that openness and convenience must be predicated on security, advocating for a dual management approach of "macro-prudential + micro-regulation" in the foreign exchange market [3]. - Effective risk prevention is deemed essential for high-quality development and high-level openness, with a focus on preventing risk transmission and accumulation across regions, markets, and borders [3].

Core Viewpoint - The State Administration of Foreign Exchange (SAFE) plans to enhance the development of the foreign exchange market in Shanghai, focusing on long-term, multi-currency, and small currency issues to support the city's international financial center construction [1][2]. Group 1: Foreign Exchange Market Development - SAFE will deepen the development of the foreign exchange market by researching long-term, multi-currency, and small currency issues [1]. - The administration aims to create a more convenient, open, secure, and intelligent foreign exchange management system, aligning with Shanghai's development needs [1]. Group 2: Financial Infrastructure and Risk Management - SAFE will strengthen the financial infrastructure and service capabilities of the foreign exchange trading center, enhancing the management of exchange rate risk for financial institutions [1]. - The administration emphasizes the importance of integrating macro-prudential and micro-regulatory management to prevent risk transmission across regions, markets, and borders [2]. Group 3: Innovation and Technology - SAFE encourages the implementation of innovative and integrated exploratory policies in Shanghai, utilizing technologies such as artificial intelligence and big data to provide smarter and more efficient foreign exchange services [2].

国家外汇管理局副局长刘斌在2025外滩年会上表示，在近年来推进便利化措施的基础上，外汇局下一步 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，结合上海发展实际，进一步 助力上海国际金融中心建设。具体包括三方面：一是稳步扩大外汇领域高水平制度型开放。二是促进跨 境贸易和投融资便利化。鼓励在上海率先落地一些首创性、集成性的探索政策，包括应用人工智能、大 数据等技术，提供更智能高效、安全便捷的外汇服务。三是统筹好金融开放与安全的关系。（上证报） ...