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） ...

Core Viewpoint - The National Foreign Exchange Administration aims to enhance Shanghai's cross-border financial services by establishing a more convenient, open, secure, and intelligent foreign exchange management system, supporting the city's development as an international financial center [1][2]. Group 1: Expansion of Foreign Exchange System - The administration plans to steadily expand high-level institutional openness in the foreign exchange sector, focusing on the integration of RMB internationalization and high-quality capital account opening [1]. - There will be an emphasis on facilitating foreign financial institutions' investment in China while deepening the development of the foreign exchange market [1]. - The administration will explore issues related to long-term, multi-variety, and small currency foreign exchange market development, enhancing the financial infrastructure and services of the foreign exchange trading center [1]. Group 2: Promotion of Cross-Border Trade and Investment - The administration will continue to innovate foreign exchange management reforms based on market demand and national conditions, providing higher convenience for compliant entities [1]. - There is encouragement for Shanghai to implement pioneering and integrated exploratory policies, utilizing technologies such as artificial intelligence and big data to offer smarter, more efficient, and secure foreign exchange services [1]. Group 3: Balancing Financial Openness and Security - The relationship between financial openness and security will be carefully managed, ensuring that convenience and openness are predicated on safety [2]. - The administration will strengthen the dual management of macro-prudential and micro-regulation in the foreign exchange market to prevent risks across regions, markets, and borders [2].

银行代客涉外收支规模反映企业、个人等非银行部门跨境资金流动情况。从总量看，今年以来我国涉外 收支总规模稳步增加，反映出跨境贸易活动保持活跃。从收支差额看，今年前三季度我国跨境资金延续 去年下半年以来的净流入态势。 证券时报记者 贺觉渊 国家外汇管理局10月22日公布的2025年9月银行结售汇和银行代客涉外收付款数据显示，今年前三季度 我国涉外收支总规模为11.6万亿美元，创历史同期新高。 今年前三季度，我国跨境资金净流入1197亿美元，银行结售汇顺差632亿美元，均高于上年同期水平。 国家外汇管理局副局长、新闻发言人李斌表示，面对复杂多变的外部环境，今年以来我国外汇市场稳健 运行，市场预期平稳，供求基本平衡，外汇市场保持着较强的韧性和活力。 从跨境资金流动主要渠道看，我国外贸稳步增长，9月货物贸易项下资金净流入保持高位；服务贸易、 投资收益等项下跨境资金流动较为平稳。货物贸易顺差是近年来我国经常账户顺差的主要来源。 此前，李斌在解读8月外汇形势时曾指出，当月外资总体净买入境内股票和债券。另据国际金融协会 （IIF）近期数据，8月外国投资者向新兴市场股票和债券投资组合投入近450亿美元，为近一年来的最 高规模， ...

Core Points - The 2025 Financial Street Forum will be co-hosted by multiple government entities and held in Beijing from October 27 to 30, 2025, highlighting its significance as a national and international financial platform [1][4] - The forum aims to enhance international participation and influence, serving as a key stage for financial policy announcements and global financial governance [4] Group 1: Forum Details - The forum has evolved since its elevation to a national-level event in 2020, with increasing international participation and influence [4] - The closing ceremony will feature a diverse lineup of high-profile guests, including leaders from various financial institutions and government bodies [4] - The theme for the closing ceremony is "International Economic and Trade Resilience Cooperation under Global Changes," with discussions on global investment patterns and the role of central banks [4] Group 2: Support for Beijing's Economic Development - The State Administration of Foreign Exchange (SAFE) has implemented several foreign exchange reform policies in Beijing, including cross-border trade investment pilot programs and enhanced foreign currency exchange services [5][6] - The establishment of a foreign exchange derivatives service platform has enabled over 2,300 companies in Beijing to engage in foreign exchange derivative transactions, with a total contract value of $12.94 billion [5] - SAFE has facilitated cross-border financing for high-growth technology companies, with total signed amounts nearing $5 billion, and has expanded the scope of these policies citywide [6] Group 3: Future Initiatives - SAFE plans to continue innovating foreign exchange management policies to support high-quality financial development in Beijing, aligning with international standards [7] - The agency aims to implement more pioneering foreign exchange policies and better serve local enterprises [7]

"十四五"时期，国家外汇管理局以习近平新时代中国特色社会主义思想为指导，以服务发展、便利 民生为着眼点，统筹促便利和防风险，持续优化经常项目便利化政策供给，提升资金结算服务质效，降 低跨境贸易资金结算成本，切实保障企业等各类主体真实合规用汇需求。 国家外汇管理局在服务外贸发展方面开展了哪些工作？在探索和完善有利于贸易新业态新模式发展 的管理思路和服务体系方面积累了哪些宝贵经验？在优化承包工程企业境外资金统一管理方面有哪些举 措？近日，《金融时报》记者围绕相关话题专访了国家外汇管理局经常项目管理司负责人。 《金融时报》记者："十四五"时期，国家外汇管理局在服务外贸发展等方面开展了哪些工作？ 国家外汇管理局经常项目管理司负责人：国家外汇管理局将惠企利民作为工作的出发点和落脚点， 不断优化政策供给，持续推动包括对外贸易在内的经常项目便利，为人民群众带来实实在在的获得感。 近年来，我们主要开展了以下几方面工作： 一是推进高水平便利，服务对外开放新格局。以优质企业贸易外汇收支便利化政策为切入点，深化 主体分级、业务分类的信用激励机制，营造"越诚信越便利"的涉外营商环境。支持审慎合规的银行在为 信用优良企业办理贸易外汇收 ...

Core Insights - The report indicates that China's current account surplus reached $294.1 billion in the first half of 2025, remaining within a reasonable equilibrium range [1] - The total import and export volume of goods increased by 2% year-on-year, while service trade grew by 6%, with a 13% reduction in the service trade deficit [1] - Foreign investment returns improved, with China's outbound investment income and foreign investment income in China increasing by 13% and 7% year-on-year, respectively [1] Economic Performance - The report highlights a balanced pattern between the current account surplus and the non-reserve financial account deficit, indicating a stable international balance of payments [1][2] - By the end of June 2025, China's foreign financial assets and liabilities exceeded $11 trillion and $7.2 trillion, respectively, with a net foreign asset of $3.8 trillion, marking a 16% increase from the end of 2024 [1] Cross-Border Trade and Investment Facilitation - In the first half of 2025, over $700 billion in cross-border trade facilitation services were processed, reflecting an 11% year-on-year increase [3] - The report outlines measures to enhance cross-border investment and financing, including the cancellation of domestic reinvestment registration for foreign-invested enterprises and the expansion of pilot areas for integrated currency pools [4] Regional Development Support - The report emphasizes support for the construction of the Shanghai International Financial Center and the implementation of a series of foreign exchange facilitation policies in free trade zones [5] Tourism and Travel Growth - The inbound tourism market has accelerated, with inbound travel income reaching $24.3 billion in the first half of 2025, a 42% year-on-year increase [8] - The report notes that the number of inbound tourists from Hong Kong, Singapore, Taiwan, South Korea, and Malaysia accounted for 40% of total tourism income, with significant growth from the U.S., Japan, Australia, and the UK [8][9] Policy Enhancements for Tourism - The report highlights the optimization of the departure tax refund policy, which has been expanded nationwide, and the increase in the number of tax refund stores, enhancing the shopping experience for foreign visitors [10] - Various measures have been implemented to improve payment services for foreign tourists, including the ability to bind foreign bank cards to domestic payment apps and the expansion of currency exchange services at major airports and hotels [10] Future Outlook - The report anticipates that with the support of favorable policies, the travel market's consumption potential will be further released, and cross-border tourism income is expected to maintain a steady growth trend [11]

Group 1 - The Chinese financial sector has achieved significant accomplishments during the "14th Five-Year Plan" period, with comprehensive reforms and improvements in the financial governance system [1][2] - The People's Bank of China aims to ensure ample liquidity and support economic recovery by utilizing various monetary policy tools, while maintaining the stability of the RMB exchange rate [1][2] - The National Financial Regulatory Administration emphasizes the importance of risk prevention and resolution, successfully reducing the number of high-risk institutions and assets [2] Group 2 - The China Securities Regulatory Commission has focused on enhancing market stability and investor confidence, leading to a steady growth in both the quantity and quality of the capital market [2] - The foreign exchange sector has effectively balanced development and security, maintaining foreign exchange reserves above $3 trillion and improving services to the real economy [3] - Looking ahead to the "15th Five-Year Plan," the foreign exchange management system will be further enhanced to support China's modernization efforts [3]

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 announced a series of reforms to enhance cross-border investment and financing, aiming to support the development of the real economy and facilitate compliant cross-border activities [1]. Cross-Border Investment Management - The new regulations eliminate the requirement for foreign direct investment (FDI) preliminary expense registration and reinvestment registration for foreign-invested enterprises, expanding the previously trialed exemption policy nationwide [2]. - Foreign exchange profits from foreign direct investments are now allowed to be reinvested domestically, and the "Kehuitong" policy, which facilitates foreign funding for non-enterprise research institutions, has been extended across the country [2]. Cross-Border Financing Management - The reforms increase the cross-border financing facilitation limit for high-tech, "specialized and innovative," and technology-based small and medium-sized enterprises to the equivalent of $10 million, with some eligible companies receiving an increased limit of $20 million [2]. - The registration management requirements for cross-border financing have been simplified, removing the need for audited financial reports from the previous year during the signing and registration process [2]. Capital Project Income Payment Optimization - The negative list for capital project income usage has been reduced, lifting restrictions on using capital project income for purchasing non-self-use residential properties [3]. - Banks are now allowed to autonomously determine the proportion and frequency of random checks based on clients' compliance and risk levels, enhancing the management of capital project foreign exchange income payments [3]. - Foreign individuals can now process foreign exchange payments for property purchases with a contract or agreement before obtaining the necessary purchase registration documents, without altering existing policies for foreign individuals purchasing property domestically [3]. Future Outlook - SAFE plans to continue advancing reforms in the foreign exchange sector to support legal and compliant cross-border investment and financing activities, thereby better serving the high-quality development of the real economy [3].