Core Viewpoint - The upcoming Lujiazui Forum emphasizes China's commitment to deepening financial reform and expanding institutional openness in the context of global economic changes [1] Group 1: Financial Open Cooperation - The Bank of China Shanghai Branch actively promotes high-level openness in cross-border trade and investment, aiding industrial upgrades and integrating facilitation policies with real-world scenarios [1][2] - The branch has been recognized as one of the "Top Ten Excellent Global Investment Partners" at the Shanghai Global Investment Promotion Conference, supporting over 5,300 cooperation intentions with a total intended cooperation amount exceeding 50 billion USD [2] Group 2: Enhancing Cross-Border Financial Services - The Shanghai International Financial Center is entering a new phase of enhanced capabilities and innovation, with the Bank of China Shanghai Branch supporting various financial innovation pilot projects [4] - The branch has established the first domestic cross-border syndication center, providing financial support for major projects and facilitating cross-border RMB settlement services [4] Group 3: Empowering Global Business Expansion - The Bank of China Shanghai Branch offers comprehensive cross-border financial infrastructure and risk prevention measures to assist Chinese enterprises in navigating foreign political and regulatory environments [5] - The branch has successfully implemented a cross-border foreign currency pool for an automotive company, alleviating financing difficulties, and provided tailored solutions for a shipbuilding group to manage long-term exchange rate risks [5] Group 4: Focus on Inclusive Finance - The Bank of China Shanghai Branch is committed to inclusive finance, utilizing various online and cooperative financing solutions to address the challenges faced by small and micro foreign trade enterprises [6] - Future plans include building a more efficient and secure cross-border financial service system to continuously support financial openness and high-quality development [6]

Core Viewpoint - Chinese enterprises are increasingly expanding into overseas markets, but they face significant financial risks due to global currency fluctuations. The introduction of the "Action Plan" aims to enhance cross-border financial services and promote the concept of currency risk neutrality among businesses [2][3]. Group 1: Currency Risk Management - The recent volatility in the foreign exchange market has made it difficult for companies to predict currency movements, leading to a reluctance to engage in currency hedging [3][4]. - The proportion of foreign trade enterprises in China utilizing foreign exchange hedging has increased from 21.7% in 2021 to 27% in 2024, indicating a growing willingness to manage currency risks [5]. - Companies are increasingly seeking advice from banks on currency risk management, with some banks providing tailored hedging solutions and training to help businesses understand the benefits of hedging [4][6]. Group 2: Cost Considerations - Small and medium-sized enterprises (SMEs) often face pressure from costs associated with currency hedging, which can deter them from utilizing these financial instruments [6]. - The government has initiated measures to reduce the costs of foreign exchange hedging for SMEs, including subsidies for guarantee fees and encouraging banks to offer competitive quotes [6][7]. - A case study of a bearing machinery company illustrates how a bank's policy-backed hedging service allowed the company to convert unused loan amounts into hedging products without incurring additional costs [7]. Group 3: Innovative Financial Solutions - The "Action Plan" emphasizes the need to optimize currency risk management services and improve the capabilities of enterprises to respond to foreign exchange risks [8]. - A new financing scheme developed by a bank allows companies to convert high-cost foreign currency liabilities into lower-cost, controlled-risk RMB liabilities, effectively managing financing costs and risks [8][9]. - This innovative approach includes locking in exchange rates for future payments, thereby mitigating potential risks associated with currency fluctuations and interest rate changes [9].

"我国企业对外投资不断提速，对跨境金融服务提出了更高层次、更多维度的需求""人民银行将不断优 化跨境金融服务政策工具箱，形成更加适配外向型经济的金融体系""国际化程度有效提升仍然是上海国 际金融中心建设的一个主要方向"……人民银行党委委员、副行长陆磊提到。 围绕进一步提升跨境投融资便利化、不断增强上海国际金融中心的竞争力和影响力，人民银行、金融监 管总局、国家外汇局、上海市人民政府日前联合印发《上海国际金融中心进一步提升跨境金融服务便利 化行动方案》（以下简称《行动方案》），为便于市场更好理解《行动方案》政策，4月23日，人民银 行召开新闻发布会。 陆磊在会上透露，按照"打通堵点、破除痛点、解决难点"的工作思路，《行动方案》有两个核心要点， 一是突出上海国际金融中心建设，二是聚焦提升跨境金融服务便利化。 跨境金融服务需求转变 着眼于更好发挥上海国际金融中心在服务构建新发展格局中的特殊作用，《行动方案》应运而生。会 上，谈及《行动方案》的出台背景，陆磊指出，近年来世界百年变局加速演进，外部环境更趋复杂严 峻。世界经济增长动力不足，单边主义、保护主义加剧，多边贸易体制受阻，关税壁垒增多，冲击了全 球产业链供应链稳 ...

Core Viewpoint - The release of the "Action Plan for Further Enhancing the Convenience of Cross-Border Financial Services in Shanghai" marks a significant step in advancing the construction of Shanghai as an international financial center, emphasizing financial support for enterprises going global and enhancing Shanghai's international competitiveness [1][4]. Group 1: Key Policies and Measures - The "Action Plan" includes 18 key measures focusing on improving cross-border settlement efficiency, optimizing exchange rate hedging services, strengthening financing services, enhancing insurance protection, and providing comprehensive financial services [4][11]. - The plan aims to create a robust support system for enterprises to "go out," thereby enhancing the internationalization level of Shanghai's financial center [1][4]. Group 2: Financial Support and Services - The People's Bank of China (PBOC) will continuously optimize the toolbox of cross-border financial service policies to better align with the needs of an outward-oriented economy [4][12]. - The plan addresses the increasing demand for integrated financial solutions that encompass investment, financing, risk management, and consulting tailored to different market and industry characteristics [3][11]. Group 3: Implementation and Coordination - Shanghai's municipal government will work closely with financial regulatory bodies to ensure the effective implementation of the "Action Plan," transforming measures into tangible benefits for enterprises [2][5]. - A regular scheduling mechanism for financial services supporting enterprises going global has been established, involving various stakeholders including government departments and financial institutions [6][12]. Group 4: Innovation and Digitalization - The "Action Plan" emphasizes the importance of optimizing business processes and leveraging technology to enhance the efficiency and experience of cross-border financing, settlement, and risk management for enterprises [7][8]. - New products and services will be developed to address financing and foreign exchange risk management needs, including special hedging products and non-resident acquisition loan services [8][11]. Group 5: Reinsurance Center Development - The establishment of the Shanghai International Reinsurance Registration and Trading Center is underway, with 22 reinsurance operational centers already set up, aiming to enhance Shanghai's competitiveness as a reinsurance hub [9][10].

Core Viewpoint - The recent release of the "Action Plan for Further Enhancing the Convenience of Cross-Border Financial Services in Shanghai" aims to improve financial services for enterprises going global, with a focus on innovative measures and tailored support [1] Group 1: Policy Initiatives - Shanghai will enhance the implementation mechanism to accelerate policy execution and promote innovative measures [1] - A new currency risk hedging policy guarantees that enterprises can engage in RMB and foreign exchange derivative products without paying a deposit, facilitating low-cost currency risk management [1] Group 2: Financial Services for Enterprises - The city plans to create a "going out" financial service package, providing comprehensive and one-stop financial solutions for enterprises expanding internationally [1] - Customized financial support plans will be developed for key enterprises, offering tailored services based on individual needs [1] Group 3: Regulatory Framework - Continuous improvement of financial legislation, regulation, and dispute resolution mechanisms will provide solid support for enterprises' international operations [1]