Core Viewpoint - The State Administration of Foreign Exchange has released the compliance and prudent operation assessment results for bank foreign exchange businesses for 2025, with ICBC Jiyuan Branch achieving an "A" rating for the third consecutive year, highlighting its strong compliance capabilities and stable operational performance in the foreign exchange sector [1][2]. Group 1: Compliance and Operational Excellence - ICBC Jiyuan Branch has adhered strictly to foreign exchange management policies and established a comprehensive compliance internal control system [1]. - The bank conducts regular specialized training and compliance checks to ensure that foreign exchange operations are standardized and risks are controllable [1]. - The branch has optimized cross-border financial services based on corporate needs and introduced various measures to benefit enterprises [1]. Group 2: Support for the Real Economy - The bank actively implements policies to facilitate trade foreign exchange receipts and payments, creating a "green channel" for compliant enterprises [1]. - It focuses on hedging against exchange rate risks by providing tailored solutions such as forward contracts and options, maintaining a leading position in the regional exchange rate hedging business [1]. - The branch is accelerating its digital transformation to expand the application scenarios of cross-border financial service platforms, enabling online processing of financing and settlement, thereby reducing operational costs for enterprises [1]. Group 3: Collaboration with Regulatory Authorities - ICBC Jiyuan Branch enhances communication and collaboration with regulatory authorities, actively participating in various research and inspection activities [1]. - The bank promptly conveys policy directions and builds a communication bridge between enterprises and regulatory bodies, fostering a positive interaction between regulation and operations [1]. Group 4: Future Commitment - The branch views its continued "A" rating as both an honor and a responsibility, committing to strengthen compliance management and innovate cross-border financial service models [2]. - It aims to enhance the quality of professional services to support local foreign trade enterprises and inject financial momentum into the high-quality development of the regional open economy [2].

智通财经APP获悉，12月19日，中国外汇交易中心发布关于继续免除中小微企业外汇衍生品交易相关银 行间外汇市场交易手续费的通知。金融机构通过外汇交易中心银企平台为中小微企业提供交易服务的， 外汇交易中心以客盘交易总量为基数，全额减免银行间外汇市场交易手续费。金融机构通过其他渠道为 中小微企业提供交易服务的，金融机构负责审核中小微企业标准并向外汇交易中心报备企业名单。外汇 交易中心按客盘交易总量的50%为基数，全额减免银行间外汇市场交易手续费。适用交易手续费优惠的 交易品种包括远期、掉期、货币掉期和期权等人民币外汇衍生品。 一、金融机构通过外汇交易中心银企平台为中小微企业提供交易服务的，外汇交易中心以客盘交易总量 为基数，全额减免银行间外汇市场交易手续费。 原文如下： 二、金融机构通过其他渠道为中小微企业提供交易服务的，金融机构负责审核中小微企业标准并向外汇 交易中心报备企业名单。外汇交易中心按客盘交易总量的50%为基数，全额减免银行间外汇市场交易手 续费。 外汇交易中心关于继续免除中小微企业外汇衍生品交易相关银行间外汇市场交易手续费的通知 三、适用交易手续费优惠的交易品种包括远期、掉期、货币掉期和期权等人民币 ...

Core Insights - The International Business Department of the Industrial and Commercial Bank of China (ICBC) Nantong Branch has successfully facilitated significant cross-border transactions for a leading manufacturing client, achieving approximately $140 million in cross-border receipts and 650 million yuan in cross-border RMB receipts, along with $19 million in export invoice financing and $420 million in derivative contracts, thereby enhancing the branch's market share and foreign exchange competitiveness [1][2] Group 1 - The International Business Department effectively coordinated resources from the provincial headquarters, leveraging large-scale bidding advantages to capture favorable market windows, which led to the successful implementation of large fund transactions and a combination of "export invoice financing + swaps," significantly reducing the financial costs for enterprises [2] - A specialized marketing team was formed to address the core needs of a leading enterprise in the Rugao area, focusing on optimizing financial products and trade financing, which involved high-level professional engagement with the enterprise's financial director [1] - The department established a "green channel" for seamless tracking of fund flows, ensuring efficient internal coordination and high service efficiency, which garnered high praise from clients [2] Group 2 - The next steps for the International Business Department include focusing on deepening relationships with leading clients, promoting a precise marketing model of "in-depth diagnosis + customized solutions + resource collaboration" across branches [2] - Continuous optimization of the empowerment mechanism and improvement of the tiered response and support system will be prioritized, along with adapting product offerings and service solutions to align with market and enterprise demand changes [2] - The department aims to consolidate and expand its leading position in cross-border business, injecting strong momentum into the high-quality development of foreign exchange operations [2]

Core Insights - The article highlights the successful implementation of the "工赢智造 百日攻坚" marketing initiative by the International Business Department of ICBC Nantong Branch, which significantly enhanced the market share and foreign exchange competitiveness of the Rugao Branch through targeted marketing strategies and innovative financial solutions [1][2][3] Group 1: Professional Assessment and Demand Identification - The International Business Department guided the Rugao Branch to adopt a tiered marketing strategy, focusing on the specific needs of leading enterprises in the region, particularly addressing the core demands of a key cross-border payment client [1] Group 2: Solution Leadership and Product Innovation - A specialized marketing team was formed to engage directly with the financial executives of enterprises, leading to the development of a comprehensive service solution that integrated various financial products to address the full spectrum of client needs [2] Group 3: Collaborative Execution and Market Efficiency - The International Business Department coordinated resources effectively, utilizing competitive advantages to facilitate large-scale transactions and innovative financing solutions, which significantly reduced financial costs for clients and improved service efficiency [2] Group 4: Comprehensive Benefits and Deepened Cooperation - The marketing initiative resulted in substantial cross-border payments and trade financing, enhancing customer satisfaction and trust, while validating the effectiveness of the collaborative model between specialized departments and branch execution [3] - Future strategies will focus on deepening engagement with leading clients and replicating successful marketing models to support high-quality development in foreign exchange business [3]

Core Viewpoint - Shenzhen Jinxinnong Technology Co., Ltd. plans to engage in futures and derivatives investment business in 2026, with a maximum trading margin and premium not exceeding 60 million yuan, subject to shareholder approval [1][2]. Group 1: Investment Business Overview - The investment business will focus on the domestic compliant market, utilizing trading venues such as Dalian Commodity Exchange and Zhengzhou Commodity Exchange, and will not involve overseas trading [2]. - The trading tools will include futures, options, and forwards, with some off-exchange trading to leverage customization advantages [2]. - Funding will come from the company's own funds and financial institution derivatives trading credit, without involving raised funds [2]. Group 2: Approval Process - The proposal has been approved by the company's board of directors and will be submitted for final approval at the 2025 annual shareholder meeting [2]. - The board's approval process included reviews by the strategic committee and a temporary meeting, and no related party transaction review is required [2]. Group 3: Risk Management - The company has identified six major risks associated with the investment business and has developed corresponding control measures [3]. - A mechanism for market risk management will be established, including pre-analysis, real-time monitoring, and post-review [3]. - Liquidity risk will be managed by setting stop-loss limits and ensuring that trading amounts do not exceed approved limits [3]. - Credit risk will be mitigated by selecting financial institutions with good credit and risk control capabilities as trading partners [3]. - Technical and operational risks will be addressed through improved trading systems and compliance with internal control requirements [3]. Group 4: Market Impact - The company's entry into the futures and derivatives market aims to enhance returns through diversified capital allocation [4]. - The announcement highlights potential deviations in market price trends due to economic policies and interest rate fluctuations [4]. - The company emphasizes the need to monitor its specific trading strategies and risk exposure management capabilities [4]. - Following shareholder approval, the company will gradually initiate related business based on market conditions and will fulfill information disclosure obligations [4].

Core Viewpoint - The company, Xiamen Xiangyu Co., Ltd., is leveraging futures and derivative tools to enhance risk management and drive high-quality development in the supply chain amidst volatile commodity prices [1][2]. Group 1: Risk Management and Futures Integration - The ability to control risks has become a core value and competitive advantage for listed companies, necessitating a shift from passive to active risk management through the use of derivatives [2]. - Xiamen Xiangyu's futures business is integrated into its extensive supply chain management platform, allowing for flexible operations across various commodity categories [2][4]. - The company has established a comprehensive management system to mitigate risks associated with derivative trading, including strict adherence to internal controls and regulatory compliance [8][9]. Group 2: Practical Applications of Futures - In February 2025, Xiamen Xiangyu engaged in basis procurement contracts to manage price risks effectively, resulting in a net profit of 170 yuan per ton through strategic trading [3]. - The company has developed a grain supply chain that includes a pricing model that helps farmers hedge against price fluctuations, thereby supporting rural revitalization [5][7]. - The "放心送" service allows farmers to manage price risks effectively, demonstrating the company's commitment to providing tailored risk management solutions [6][7]. Group 3: Business Expansion and Global Reach - Xiamen Xiangyu's business network spans over 110 countries, showcasing its capability in risk management and its role in empowering the supply chain [10]. - The company aims to become a world-class supply chain service provider, with risk management being a critical component of its strategic objectives [10].

Core Viewpoint - The Central Economic Work Conference outlines a clear blueprint for high-quality economic development in China, emphasizing the role of capital markets in serving the real economy and mitigating risks [1][5]. Group 1: Commitment to Real Economy - The conference calls for financial institutions to enhance support for expanding domestic demand, technological innovation, and small and micro enterprises, while also integrating ongoing assistance into rural revitalization strategies [2][6]. - The company, as a futures firm with an industrial background, emphasizes its commitment to serving the real economy by leveraging its expertise in risk management tools such as futures, options, and swaps to help enterprises hedge against price risks [2][6]. - Future efforts will focus on building a distinctive service system for industrial clients, enhancing research and development capabilities centered on hedging, and promoting the "insurance + futures" model to support rural revitalization [2][6]. Group 2: Risk Management and Compliance - The conference stresses the importance of maintaining a bottom line and actively managing risks in key areas, highlighting that a stable financial market is essential for economic stability [3][7]. - The implementation of the Futures and Derivatives Law and other regulatory measures reflects a commitment to risk prevention, strong regulation, and promoting high-quality development [3][7]. - The company adopts a "risk first" operational philosophy, enhancing internal monitoring, establishing compliance management mechanisms, and improving investor education through various media platforms to strengthen risk awareness and self-protection among clients [3][7]. Group 3: Future Direction - The company aims to align its operations with the spirit of the Central Economic Work Conference, maintaining its commitment to serving the real economy while prioritizing risk prevention [4][8]. - The focus will be on leveraging professional capabilities and stable operations to contribute significantly to financial services for the real economy [4][8].

Core Insights - Since the "14th Five-Year Plan," China's foreign exchange market has shown resilience and stability, with significant growth in cross-border capital flows and the international influence of the Renminbi [1][2][3] Group 1: Foreign Exchange Market Performance - The foreign exchange market's trading volume is projected to reach $41 trillion by 2024, a 37.4% increase from 2020 [1] - The scale of cross-border receipts and payments is expected to be $14 trillion by 2024, reflecting a 64% growth compared to 2020 [1] - The net inflow of foreign investment into China from 2021 to mid-2025 is over $740 billion [2] Group 2: International Balance of Payments - China's international balance of payments has maintained basic equilibrium, with steady increases in foreign financial assets and liabilities [2] - The average annual scale of goods trade imports and exports from 2021 to 2024 is nearly $6 trillion, a 43% increase compared to the "13th Five-Year Plan" [2] - The net foreign assets of China stand at $3.8 trillion, ranking third globally [2] Group 3: Resilience and Risk Management - The resilience of the foreign exchange market has improved, enhancing its ability to withstand external shocks [3] - The percentage of enterprises using foreign exchange hedging has increased from 17% in 2020 to around 30% [3] - The share of Renminbi in cross-border trade has risen from 16% to nearly 30% [3] Group 4: Efficient Allocation of Foreign Exchange Resources - The foreign exchange market has developed a comprehensive product system, including spot, forward, swap, and options [4] - By mid-2023, 703 banks and 115 non-bank institutions, including 296 foreign institutions, participated in the interbank foreign exchange market [4] - The Renminbi has maintained its position as the fifth most traded currency globally, with a market share of 8.5%, an increase of 1.5 percentage points from 2022 [4] Group 5: Policy Enhancements for Enterprises - The foreign exchange management authority has focused on optimizing policies to benefit enterprises and the public [5] - Since 2021, policies for facilitating high-quality enterprises have been upgraded, with approximately $4.7 trillion in facilitation transactions processed by September 2025 [6] - The implementation of a "one-stop" service for trade foreign exchange business has streamlined processes for enterprises [6] Group 6: Future Directions - The foreign exchange management authority aims to balance trade facilitation and risk prevention, enhancing public awareness of policy benefits [7]

Core Insights - The foreign exchange market in China is projected to reach a trading volume of $41 trillion in 2024, representing a 37.4% increase from 2020 [1] - The scale of cross-border receipts and payments is expected to be $14 trillion in 2024, marking a 64% growth compared to 2020 [1] - From 2021 to mid-2025, net foreign investment inflow into China is anticipated to exceed $740 billion [1] Group 1: International Balance of Payments - China's international balance of payments has maintained basic equilibrium, which is crucial for promoting internal and external economic balance [2] - The average annual scale of goods trade imports and exports from 2021 to 2024 is nearly $6 trillion, a 43% increase compared to the average during the 13th Five-Year Plan [2] - The net foreign investment inflow into China from 2021 to mid-2025 is over $740 billion, with external financial assets exceeding $11 trillion and liabilities over $7.2 trillion by mid-2025 [2] Group 2: Resilience of the Foreign Exchange Market - The resilience of the foreign exchange market has improved, enhancing its ability to withstand external shocks [3] - The percentage of enterprises using foreign exchange hedging has increased from 17% in 2020 to approximately 30% [3] - The share of the renminbi in cross-border trade has risen from 16% to nearly 30%, significantly reducing foreign exchange risk exposure for enterprises [3] Group 3: Efficient Allocation of Foreign Exchange Resources - The foreign exchange market has become more complete and deeper, with a variety of products available, including spot, forward, swap, and options [4] - As of mid-2023, 703 banks and 115 non-bank institutions are participating in the interbank foreign exchange market, including 296 foreign institutions [4] - The renminbi has maintained its position as the fifth most traded currency globally, with a global trading share of 8.5%, an increase of 1.5 percentage points since 2022 [4] Group 4: Benefits for Enterprises and Citizens - The State Administration of Foreign Exchange has focused on optimizing policy supply to enhance convenience for enterprises and citizens during the 14th Five-Year Plan period [5] - By September 2025, approximately $4.7 trillion in convenience-related transactions have been processed nationwide [6] - The introduction of a "one-stop" service for trade foreign exchange business management aims to reduce the administrative burden on enterprises [6]

Core Insights - The overall international balance of payments in China has remained stable, with a reasonable current account surplus and active cross-border investment and financing [1][2][3] Group 1: International Balance of Payments - The maintenance of a balanced international payment is crucial for macroeconomic stability, especially in the context of complex external environments [2] - Since the beginning of the 14th Five-Year Plan, China's international balance of payments has remained fundamentally balanced, with foreign financial assets and liabilities steadily increasing [2][4] - As of now, China's foreign exchange reserves are maintained at over $3.2 trillion [2] Group 2: Cross-Border Trade and Investment - Cross-border trade has shown strong resilience, with the current account surplus remaining within a reasonable range [3] - From 2021 to 2024, the average annual scale of goods trade imports and exports is close to $6 trillion, representing a nearly 43% increase compared to the previous five years [3] - Foreign direct investment in China has netted over $740 billion from 2021 to mid-2025, while domestic entities' outbound investments have also increased [4] Group 3: Foreign Exchange Market Development - The resilience of the foreign exchange market has improved, enhancing the ability to withstand external shocks [5] - The proportion of enterprises using foreign exchange hedging has increased from 17% in 2020 to around 30% [5] - The trading volume of China's foreign exchange market reached $41 trillion in 2024, a 37.4% increase from 2020 [6][7] Group 4: Statistical Improvements - The transparency of international balance of payments statistics has been steadily improved, with expanded data dimensions and historical data availability [8][9] - A new statistical framework has been established to enhance the quality and comprehensiveness of data collection and reporting [9][10] - China has actively participated in the formulation of global statistical rules, contributing to international financial governance [10]