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2025-09-10/tianjin/2025/0910/2879.html
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为深入了解基层外汇在党建引领、党建业务融创等方面的工作情况，促进外汇特色党建“一升六化”和县域服务“五联”机制见行见效，近日，廖鹤琳副局长带队赴慈利营业管理部召开基层外汇党建与业务融合（片区）调研座谈会。省分局国际收支处、张家界市分局主要负责同志，益阳市、怀化市和湘西州分局外汇管理科和慈利营管部相关人员参加调研。 座谈会上，参会人员就基层党建引领、县域营管部外汇管理、年度外汇重点工作落实等情况进行汇报，重点围绕“四强”支部创建、“一升六化”党建提质、深化基层党建业务融合等内容进行分享交流，分析面临的困难与挑战，并结合实际提出下一步工作思路。国际收支处主要负责同志具体就各分局深化党建品牌、县域四强支部创建等方面的工作进行了指导。 廖鹤琳副局长认真听取发言，与参会人员进行深入讨论，对部分问题和诉求进行回应。她指出，推动基层外汇党建与业务融合是加强党的全面领导、提升基层组织力、战斗力的必然要求，是破解“两张皮”问题、激发内生动力、服务中心大局的关键举措。廖鹤琳副局长对下一步工作强调了四点要求：一是凝聚融合共识，牢固树立“围绕业务抓党建、抓好党建促业务”的理念，切实将党的建设放在外汇领域发展全局中统筹谋划，确保党建与业务工作同思考、同推进。二是勇于开局破局，尽快理顺县域营管部外汇党建与业务融合堵点难点，紧密围绕重大项目攻关、服务效能提升、改革创新突破等外汇中心工作强化党建引领、攻坚发力。三是强化党员担当。充分发挥党员示范带头作用，切实将党员先进性体现在业务岗位建功上，带动形成“人人争先、个个创优”的生动局面，激发基层外汇条线党建业务融合活力。 2025-09-11/hunan/2025/0911/2815.html
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近日，湖南省分局到张家界实地调研“汇钱包”业务线上小程序办理情况。廖鹤琳副局长、省分局国际收支处、张家界市分局主要负责人及相关人员参加调研。 调研组一行实地走访了某外币代兑机构，现场观摩“汇钱包”业务线上办理情况。相关人员登录小程序逐项演示旅行团行程单、游客护照等资料上传，汇钱包预约情况录入等核心功能线上操作流程，并就小程序后台管理、数据统计、用户推广等情况进行汇报。调研组边看边问，仔细了解“汇钱包”业务从线下转到线上的具体变化、办理实效及用户反馈情况。 廖鹤琳副局长对“汇钱包”小程序线上办理工作取得的阶段性成效给予充分肯定，并对下一步工作提出三点要求：一是坚持需求导向，持续优化功能。紧密跟踪用户使用反馈，及时升级更新小程序，确保操作简便、功能实用。二是加大推广力度，提升应用效能。多形式加强宣传推广，提高”汇钱包“创新业务和线上小程序知晓率和使用率。三是注重总结提炼，形成示范效应。及时总结经验和模式，为全省提供可复制、可推广样板，推动整体外币代兑服务优化升级。 2025-09-11/hunan/2025/0911/2816.html
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为深入贯彻落实党中央、国务院决策部署，支持绿色金融发展，推动做好金融“五篇大文章”，国家外汇管理局决定在福建省开展绿色外债业务试点。为确保试点业务平稳有序开展，国家外汇管理局福建省分局研究起草了《国家外汇管理局福建省分局绿色外债试点业务指引（试行）（征求意见稿）》,现向社会公开征求意见。根据相关规定，公开征求意见的时间原则上不少于30日，为尽快释放政策红利，便利经营主体尽早享受绿色外债业务试点相关措施，此次征求意见的时间缩短为7个工作日。公众可通过以下途径和方式提出意见： 一、通过电子邮件将意见发送至：zbxm1001@sina.com，并请在邮件标题注明“绿色外债试点业务指引征求意见”字样。 二、通过信函方式将意见邮寄至：福建省福州市五四路220号国家外汇管理局福建省分局外汇管理二处，信封上注明“绿色外债试点业务指引征求意见”字样。 三、通过传真方式将意见传真至：0591-88010667。 征求意见时间为2025年9月12日至2025年9月22日。 附件：国家外汇管理局福建省分局绿色外债试点业务指引（试行）（征求意见稿） 国家外汇管理局福建省分局 2025年9月11日 2025-09-11/fujian/2025/0911/2488.html
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为引导经营主体合法合规购汇用汇，构建和谐绿色的金融环境，近期，国家外汇管理局阿拉善盟分局深入巴润别立镇开展“越诚信越便利，营造良好外汇环境”主题宣传活动。活动中，通过在现场摆放“业务咨询办理直通车”微信公众号二维码，扫码观看地下钱庄、境外赌博警示案例的方式，提升村民的金融风险防范意识，并通过发放宣传折页、现场答疑等形式，引导村民树立正确购汇用汇观念，促进宣传“深入人心”。下一步，阿拉善盟分局将持续加强外汇政策宣传力度，扩大覆盖面，促进辖区涉外经济健康发展。 2025-09-11/neimenggu/2025/0911/2005.html
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国家外汇管理局统计数据显示，2025年7月，中国外汇市场（不含外币对市场，下同）总计成交28.28万亿元人民币（等值3.96万亿美元）。其中，银行对客户市场成交4.06万亿元人民币（等值0.57万亿美元），银行间市场成交24.22万亿元人民币（等值3.39万亿美元）；即期市场累计成交9.47万亿元人民币（等值1.33万亿美元），衍生品市场累计成交18.81万亿元人民币（等值2.63万亿美元）。 2025年1-7月，中国外汇市场累计成交179.15万亿元人民币（等值24.96万亿美元）。 2025-09-11/neimenggu/2025/0911/2004.html
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9月1日，佳木斯市分局组织宣传队送外汇知识到佳木斯市前进区第一届便民服务集市。在佳木斯市知青广场组织专人设立了宣传与咨询台，开展为期4天的政策宣传，重点宣传解读个人外汇政策、外汇便利化政策、企业汇率风险管理、国际收支统计间接申报等，为广大群众普及了外汇相关知识，提升了群众对外汇政策的了解。 2025-09-11/heilongjiang/2025/0911/2706.html
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国家外汇管理局浙江省分局及辖内分局业务联系方式、办公地址（2025年9月11日更新） 2025-09-11/zhejiang/2024/0528/2047.html
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On Tuesday, July 22, 2025, at 3:00 p.m., the State Council Information Office (SCIO) held a press conference. Mr. Li Bin, Deputy Administrator and Press Spokesperson of the State Administration of Foreign Exchange (SAFE), was invited to disclose the data on foreign exchange receipts and payments for the first half of 2025 and respond to media queries. The following is the transcript. Xing Huina (Photographed by Luan Haijun) Xing Huina, Deputy Head of the Press Bureau of the State Council Information Office (SCIO), and Spokesperson for the SCIO: Good afternoon, ladies and gentlemen! Welcome to the SCIO press conference. Today, we continue with the regular release of economic data. We are delighted to welcome Mr. Li Bin, SAFE’s Deputy Administrator and Press Spokesperson. He will share data on China’s foreign exchange receipts and payments for the first half of 2025 with us, as well as answer your questions. Also present are Mr. Jia Ning, Department Head of the Balance of Payments Department, and Mr. Xiao Sheng, Department Head of the Capital Account Management Department, both from SAFE. Now, let us begin with Mr. Li Bin's introduction. July 22, 2025 15:00:01 Li Bin (Photographed by Xu Xiang) Li Bin, Deputy Administrator and Press Spokesperson of SAFE: Good afternoon, media friends. Thank you for your ongoing attention and support for the work of foreign exchange management. I would like to take this opportunity to briefly introduce the data on foreign exchange receipts and payments for the first half of 2025. After that, I will be happy to answer your questions, along with my colleagues. Since the beginning of 2025, the external environment has become more complex and volatile, with the rise of unilateralism and protectionism, global economic and cross-border trade growth momentum has weakened, and international financial markets have seen increased volatility. In response, China has accelerated the implementation of more proactive and effective macro policies, focusing on boosting domestic demand and effectively countering external challenges. As a result, the economy has operated smoothly overall, making steady progress, and high-quality development continues to be consolidated. The foreign exchange market has operated steadily, showing strong resilience and vitality, outperforming market expectations. I would like to summarize the situation in five key areas. First, the scale of foreign exchange receipts and payments increased steadily, which is viewed from the perspective of total volume. In the first half of the year, the cross-border receipts and payments of non-bank sectors such as enterprises and individuals reached USD 7.6 trillion, a year-on-year increase of 10.4%, hitting a historical record high for this period. Among this, the proportion of RMB in cross-border receipts and payments reached 53%. The combined foreign exchange purchases and sales by banks amounted to USD 2.3 trillion, a year-on-year increase of 3%, marking the second-highest level in history. These figures indicate that China's cross-border trade and investment/financing activities remain robust. Second, there has been continued net inflow activity in terms of capital moving between countries, which is viewed from the perspective of the balance between receipts and payments. In the first half of the year, non-bank sectors such as enterprises and individuals experienced a net inflow of USD 127.3 billion in cross-border funds, maintaining the net inflow trend that began in the second half of last year. The net inflow in the second quarter increased by 46% compared to the previous quarter. By item, the net inflow under trade in goods remained high in the first half of the year, while foreign investors generally increased their net holdings of domestic stocks and bonds. Trade in services and profit remittances by foreign-invested enterprises remained stable and orderly. Third, the supply and demand in the foreign exchange market maintained a basic equilibrium. In the first half of the year, the bank's foreign exchange purchases and sales showed a deficit of USD 25.3 billion. However, there was significant monthly variation. January showed a deficit, but from February to April, the market tended towards balance, and in May and June, the market switched to a surplus. The transaction behavior of enterprises, individuals, and other market participants remained generally rational and orderly. In the first half of the year, the foreign exchange settlement rate for foreign exchange income, which measures the willingness to settle foreign exchange, was 60%, remaining stable year-on-year; while the proportion of sales made in foreign currency, which reflects the willingness to purchase foreign currency, was 65%, a decrease of 3 percentage points year-on-year. Fourth, trading activity in the foreign exchange market remained robust. In the first half of the year, the total transaction volume of the domestic RMB foreign exchange market reached USD 21 trillion, a year-on-year increase of 10.2%. The spot and derivative transactions accounted for USD 7.4 trillion and USD 13.6 trillion, respectively, with shares of 35% and 65%. Fifth, the scale of foreign exchange reserves stayed stable. By the end of June, China's foreign exchange reserves totaled USD 3.3174 trillion, an increase of USD 115.1 billion from the end of 2024. In the first half of the year, non-USD currencies appreciated against the USD, and global financial asset prices generally increased. With factors such as exchange rate fluctuations and asset valuation changes, China's foreign exchange reserves saw a steady increase. In summary, during the first half of 2025, China's foreign exchange market effectively responded to external shocks and operated smoothly. In the future, SAFE will resolutely implement the decisions and deployments of the CPC Central Committee and the State Council, uphold the general principle of pursuing progress while ensuring stability, and ensure both development and security. SAFE is dedicated to improving and establishing a more convenient, open, secure, and intelligent foreign exchange management system to promote high-quality economic development and high-standard opening up. That concludes my brief update on the foreign exchange receipts and payments situation for the first half of 2025. Now, I, along with my colleagues, will be happy to answer your questions. Thank you! July 22, 2025 15:08:48 Xing Huina: Now, please raise your hand to ask questions. Please identify your news agency before posing your questions. July 22, 2025 15:09:07 A reporter from China Securities Journal asks a question. (Photographed by Zhao Yifan) China Securities Journal: As Director Li just mentioned, the foreign exchange market in the first half of this year performed better than expected. Could you please elaborate on the specific situation? What measures has SAFE taken to prevent cross-border capital flow risks? Thank you! July 22, 2025 15:12:51 Li Bin: Thank you for your attention to the foreign exchange situation. Let me answer this question. Since the beginning of this year, the foreign exchange situation has become more complex and volatile, with significant increases in risks and challenges. In the face of external shocks, China's foreign exchange market has withstood pressure and operated steadily, showing strong resilience. As I just mentioned, there are five key characteristics of foreign exchange receipts and payments, and I would like to add three more points. First, the RMB exchange rate remained broadly stable. In the first half of this year, the RMB appreciated by 1.9% against the US dollar. The RMB exchange rate fluctuated between 7.15 and 7.35 against the US dollar, maintaining basic stability at a reasonable equilibrium level while playing the role of an automatic stabilizer for macroeconomic regulation and the balance of payments. Second, foreign exchange market expectations remained stable. Indicators from the forward market, options, and other foreign exchange markets show that there is no significant unilateral expectation for the RMB to appreciate or depreciate. Market transactions remain rational and orderly. When the RMB exchange rate depreciates, enterprises demonstrate higher willingness to settle foreign exchange; when the RMB appreciates, enterprises show increased tendency to purchase foreign currency. Overall, there has been no irrational trading behavior such as trend-chasing transactions. Third, the balance of payments maintained a basic equilibrium. Since the beginning of this year, China's current account surplus has steadily increased, remaining within a reasonable and balanced range. Corresponding to the current account surplus, the non-reserve financial account has shown a deficit, which is roughly equal to the size of the current account surplus, resulting in an autonomous balance in the balance of payments. Investment into China has generally been positive. From January to May, foreign direct investment in equity in China had a net inflow of USD 31.1 billion, a 16% year-on-year increase. Securities investment into China showed a net inflow of approximately USD 33 billion, reversing the net outflow trend in the second half of last year. Outbound investment has been progressing in an orderly manner. From January to May, equity-based outbound direct investment totaled USD 51.9 billion, roughly unchanged year-on-year, and outbound securities investments remained active. The foreign exchange management department has actively taken measures to prevent and mitigate external shocks, focusing on maintaining the stable and healthy operation of the foreign exchange market. We adhered to a managed floating exchange rate system based on market supply and demand, maintaining the flexibility of the RMB exchange rate, and using the price mechanism to promote market supply-demand balance. We have continued to optimize foreign exchange policy offerings, deepen reforms and opening-up in the foreign exchange sector, and further facilitate cross-border trade, investment and financing. At the same time, we have strengthened the monitoring and early warning of cross-border capital flows, firmly preventing the divergence of market unilateral expectations. We have rigorously cracked down on illegal and irregular activities in the foreign exchange sector. In the first half of this year, we investigated over 400 foreign exchange-related illegal cases and cooperated with law enforcement agencies to penalize over 180 cases involving underground banking operations, effectively maintaining a good foreign exchange trading order. Overall, policies aimed at stabilizing the market and expectations have achieved positive results. Thank you! July 22, 2025 15:13:05 A reporter from CCTV asks a question. (Photographed by Zhao Yifan): CCTV: As a large open economy, China's balance of payments situation has received widespread attention. Could you share some of the key characteristics of China's balance of payments in recent years? Thank you! July 22, 2025 15:27:32 Li Bin: This question concerns the balance of payments, so I will invite Department Head Jia Ning to answer your question. July 22, 2025 15:27:59 Jia Ning (Photographed by Xu Xiang) Jia Ning, Department Head of the Balance of Payments Department, SAFE: Thank you for your attention to the balance of payments. The balance of payments is a summary and record of various economic transactions between residents and non-residents. The current account records cross-border trade in goods and services, along with investment income, while the capital and financial account records cross-border investment and financing activities. The balance of payments and the international investment position can comprehensively reflect a country's external economic development and its internal and external balance. Regarding the recent changes in China's current account and capital and financial accounts, I would like to share two key points with you. First, in recent years, China's current account has operated steadily. To start with, the surplus from trade in goods is the primary source of China's current account surplus. Since 2020, China's surplus from trade in goods has increased, driven by both internal and external factors. In recent years, global demand for goods has increased, with global merchandise imports growing at an annual average of 5.8% from 2020 to 2024, higher than the 0.7% annual average from 2015 to 2019. Supported by this trend, China's exports have grown rapidly, and imports have also shown an upward trend. Preliminary statistics show that in the first half of this year, goods imports and exports according to the balance of payments increased by 2.4% year-on-year. Next, trade in services has become more active, with the deficit narrowing overall. China's international competitiveness in productive services, such as computer information services and business services, has improved. At the same time, China has continued to optimize services for foreign nationals coming to China, expanded visa facilitation, and seen an increase in foreign travel to China. With this support, China's earnings from trade in services have steadily expanded, expenditures have grown at a steady pace, and the deficit has narrowed overall. In the first half of this year, the earnings from trade in services grew by 13% year-on-year, with cross-border travel income increasing by 42%. Expenditures on trade in services grew by 2%, and the service trade deficit decreased by 14%. Furthermore, China's investment income deficit has been narrowing steadily since reaching its peak in 2022, contributing to greater stability in the current account balance. From January to May this year, investment income continued to show improvement, with foreign investment income in China increasing by 17% year-on-year, and China's outbound investment income growing by 12%. The investment income deficit remained stable overall. In the past three years, the ratio of China's current account surplus to GDP has remained around 2%. In the first quarter of this year, the current account surplus was USD 165.4 billion. Preliminary estimates suggest that the surplus narrowed slightly in the second quarter, but the ratio of the current account surplus to GDP remains within a reasonable and balanced range. Second, China's capital and financial account deficit has led to the accumulation of foreign assets, maintaining an autonomous balance in the balance of payments. A current account surplus means that China obtains foreign funds through the export of goods and other means, and foreign institutions investing in China or purchasing domestic stocks and bonds also contribute to capital inflows. At the same time, domestic enterprises, financial institutions, and other entities also make outward investments, forming foreign assets. From a macroeconomic and balance of payments perspective, the increase in the current account surplus inevitably corresponds to an expansion in the capital and financial account deficit. Therefore, the widening of the capital and financial account deficit shall not be simply interpreted as increased pressure from capital outflows. From China's perspective, the recent expansion of the capital and financial account deficit is primarily due to increased outward investment by domestic entities, while foreign investment into China has continued to show a net inflow. Foreign institutional investments into China have formed China's external liabilities, while outward investments by domestic entities have formed China's external assets. By the end of March this year, China's foreign liabilities amounted to USD 7.1 trillion, reflecting the success of our use of foreign capital and efforts to attract foreign holdings of RMB assets. At the same time, China's foreign assets amounted to USD 10.7 trillion, with diversified asset types and holding entities. After offsetting foreign assets and liabilities, the net asset position reached USD 3.6 trillion. This reflects China's active participation in the development of the global economic cycle. Looking ahead, with the continued optimization of China's economic structure and a more stable internal and external balance, as well as the steady advancement of financial market opening, China's balance of payments will remain generally stable. That's all I would like to share for now. Every year, by the end of March and the end of September, we release the China Balance of Payments Report on the official website of SAFE, and I welcome everyone to check it out. Thank you! July 22, 2025 15:28:30 A reporter from Dazhong Daily, Dazhong News asks a question. (Photographed by Zhao Yifan) Dazhong Daily of Dazhong News: We understand that SAFE has been continuously facilitating cross-border trade, investment and financing. Could you please share the results of the first half of the year? How has this benefited businesses? Thank you! July 22, 2025 15:29:14 Li Bin: Thank you for your question. Let me provide some insights into this. Your question touches upon many foreign-invested and foreign-traded enterprises. We have been working diligently to further facilitate cross-border trade, investment and financing. In recent years, SAFE has adhered to the fundamental purpose of financial services for the real economy, continually deepening reform and opening up in the foreign exchange field, strengthening the supply of high-quality foreign exchange policies, and promoting the steady development of foreign trade and foreign investment. I would like to address the results of the first half of the year from three main aspects. First, expanding the coverage of trade facilitation policies. We have advanced pilot projects for high-level opening in cross-border trade and policies to facilitate foreign exchange receipts and payments for high-quality enterprises. More "specialized, refined, distinctive, and innovative" small and medium-sized enterprises are included in these facilitation policies. In the first half of the year, over USD 700 billion in related facilitation services were processed, marking an 11% year-on-year increase. We have actively supported the development of new business models such as cross-border e-commerce and foreign trade comprehensive services. Additionally, we have encouraged banks and payment institutions to move beyond traditional trade review methods, leveraging technology to automate the bulk processing of electronic orders, thereby offering efficient, convenient, and secure foreign exchange settlement services to small and micro cross-border e-commerce businesses. In the first half of the year, over 510 million related transactions were processed nationwide. Second, advancing cross-border investment and financing facilitation. This effort encompasses several key aspects. The first key aspect is improving the convenience for foreign investment in China. In late 2024, we piloted the cancellation of domestic reinvestment registration for foreign-invested enterprises in 19 regions, benefiting over 600 companies, effectively improving the efficiency of fund utilization. We also canceled the registration for pre-investment fees for foreign investments. Now, foreign investors can directly open accounts at banks to receive pre-investment funds when establishing foreign-invested enterprises in China, significantly shortening the fund turnover time and accelerating the investment process. Relevant policies are currently under public consultation. Another key aspect is facilitating fund allocation and management between domestic and overseas subsidiaries of multinational corporations. In March this year, we expanded the pilot program for multinational corporations' integrated domestic-foreign currency cash pooling to 16 additional provinces and municipalities, including Tianjin, Hubei, Xinjiang, and Xiamen. The reforms now permit banks to directly process certain capital account adjustment procedures for participating multinational corporations, which reportedly reduces processing time by approximately 50%. Furthermore, in June, we allocated USD 3.08 billion under the Qualified Domestic Institutional Investor (QDII) quota scheme to better meet domestic investors' demand for overseas financial products. Third, steady progress in foreign exchange business reform. Through reform in the foreign exchange business, we have brought forward bank client identification, document review, and risk monitoring tasks, allowing banks to process foreign exchange business for high-quality tier-one clients with just corporate instructions. This has changed the previous mode of manual document verification for each transaction, reducing processing times by more than 50%, benefiting enterprises and alleviating the pressure on banks' in-process audits. In the first half of the year, six more banks joined the foreign exchange business reform, bringing the total number of participating banks to 22. These banks cover state-owned large commercial banks, national joint-stock commercial banks, city commercial banks, and foreign banks, with business scope extending nationwide. The participating banks have identified over 20,000 tier-one clients, a 23% increase compared to the end of 2024. Since the start of the year, businesses have processed more than USD 200 billion in cross-border payments through corporate instructions. Looking ahead, SAFE will continue to strengthen foreign exchange management reform and innovation, granting more convenience to compliant entities, and further improving the satisfaction of businesses and the public. That's all for my response at this stage. Thank you! July 22, 2025 15:29:32 A reporter from Economic Daily asks a question. (Photographed by Zhao Yifan) Economic Daily: Recently, we noticed that the Notice of SAFE on Matters Concerning the Deepening of Foreign Exchange Management Reforms for Cross-Border Investment and Financing (Draft for Public Comments) has completed its public consultation. Could you please introduce the relevant situation and the subsequent arrangements? Thank you! July 22, 2025 15:45:09 Li Bin: This question will be answered by Department Head Xiao Sheng of the Capital Account Management Department. July 22, 2025 15:46:36 Xiao Sheng (Photographed by Xu Xiang) Xiao Sheng, Department Head of the Capital Account Management Department, SAFE: Thank you for your question. Recently, Director Zhu Hexin announced several supportive reform policies. The notice you mentioned is one of the measures to implement these policies, covering nine measures in three areas including investment, financing, and payments. Some of these measures have already been piloted in certain regions and have achieved good results. This reform will now be expanded nationwide. Here, I would like to highlight the following three policy measures. The first policy is to facilitate research institutions in receiving overseas funds, commonly referred to as "Science Hub". It allows domestic research institutions, after completing basic information registration at banks, to receive and use foreign funds. In the early stage, pilot programs for "Science Hub" were implemented in 16 cities, including Beijing, Hefei, Wuhan, and Shenzhen, and have shown positive results. This reform will further expand these pilot projects nationwide, further smoothing the channels for foreign funds to flow into China and providing effective policy support for international scientific and technological cooperation. The second policy is to facilitate cross-border financing for sci-tech innovation enterprises. In the previous phase, we implemented cross-border financing facilitation for sci-tech enterprises across the country. In 17 provinces and municipalities, including Guangdong and Sichuan, qualified sci-tech enterprises could borrow foreign debt autonomously within a limit of USD 10 million, while in other provinces, the limit was set at USD 5 million. This reform will standardize the borrowing limit for all sci-tech enterprises to USD 10 million, and some enterprises, based on an "innovation credit system", will see their limits raised to USD 20 million. This will further facilitate sci-tech enterprises in expanding their financing channels, effectively supporting them to better utilize both domestic and international markets for financing, reducing financing costs, and improving financing efficiency. The third policy is to facilitate onshore reinvestment by foreign-invested enterprises. Based on previous pilot programs, we are preparing to cancel the registration requirement for foreign-invested enterprises (FIEs) to reinvest domestically. This will allow foreign-invested enterprises to directly transfer reinvestment funds to relevant accounts, reducing operational costs and the time required for fund circulation, thus improving investment efficiency. Currently, the public consultation phase for this notice has ended. We are working to review and research the opinions and suggestions that have been gathered. The notice will be officially released as soon as possible after fully absorbing the feedback from various parties. Thank you! July 22, 2025 15:46:57 A CNR.cn reporter asks a question. (Photographed by Zhao Yifan) CNR.cn: In recent years, the foreign exchange management department has introduced policies such as the integration of domestic and foreign currency pools. We feel that the integrated management of domestic and foreign currencies is becoming a direction for cross-border capital flow management. Could you please share the considerations regarding the advancement of domestic and foreign currency integration? Thank you! July 22, 2025 15:47:51 Li Bin: Thank you for your concern and attention to foreign exchange management. I will answer your question. In recent years, cross-border trade and investment activities have become more active, and the use of the RMB in cross-border transactions has gradually increased, which has raised higher demands for the coordinated management of domestic and foreign currency transactions. For enterprises and other business entities, both domestic and foreign currency cross-border receipts and payments serve as settlement tools, differing only in the choice of currency, but essentially, they are international means of payment. The clear requirement of "same business, same management" allows banks and enterprises to better understand and implement policies and makes cross-border capital operation management more efficient and convenient. To this end, SAFE, together with the People's Bank of China and other departments, has closely collaborated in the policy-making and implementation process, actively exploring integrated management and business process integration for domestic and foreign currencies. The first aspect is to reflect the integration of domestic and foreign currencies in policy formulation. Let me give you a few examples. For example, for multinational corporations' integrated domestic and foreign fund pools, we have gradually developed consistent standards and rules for the fund pool policies, integrating both domestic and foreign fund pools to better meet the cross-border capital management needs of multinational corporations. For another example, the policy for managing funds raised by domestic enterprises through overseas listings allows companies to freely choose to repatriate funds raised from overseas listings, share sales, or asset transfers in either RMB or foreign currency, which helps enterprises finance efficiently and flexibly. Moreover, the policies for the management of funds related to qualified foreign institutional investors (QFII/RQFII), direct market entry for the interbank bond market, Panda bonds, etc., have all achieved consistency and unity in the rules for managing domestic and foreign currencies. The second aspect is achieving integrated management of domestic and foreign currencies in cross-border business processes. Through business integration, process reengineering, and data sharing, we have achieved "one set of rules, one-stop processing." What we mean by "one set of rules" is that we have established unified rules for domestic and foreign currency cross-border businesses, standardizing data and unifying cross-border rules, thus reducing the operational difficulty of opening bank accounts, payments, and settlements. "One-stop processing" means that for all business registration related to direct investment, portfolio investment, and debt instruments, whether conducted in local or foreign currency, entities can complete procedures at either the foreign exchange regulator or designated banks. This significantly improves processing efficiency. In the next step, we will gradually deepen the integration of domestic and foreign currencies in a broader scope together with the People's Bank of China, further facilitating cross-border trade and investment, and helping to create a better foreign-related business environment. Thank you! July 22, 2025 15:48:03 A reporter from National Business Daily asks a question. (Photographed by Xu Xiang) National Business Daily: We understand that in the first half of the year, foreign investment in RMB-denominated bonds and stocks has generally increased. Could you provide more details on this? Additionally, what is your forecast on foreign capital allocation trends in RMB assets? Thank you! July 22, 2025 15:48:22 Jia Ning: Thank you for your question. Let me first introduce the overall situation of foreign investment in RMB-denominated stocks and bonds recently. Since 2025, foreign investment in RMB assets has remained generally stable. The scale of foreign investment in RMB bonds has risen, and currently, foreign investors hold over USD 600 billion worth of RMB-denominated bonds in China, which is at a historically high level. Recently, foreign investment in domestic stocks has shown a positive trend. In the first half of the year, foreign investors net purchased USD 10.1 billion in domestic stocks and funds, reversing the net reduction trend seen in the past two years. In particular, the net purchase amount increased to USD 18.8 billion in May and June, demonstrating a stronger global capital appetite for the Chinese stock market. We judge that, in the future, foreign investment in RMB assets will still have stable and sustainable growth potential. Currently, foreign investors hold about 3%-4% of the market value of domestic bonds and stocks. Supported by several positive factors, foreign investment in RMB assets is expected to continue to increase gradually. First, the stable economic fundamentals create a stable macro environment for foreign investment in China. With the effects of domestic demand expansion policies becoming visible, the stable and improving economic trend is expected to be further consolidated. Recently, several international investment banks have expressed optimism about China's development opportunities, upgrading their rating of Chinese assets from neutral to overweight. Second, the high-quality development of financial markets creates a favorable policy environment for foreign investment in China. China adheres to high-level opening-up, continuously improving the financial market connectivity mechanisms, expanding investment channels, and optimizing the investment environment, making it significantly easier for foreign investors to participate in the Chinese financial markets. At the same time, China has built a relatively complete and deep financial market system, with the bond and stock markets ranked second globally by market value. The variety of financial products and strong liquidity offer foreign investors diverse options for RMB assets allocation. Third, the global demand for diversified asset allocation creates favorable development opportunities for foreign investment in China. In recent years, international financial market volatility has increased, and investors generally believe that more diversified and dispersed asset allocation is needed globally. The stable value of RMB, along with the independent return performance of RMB assets globally, has made it an important asset for global investors to diversify risks and enhance returns. Recent research by the official forum of international monetary and financial institutions, surveying 75 central banks globally, showed that 30% of central banks plan to increase their RMB assets allocation. Overall, as China continues to push forward with financial reforms and opening-up, its domestic financial market will further integrate into the international financial system, making RMB assets even more attractive. Thank you! July 22, 2025 15:48:40 A reporter from Phoenix Satellite Television asks a question. (Photographed by Xu Xiang) Phoenix Satellite Television: We have noticed that the State Council has recently deployed measures for replicating and promoting the pilot work of free trade zone trials. Could you please share what further actions the foreign exchange bureau will take in this regard? Thank you! July 22, 2025 15:56:12 Li Bin: I will now invite Department Head Xiao Sheng to answer this question. July 22, 2025 15:57:13 Xiao Sheng: Thank you for your attention to the reform work of the free trade zones. SAFE has always attached great importance to the related construction work in the free trade zones and has successively introduced a series of high-level opening-up policies and measures for pilot trials in these zones. In 2022, SAFE launched a pilot program for high-level opening up of cross-border trade and investment in selected areas of the Shanghai, Guangdong, Hainan, and Ningbo free trade zones. Subsequently, some pilot policies were expanded to additional regions including Beijing and Jiangsu Province. Recently, in order to deeply implement the strategy for upgrading the free trade zones and to release more institutional innovation dividends, SAFE plans to promote a batch of innovative policies to more free trade zones across the country. The key measures include the following two aspects. On one hand, we will further expand the pilot program for cross-border trade facilitation policies. The policies in this area mainly include supporting banks to optimize new types of international trade settlements, expanding the net settlement scope of trade revenues and expenditures, facilitating the receipts and payments of foreign exchange for current account items, among a total of five policies. These measures are aimed at optimizing business review methods, reducing document requirements, simplifying processing procedures, and helping enterprises carry out cross-border trade more conveniently. On the other hand, further advancing high-level opening-up in cross-border investment and financing. This includes five policies, such as the foreign exchange management pilot for Qualified Foreign Limited Partners (QFLP), direct foreign debt registration by banks, and shared foreign debt quotas for parent-subsidiary companies in financing leasing. These policies will help diversify cross-border investment and financing channels, improve investment and financing efficiency, stabilize foreign investment, and promote high-level opening-up. For example, the QFLP foreign exchange management pilot policy mainly supports and facilitates foreign long-term capital to invest in industries and enterprises in China through private equity investments, thereby better supporting the development of Chinese enterprises, especially technology-driven companies. In the next step, SAFE will continue to pilot foreign exchange innovation policies in the free trade zones, lead deep reforms and high-level opening-up in the foreign exchange field, continuously improve financial and foreign exchange services, and strengthen cross-border regulatory capabilities under open conditions to support the high-quality development of the real economy. Thank you! July 22, 2025 15:57:31 Xing Huina: Let's continue with the last question. July 22, 2025 15:58:58 A reporter from Securities Times asks a question. (Photographed by Xu Xiang) Securities Times: Given the current complex and changing global economic situation and the many uncertainties in the external environment, how do you view the outlook for China's foreign exchange market in the second half of the year? Thank you! July 22, 2025 15:59:09 Li Bin: Thank you for your question. Under open conditions, a country's foreign exchange market will be affected by both internal and external factors. Overall, the high-quality development of the economy, steady progress in opening-up, and the increasing resilience of the foreign exchange market are three favorable factors that will support the continued stability of China's foreign exchange market, with the RMB exchange rate expected to maintain basic stability at a reasonable and balanced level. First, China's economic fundamentals are sound, and the foundation for a stable foreign exchange market is solid. In the first half of this year, China's GDP grew by 5.3% year-on-year, and the economic structure has been further optimized. In the second quarter, the contribution of domestic demand, including final consumption and capital formation, to economic growth was 77%, which is an increase of 17 percentage points from the previous quarter. China has made expanding domestic demand a long-term strategy, continuously promoting the integration of technological innovation and industrial development. The domestic economy is maintaining a stable and improving trend, which will provide strong support for the stable operation of the foreign exchange market. Second, China continues to expand its high-level opening-up, and the balance of payments maintains a stable, autonomous balance. China adheres to the principles of free trade and multilateralism, with trade and economic cooperation partners in over 150 countries and regions worldwide. Meanwhile, high-standard institutional opening-up will advance steadily, with continued expansion of two-way investment and financing channels in financial markets. This will facilitate coordinated development of foreign trade and cross-border investment while promoting balanced cross-border capital flows. Third, China's foreign exchange market resilience continues to improve, and its ability to cope with external shocks is strengthening. On a macro level, the market-based RMB exchange rate formation mechanism has been continuously improved, and exchange rate flexibility has increased, which can release external pressures and promote supply-demand balance in a timely manner. On a micro level, enterprises' awareness of exchange rate risk neutrality has increased, RMB cross-border transactions have steadily grown, and the hedging ratio of enterprises' foreign exchange risk and the proportion of RMB cross-border receipts and payments in goods trade reached around 30% in the first half of the year, both record highs. The reduction in foreign exchange risk exposure helps the market maintain rational trading. From a policy perspective, the foreign exchange market has accumulated rich experience in counter-cyclical adjustments and has a solid reserve of policy tools. The regulatory effectiveness in the foreign exchange field has steadily improved, and the ability to prevent and resolve risks from external shocks has strengthened. We are confident and capable of continuing to maintain the stable operation of the foreign exchange market. That concludes my answer. Thank you, everyone! July 22, 2025 15:59:32 Xing Huina: That concludes today's press conference. Thank you very much, Deputy Administrator Li Bin and the two department directors. We also appreciate everyone in the media who helped make this possible. Goodbye! July 22, 2025 16:04:51 2025-07-22/en/2025/0722/2328.html
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行政许可项目 项目子项 办事指南 常用表格 外币现钞提取、出境携带、跨境调运核准 （00017110600Y） 银行跨境调运外币现钞核准 （000171106004） 办事指南 银行办理调运外币现钞进出境业务备案表、银行停办调运外币现钞进出境业务备案表 经营或者终止结售汇业务审批 （00017111200Y） “境内非金融机构申请在注册地省级分局和计划单列市分局辖内经营个人兑换业务进入筹备期审批”行政审批办事指南 （000171112003） 办事指南 政策性银行、全国性商业银行以外其他银行总行（含外国银行分行）即期结售汇业务市场准入审批 （000171112004） 办事指南 政策性银行、全国性商业银行以外其他银行总行（含外国银行分行）人民币与外汇衍生产品业务市场准入审批 （000171112005） 办事指南 省级分局办理的银行分行（含农村信用社）即期结售汇业务市场准入审批 （000171112006） 办事指南 银行办理即期结售汇业务备案表 省级分局办理的银行支行（含农村信用社）及下辖机构即期结售汇业务市场准入审批 （000171112007） 办事指南 银行办理即期结售汇业务备案表 银行总行合作办理远期业务市场准入审批 （000171112008） 办事指南 市分局办理的银行分行（含农村信用社）即期结售汇业务市场准入审批 （000171112009） 办事指南 银行办理即期结售汇业务备案表 市分局办理的银行支行（含农村信用社）及下辖机构即期结售汇业务市场准入审批 （000171112010） 办事指南 银行办理即期结售汇业务备案表 “境内非金融机构申请在注册地省级分局和计划单列市分局辖内开办个人兑换业务审批”行政审批办事指南 （000171112017） 办事指南 “境内非金融机构分支机构申请开办个人兑换业务审批”行政审批办事指南 （000171112019） 办事指南 银行总行合作办理掉期业务市场准入审批 （000171112022） 办事指南 金融机构本外币转换核准 （00017111400Y） 银行资本金（营运资金）本外币转换核准 （000171114002） 办事指南 2025-09-12/anhui/2024/0725/2623.html