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Distinguished Party Secretary Yin Li, Mayor Yin Yong, and dear guests: Good afternoon. It is my great pleasure to attend this year's Financial Street Forum. Taking into account both the domestic and international imperatives, General Secretary Xi Jinping has made major strategic arrangements that we should adhere to high-level opening-up and accelerate the building of a new development paradigm. These arrangements have charted the course and provided fundamental guidance for our foreign exchange management in the new era. Taking this opportunity, I would like to share three observations on deepening opening-up in China’s foreign exchange sector to better serve the nation’s new development paradigm. I. Reforming Foreign Exchange Management System to Serve China's Integration into the Global Economic Circulation Since the launch of reform and opening-up, China has opened its doors to the world, and its foreign exchange management system has undergone profound transformations. As China deepens foreign exchange management reforms, it has progressed from easing foreign exchange shortages and promoting the market-based foreign exchange allocation, to granting market entities greater autonomy in foreign exchange use and enhancing governance in an open environment. All these steady reforms have provided solid support for connecting China with the world and facilitating global economic circulation. This year marks the 30th anniversary of China achieving current account convertibility. In 1996, China accepted the obligations of Article VIII of the Articles of Agreement of the International Monetary Fund, making an international commitment not to impose restrictions on current international payments and transfers related to trade in goods and services, as well as investment income. This milestone reform laid a vital institutional foundation for China’s deep engagement in global value chains and integration into economic globalization. Over the past 30 years, despite profound changes in international landscape, China has remained steadfast in its commitment to opening up the foreign exchange sector. We have honored our commitment to current account convertibility, advanced capital account opening-up in an orderly manner, and continuously facilitated cross-border trade, investment and financing, creating greater opportunities for China’s development as an open economy. Over the past three decades, China has grown stronger through its integration into the world economy. China has also connected global supply and demand by leveraging its vast domestic market and complete industrial ecosystem, and made significant contributions to world economic growth through its own opening-up and development. The volume of China’s current account transactions has increased from just over USD300 billion in 1996 to more than USD8 trillion in 2025. China has become a major trading partner of more than 160 countries and regions, and is accelerating its transition from a major trading nation to a global trading powerhouse. II. Deepening Foreign Exchange Opening-up to Better Serve the New Development Paradigm The 20th National Congress of the Communist Party of China (CPC) laid out comprehensive plans to accelerate the establishment of a new development paradigm and focus on promoting high-quality development, steering China’s opening-up toward a higher level. As China’s doors open wider, the structure of its foreign-related economy has undergone profound changes. A prominent feature is that market entities are increasingly becoming a pivotal force linking the domestic and international circulations. In terms of flows, China’s balance of payments has gradually developed a self-balancing pattern. Funds generated from current account surplus are increasingly channeled into overseas investment and global asset allocation by market entities such as enterprises and commercial banks. In terms of stocks, the share of China’s external financial assets held by market entities such as enterprises and banks rose from approximately 30 percent at the end of 2010 to nearly 70 percent at the end of 2025. These changes reflect the deepening reforms of China’s socialist market economy, the continued improvements in the institutional frameworks underpinning China’s high-standard opening-up, and the enhanced role of the market in cross-border resource allocation. They also demonstrate the rising capacity of Chinese enterprises to engage in international cooperation and competition as well as global resource allocation. To keep up with the trend, we have taken further steps in recent years to combine “autonomy for enterprises in cross-border operations” and “development of an open ecosystem” in the governance framework of foreign exchange administration. We have focused on unleashing the vitality of businesses, optimizing the ecosystem, expanding opening-up, and improving governance to better support China’s new development paradigm. On the one hand, we are easing the restraints to allow enterprises more autonomy in using foreign exchange. Giving more consideration to their overall operation needs, we have worked to align and integrate foreign exchange policies across trade, investment and financing areas, providing enterprises with coordinated support to facilitate their cross-border operations as well as efficient capital allocations at home and abroad, thereby unleashing the potential of opening-up. With the ongoing reform of banks’ foreign exchange business conduct, we have pushed for differentiated management based on an enterprise’s business performance, credit standing and risk profile. Procedures are simplified to enhance convenience for creditworthy, regulatory compliant enterprises, while monitoring and supervision are strengthened over high-risk businesses. The aim is to both foster vitality and ensure effective regulation. As of end-June 2026, over 50,000 enterprises in China with good credit records have been exempted from review in foreign exchange-related operations, an increase of about 30 percent from the end of last year. The total volume of foreign exchange business conducted in the first half of 2026 exceeded USD580 billion, doubling that in the same period last year, with the average time needed per trade less than half that in the past. On the other hand, we are improving the ecosystem to create better conditions for cross-border business operations. III. Evaluating the Foreign Exchange Management Reform and Opening up by the Satisfaction of Enterprises The effectiveness of reform should be judged by whether it makes business entities more vibrant and competitive. In recent years, drawing on the earlier pilot programs for high-level opening up in cross-border trade and investment, we have rolled out multiple policy packages supporting the steady development of foreign trade, cross-border investment and financing, and the construction of pilot free trade zones. As of end-September this year, these policies had benefited more than 150,000 business entities, involving business volume of over USD3 trillion. Recently, on the basis of enhanced existing policies, and in light of new circumstances as well as the new demands of enterprises identified in our surveys and research, we plan to roll out a batch of incremental measures to support enterprises in better participating in international cooperation and competition, and making better use of both domestic and international markets and resources. First, we will roll out a package of policy measures to make current-account transactions easier. The measures will better meet the diversified settlement needs of foreign trade enterprises, support the development of new forms of trade, and promote higher-quality and more efficient foreign trade. Second, we will introduce a package of policies to optimize foreign-exchange management under the capital account. The measures will better meet enterprises’ needs for cross-border investment, financing and fund allocation, serve the “bringing in” and “going global” strategies, and expand the scope for two-way investment cooperation. Third, we will promote the opening-up and development of the foreign exchange market. We will expand pilot programs for securities companies to conduct foreign exchange settlement and sales business, and support financial institutions in providing quality exchange-rate risk-management services to enterprises, especially small and medium-sized enterprises. We will also enhance cross-border service capabilities, better support the coordinated development of onshore and offshore financial markets, and help advance RMB internationalization. The deeper opening up goes, the more importance must be attached to security. We will continue to strengthen monitoring, early warning and macroprudential management of cross-border capital flows, crack down on illegal cross-border financial activities, and safeguard the stable and sound operation of the foreign exchange market. We will ensure the safety and liquidity of foreign exchange reserves and preserve and increase their value. Taking this opportunity, I would like to express thanks to the CPC Beijing Municipal Committee and the Beijing Municipal Government for their strong support for foreign exchange management reform. Beijing boasts a concentration of innovation resources, a well-developed headquarters economy and an enabling business environment, creating favorable conditions for exploring higher-level opening-up policies. In recent years, we have worked closely with Beijing to support the city in pioneering the facilitation of cross-border financing for sci-tech innovation enterprises, and in launching, among the first batch, pilot programs such as integrated RMB and foreign currency cash pools for multinational companies. As of end-September this year, the two pilot programs had facilitated more than USD600 billion in cross-border business and benefited nearly 100 sci-tech innovation enterprises and more than 100 multinational companies together with their over 5,000 domestic and overseas member enterprises. All these have provided strong support for the high-quality development of Beijing as the capital city. Ladies and gentlemen, friends! This forum, themed “Building an Open, Collaborative and Inclusive Ecosystem for Global Financial Development”, has raised new topics for global financial governance. We will implement the Global Governance Initiative proposed by President Xi Jinping, deliver the requirements of the 15th Five-Year Plan, and take a coordinated approach to development and security, opening up and governance, and market efficiency and macroeconomic stability. We will foster a sound foreign exchange and financial ecosystem, improve foreign exchange management systems and mechanisms to make them more convenient, more open, more secure and smarter, and provide strong support for building a financial powerhouse and advancing Chinese modernization. Finally, I wish the forum a complete success! Thank you! 2026-10-19/en/2026/1019/2463.html
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The 2026 National Foreign Exchange Administration Work Conference was convened in Beijing from January 5 to 6, 2026. The conference thoroughly studied and implemented the spirit of the Fourth Plenary Session of the 20th CPC Central Committee and the Central Economic Work Conference. It also reviewed the foreign exchange administration work in the year 2025, analyzed the current financial and foreign exchange situation,researched and made arrangements for the key tasks in 2026. Zhu Hexin, Secretary of the CPC Leadership Group of the State Administration of Foreign Exchange (the SAFE) and Administrator of the SAFE,delivered a work report. Members of the CPC SAFE Leadership Group and the Deputy Administrators attended the conference. The conference pointed out that in 2025, the SAFE earnestly implemented the decisions and arrangements of the CPC Central Committee and the State Council, considered both domestic and international imperatives, balanced development and security,strengthened the systematic integration of foreign exchange policies, enhanced the development and regulation of the foreign exchange market, and new achievements have been realized across the board. Firstly, the SAFE promoted the high-quality development of foreign exchange administration work through high-quality Party building. The SAFE thoroughly studied and implemented the spirit of General Secretary Xi Jinping's important speeches and important instructions, solidly carried out educational activities to thoroughly implement the central Party leadership's eight-point decision on conduct, further advanced full and strict governance over the Party, rigorously and solidly implemented the Central inspection rectification,and resolutely achieved the "Two Upholds". Secondly, the SAFE vigorously improved the quality and efficiency of foreign exchange services in supporting the real economy. The SAFE implemented a package of policies to support the stable development of foreign trade and deepen cross-border investment and financing reform. It also provided support for new trade format such as cross-border e-commerce, which handled over one billion online foreign exchange transactions,thereby contributing to the stability in foreign trade and foreign investment.Foreign exchange market development was deepened, effectively meeting foreign exchange needs, with market trading volume and hedging ratios among enterprises hitting historical highs. The SAFE effectively fulfilled the five major financial tasks by focusing on supporting sci-tech enterprises. Meanwhile, foreign exchange services for foreigners coming to China witnessed continuous optimization. The foreign exchange policy and foreign exchange ecosystem assessment mechanism was improved. Thirdly, the SAFE deepened and expanded reform and opening-up in the foreign exchange field. The SAFE improved the quality and promoted expansion of reform of the banks' foreign exchange operations,with relevant banks handling foreign exchange transactions totaling USD 440 billion based on customer instructions throughout the year.The SAFE advanced the opening of capital account, by rolling out the policy for the integrated capital pool for multinational companies’ domestic and foreign currencies nationwide,unifying the domestic and foreign currency fund management policies for overseas-listed domestic enterprises, and orderly issuing quotas for Qualified Domestic Institutional Investors (QDII). The SAFE actively supported the development of key regions,implemented a package of foreign exchange facilitation policies to bolster pilot free trade zones construction, jointly issued an action plan to further improve the facilitation of cross-border financial services in the Shanghai International Financial Center, and supported the special customs operations of the Hainan Free Trade Port. Fourthly, the SAFE strengthened full-coverage supervision of the foreign exchange field. Macro-prudential management and expectation guidance for cross-border capital flows were enhanced. The foreign exchange market withstood pressures and operated smoothly,demonstrating strong resilience and vitality. The SAFE also improved the in-process and ex-post supervision mechanism,and severely cracked down on illegal and irregular activities in the foreign exchange field,such as underground banks,handling more than 1,100 illegal and irregular cases in total. Fifthly, the SAFE continuously improve the management of foreign exchange reserves with Chinese characteristics,the reserves scale remained basically stable. The conference emphasized that in 2026, the foreign exchange administration work should be guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, fully implement the spirit of the 20th CPC National Congress and the plenary sessions of the 20th CPC Central Committee, earnestly implement the decisions and arrangements of the Central Economic Work Conference and the Central Financial Work Conference. In accordance with the requirements of the National Financial System Work Conference, the SAFE will persist in seeking progress while maintaining stability, upgrading quality while boosting efficiency, better coordinate development and security,commit to establishing a "more convenient, more open, more secure and more intelligent" foreign exchange administration system and mechanism.The SAFE will promote in-depth reform and high-level opening-up in the foreign exchange field,effectively meet the foreign exchange needs for all types of entities, prevent and resolve external shock risks, and further strengthen in-process and ex-post supervision,strive to create a foreign exchange policy environment that is both flexible yet well-regulated, contribute foreign exchange strength to the successful launch and good start of the 15th Five-Year Plan. The conference outlined key tasks for foreign exchange administration in 2026. Firstly, the SAFE will strengthen Party's overall leadership on financial work and persistently promote full and strict governance over the Party. The SAFE will conscientiously implement the "First Agenda" system,consolidate and deepen the effectiveness of inspection and rectification,enhance the quality and efficiency of Party building across the system,build a strong contingent of cadres and talents, and further improve conduct, enforce discipline,and combat corruption with sustained efforts. Secondly, the SAFE will promote foreign exchange facilitation reforms,and strive to enhance vitality and impetus for high-quality development. Key measures include optimizing management of trade foreign exchange business, orderly expanding pilot programs for high-level opening-up of cross-border trade,increasing support for the development of new trade formats such as cross-border e-commerce, and improving management of corporate trade credit reporting. The SAFE will build an open, diversified, fully functional and competitively ordered foreign exchange market, support financial institutions in developing simple and user-friendly exchange rate hedging products, reduce the cost of exchange rate risk management for micro, small and medium-sized enterprises, and enhance the service capacity of foreign exchange market infrastructure. The SAFE will continue to effectively deliver on the five major financial tasks, expand the application scenarios of the cross-border financial services platforms, strengthen the transmission and evaluation of foreign exchange policies to improve the effectiveness of policy implementation. Thirdly, the SAFE will steadily advance high-level institutional opening-up in the foreign exchange field to facilitate multi-field cooperation for mutual benefit. The SAFE will steadily and orderly advance the reform of banks’ foreign exchange operations, guide already reformed banks to extend their practices to branches nationwide, steadily encourage more banks to launch reforms,and strengthen the integration of business reform with facilitation policies. The SAFE will introduce management policies for overseas lending and domestic foreign exchange loan funds, and implement the integrated cross-border capital pool management policy for multinational corporations’ domestic and foreign currencies nationwide. The SAFE will also strengthen integrated reform and innovation of foreign exchange policies in pilot free trade zones, support the construction of international financial centers in Shanghai and Hong Kong, as well as the development of the Hainan Free Trade Port and the Guangdong-Hong Kong-Macao Greater Bay Area. Fourthly, the SAFE will uphold bottom-line thinking, and reinforce the "breakwater and wavebarrier" for the foreign exchange market. The SAFE will intensify analysis and assessment of the foreign exchange situation, enhance macro-prudential management and expectations guidance in light of changing conditions, so as to maintain the stable and sound operation of the foreign exchange market. Fifthly, the SAFE will further consolidate and strengthen foreign exchange supervision,elevate the capacity and level of supervision under open conditions. The SAFE will enforce laws in a strict,standardized,impartial and civilized manner, deepen off-site supervisory capacity building, enhance analysis of abnormal channels and clues, strengthen supervision of trading behaviors in the foreign exchange market, and continue to crack down on illegal cross-border financial activities. Sixthly, the SAFE will ensure the safety, liquidity, and value preservation and appreciation of China's foreign exchange reserves assets. Seventhly, the SAFE will promote the amendment of the Regulations of the People's Republic of China on Foreign Exchange Administration, build a higher-standard international balance of payments statistics system,steadily explore the development of "Intelligent Foreign Exchange Administration", and enhance digitalization and intelligentization of foreign exchange administration. The responsible comrades of all departments, provincial branches,and subordinate units of the SAFE, as well as the responsible comrades of the discipline inspection and supervision team stationed in the SAFE, attended the conference. The relevant comrades from the Organization Department of the CPC Central Committee, the Office of the Central Financial and Economic Affairs Commission, the Office of the Central Financial Commission, the General Office of the State Council, and the Ministry of Finance were also present at the conference upon invitation. 2026-01-06/en/2026/0106/2388.html
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国家外汇管理局统计数据显示，2026年9月，银行结汇19897亿元人民币，售汇16098亿元人民币。2026年1-9月，银行累计结汇163007亿元人民币，累计售汇135947亿元人民币。 按美元计值，2026年9月，银行结汇2942亿美元，售汇2380亿美元。2026年1-9月，银行累计结汇23776亿美元，累计售汇19835亿美元。 2026年9月，银行代客涉外收入56398亿元人民币，对外付款53647亿元人民币。2026年1-9月，银行代客累计涉外收入492245亿元人民币，累计对外付款464127亿元人民币。 按美元计值，2026年9月，银行代客涉外收入8339亿美元，对外付款7932亿美元。2026年1-9月，银行代客累计涉外收入71819亿美元，累计对外付款67718亿美元。 附：名词解释和相关说明 银行结售汇是指银行为客户及其自身办理的结汇和售汇业务，包括远期结售汇履约和期权行权数据，不包括银行间外汇市场交易数据。银行结售汇统计时点为人民币与外汇兑换行为发生时。其中，结汇是指外汇所有者将外汇卖给银行，售汇是指银行将外汇卖给外汇使用者。结售汇差额是结汇与售汇的轧差数。 远期结售汇签约是指银行与客户协商签订远期结汇（售汇）合同，约定将来办理结汇（售汇）的外汇币种、金额、汇率和期限；到期外汇收入（支出）发生时，即按照远期结汇（售汇）合同订明的币种、金额、汇率办理结汇（售汇）。 远期结售汇平仓是指客户因真实需求背景发生变更、无法履行资金交割义务，对原交易反向平盘，了结部分或全部远期头寸的行为。 远期结售汇展期是指客户因真实需求背景发生变更，调整原交易交割时间的行为。 本期末远期结售汇累计未到期额是指银行与客户签订的远期结汇和售汇合同在本期末仍未到期的余额；差额是指未到期远期结汇和售汇余额之差。 未到期期权Delta净敞口是指银行对客户办理的期权业务在本期末累计未到期合约所隐含的即期汇率风险敞口。 银行代客涉外收付款是指境内非银行居民机构和个人（统称非银行部门）通过境内银行与非居民机构和个人之间发生的收付款，不包括现钞收付和银行自身涉外收付款。具体包括：非银行部门和非居民通过境内银行发生的跨境收付款（包括外汇和人民币），以及非银行部门和非居民之间通过境内银行发生的境内收付款（暂不包括境内居民个人和机构与境内非居民个人之间发生的人民币收付款），统计时点为客户在境内银行办理涉外收付款时。其中，银行代客涉外收入是指非银行部门通过境内银行从非居民收入的款项，银行代客对外支出是指非银行部门通过境内银行向非居民支付的款项。 2026-10-29/neimenggu/2026/1029/2275.html
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日前，国家外汇管理局公布了2026年9月银行结售汇和银行代客涉外收付款数据。国家外汇管理局副局长、新闻发言人李斌就2026年9月外汇市场形势回答了记者提问。 问：9月以来外部市场环境变化较大，请问我国外汇市场运行态势如何？ 答：9月以来，欧美日央行先后加息，部分经济体汇市、债市出现较大波动，国际金融市场继续震荡调整。我国外汇市场运行总体稳健。 从整体情况看，涉外交易保持活跃，9月我国跨境收支和结售汇规模环比分别增长9%和17%。市场预期基本平稳，企业等主体结汇率和售汇率环比均有所上升。跨境资金保持净流入，9月企业、个人等非银行部门跨境资金净流入407亿美元，环比下降35%。 从渠道特点看，货物贸易项下资金延续较大规模净流入。服务贸易逆差相对稳定，其中，我国居民出境旅行、外籍人员来华旅行意愿均较强，旅行收入和支出保持较高水平。企业对外直接投资增多，其中境内向境外关联企业提供融资较快上升，与内外部利率变化有关，一定程度上也反映出人民币融资货币功能增强。 2026-10-29/neimenggu/2026/1029/2277.html
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业务咨询、投诉电话及办公地址 【省分局内设部门咨询电话】 电话区号：0731 部门 事项 咨询、投诉电话 外汇管理处 1.进出口企业名录登记 2.进出口收付汇事前审核（登记业务） 3.贸易信贷等报告事项 4.其他货物贸易外汇收支业务咨询 5.服务贸易外汇收支业务咨询 6.保险机构经常项目外汇业务咨询 7.经常项目外汇账户业务咨询 8.个人经常项目外汇业务咨询 9.支付机构外汇业务与外币现钞业务 84301622 外汇管理处 1.外商投资项下外汇业务咨询 2.境外投资项下外汇业务咨询 3.存量权益登记业务咨询 4.外债、跨境担保、国内外汇贷款业务咨询 5.资本市场项下业务咨询 6.个人资本项目业务咨询 7.跨国公司跨境资金集中运营业务咨询 84301611 国际收支处 1.国际收支统计申报 2.银行外汇收支管理（银行结售汇业务市场准入与退出、外币代兑机构备案、个人本外币兑换特许业务、银行自身结售汇业务、结售汇综合头寸限额核准或调整） 84301771 外汇检查处 1.金融机构标识码、特殊机构代码赋码 2.业务系统技术支持 84301231 3.外汇违规案件举报 84301448 【办公地址】 湖南省长沙市蔡锷中路2号B座9-10楼 邮政编码：410005 【办公时间】 工作日上午：8:30-12:00 工作日下午：14:30-17:30 【分支机构业务咨询电话】 附：分支机构地址及联系方式 2024-09-26/hunan/2017/0915/474.html
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日前，国家外汇管理局公布了2026年9月银行结售汇和银行代客涉外收付款数据。国家外汇管理局副局长、新闻发言人李斌就2026年9月外汇市场形势回答了记者提问。 问：9月以来外部市场环境变化较大，请问我国外汇市场运行态势如何？ 答：9月以来，欧美日央行先后加息，部分经济体汇市、债市出现较大波动，国际金融市场继续震荡调整。我国外汇市场运行总体稳健。 从整体情况看，涉外交易保持活跃，9月我国跨境收支和结售汇规模环比分别增长9%和17%。市场预期基本平稳，企业等主体结汇率和售汇率环比均有所上升。跨境资金保持净流入，9月企业、个人等非银行部门跨境资金净流入407亿美元，环比下降35%。 从渠道特点看，货物贸易项下资金延续较大规模净流入。服务贸易逆差相对稳定，其中，我国居民出境旅行、外籍人员来华旅行意愿均较强，旅行收入和支出保持较高水平。企业对外直接投资增多，其中境内向境外关联企业提供融资较快上升，与内外部利率变化有关，一定程度上也反映出人民币融资货币功能增强。 2026-10-29/liaoning/2026/1029/2590.html
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《关于当前市场关注若干问题的思考》 尊敬的尹力书记、殷勇市长，尊敬的国内外来宾： 大家好！首先，感谢北京市委、市政府特别是尹书记、殷市长和社会各界一直以来对人民银行工作的关心和支持。 金融街论坛具有广泛的国际影响力和市场传播力，是中央银行与市场沟通的重要平台。借此机会，我先报告几项人民银行即将出台的政策举措。 一是将会同金融监管总局、中国证监会设立应对非银机构大额赎回的流动性支持工具。前期，人民银行就这项工具与市场做过多次沟通。这项工具的目的是建立债券市场稳定机制，构成人民银行宏观审慎管理的一项新工具。工具综合权衡防范金融市场体系的系统性风险和道德风险，在资管机构面临群体性流动性风险、债券市场出现赎回—抛售负向循环的特定情景时启用；与央行开展操作必须满足宏观审慎要求、提供高等级抵押品，防止金融市场定价扭曲、形成兜底幻觉，维护市场纪律。工具适用的机构包括银行理财子公司、公募基金管理人，以及对应的银行母行、证券母公司等。我们将在公开市场业务公告中明确工具操作相关要素。 二是扩大常备借贷便利（SLF）的适用机构范围。目前，常备借贷便利主要是中央银行为城商行和农村金融机构提供抵押融资的一项公开市场操作工具，期限有隔夜、7天和1个月，主要满足临时流动性需求。在此基础上，我们将进一步纳入境内外资法人银行，同时明确全国性银行适用同样的操作安排，实现对境内存款类金融机构的全覆盖。境内外资法人银行纳入后，也获得了央行流动性支持渠道，有助于更好展业。 三是推动银行间和交易所债券市场互联互通落地。金融市场基础设施之间的互联互通，能够便利债券跨市场发行和交易，促进市场流动性提升和价格形成，更好发挥金融市场价格发现和资源配置作用。前期，人民银行和中国证监会开展了一系列工作，当前互联互通已经具备落地条件，债券市场基础设施运营主体和市场参与者进行测试后，即可开通。 四是试点进一步便利境外金融机构在境内外汇市场开展人民币购售业务。近年来，人民币国际使用增多，境外金融机构人民币流动性管理需求上升。人民银行拟试点允许8家中资和外资人民币境外清算行，根据国际金融市场实践和交易惯例，在境内银行间外汇市场开展自营交易，便利境外机构更深入地参与境内外汇市场，促进在岸和离岸市场融合发展。未来，还将根据试点情况，进一步加大外汇市场开放力度。 五是会同科技部等10个部门出台《关于金融支持建设北京（京津冀）、上海（长三角）、粤港澳大湾区国际科技创新中心的指导意见》。建设京津冀、长三角、粤港澳大湾区国际科技创新中心，是中央的一项重大战略。我们将加快构建与国际科技创新中心核心功能和国际化定位相适应的科技金融服务体系，提升全链条、多元化金融供给水平，指导金融机构增强专业服务能力，加强区域内信息共享、标准互认和设施联通，推动再贷款、债券市场“科技板”、跨境投融资等政策在有关地区加大投入和先行先试，助力打造高水平科技金融生态。 此外，今年6月，人民银行设立了境外央行回购工具，支持境外央行或货币当局、国际金融组织、主权财富基金，通过债券回购方式从人民银行获取人民币流动性，便利其人民币流动性管理和人民币资产配置，受到广泛关注和欢迎。外资人民币清算行是人民币跨境清算网络的重要组成部分，人民银行拟将其纳入工具的支持对象，有利于外资清算行更好地服务境外人民币业务。 今年初，人民银行平稳切换了数字人民币新计量框架，数字人民币定位由现金切换为存款货币。去年在北京设立的数字人民币运营管理中心已全面投入运营，成为集发行管理、零售、批发、区块链、智能合约等服务为一体的综合性数字人民币业务平台。数字人民币业务运营机构已从10家拓展至30家，覆盖全部系统重要性银行。 下面，我就近期市场比较关注的若干问题，与大家分享几点思考。 第一个问题，关于中国货币政策框架的转型和完善。 从全球范围看，对货币政策理论和实践的探索一直在不断动态演进。在2024年的陆家嘴论坛上，我报告了关于中国未来货币政策框架演进的一些思考。 近两年多来，我们已做了不少工作，取得积极进展。我们明确了公开市场7天期逆回购操作利率的政策利率地位，增加隔夜操作品种，在公开市场买卖国债，货币政策工具箱进一步丰富，市场化的利率调控机制更加清晰。 同时，我们不断强化利率政策执行和监管、规范存贷款定价行为、提升银行定价能力，优化结构性货币政策工具体系和要素，加强与财政、产业等政策协同，更加注重做好市场沟通和预期引导。 货币政策框架的转型是一个渐进、持续的过程，未来我们将不断地做好评估和完善。从近中期看，重点方向是更多发挥利率调控的作用，主要有以下几个方面： 一是进一步优化短端利率调控机制。随着政策利率引导货币市场利率作用的提升，以及利率走廊的完善，货币政策调控隔夜利率的精准性和有效性逐步增强。银行间隔夜回购利率，即通常说的DR001，作为货币市场交易活跃、最具基准性的利率，能够灵敏反映短期资金供求状况，近年来运行也更趋稳定。 从现在的情况看，银行间隔夜回购利率实际上已成为央行货币政策调控的目标利率；但与此同时，央行公开市场操作主要品种和主要政策利率的期限还是7天，两者并不完全一致。为了进一步提高利率调控的精准性，我们将研究择机把央行公开市场主要操作品种的期限切换为隔夜，公开市场隔夜回购利率将相应成为主要政策利率。 二是推动贷款利率定价基准改革，从比较单一地参考贷款市场报价利率（LPR）定价向更加多元的定价基准转型。过去几十年来，贷款基准利率、贷款市场报价利率等在我国不同时期较好发挥了贷款定价基准作用。近期，一些金融机构在人民银行指导下，同客户协商一致，引入银行间隔夜回购利率等市场利率作为浮动利率贷款的定价基准，较好满足了市场多元化的贷款定价需求，也有利于提升货币政策传导效率。 未来随着多元化贷款定价基准不断完善，一些财务能力强的企业，可与金融机构协商后自主选择银行间隔夜回购利率或贷款市场报价利率作为浮动利率贷款定价基准，贷款市场报价利率作为小企业、个人贷款的定价基准可继续发挥作用。债券、金融衍生品的定价基准也可考虑将银行间隔夜回购利率作为一个选择。人民银行将择机发布政策指引，指导金融机构做好相关工作。同时，也将持续改革完善贷款市场报价利率报价机制，提高报价质量。 三是退出存贷款基准利率。过去较长时间，央行直接规定金融机构的存贷款基准利率。随着利率市场化改革推进，存贷款基准利率逐步被市场化的定价基准替代。银行贷款利率已经有贷款市场报价利率、银行间隔夜回购利率等多个定价基准；自今年一季度开始，我们对外公布了各个期限的存款平均利率，作为银行存款定价的参考。金融机构存贷款基准利率自2015年10月以来，长期未做调整，在存贷款定价中实际上已不再发挥作用，目前只剩下在少数司法领域作为计算利息的依据。下一步，人民银行将推动这些领域的计息依据用市场化的利率指标来替代，实现退出金融机构存贷款基准利率。 第二个问题，关于人民币汇率问题。 人民币汇率作为金融市场的一项重要价格，当前国内外都比较关注。十天前，人民银行发布了一份重要文件：关于人民币汇率的政策立场，专业、客观地回应了国内外的一些关切。前两天，我在泰国曼谷参加国际货币基金组织/世界银行年会及二十国集团财长和央行行长会议期间，也与多个国际组织的负责人、多国政府官员和央行行长交流了这个问题。 中国实施的是以市场供求为基础、参考一篮子货币进行调节、有管理的浮动汇率制度。2017年后，人民银行退出常态化外汇市场干预。近年来，人民币汇率经历多轮升贬值周期，双向浮动、弹性增强。在特定情景下，人民银行运用宏观审慎管理工具，乃至在极端情景下直接进行外汇干预，校正市场的“羊群效应”和非理性预期的自我强化。这些措施是符合国际规则和国际实践的。 事实上，全球外汇市场的交易量巨大，2025年日均近10万亿美元；人民币外汇日均交易量超过8000亿美元，约80%的交易发生在离岸。中央银行难以持续影响汇率中长期走势，更不可能以此持续增强贸易竞争力。 中国贸易发展根源于产业国际竞争力的提升，得益于40多年来中国的改革开放，得益于超大规模的市场，完备的产业链和基础设施体系，丰富、高素质、勤奋工作的劳动力资源，持续研发创新能力。随着中国出口向中高端升级，外贸企业的议价能力大幅上升，并且越来越多地使用汇率避险工具和人民币结算，近年来中国贸易的一个重要变化是对汇率变化的敏感度明显下降。中国没有必要，也无意通过汇率贬值获取贸易竞争优势。在亚洲金融危机、国际金融危机、有关国家发起贸易战等多轮高强度外部冲击中，中国从未搞竞争性贬值，而是采取有效措施防止人民币汇率向贬值方向超调。 汇率作为重要宏观经济变量，受经济增长、货币政策、金融市场、地缘政治、突发风险事件等多元因素影响，和经常账户之间不存在简单的线性关系。将国际上个别评估结论作为一国汇率低估或高估的依据，是对评估结果的曲解和误用，对汇率问题缺乏必要的专业认知。 应对全球经济失衡是逆差国和顺差国共同的责任。在单一主权货币主导的国际货币体系中，主要储备货币发行国长期存在大额财政赤字和经常账户逆差。将本国长期高财政赤字、产业竞争力下降和复杂的结构性问题简单归因他国汇率，是对自身调整责任的推诿和回避。 中国坚定落实“十五五”规划确定的战略方向和重点举措，坚持推进经济增长方式转型，扩大内需和高水平对外开放，为新一轮全球经济动态平衡贡献力量。 第三个问题，关于人民币国际化。 人民币国际化正式起步于2009年。在市场需求的驱动下，叠加当前国际环境和地缘政治形势变化，国际市场对人民币使用的需求明显增强，人民币国际化水平持续提升。 目前，人民币已成为我国对外收支第一大结算货币、全球第二大贸易融资货币、第三大支付货币。虽然按照SWIFT的统计，人民币在国际支付中的占比是3-4%左右，排在全球第五位。但综合考虑人民币跨境支付和海外离岸支付，将通过人民币跨境支付系统（CIPS）、银行内部系统结算的金额纳入统计后，人民币在国际支付中的占比目前大体在6-7%之间波动，稳定地排在全球第三位。人民币国际使用也正向货币合作、投融资、金融市场交易等广泛的领域快速扩散。 下一步，人民银行将进一步增强高质量的政策供给，为境内外主体持有、使用人民币营造更加良好的环境。 一是更好服务实体经济，促进贸易投融资便利化。近年来，我们陆续出台一系列本外币合一政策，涵盖证券投资、跨境融资、资金池等业务，提升跨境人民币业务办理便利度、降低人民币使用成本。支持中外资金融机构为境内外经营主体提供跨境结算、投融资、套保等人民币综合金融服务。近期，人民银行授权了多家外资银行担任清算行。下一步，将持续完善人民币清算行网络，使人民币金融服务触达更多经营主体。 二是丰富全球优质人民币资产供给，活跃离岸人民币金融产品交易。一方面，更好发挥在岸金融市场作为最大人民币资产池的作用。持续优化“债券通”、“互换通”等互联互通机制安排，推进境内外金融市场基础设施联通。研究在债券市场对外开放工作中实施多级托管安排，推动人民币债券成为全球合格抵押品，便利全球投资者投资配置人民币债券。 另一方面，继续支持离岸人民币市场发展。支持形成以香港为主，伦敦、新加坡、迪拜等协同发展的人民币离岸市场架构。支持上海构建与国际金融中心相匹配的离岸金融业务体系。继续在离岸市场常态化发行央行票据。提升离岸人民币国债、央行票据二级市场交易活跃度，鼓励金融机构做市，支持发展离岸回购业务，培育人民币收益率曲线。丰富离岸人民币国债期货品种，发展利率掉期市场，更好满足市场主体利率风险对冲需要。建设好离岸综合性金融交易平台，丰富离岸金融基础设施服务。 三是为离岸市场提供稳定、多层次的人民币流动性供给。发挥好货币互换安排作用，推动更多互换对手方在当地市场建立常态化互换资金使用机制，支持香港金管局通过人民币资金安排提供1年以上的中长期流动性。用好境外央行类机构回购工具，支持外资清算行通过在岸回购、拆借、发行同业存单等方式获取人民币流动性。持续丰富工具箱，覆盖短中长期限，向离岸市场提供稳定、多层次的人民币流动性支持。 第四个问题，关于人工智能影响和金融政策响应。 近年来，全球人工智能快速发展，对生产力、投资、就业、收入分配、金融稳定等产生深刻影响。从目前国际组织、各国中央银行讨论来看，一些问题值得关注： 一是人工智能产生的需求和供给效应可能存在时差，短期会改变微观效率、拉动投资、推升通胀，中长期可以提升整体生产率、降低通胀水平。 二是人工智能对不同国家和地区、不同行业影响不均衡。虽然对就业总量还没有造成明显冲击，但已经开始影响就业结构。 三是人工智能热潮已成为全球股市上涨的主要动力之一，全球金融市场呈现高关联性和高波动性。 受益于国内完善的基础设施和人才优势，中国人工智能广泛落地应用，在促进经济增长中发挥越来越重要的作用。从人民银行的角度，接下来重点做好三方面工作。 一是密切跟踪研判人工智能发展的宏观影响。审慎评估人工智能技术演进对宏观经济、金融市场、货币政策等的影响，前瞻性做好政策考量和准备。 二是做好金融支持人工智能产业发展工作。进一步完善人工智能企业融资支持体系，聚焦核心技术创新、“人工智能+”等重点领域，提升金融对科技创新的支持强度和多元化水平。 三是稳妥推进人工智能在金融领域的应用。人工智能在识别可疑交易、增强风控效率、提升金融普惠性等不少金融领域已经投入应用。前期，人民银行会同有关部门从完善基础设施、提升应用能力、拓展应用场景、防控安全风险等方面，研究了推进人工智能在金融领域应用的工作思路与方向，制定出台了“人工智能+金融”的有关政策文件。 我们将继续探索人工智能在辅助开展货币政策形势分析，金融风险识别，支付、征信、反洗钱监管服务等领域的应用；同时，指导金融机构防范数据安全、模型应用等风险。最后，预祝本届论坛圆满成功，谢谢大家！ 2026-10-30/hebei/2026/1030/2574.html
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