State Administration of Foreign Exchange: New policies will be introduced to promote trade innovation and development with greater efforts

Beijing, October 27th (Xinhua) -- Zhu Hexin, Vice Governor of the People's Bank of China and Director of the State Administration of Foreign Exchange, stated on the 27th that the State Administration of Foreign Exchange will soon introduce 9 policy measures to further promote innovative development in trade. It will also release policies to implement the integration of domestic and foreign currency funds for cross-border companies and the management of overseas listed funds for domestic enterprises. In addition, integrated foreign exchange management reform and innovation will be implemented in free trade zones to help expand the new situation of independent opening up.

Zhu Hexin made the above statement at the opening ceremony of the 2025 Financial Street Forum Annual Meeting held in Beijing on the same day.

We are deepening the deep level reform and high-level opening up in the foreign exchange field, promoting cross-border trade and investment and financing facilitation, deepening the development of the foreign exchange market, and creating favorable conditions for various entities to effectively allocate foreign exchange resources and manage exchange rate risks, and better participate in global economic and trade cooperation. "Zhu Hexin introduced that in 2024, the trading volume of China's foreign exchange market will increase by 37% compared to 2020, and the scale of foreign-related income and expenditure will increase by 64% compared to 2020. In the first three quarters of this year, China's foreign-related revenue and expenditure reached a record high of 11.6 trillion US dollars.

Zhu Hexin stated that in the future, efforts will be made to build a more convenient, open, secure, and intelligent foreign exchange management system and mechanism. On the one hand, we need to improve the foreign exchange policy system of "the more trustworthy, the more convenient". Focusing on trade facilitation and introducing new policies to promote innovative development in trade; On the other hand, promote high-level institutional opening-up in the foreign exchange field. We will comprehensively promote the internationalization of the renminbi and high-quality opening up of capital accounts, deepen foreign exchange management reforms in key areas such as direct investment, cross-border financing, and securities investment.

At the same time, the foreign exchange management department will continue to improve its foreign exchange supervision and risk prevention capabilities under open conditions, providing more stability and certainty to promote open cooperation and enhance economic and trade resilience.