State Administration of Foreign Exchange: Deepening the Reform of Bank Foreign Exchange Development and Facilitating Cross border Trade and Investment
Beijing, December 16th (Reporter Feng Fang) - Recently, Zhu Hexin, Secretary of the Party Group and Director of the State Administration of Foreign Exchange, presided over an expanded meeting of the Party Group to convey and learn from the spirit of the Central Economic Work Conference, and combined with the requirements of the National Financial System Work Conference, to study, deploy and implement measures.
The meeting emphasized that 2026 is the beginning year of the 15th Five Year Plan, and doing a good job in economic work is of great significance. The foreign exchange management department should deeply understand the decisive significance of the "two consolidations", resolutely achieve the "two safeguards", fully implement the deployment of the Central Economic Work Conference and the requirements of the National Financial System Work Conference, accurately grasp the "five musts", better coordinate development and security, closely focus on the main line of risk prevention, strong supervision, and promoting high-quality development, and strive to build a "more convenient, more open, safer, and smarter" foreign exchange management system and mechanism. Focus on the following tasks:
One is to focus on enhancing the driving force and vitality of high-quality development. Deepen the reform of foreign exchange expansion in banks and facilitate cross-border trade and investment, and increase foreign exchange support for the real economy. Focus on supporting technological innovation and small and medium-sized enterprises to do a good job in financial "five major articles". Deepen the development of the foreign exchange market, improve the efficiency of resource allocation in the foreign exchange market, and enhance enterprise exchange rate risk management services. Actively support the development of new trade formats such as cross-border e-commerce.
The second is to steadily expand high-level institutional opening-up in the foreign exchange field. Adhere to both "letting go" and "managing well", align with international high standard economic and trade rules, and strengthen the supply of high-quality foreign exchange policies. Deepen the reform of foreign exchange management for foreign direct investment. Optimize and upgrade foreign exchange management policies for pilot free trade zones and free trade ports.
The third is to maintain the stable operation of the foreign exchange market. Adhere to the bottom line, strengthen macro prudential management and expectation guidance in the foreign exchange market, maintain the basic stability of the RMB exchange rate at a reasonable and balanced level, and maintain the basic balance of international payments.
The fourth is to further strengthen in-process and post event supervision. Empowering intelligent supervision with artificial intelligence, big data, and other technologies to accurately crack down on illegal and irregular activities in the foreign exchange field.
The fifth is to improve the management of foreign exchange reserves, ensuring the safety, liquidity, and preservation and appreciation of foreign exchange reserve assets.
Sixth, strengthen the comprehensive leadership of the Party over foreign exchange management work. Persistently promote the comprehensive and strict governance of the Party. Consolidate and expand the achievements of central inspection and rectification. Promote the normalization and long-term development of work style construction. Build a high-quality and professional cadre team that is loyal, clean, and responsible.