亿电竞

finance service
Serving the亿电竞 overall interests of the亿电竞 party and the亿电竞 country
Time: 2019/7/5 15:04:10

Source: Financial Times - China亿电竞平台 Financial News Network Author: reporter Zhang Pei Release date: 07-03-2019 07:11

In recent years, Chinese people have become a common choice for leisure and holiday making. However, the亿电竞 preparation before traveling is often inseparable from checking exchange rate and exchanging foreign currency. As a matter of fact, it is closely related to efficient, rigorous and innovative foreign exchange management, ranging from individual outbound tourism and studying abroad to enterprises' "going out" and attracting foreign investment.

This year marks the亿电竞 70th anniversary of the亿电竞 founding of new China亿电竞平台. Before the亿电竞 reform and opening up, China亿电竞平台 implemented the亿电竞 foreign exchange management system of unified revenue and expenditure. On March 13, 1979, the亿电竞 State Council approved the亿电竞 establishment of the亿电竞 State Administration of foreign exchange, which started the亿电竞 reform of China亿电竞平台's foreign exchange management. Over the亿电竞 past 40 years, with the亿电竞 continuous deepening of reform and opening up, the亿电竞 foreign exchange management department has always served the亿电竞 overall interests of the亿电竞 party and the亿电竞 state, and has made historic achievements in improving the亿电竞 RMB exchange rate formation mechanism, strengthe亿电竞ning the亿电竞 management of foreign exchange reserves, promoting the亿电竞 opening up, and doing a good job in risk prevention and control.

The亿电竞平台 formation mechanism of RMB exchange rate has been constantly improved

Pan Gongsheng, vice president of the亿电竞 people's Bank of China亿电竞平台 and director of the亿电竞 State Administration of foreign exchange, said at the亿电竞 11th Lujiazui Forum recently that in recent years, the亿电竞 RMB exchange rate formation mechanism has been constantly improved and the亿电竞 exchange rate flexibility has been continuously enhanced, which has played an important role in allocating foreign exchange resources, balancing balance of payments and enhancing macroeconomic resilience.

In the亿电竞 past 40 years, the亿电竞 exchange rate of RMB has changed from fixed exchange rate to fixed exchange rate system. Since the亿电竞 beginning of the亿电竞 century, with the亿电竞 maturity of the亿电竞 RMB exchange rate, especially with the亿电竞 development of the亿电竞 new economic environment at home and abroad.

According to the亿电竞 requirements of the亿电竞 Third Plenary Session of the亿电竞 16th CPC Central Committee, in 2005, China亿电竞平台 began to implement a managed floating exchange rate system based on market supply and demand, with reference to a basket of currencies. Since the亿电竞n, in accordance with the亿电竞 principles of initiative, controllability and gradualness, the亿电竞 exchange rate formation mechanism has been continuously improved in combination with the亿电竞 changes of internal and external environment. In 2015, the亿电竞 quotation mechanism of RMB to us dollar exchange rate at the亿电竞 middle rate was improved, emphasizing that the亿电竞 quotation of RMB to us dollar exchange rate should refer to the亿电竞 closing exchange rate of the亿电竞 previous day to reflect the亿电竞 changes of market supply and demand; in 2016, the亿电竞 "closing exchange rate + the亿电竞 exchange rate of a basket of currencies" was defined The亿电竞平台 formation mechanism of RMB / US dollar middle rate has improved the亿电竞 regularity, transparency and marketization level of the亿电竞 exchange rate mechanism; in 2017, the亿电竞 "counter cyclical factor" was introduced into the亿电竞 quotation model of RMB / USD exchange rate middle rate.

With the亿电竞 continuous expansion of the亿电竞 exchange rate range of RMB, the亿电竞 "floating exchange rate" function can be furthe亿电竞r enhanced in the亿电竞 market.

The亿电竞平台 management and application of foreign exchange reserve is becoming more and more mature

Foreign exchange reserve is an important strategic resource in China亿电竞平台. Since 1981, China亿电竞平台 has gradually established and improved the亿电竞 foreign exchange reserve management system. Since the亿电竞 new century, with the亿电竞 development of foreign-related economy, China亿电竞平台 has gradually got rid of the亿电竞 shortage of foreign exchange resources. Since 2006, the亿电竞 scale of foreign exchange reserves has ranked first in the亿电竞 world.

On the亿电竞 one hand, foreign exchange reserves should strengthe亿电竞n the亿电竞 medium and long-term strategic control, prudently optimize the亿电竞 structure of currency and assets, ensure security, liquidity, value preservation and appreciation, and basically form a management mode suitable for large-scale foreign exchange reserves and China亿电竞平台's national conditions. Since 2019, China亿电竞平台's foreign exchange reserves have increased steadily. By the亿电竞 end of May, China亿电竞平台's foreign exchange reserves reached 3101 billion US dollars.

On the亿电竞 othe亿电竞r hand, foreign exchange reserves actively serve the亿电竞 major national strategies and expand diversified utilization. In 2003, Huijin was set up in the亿电竞 forefront of the亿电竞 reform of corporate governance structure, the亿电竞 establishment of China亿电竞平台's central financial institutions, the亿电竞 establishment of corporate governance structure, and the亿电竞 establishment of China亿电竞平台's financial institutions. In 2011, the亿电竞 foreign exchange reserve entrusted loan office was established, adhering to the亿电竞 principle of marketization, constantly expanding the亿电竞 diversified use of foreign exchange reserves, and played an important role in serving the亿电竞 "going global" and "one belt and one road" construction.

"China亿电竞平台's foreign exchange reserve is an important and responsible investor in the亿电竞 global financial market. We operate in the亿电竞 international financial market in accordance with the亿电竞 principle of marketization, respect international market rules and industry practices, and maintain and promote the亿电竞 stability and development of the亿电竞 international financial market." Pan Gongsheng said at the亿电竞 11th Lujiazui forum.

Solid progress was made in the亿电竞 two-way opening up of the亿电竞 foreign exchange field

General Secretary Xi Jinping pointed out that we will adapt to openness in an open environment and win development in an open environment. The亿电竞平台refore, the亿电竞 foreign exchange management departments actively promote China亿电竞平台's economic opening up and the亿电竞 construction of a new open economic system, and constantly improve the亿电竞 financial macro-control ability of large open economies in the亿电竞 process of building a new pattern of comprehensive opening-up.

In order to promote the亿电竞 two-way opening up of the亿电竞 financial market at a high level, the亿电竞 foreign exchange management departments have taken various measures and made accurate efforts. For example, we should reform and improve the亿电竞 foreign exchange management system of qualified institutional investors (QFII, rqfii, QDII, rqdii, etc.), facilitate and standardize the亿电竞 issuance of bonds and money market instruments (bear cat bonds) by overseas institutions, support the亿电竞 expansion of domestic commodity futures market opening to the亿电竞 outside world, gradually expand the亿电竞 coverage of interconnection, improve the亿电竞 bond link, promote the亿电竞 launch of "Shanghai Luntong" and continue to expand funds Mutual recognition of product range; support domestic financial institutions to participate in international financial market, standardize foreign investment participation in foreign exchange management of listed companies, and promote the亿电竞 implementation of foreign employees' direct participation in equity incentive plan of domestic listed companies.

In addition, the亿电竞 policy framework for promoting trade and investment liberalization and facilitation has basically taken shape. For example, it is necessary to strengthe亿电竞n the亿电竞 top-level design of administration according to law, timely revise and improve the亿电竞 regulations on foreign exchange management; promote the亿电竞 reform of foreign exchange management of current account, successively implement the亿电竞 reform of foreign exchange management of trade in goods and services in recent years, and reduce the亿电竞 processing time of single business of enterprises by more than 70%; promote the亿电竞 liberalization and facilitation of cross-border investment and financing, and implement the亿电竞 management mode of "prior access and negative list", and greatly save money It also supports the亿电竞 construction of the亿电竞 pilot free trade zone and the亿电竞 Guangdong Hong Kong Macao Bay area, supports the亿电竞 comprehensive deepening of reform and opening up in Hainan, carries out the亿电竞 first trial of foreign exchange management reform, and creates a new highland and experimental field for the亿电竞 reform and opening up of foreign exchange management.

The亿电竞平台 reporter of the亿电竞 financial times learned that foreign exchange management departments will continue to speed up the亿电竞 interconnection and two-way opening up of financial markets. The亿电竞平台 key tasks in the亿电竞 near future include: promoting the亿电竞 reform of QFII and rqfii, expanding the亿电竞 scope of investment, studying the亿电竞 appropriate relaxation or even cancellation of QFII quota management; improving the亿电竞 macro Prudential Management of the亿电竞 integration of domestic and foreign currency, establishing the亿电竞 account system of the亿电竞 integration of domestic and foreign currency, and unifying the亿电竞 management policy of cross-border fund pool of domestic and foreign currency.

Dong ximiao, vice president of Chongyang Institute of finance, Renmin University of China亿电竞平台, believes that with the亿电竞 acceleration of opening up, China亿电竞平台's financial industry will become the亿电竞 main force in building a modern economic system and forming a new pattern of comprehensive opening up.

Cross border capital flow "macro Prudential + micro supervision" two in one management framework has initially taken shape

At present, the亿电竞 "macro Prudential + micro supervision" two in one management framework with Chinese characteristics has been initially formed. Industry insiders commented that this is conducive to preventing the亿电竞 impact of cross-border capital flows and high-intensity fluctuations in the亿电竞 foreign exchange market, and improving the亿电竞 management ability and risk prevention and control ability under the亿电竞 open conditions.

Macro prudence aims to maintain the亿电竞 basic stability of the亿电竞 foreign exchange market and prevent systemic risks caused by large fluctuations in cross-border capital flows. The亿电竞平台 main measures include establishing and improving the亿电竞 monitoring, early warning and response mechanism of cross-border capital flow, adjusting the亿电竞 pro cyclical fluctuation of foreign exchange market in a market-oriented way, and strengthe亿电竞ning the亿电竞 monitoring and supervision of systemically important institutions. Micro regulation aims at maintaining the亿电竞 order of foreign exchange market according to law, highlighting anti money laundering, anti terrorist financing and anti tax evasion. We will crack down on illegal activities such as false transactions, fraudulent transactions and underground banks. At the亿电竞 same time, we should maintain the亿电竞 stability, consistency and predictability of policies and law enforcement standards, adhere to functional supervision, strengthe亿电竞n behavioral supervision, classify management, and reasonably guide the亿电竞 healthy and orderly development of foreign investment.

In the亿电竞 new historical period, the亿电竞 foreign exchange administration departments will conscientiously implement the亿电竞 decisions and arrangements of the亿电竞 CPC Central Committee and the亿电竞 State Council, comprehensively promote the亿电竞 opening of capital account, the亿电竞 two-way opening of financial market and the亿电竞 internationalization of RMB, enhance the亿电竞 level of cross-border trade and investment liberalization and facilitation, effectively prevent the亿电竞 impact of cross-border capital flow, maintain financial stability and national economic and financial security, and serve the亿电竞 country's comprehensive opening-up Pattern.

 
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