China'S Cross-Border Revenue And Expenditure Has A Sound And Stable Foundation

Any form of reform, the reform of any country, should not only have goals, but also have strategies to achieve goals, not only have determination, but also need reform strategies. To promote the opening of capital account, the focus, timing and rhythm are different in different periods. At the beginning of this year, Pan Gongsheng pointed out in an exclusive interview that the foreign exchange management policy "will not close the open window". At the breakfast meeting on Monday, he mentioned the metaphor again. Pan Gongsheng said, "This metaphor may not be appropriate, but the attitude is very clear, that is, China's foreign exchange management will not go back to the prison of capital control".

At present, SAFE will consider two basic factors in the formulation and implementation of foreign exchange management policies. First, adhere to the opening of foreign exchange, support and promote the opening of China's financial market, and improve the facilitation of cross-border trade and investment; The second is to prevent the risk of cross-border capital flow Cross border capital The disorderly flow of foreign exchange will have an impact on macroeconomic and financial stability, maintain the stability of the foreign exchange market, and create a good market environment for reform and opening up.

Based on these two basic factors, Pan Gongsheng introduced four basic connotations of China's current foreign exchange management policy orientation. First, reviewing the path of China's foreign exchange management policy reform, Pan Gongsheng pointed out that at the end of the last century, China realized full convertibility of current account; Since the beginning of this century, we have gradually achieved basic convertibility under direct investment; The degree of convertibility under securities investment is gradually increasing. However, securities investment is realized through the form of open channels, such as QFII, RQFII, QDII, RQDII, Shanghai Hong Kong Stock Connect, Shenzhen Hong Kong Stock Connect, including the bond link that we are considering to open the bond market and the Shanghai Luntong Stock Market. "Such policies that China has already achieved will not be overturned or taken back," Pan Gongsheng stressed.

In addition, China's foreign exchange management policy reform has another profound meaning. "We will continue to promote the two-way opening of China's financial market. One of the important tasks is to promote the opening of China's capital market." Pan Gongsheng said that in 2016, we still have many highlights in promoting the opening of China's capital account. For example, enterprises can determine the amount, form, method and time of cross-border financing according to the policy of full caliber cross-border financing. China has opened its bond market and foreign exchange market. It has deepened the reform of QFII and RQFII systems, weakened the limit of QFII, the time limit of redemption of open-ended funds and the time limit of locking period of QFII funds. The Shanghai Hong Kong Stock Connect was optimized, and the Shenzhen Hong Kong Stock Connect was launched.

　　" capital account The opening up of a country should be closely related to its economic development stage, financial market conditions and financial stability. Therefore, in different periods, the focus, rhythm and timing of promotion should be related to the situation of a country's financial market and the situation of the international market. "Pan Gongsheng pointed out that the third measure is to build a macro prudential management and micro market supervision system for cross-border capital flows. In terms of macro prudential management, we should improve the early-warning and response mechanism for cross-border capital flows and enrich the macro prudential toolbox for cross-border capital flows.

Pan Gongsheng said that in the past two years, the SAFE has adopted many tools for macro prudential management, including the collection of 20% reserves for forward foreign exchange purchase. The cross-border financing of enterprises implements a full range of cross-border financing management. At the same time, in terms of the supervision of the micro market of the foreign exchange market, under the framework of national laws and regulations and the current foreign exchange management policies, carry out market supervision and law enforcement, maintain the seriousness of national laws and regulations and foreign exchange management policies, and maintain a benign, healthy and stable foreign exchange market Order. "Although some of these policies will face reform in the future, the current policy framework is like this. As the policy implementation department, I am currently implementing according to the current policy framework." Pan Gongsheng pointed out.

The fourth is to improve the exchange rate formation mechanism and enhance the flexibility of the exchange rate. He said that we have been following the market-oriented reform direction, improving the exchange rate formation mechanism, and constantly improving the regularity, transparency and marketization of the exchange rate policy. Keep the RMB exchange rate basically stable at a reasonable and balanced level, and maintain the stability of market expectations, especially for a basket of currencies; At the same time, it will enhance the flexibility of exchange rate and maintain the function of exchange rate in adjusting the balance of payments according to the changes in the international foreign exchange market and the market supply and demand relationship. Over the past period, we have also seen that the RMB exchange rate has remained basically stable in two-way fluctuations, in which the RMB fluctuates slightly against a basket of currencies, and the bilateral exchange rate of the RMB against the US dollar also fluctuates in both directions.

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