China News Online, June 10 (Zhou Zhuoao Fan Zhonghua) The 13th Lujiazui Forum opened in Shanghai on the 10th.

Pan Gongsheng, Deputy Governor of the People's Bank of China and Director of the State Administration of Foreign Exchange delivered a keynote speech at the 13th Lujiazui Forum.

  Pan Gongsheng said that since the beginning of this year, the RMB exchange rate against the US dollar has fluctuated in both directions and is generally stable.

Changes in the international financial market, especially the fluctuations in US dollar interest rates and exchange rates, have had a certain impact on other currencies, including the renminbi.

  Pan Gongsheng pointed out that the influencing factors of the RMB exchange rate are complex, and two-way fluctuations will become the norm.

The stability of the RMB exchange rate is better than other currencies, the exchange rate expectations are stable, and the foreign exchange market transactions are rational and orderly. "China’s economy is stable and improving, the monetary policy is in a state of normalization, the balance of payments is operating steadily, and the foreign exchange market is more mature. These factors will Continue to provide strong support for the stability of the RMB exchange rate."

  The operation of the foreign exchange market is a concern of all aspects.

Pan Gongsheng said that in recent years, China's foreign exchange market has made great progress. The foreign exchange derivatives market has a certain depth and breadth, forming a rich product system such as forwards, foreign exchange swaps, currency swaps and options, as well as diversified market participation. main body.

  According to Pan Gongsheng, in 2020, the transaction scale of China's foreign exchange market will be 30 trillion US dollars, of which 60% will be foreign exchange derivatives transactions.

The concept of “exchange risk neutrality” of Chinese companies has been continuously strengthened and the level of exchange rate risk management has been continuously improved. Since the beginning of this year, the hedging ratio of corporate foreign exchange derivatives has reached more than 20%, an increase of 5 percentage points from last year, but there is still a lot of room for improvement.

  "We will coordinate development and security, and continue to reform and improve the foreign exchange management system and mechanism that is compatible with the higher-level open economy and new system under the new development pattern." Pan Gongsheng said that in the future, the facilitation and stability of cross-border trade under the current account will be improved. Promote the high-level opening of China's capital accounts in an orderly manner, and continuously improve the economic and financial management capabilities and risk prevention and control capabilities under open conditions.

  In terms of reform and opening up in the foreign exchange field, Pan Gongsheng said that in the near future, it will promote the expansion of overseas asset allocation space of Chinese residents, enrich foreign exchange market products and domestic and foreign participants.

In addition, Pan Gongsheng revealed that in the near future, the Shanghai Lingang New Area and the Guangdong-Hong Kong-Macao Greater Bay Area and parts of the Hainan Free Trade Port will carry out high-level foreign exchange management opening-up pilots to accumulate experience in promoting high-level institutional opening in the foreign exchange field.