PBOC Deputy Governor and SAFE head Zhu Hexin said FX management now treats
corporate cross-border autonomy and open-ecosystem construction within the same
governance framework, prioritizing looser entity controls, ecosystem
optimization, wider opening and improved governance to support China’s new
development pattern. He said authorities will better align trade, investment and
financing FX policies to help firms allocate onshore and offshore funds and run
cross-border operations more efficiently. By end-June, more than 50,000
creditworthy firms could conduct FX business without prior review; in 1H they
handled over $580 billion of FX transactions, and average processing time fell
by more than half. Zhu said regulators will strengthen coordination with
financial institutions and local governments, tighten incentives and constraints
mechanisms to amplify effects, and introduce a "policy-ecosystem" dual
evaluation mechanism to allow mature regions to pilot reforms and scale
successful practices nationwide.
