The trading volume of the foreign exchange market for the whole year was 42.6 trillion US dollars, and the enterprise foreign exchange hedging ratio rose to 30%, both of which were historical highs; At the end of September 2025, China's foreign assets and liabilities reached historical highs of 11.5 trillion US dollars and 7.5 trillion US dollars, respectively. China's net foreign assets exceeded 4 trillion US dollars for the first time... "In the past year, the supply and demand in the foreign exchange market have been basically balanced, and expectations are generally stable, maintaining strong resilience and vitality. ”On January 15th, Li Bin, Deputy Director of the State Administration of Foreign Exchange, summarized the performance of China's foreign exchange market in 2025 using multiple "historical highs" of data. The foreign exchange market is often regarded as a "signal light" for a country's economic confidence, as well as a "moat" for a country to resist international market risks and maintain national economic and financial security. The trading volume of China's foreign exchange market has increased from 34.5 trillion US dollars in 2022 to 42.6 trillion US dollars in 2025, demonstrating the resilience and vitality of the market. The continuous improvement of economic development quality and efficiency provides a solid foundation for the development of the foreign exchange market. In recent years, China's total economic output has continuously crossed new thresholds, with an expected GDP of around 140 trillion yuan by 2025, an increase of about 40% compared to five years ago. The rapid growth of the total economic output provides a strong market foundation for the foreign exchange market. At the same time, China's new quality productivity is growing rapidly. In the first 11 months of 2025, the added value of high-tech industries above designated size increased by 9.2% year-on-year, becoming an important driving force for economic growth and demonstrating the enormous potential of China's economic growth. Actively expanding high-level opening-up to provide strong impetus for the development of the foreign exchange market. The foreign exchange management department has continuously launched a series of reform and opening up measures, greatly improving the convenience level of various business entities in handling foreign exchange business, effectively supporting the sustained growth of China's foreign-related economy. In 2025, the foreign exchange management department will focus on three key tasks: supporting the stable development of foreign trade, deepening cross-border investment and financing reforms, and supporting the construction of pilot free trade zones. A total of 28 measures, including three "package" policies, will be introduced successively. By 2025, China's total import and export volume of goods trade will exceed 6.3 trillion US dollars, and the stock of foreign direct investment and foreign direct investment in China will both rank among the top in the world. The reform of the foreign exchange market itself continues to deepen, and its depth and breadth are still expanding. At present, the participants in China's foreign exchange market not only include major domestic financial institutions, but also many overseas institutions. Diversified trading entities and deep market expansion can effectively absorb the impact of external environmental changes. At the same time, banks are accelerating the development of new foreign exchange derivatives and lowering the threshold for enterprise foreign exchange hedging. More and more foreign-related enterprises are actively seeking relevant financial products to avoid exchange rate risks. By 2025, the proportion of foreign exchange hedging for enterprises will reach 30%, and foreign-related business entities will have a stronger ability to respond to changes in the international exchange rate market. It is worth noting that according to the latest survey data from the Bank for International Settlements, the proportion of RMB trading volume in global foreign exchange market transactions has risen to 8.6%, an increase of 1.6 percentage points from 2022, making it the currency with the fastest increase in global trading proportion. Li Bin believes that in recent years, the market-oriented formation mechanism of the RMB exchange rate has been continuously improved, effectively playing a stabilizing role in promoting supply and demand balance. The toolbox for macro prudential regulation of cross-border capital flows is sufficient, and experience in dealing with external shock risks continues to accumulate. We will continue to strengthen the monitoring of cross-border capital flows, enhance the resilience of the foreign exchange market, improve macro prudential management and expectation management, maintain the stable operation of the foreign exchange market, and keep the RMB exchange rate basically stable at a reasonable and balanced level. ”Li Bin said. (New Society)