China to expand institutional opening-up of forex market in 2026

The State Administration of Foreign Exchange has announced that it will expand high-level institutional opening-up and deepen facilitation reforms in the foreign exchange sector this year, according to the administration's annual work conference on Monday and Tuesday.

File photo shows a worker counts the U.S. dollars at a bank in Qionghai City, south China's Hainan Province. (Xinhua/Meng Zhongde)

In 2026, further measures will be taken to streamline trade-related foreign exchange procedures, expand pilot programs for high-level openness in cross-border trade in an orderly manner, broaden the application scenarios of cross-border financial services platforms, and enhance support for new forms of trade, including cross-border e-commerce.

The administration will also support financial institutions to develop user-friendly hedging products and enhance the service levels of forex market infrastructure.

It will roll out policies governing outbound lending and domestic foreign currency loan management, and implement its integrated cross-border fund management policy for multinational companies nationwide in both local and foreign currencies.

Efforts will also be made to reinforce foreign exchange regulation and ensure it is adaptable to a higher level of openness, the conference said.