Issue 1

Review of the RMB Exchange Rate in 2024 and Outlook for 2025 – Further Exploration of Market-oriented Reform of the RMB Exchange Rate

Lu Qianjin


　　This article begins by reviewing RMB exchange rate movements in 2024, including changes in the RMB/USD exchange rate, the RMB/non-USD currency exchange rates, the RMB exchange rate index, and the RMB rates in the OTC market. Due to the combined influence of domestic and external factors, the RMB exchange rate in 2025 may experience an initial depreciation followed by appreciation, with the overall trend remaining relatively stable while exhibiting increased two-way volatility. External shocks could amplify exchange rate movements or display alternating trends. The marketization of the RMB exchange rate, closely associated with the development of foreign exchange market, the improvement of the RMB exchange rate formation mechanism and interest rate liberalization reforms, requires coordination of policies through a phased approach. For details, please refer to pages 3–7 of Issue 1 of Overseas Investment & Export Credits, 2025.
　　

China-Latin America Economic and Trade Cooperation: Equality, Mutual Benefit, and Collaborative Advancement

Hong Chaowei


　　Economic and trade ties between China and Latin American and the Caribbean (hereinafter referred to as LAC) date back to the 16th century. China-LAC economic and trade cooperation has grown rapidly since China’s accession to the World Trade Organization (WTO). There has been a gradual shift from quantitative growth to qualitative improvement in trade. Investment cooperation has grown increasingly diversified, significantly bolstering regional employment. Financial collaboration continues to expand, with steady progress in the internationalization of the RMB across LAC. Following the guidance of head-of-state diplomacy, China-LAC economic and trade cooperation is poised to embrace new opportunities. For details, please refer to pages 8–13 of Issue 1 of Overseas Investment & Export Credits, 2025.
　　

Impact Analysis of Recent US-EU Coordinated Trade Sanctions and China’s Response

Meng Xue, Jiang Yu and Zhang Zhe

Against the backdrop of rising trade protectionism and escalating geopolitical conflicts, economic sanctions are being deployed with increasing frequency. Trade sanctions, primarily implemented through import restrictions or tariff hikes, have become the dominant form of economic coercion for their flexibility and controllability. This article examines recent U.S. and EU trade sanction practices, synthesizes existing theoretical achievements on tariff escalation and export controls, and analyzes the macroeconomic performance of affected economies using multi-source data. It further proposes China’s response strategies as a targeted country and a third country. For details, please refer to pages 14–19 of Issue 1 of Overseas Investment & Export Credits, 2025.

Strategic Layout and Future Directions of Policy Banks Amidst Global Economic Changes

Qiao Hong and Miao Linyan

This article examines the strategic layout and development trajectories of international policy banks amid global economic shifts. Firstly, they seek a strategic balance between emerging markets and developed countries to tap the potential of both markets, and enhance global competitiveness by diversifying risks through multi-market presence. Secondly, they embrace a shift from pure financial support to multifaceted partnerships, driving global green finance and industrial transition through strengthened international cooperation. Thirdly, they focus on strategic industries such as renewable energy and semiconductors, enhancing supply chain resilience and resource security via financial means. Fourthly, they emphasize livelihood programs and the development of small and medium-sized enterprises to amplify global influence and soft power. These offer references for China’s policy banks in deepening reforms and strategic recalibration. For details, please refer to pages 20–24 of Issue 1 of Overseas Investment & Export Credits, 2025.
　　

Disclaimer: The articles in this section solely represent the personal views of the author and are not related to the positions of the Export-Import Bank of China.

Evolution of EU-US Climate Trade Rules and Implications for China

Wang Yao, Cui Ying and Wang Xun

In recent years, developed economies represented by the EU and the U.S. have introduced a series of green and climate-related trade policies, resulting in changes in the global trade rule system. The EU has enacted multiple laws integrating production-based carbon emissions from certain industries, product carbon footprints, and supply chain sustainability into its trade and supply chain governance system, gaining a head start in shaping new global climate trade rules. The U.S. is pressing ahead with its carbon border adjustment bill, incorporating climate factors such as carbon emissions into its trade protection policies. Both the EU and the U.S. have begun discussions on sustainable trade rules for critical commodities, including steel, aluminum, and key minerals. These developments in climate trade governance demand proactive responses. For details, please refer to pages 25–27 of Issue 1 of Overseas Investment & Export Credits, 2025.

Carbon Border Adjustment Mechanism: Export Choices and Low-Carbon Transition (Part 1)

Wu Qi, Li Yanfei and Yin Liang

In May 2023, the EU's Carbon Border Adjustment Mechanism (CBAM) entered into force. Under this framework, global supply chains and China’s exports to the EU have been affected to varying degrees. This article, with a focus on the carbon-intensive steel industry, examines the implications of CBAM implementation for Chinese steel exporters. For details, please refer to pages 28–36 of Issue 1 of Overseas Investment & Export Credits, 2025.
　　

Disclaimer: The articles in this section solely represent the personal views of the author and are not related to the positions of the Export-Import Bank of China.

Financial Support for Building China’s Global Grain Merchants: Challenges and Pathways for Optimization

Xu Jiali

Cultivating internationally competitive large-scale grain enterprises represents a critical pathway to ensuring national food security, with financial support playing a pivotal role. While China has achieved positive results in fostering global grain trading giants, challenges persist in mobilizing financial resources to facilitate their growth. This article proposes that financial institutions should redouble efforts to help grain suppliers enhance risk resilience, improve the technology finance support system, and facilitate international financial cooperation, thus boosting the global competitiveness of Chinese grain enterprises. For details, please refer to pages 37–40 of Issue 1 of Overseas Investment & Export Credits, 2025.
　　

Tax Risks and Mitigation Measures for Chinese Enterprises’ Overseas Investment under the Belt and Road Initiative

Xu Cheng

The Belt and Road Initiative (BRI) partner countries exhibit significant variations in their tax environments, exposing Chinese enterprises to multiple tax-related risks during overseas investments. This article provides a systematic classification and analysis of these risks, highlighting that governments and enterprises should work together to optimize investment climates and public services, and help investors develop awareness and capabilities to guard against risks, thus promoting high-quality Belt and Road cooperation. For details, please refer to pages 41–43 of Issue 1 of Overseas Investment & Export Credits, 2025.
　　

Disclaimer: The articles in this section solely represent the personal views of the author and are not related to the positions of the Export-Import Bank of China.
Address：No.30, FuXingMenNei Street, XiCheng District, Beijing 100031, P.R.China Tel：(8610)400-636-1616 Fax：(8610)6606 0636 SWIFT:EIBCCNBJ