On November 5, it was learned from the Huaihua branch of the State Administration of Foreign Exchange that in the first three quarters of this year, the total amount of cross-border payments within Huaihua exceeded $300 million, a year-on-year increase of 35.1%. There are a total of 340 enterprises listed in the area, with 92 new additions since the beginning of the year, showing strong momentum in the development of foreign trade.

Since the beginning of the year, the Huaihua branch of the State Administration of Foreign Exchange has relied on the big platform of International Land Port, adhered to the original intention of financial services for the people, and focused on "four aspects" to promote significant progress in the high-quality development of Huaihua's foreign trade economy.

In terms of trade facilitation and supporting the development of foreign economic relations, the Foreign Exchange Administration of Huaihua has taken proactive action. In May of this year, through scientific methods such as systematic off-site evaluations and on-site investigations, they provided precise guidance to banks to unfreeze accounts for enterprises and restore them to Class A classification level. Since June, efforts have been continuously made to open trading system bank permissions for 11 bank branches, enabling 52 qualified branches to handle transactions, resulting in 47 companies being directly registered with banks. From January to September 2024, three banks processed 476 convenient trial transactions for 5 quality enterprises, amounting to $62.2848 million. Furthermore, the convenience rate for income and payment under the capital item reached 100%, amounting to $7.9051 million, effectively implementing a series of policies for trade facilitation.

Moreover, the Huaihua branch of the State Administration of Foreign Exchange has also focused on county-level development to inject new energy into foreign economic relations. It actively carried out the "Four Linkages" service in county-level areas for foreign exchange services, conducted door-to-door visits to over 30 banks and enterprises in counties (the city and its districts), to address practical difficulties. After the establishment of the Foreign Exchange Operations Management Department in May, the branch solidly promoted coaching training and result verification work to build a high-quality grassroots talent team in foreign exchange management, laying a solid foundation for the vigorous development of county-level foreign trade economy.

In terms of maintaining market order, the Huaihua branch of the State Administration of Foreign Exchange has payed close attention to abnormal entities to ensure the healthy development of foreign economic relations. In 2024, the branch monitored over 20 abnormal enterprises, jointly cracking down on illegal activities in the foreign exchange field with banks, tax authorities, and public security departments, severing the chain of foreign trade tax-related companies, and reporting cases. At the same time, several financial institutions were subjected to specialized inspections, promoted rectification, issued risk warnings, and effectively maintained a good market order.

To ensure the stable development of foreign-related enterprises, the Huaihua branch of the State Administration of Foreign Exchange put emphasis on exchange rate risks. In March of this year, Huaihua achieved zero breakthroughs in derivative transaction handling for 2024. As of September, three banks processed "buying put options" transactions for six enterprises, with amounts ranging between $20,000 and $50,000, helping enterprises lock in exchange rate risks at low or "zero" costs.

Next, the Huaihua branch of the State Administration of Foreign Exchange will continue to deepen foreign exchange management reforms and improve service levels. While optimizing service quality and efficiency, strict implementation of regulatory requirements, burnishing the "Huaihua business card" for foreign exchange management, enhancing the ability to serve the real economy in foreign exchange services, laying a solid foundation for the development of foreign economic relations in Huaihua, and allowing foreign trade economy to continuously accelerate on the path of high-quality development.

(Translated by Qu Qiongxue)