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State Administration of Foreign Exchange: In the first half of 2025, the foreign exchange market maintained stable operation, showing strong resilience and vitality. Cross-border trade and investment activities were active, with the cross-border income and expenses of non-bank sectors such as enterprises and individuals reaching a historical high for the same period; the foreign exchange market is expected to be stable, the RMB exchange rate remains basically stable, and cross-border funds continue to have a net inflow; the supply and demand in the foreign exchange market are basically balanced, and the size of foreign exchange reserves remains stable.
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