此举与更广泛政策框架相符。PBOC一直通过日中间价引导汇率，并限制人民币波动在±2%区间。周五其公布的中间价比彭博社平均预测低793点（约0.0793元/美元），刷新偏弱侧偏离新高，显示当局不愿让人民币对美元单边上行。Fiona Lim（Maybank）、Mark Cranfield（Markets Live）与Eddie Cheung（Credit Agricole CIB香港）均认为，核心信号是“可升但要慢”，而非放弃人民币趋势。
历史上，这一远期准备金工具自2015年以来反复用于汇率管理，2022年也被用于抵御贬值压力。PBOC同时承诺在合理均衡水平下维持汇率稳定，并推动机构完善套期保值服务。市场干预仍有成本，因此后续是否继续收紧尚不确定。美国财政部1月报告仍称人民币“明显低估”，并要求中国实现有序且及时升值；2025年中国贸易顺差约1万亿美元，预示外界对长期更强人民币存在预期。期权市场也有交易员押注年底目标至每美元6.50，Fiona Lim称“仍有相当大升值空间”，但本次行动主要是“放慢节奏”。
On February 27, 2026 at 11:41 AM GMT+8, the People’s Bank of China (PBOC) announced that from March 2 it would remove the 20% reserve requirement on foreign-currency forward contracts. Prior to this, the yuan had risen for 10 straight sessions, the longest winning streak since September 2010. The policy lowers the cost of shorting the yuan through derivative trades and is aimed at helping firms manage FX risk more effectively. The yuan then slipped 0.1% to about 6.86 per US$ in Shanghai, after hitting in the prior session the strongest level since April 2023. The previous appreciation had been supported by robust FX conversion flows, improving US–China ties, and a broadly weaker US dollar.
The move fits a broader policy framework. PBOC has been guiding the currency through its daily midpoint and a ±2% move band. On Friday it set the daily fix 793 pips weaker (about 0.0793 yuan/USD) than Bloomberg’s average forecast, a record weak-side deviation, signaling reluctance to let the rate become a one-way move against the dollar. Fiona Lim (Maybank), Mark Cranfield (Markets Live), and Eddie Cheung (Credit Agricole CIB Hong Kong) all said the message was that appreciation is acceptable but should be slower, not reversed.
Historically, this forward-reserve tool has been used since at least 2015 and was reintroduced in 2022 to counter depreciation pressure. PBOC also said it would keep the yuan around a reasonable and balanced level and strengthen FX hedging services. Market intervention still has a cost, so it is not clear whether authorities will tighten further. The U.S. Treasury still described the yuan as “substantially undervalued” in its January report and urged timely, orderly appreciation. China’s 2025 trade surplus was about US$1 trillion, and the options market has traders targeting 6.50 per dollar by year-end, reflecting a long-term bias toward a stronger yuan despite this day’s “slowdown” operation.