In recent years, the Yulin Central Sub-branch of the State Administration of Foreign Exchange, based on local industrial advantages, has guided banks to accurately promote foreign exchange derivative products and improve the exchange rate risk management capabilities of enterprises based on the characteristics of foreign exchange receipts and payments of metal magnesium enterprises within its jurisdiction. As of April 10, 2023, the Yulin Central Sub-branch of the State Administration of Foreign Exchange has instructed banks to handle 14 transactions of forward foreign exchange settlement and sales for metal magnesium enterprises, with an amount of US$3.6311 million.
In 2023, the Yulin Central Sub-branch of the State Administration of Foreign Exchange will rely on the "1+1+N" cross-border financial policy transmission direct service mechanism to promote the precision and refinement of exchange rate hedging work, so as to improve the exchange rate risk management of magnesium metal enterprises within its jurisdiction Aiming at the ability, establish a multi-level publicity and promotion mechanism to promote the foreign-related enterprises in the upstream and downstream of magnesium metal to enhance the neutral awareness of exchange rate risk. Among them, the Yulin Central Sub-branch of the State Administration of Foreign Exchange instructed the Yulin Branch of the Bank of China to focus on leading magnesium metal enterprises, go deep into Shaanxi Yulin Magnesium Industry (Group) Co., Ltd. to understand the individual needs of enterprises, carry out business counseling hand in hand, and specifically solve the problem of enterprises carrying out exchange rate avoidance. According to the pain points, difficulties and blockages encountered in the risk-taking process, guide metal magnesium enterprises to establish an exchange rate risk-avoidance management model that matches their own operating characteristics, and provide innovative exchange rate risk-avoidance services to help companies effectively prevent exchange rate fluctuation risks and form a " A good pattern of cooperation between banks and enterprises" to stabilize foreign trade and promote development.
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