The international situation in 2019 is complex，and the global economic and financial risk has risen significantly. In this context，Chinese foreign exchange management department made solid progress in reform and opening up，effectively prevented and controlled external shock risks，and created a good foreign exchange market environment for the smooth operation of the national economy. On this basis，China’s balance of payments is basically balanced，cross-border capital flows remain stable，supply and demand in the foreign exchange market are basically balanced，and the scale of foreign exchange reserves is rising steadily. Firstly，this report outlines the general situation of China’s international reserve assets in 2019，analyzes the changes and causes of the scale of foreign exchange reserves，and summarizes the current situation of foreign exchange reserve management；secondly，it summarizes the major foreign exchange management policies issued and implemented in 2019，analyzes the implementation and effects of cross-border capital flow risks，and combs the progress of infrastructure construction；thirdly，it analyzes the trend of RMB against US dollar and multilateral exchange rate，summarizes the foreign exchange market transactions，foreign exchange income and expenditure. Finally，it prospects the development of China’s foreign exchange market in 2020.