In 2019，with the reform and opening up in the foreign exchange field continuous deepening，financial services are developing with high quality of real economy. On the one hand，it is necessary to effectively maintain thes tability of the foreign exchange market and effectively prevent the risks of cross-border capital flows. On the other hand，the development of the RMB cross-border business for “Belt and Road” promotes the RMB internationalization. As for the balance of payment，from the perspective of the current account，the facilitation reforms of the goods trade foreign exchange management have been promoted. The electronic tax filing of service trade foreign exchange management has been steadily advanced. While personal foreign exchange management follows the principle of current account convertibility，the supervision “Firewall” for the cross-border capital balanced flows has been built. From the perspective of capital account，the cross-border investment and financing facilitation reforms have been steadily advanced，and direct investment in foreign exchange has achieved basic convertibility. In 2019，RMB internationalization faces new challenges. We must prevent and resolve cross-border short-term capital flow risks and maintain the balance payment security. With the opening-up of the financial industry to the world becoming more important in China，the foreign exchange market competition and the international financial statistics system have been improved. Looking forward to 2020，we must prevent both the “black swan” incident and the “grey rhino” risk；we must control financial sector opening-up risks and provide the necessary time and stable financial environment for economic transformation. We need to improve the relationship between cross-border capital flows，RMB exchange rate and RMB internationalization；improve the organizational efficiency of China’s foreign exchange market；optimize the policy framework of cross-border capital flow management；maintain RMB exchange rate reasonable and balanced basically stabilized；and improve the trade and investment system for “Belt and Road” and RMB internationalization.