According to Jin10, China's central bank said one important structural change in Chinese trade in recent years is that sensitivity to exchange-rate changes has declined significantly. From a trade-structure perspective, China's exports have upgraded from mainly low-end labor-intensive products to more mid- to high-end and diversified products. Over the past five years, China's imports and exports of high-tech products grew by an average of 7.9% a year, and the year-on-year growth rate rose further to 11.4% in 2025, with their contribution to overall foreign trade growth approaching 60%. Chinese exporters are no longer just price takers, but are embedded in global supply chains and can share exchange-rate costs with upstream and downstream companies. In terms of trade-related financial services, more foreign trade companies are using exchange-rate hedging tools, about 30% of trade is settled in renminbi, and companies' foreign-exchange hedging ratio has also reached about 30%, further reducing trade's sensitivity to exchange-rate fluctuations. These ratios are expected to rise further.