新华财经北京10月24日电今年以来，熊猫债市场持续提质扩容，发行规模不断增长，其中跨国企业的熊 猫债发行尤为活跃。近日，汇丰中国协助巴西跨国企业书赞桉诺在中国银行间市场成功发行了人民币14 亿元熊猫债。这是书赞桉诺继2024年11月首次发行熊猫债后再次发行此类债券，汇丰也再度在发行中担 任联席主承销商及联席簿记管理人。 据了解，今年1-10月，汇丰支持拜耳、大众汽车、宝马、书赞桉诺、巴斯夫和梅赛德斯-奔驰等跨国企 业在银行间市场发行熊猫债。作为"回头客"，这些跨国企业在过去几年内已多次发行熊猫债，汇丰均参 与支持。 汇丰中国企业及机构银行业务部债务资本市场负责人叶善扬指出，跨国企业熊猫债发行规模的显著增 加，不仅体现了国际发行人对中国债市持续开放的高度认可，也反映出人民币作为融资货币的作用稳步 提升。 "在支持跨国企业熊猫债发行中，汇丰凭借对境内市场的深刻理解，准确把握投资者需求并借助双期 限、双向回拨、定价配售等发行机制优势，协助发行人拉长久期，完善资产负债结构，以更好地匹配其 在境内的长期战略性投资。"叶善扬进一步表示，我们将继续与监管机构和发行人紧密合作，共塑熊猫 债市场的广阔前景。 （文章来源：新华财 ...

Core Insights - The International Monetary Fund (IMF) projects a resilient economic growth of 4.5% for the Asia-Pacific region in 2025, an increase of 0.6 percentage points from the April forecast [1] - The forecast for mainland China's economic growth in 2025 is set at 4.8%, which is 0.8 percentage points higher than the previous prediction [1] Economic Trends - The report highlights a significant change in the global landscape due to extensive tariff increases by the United States in 2025, impacting trade dynamics in the Asia-Pacific region [1] - The necessity for policies that promote trade openness and foreign direct investment, along with reforms to enhance competitiveness, is emphasized as crucial for maintaining trade as an engine of economic growth [1] Investment and Capital Allocation - The report indicates that since the global financial crisis, there has been a slowdown in economic growth and an intensification of global trade fragmentation, underscoring the need for Asia-Pacific countries to strengthen domestic economic growth drivers [1] - High investment rates in the region have historically relied on a favorable financial structure for capital-intensive growth, but recent trends show increasing capital misallocation and declining investment returns [1] - Issues such as inefficient financial intermediation and rising debt rollover phenomena are contributing to these trends, necessitating policy measures to broaden financing channels for a wider range of enterprises and support timely restructuring of unsustainable debt [1]

Core Viewpoint - The Central Bank of Russia has lowered the benchmark interest rate by 50 basis points to 16.5%, marking the fourth rate cut this year, indicating a shift towards a more accommodative monetary policy despite rising inflation risks [1] Group 1: Interest Rate Changes - The Central Bank of Russia has reduced the benchmark interest rate from 20% in June to 16.5% in October, with previous cuts in July (to 18%) and September (to 17%) [1] - This marks the beginning of a monetary easing cycle after nearly three years of maintaining higher rates [1] Group 2: Economic Outlook - The Central Bank stated that the Russian economy is returning to a balanced growth trajectory, with an acceleration in loan growth observed in recent months [1] - However, inflation expectations remain high, and the Central Bank has noted an increase in inflation risks [1] - The GDP growth forecast for Russia in 2025 has been revised down from 1%-2% to 0.5%-1% [1]

Core Viewpoint - The U.S. Consumer Price Index (CPI) report for September indicates that consumer inflation rose slightly less than expected, leading traders to increase bets on the Federal Reserve implementing two more 25 basis point rate cuts within this year [1] Group 1 - The September CPI report shows a lower-than-expected increase in consumer inflation [1] - Traders are now more confident in the likelihood of two additional rate cuts by the Federal Reserve this year [1]

（文章来源：新华财经） 瑞穗宏观观察员乔丹·罗切斯特指出，鉴于美国9月通胀数据偏低，货币市场的反应可能并没有想象中那 么大。 ...

（文章来源：新华财经） Inflation Insights总裁兼创始人Omair Sharif指出，住房数据异常可能一次性压低了美国9月通胀数据。代 表住房自有成本的实际等效租金指数9月环比仅微升0.1%，创四年多来最小单月涨幅。 ...

（文章来源：新华财经） 蒙特利尔银行资本市场分析师伊恩·林根指出，鉴于美国政府停摆仍在持续，此次9月CPI数据发布基本 上也巩固了12月降息的预期。 ...

（文章来源：新华财经） 美国白宫方面表示，下个月可能将是历史上第一次没有通胀数据可以发布。由于政府关门，调查人员无 法前往实地开展工作，这导致无法获取关键数据，其经济影响可能会极其严重。 ...

（文章来源：新华财经） 汇丰银行表示，预计美联储下周将再次降息25个基点，这将使联邦基金的目标区间降至3.75%-4.00%。 ...

（文章来源：新华财经） 美国白宫国家经济委员会主任哈塞特预计，未来报告中的通胀将进一步下降。 ...