近日，中国人民银行印发修订后的《人民币跨境支付系统业务规则》（以下简称《规则》），并将于 2026年2月1日正式施行，原2018年版规则同步废止。这一政策旨在适配人民币跨境支付系统业务的快速 发展，进一步规范人民币跨境支付系统（CIPS）的业务操作，防范支付风险。 《规则》明确了CIPS参与者的账户管理、注资、资金结算等详细流程。"随着CIPS功能和服务的持续优 化，有必要调整《规则》相关内容，仅对参与者业务行为提出原则性要求，确保规范性文件的前瞻性和 科学性，有效适应CIPS业务发展和功能升级的需要。"央行在此前针对《规则》征求意见时表示。 谁能使用CIPS？ 间接参与者在CIPS不开立账户。 根据CIPS业务需要，运营机构可在中国人民银行开立清算账户，用于集中存放参与者办理CIPS业务的 结算资金，与运营机构其他用途资金分户核算。直接参与者依据其CIPS账户余额享有相应权益。该账 户不得透支，场终（日终）余额为零。 《规则》适用于CIPS运营机构、CIPS参与者。其中，运营机构是指经中国人民银行批准，为境内外参 与者提供跨境人民币清算、结算服务的公司制企业法人。中国人民银行依法对运营机构的业务进行监督 和 ...

Core Viewpoint - The recent draft amendment to the "Banking Supervision Law of the People's Republic of China" aims to enhance the regulatory framework for the banking industry, addressing existing gaps and improving the effectiveness of supervision [1][2][10] Regulatory Framework Enhancement - The draft amendment expands the existing law from 52 to 80 articles, focusing on comprehensive regulation across the entire banking operation chain, including market entry, ongoing supervision, risk management, and market exit [3][4] - It introduces a full-process regulatory system for shareholders and actual controllers, addressing issues such as improper interference and related party transactions [4][5] Risk Management and Response - The amendment establishes a more robust risk management framework, including early intervention mechanisms and a variety of risk disposal methods, to enhance the proactive identification and resolution of financial risks [6][7] - It emphasizes the need for a structured approach to risk disposal, allowing regulatory authorities to take flexible actions based on the risk status of financial institutions [6][7] Legal and Penalty Framework - The draft significantly increases penalties for violations, aiming to deter financial misconduct by raising the fines and expanding the scope of responsible parties to include shareholders and third-party institutions [8][9] - It also enhances consumer protection measures within the banking sector, ensuring that the rights of financial consumers are prioritized and that regulatory bodies are tasked with overseeing consumer rights [9][10] Overall Impact - Experts view the comprehensive revision of the Banking Supervision Law as a milestone in the legal construction of banking regulation in China, aimed at building a more scientific, standardized, and efficient regulatory system [10]

Group 1 - The core point of the news is that Guotou Ruijin Silver Futures Securities Investment Fund (LOF) announced the suspension of subscription for Class C shares starting December 29, 2025, to protect the interests of fund shareholders [1] - The A class shares of Guotou Silver LOF will be suspended from trading on December 29, 2025, from the market opening until 10:30 AM, and will resume trading after that time [1] - The fund has been experiencing significant demand due to the recent surge in silver prices, making it the only public LOF fund primarily investing in silver futures in China [1] Group 2 - The fund has frequently warned investors about risks, having temporarily suspended trading 10 times recently, and has increased subscription restrictions [1] - On December 25 and 26, the fund experienced two consecutive days of temporary trading suspension, with a sharp decline in price upon resumption, indicating a concentrated release of high premium bubble risks [1] - Despite the continuous price drop, the premium rate of the fund remains close to 30% [1] Group 3 - Industry insiders have indicated that the secondary market trading prices are driven by market sentiment, and the high premium levels are not sustainable [2] - Investors are advised to be cautious of premium risks and to avoid blindly chasing prices in the secondary market to prevent significant losses due to potential premium corrections [2] - The underlying asset price volatility, particularly the recent significant increase in silver prices, also poses a risk of potential corrections [2]

Core Insights - The bank wealth management market in 2025 has shown continuous growth in both scale and product quantity, with the total scale reaching 33.8 trillion yuan by the end of November 2025, an increase of approximately 300 billion yuan from the previous quarter [1] - The growth is attributed to a combination of declining deposit rates prompting investors to seek alternatives, financial institutions lowering investment thresholds through digital empowerment, and policy guidance steering wealth management back to its asset management roots [1] - The "fixed income plus" products have emerged as a significant highlight, reflecting a shift in investor preferences towards seeking moderate returns through diversified strategies while maintaining a conservative risk profile [3][4] Market Trends - As of December 22, 2025, the number of bank wealth management products increased by approximately 6,000 in the fourth quarter, with funds primarily flowing into "fixed income plus" products that utilize bonds as a base and incorporate equity assets to enhance returns [2] - The "fixed income plus" products added a scale of 3.08 trillion yuan in the first eleven months of 2025, indicating strong demand for these offerings [4] - The mixed and equity bank wealth management products reached a total scale of 685.56 billion yuan by December 22, 2025, growing over 40% compared to the end of 2024, although they still represent less than 2% of the total market [5] Future Outlook - The bank wealth management market is expected to maintain steady growth in 2026, with asset allocation strategies evolving towards a more balanced and diversified approach [6] - In the ongoing low-interest-rate environment, the substantial demand for wealth management from residents will continue to support market expansion, with a focus on increasing allocations to equity assets and exploring diverse strategies such as public REITs and cross-border assets [6] - Experts recommend that investors adopt a "core-satellite" approach to wealth management product allocation, diversifying across fixed income, equity, and alternative assets while maintaining a long-term investment perspective [6][7]

Core Insights - The State Administration of Foreign Exchange of China reported that in November 2025, the total turnover of the foreign exchange market reached 24.34 trillion RMB (approximately 3.44 trillion USD) [1] Group 1: Market Performance - The customer market turnover was 3.62 trillion RMB (approximately 0.51 trillion USD) [1] - The interbank market turnover was 20.72 trillion RMB (approximately 2.92 trillion USD) [1] - The spot market accumulated a turnover of 8.82 trillion RMB (approximately 1.24 trillion USD) [1] - The derivatives market accumulated a turnover of 15.52 trillion RMB (approximately 2.19 trillion USD) [1] Group 2: Year-to-Date Performance - From January to November 2025, the cumulative turnover of the foreign exchange market reached 276.41 trillion RMB (approximately 38.65 trillion USD) [1]

Core Viewpoint - The People's Bank of China and the State Administration of Foreign Exchange have announced the nationwide promotion of the integrated currency pool policy for multinational companies, aimed at enhancing cross-border fund management efficiency and reducing operational costs for enterprises [1][2]. Group 1: Policy Implementation - The integrated currency pool policy will be implemented nationwide starting December 26, 2025, following successful pilot programs in various cities [1]. - The policy aims to transition from localized trials to a comprehensive framework, enhancing the predictability and transparency of cross-border financial management [1][2]. Group 2: Background and Development - The increasing number of multinational companies in China has led to a higher demand for efficient cross-border fund management due to diverse currency structures and frequent fund flows [2]. - Initial pilot programs began in 2021, with subsequent expansions in 2022 and 2024, optimizing management policies and simplifying application processes [2][3]. Group 3: Benefits of the Policy - The integrated currency pool allows for centralized management of both domestic and foreign currency funds, improving fund utilization efficiency and reducing management costs [4][5]. - As of the third quarter of this year, 98 multinational companies have participated in the pilot, benefiting nearly 5,000 domestic and foreign member enterprises, with cross-border transactions amounting to approximately $150 billion from January to September [3][5]. Group 4: Cost Reduction and Efficiency - The policy significantly lowers operational costs by eliminating the need for multiple fund pools and accounts, thus reducing account management fees and cross-border exchange costs [6]. - Banks are expected to provide streamlined services for enterprises, enhancing the efficiency of fund pool operations [6][7]. Group 5: Integration of Policies - The policy integrates various favorable measures for enterprises, allowing eligible companies to directly enjoy benefits from multiple facilitation policies [7]. - The approach aims to shift from pre-approval to post-management, thereby reducing institutional transaction costs for multinational companies [7].

Core Viewpoint - The People's Bank of China and the State Administration of Foreign Exchange have announced the nationwide promotion of the integrated currency pool business for multinational companies, effective from December 26, 2025, to enhance high-level opening-up and streamline cross-border fund management [1][2]. Group 1: Policy Highlights - The policy focuses on three main aspects: integrating account systems, simplifying business processes, and strengthening overall management [1]. - It allows multinational companies to centrally manage both domestic and foreign currency funds, enabling unified scheduling and utilization of funds [1]. - The policy permits flexible adjustment of foreign debt and overseas lending limits, allowing companies to borrow up to 3.5 times and 0.8 times their equity in the fund pool [1]. - Multinational companies can conduct centralized collection and payment of current account funds through the main enterprise based on operational needs [2]. - The policy aims to simplify business procedures by shifting more operations from pre-approval to post-management, thereby reducing institutional transaction costs for enterprises [2]. Group 2: Future Directions - The People's Bank of China and the State Administration of Foreign Exchange will continue to optimize cross-border fund management policies to enhance the convenience of cross-border trade and investment [2]. - The initiative is part of a broader effort to support financial services for high-quality development of the real economy [2].

Core Viewpoint - The construction of the Western Land-Sea New Corridor is a clear requirement outlined in the "14th Five-Year Plan," with the People's Bank of China and other departments issuing guidelines to enhance financial services for this initiative [1] Group 1: Financial Support Measures - The guidelines propose 21 key measures across six areas to improve financial services for the Western Land-Sea New Corridor, focusing on logistics, trade, and industry integration [1] - The measures include enhancing organizational collaboration, strengthening financial connectivity, optimizing cross-border payment processes, and supporting the digital transformation of financial services [1] Group 2: Cross-Regional Collaboration - The issuance of the guidelines is significant for establishing cross-regional financial collaboration mechanisms among banking institutions [2] - Current challenges include a lack of regular coordination platforms between banks and other entities, slow response times for cross-province services, and inefficient cross-border settlement processes [2] Group 3: Digital Financial Services - The guidelines encourage the adoption of digital financial services, highlighting the advantages of risk identification, service efficiency, and cost control through digitalization [4] - Financial institutions are urged to innovate product offerings and optimize their overseas presence to better support the digital transformation of financial services [5] Group 4: Innovative Financing Models - The National Development Bank's Guangxi branch has adopted an innovative financing model, providing 7.373 billion yuan for the Pinglu Canal project, demonstrating the financial sector's role in enhancing logistics and infrastructure [6] - Strengthening trade relations with ASEAN countries is a key focus of the Western Land-Sea New Corridor, emphasizing the need for expanded financial cooperation [6] Group 5: Responsibilities of the Banking Sector - The guidelines call for the banking sector to take on greater responsibilities in establishing financial cooperation mechanisms and exploring international financial collaboration [7] - Banks are encouraged to work with domestic and international financial institutions to develop tailored financial solutions that meet regional trade characteristics [7]

Core Viewpoint - The new policy aims to enhance rural revitalization by allowing agricultural facilities and livestock to be used as collateral for financing, thereby improving access to loans for farmers and promoting the efficient use of rural resources [1][2]. Group 1: Collateral Assets - The new policy specifies two types of assets that can be used as collateral: agricultural facilities and livestock with clear ownership [2] - Agricultural facilities prioritized for investment are those with high value and strong demonstration effects [2] - Livestock such as pigs, cattle, and sheep will be registered using electronic ear tags and biometric identification, effectively giving each animal a "digital ID" for accurate ownership and traceability [2] Group 2: Financing Solutions - The policy introduces innovative loan products specifically for collateralized loans and explores the "agricultural insurance + financing" model to mitigate risks associated with farming and loan repayment [3] - It encourages the issuance of medium to long-term loans with flexible repayment methods to match the agricultural production cycle, reducing repayment pressure on farmers [3] - A risk-sharing mechanism is proposed, expanding agricultural insurance coverage and encouraging local risk compensation funds to share losses in case of loan defaults [3] Group 3: Asset Liquidation Channels - In case of loan defaults, the policy establishes a multi-level rural property trading platform for the auction of collateralized agricultural facilities and livestock [4] - It encourages rural collective economic organizations and agricultural enterprises to participate in "bottom-line repurchase" to ensure timely asset circulation and minimize losses [4] Group 4: Policy Incentives - The policy includes multiple incentives to benefit farmers, such as pilot programs for loan interest subsidies to reduce financing costs [5] - Financial institutions that demonstrate strong lending performance and sustainability will receive differentiated credit policy support [6] - Regions that successfully promote agricultural facility and livestock collateral loans will be prioritized for funding arrangements [6]

Core Viewpoint - The National Venture Capital Guidance Fund has officially launched, establishing three regional funds to support emerging industries and future industry development, leveraging fiscal funds for policy effectiveness [1][4]. Fund Structure and Operation - The National Venture Capital Guidance Fund employs a three-tier structure: "Fund Company - Regional Fund - Sub-Fund," effectively utilizing central funds to attract social capital and achieve a market scale of one trillion yuan [2]. - The fund focuses on early-stage investments, targeting seed and startup companies, with at least 70% of investments directed towards these stages [2][3]. - Investment limits are set for small enterprises, with valuations below 500 million yuan and individual investments capped at 50 million yuan [2]. - The fund has a 20-year lifespan, allowing for long-term investments in sectors with extended return cycles, such as innovative pharmaceuticals [2][3]. Investment Focus - The fund emphasizes "hard technology," targeting strategic emerging industries and supporting key technology projects in fields like integrated circuits, quantum technology, and aerospace [3]. - A management system is established to monitor and evaluate investments, focusing on overall effectiveness rather than individual project outcomes [3]. Fiscal Policy Effectiveness - The fund is backed by 100 billion yuan from the central government, utilizing long-term special treasury bonds to maximize fiscal policy effectiveness [4]. - The fund aims to support "hard technology" projects and early-stage innovative enterprises, acting as an angel investor to mitigate market funding shortages [5]. Support for Emerging Industries - The fund seeks to inject financial resources into emerging and future industries, focusing on sectors like artificial intelligence and low-altitude economy [6]. - It plans to create a comprehensive service platform to provide governance, strategic planning, and human resources support to invested companies [6]. Strategic Alignment - The fund aims to complement other government guidance funds by focusing on early-stage innovation financing and avoiding overlap with funds that target later-stage development [7]. - It will build a differentiated risk control system to foster a sustainable innovation ecosystem [7]. Regional Fund Progress - The three regional funds have completed registration and are set to exceed 50 billion yuan each, with significant investment intentions already established [8][9]. - The funds are managed by different teams, with specific focuses on leveraging local strengths and attracting diverse capital participation [9].