深港联动再出重拳！中国金融开放新棋局，人民币国际化加速

Core Viewpoint - The recent policies from Hong Kong and Shenzhen signify a strong push towards the internationalization of the Renminbi, aiming to challenge the dominance of the US dollar in the financial arena [1][3]. Group 1: Financial Cooperation and Market Integration - The central government's policy allows eligible Hong Kong-listed companies to have a secondary listing in Shenzhen, enhancing the integration of the two financial hubs [3][5]. - This collaboration enables companies to raise funds in Renminbi, reducing reliance on the US dollar, while also aligning international capital with the domestic market [5][6]. Group 2: Cross-Border Financial Mechanisms - The establishment of four working groups by the Shenzhen-Hong Kong Financial Cooperation Committee focuses on financial technology, corporate expansion, and collaborative development [6]. - The "six connections" initiative, including Shenzhen-Hong Kong Stock Connect and cross-border wealth management, has seen transaction volumes exceed 93 trillion yuan last year [6][8]. Group 3: Renminbi Internationalization Progress - The cross-border payment scale of the Renminbi reached 39 trillion yuan last year, making it the largest currency for cross-border payments in China, with a global trade financing share of 5.8% [8][10]. - The coverage of the Cross-Border Interbank Payment System (CIPS) extends to 178 countries and regions, with offshore Renminbi deposits in Hong Kong exceeding 850 billion yuan [10][12]. Group 4: Challenges and Strategic Responses - Despite the rapid progress, challenges remain due to the entrenched dominance of the US dollar and the need for improvements in the global competitiveness of Chinese financial institutions [10][12]. - The introduction of the digital Renminbi and the strategic role of Hong Kong as an offshore hub are seen as key components in the effort to internationalize the Renminbi [12][14].