4.5万亿，人民币互换新增5国达32国，贝森特紧急喊话求与中国会谈

Core Insights - The article discusses the cracks in the U.S. dollar's dominance and the accelerated internationalization of the Chinese yuan, indicating a significant reshaping of the global financial landscape [1][19]. U.S. Economic Challenges - U.S. tariff revenue surged to $30 billion in August, a 296% year-on-year increase, while the fiscal deficit reached $345 billion, highlighting a significant financial gap [3]. - The U.S. Treasury is pressuring the Federal Reserve to lower interest rates to alleviate debt burdens, but long-term U.S. Treasury yields remain high due to market concerns over U.S. debt and dollar credibility [3]. - Currently, 15% of U.S. annual fiscal spending is allocated to interest payments, which are unrelated to economic stimulus plans, increasing pressure on the Treasury if interest rates remain elevated [3]. Internationalization of the Yuan - The People's Bank of China has signed bilateral currency swap agreements with 32 countries, totaling 4.5 trillion yuan, with significant agreements including 540 billion yuan with major European central banks [6]. - In August, foreign capital inflow into Chinese assets reached $39 billion, indicating growing global investor interest [4]. Strategic Developments in Currency Swap Agreements - The yuan's rise is supported by strategic currency swap agreements, such as the 1.5 trillion yuan swap with the Swiss National Bank, reflecting Switzerland's need for risk hedging amid geopolitical tensions [8]. - Hungary's 40 billion yuan swap agreement, although small, signifies the potential of the yuan in Eurasian trade [8]. Gold and Yuan Interconnection - China is promoting yuan-denominated oil and gas trade, with a notable collaboration with Saudi Arabia for yuan loans to support energy projects [9]. - The establishment of a gold delivery warehouse in Saudi Arabia signifies a challenge to the "petrodollar" system, potentially creating a new "gold-yuan-oil" triangle [9]. Offshore Yuan Market Restructuring - Hong Kong remains the largest offshore yuan hub, while new centers in Singapore, Dubai, and South Africa are emerging, enhancing the offshore yuan network [10]. - The issuance of panda bonds by foreign institutions exceeded 250 billion yuan, marking a historic high and indicating strong demand for yuan-denominated financing [12]. Capital Market Opening and Digital Yuan - The foreign ownership ratio in A-shares reached 5.2%, with net inflows exceeding 500 billion yuan, reflecting increased foreign interest in Chinese markets [13]. - The digital yuan is being tested for cross-border payments, significantly improving transaction efficiency and reducing costs [13]. Regional Cooperation and Growth of Yuan Business - Cooperation with BRICS and ASEAN countries is deepening, with the BRICS payment system piloting yuan settlements [14]. - Over 50% of ASEAN enterprises reported an increase in yuan settlement ratios, indicating a growing preference for the yuan in regional trade [15]. Global Position of the Yuan - The yuan's share in global foreign exchange reserves is projected to reach 2.2% by 2025, making it the fourth-largest reserve currency [16]. - The yuan has become the third-largest payment currency and trade financing currency globally, surpassing the euro in trade financing [16]. Cross-Border Payment System (CIPS) Development - CIPS processed 48 trillion yuan in cross-border transactions in the first half of 2025, marking a 23% year-on-year increase [18]. - The establishment of payment channels in ASEAN countries, such as Malaysia, enhances the yuan's role in cross-border tourism and trade [18].