中韩续签4000亿本币互换协议 央行报告部署人民币国际化新局

Core Insights - The People's Bank of China (PBOC) and the Bank of Korea have renewed a bilateral currency swap agreement with a scale of 400 billion RMB / 70 trillion KRW, effective for five years, which can be extended by mutual consent [1] - The renewal of the agreement aims to deepen monetary and financial cooperation between the two countries, facilitate bilateral trade, and maintain financial market stability [1] Bilateral Currency Cooperation - As of June 30, 2025, the PBOC has signed bilateral currency swap agreements with 43 countries and regions, with 32 effective agreements totaling over 4.5 trillion RMB [2] - The actual utilization of RMB by foreign central banks reached 80.67 billion RMB, while the PBOC's utilization of foreign currency swap funds was approximately 3.8 billion RMB [2] - The internationalization of the RMB has accelerated, showing progress in cross-border trade settlement, financial market opening, and reserve currency status [2] Offshore RMB Market Development - The offshore RMB market is steadily developing, with the PBOC collaborating with the Hong Kong Monetary Authority to facilitate RMB transactions and support a new 100 billion RMB trade financing arrangement [3] - As of the first quarter of 2025, offshore RMB deposits reached approximately 1.6 trillion RMB, a historical high, and offshore RMB bond issuance amounted to 1.2 trillion RMB in 2024, reflecting a 27% year-on-year increase [3] Policy and Framework Enhancements - The "14th Five-Year Plan" emphasizes advancing RMB internationalization and enhancing capital account openness, indicating a more proactive approach compared to previous plans [4] - The PBOC aims to eliminate policy bottlenecks and integrate cross-border and offshore RMB financial services, promoting RMB settlement for overseas project loans and encouraging more entities to issue RMB-denominated securities [4] Financial Market Opening - The report outlines a gradual opening of the financial services sector, allowing qualified foreign institutions to participate in financial business trials and optimizing channels for domestic institutions to invest abroad [5] - It also proposes the development of RMB foreign exchange derivatives and the promotion of RMB trading with neighboring countries and regions involved in the Belt and Road Initiative [5] Cross-Border Payment System - The report highlights the construction of a self-controlled cross-border payment system for RMB, expanding the coverage of the Cross-Border Interbank Payment System (CIPS) and enhancing cross-border RMB clearing services [6] - It emphasizes the need for a robust regulatory framework for cross-border RMB business to ensure risk prevention while promoting internationalization [6]