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陆家嘴论坛主题演讲解读:以高质量金融改革,应对外部不确定性
Guoxin Securities·2025-06-18 13:36

Group 1: Financial Reform Policies - The People's Bank of China announced 8 key financial policies to strengthen financial infrastructure, including the establishment of an interbank market trading report library and a digital RMB international operation center[4] - The National Financial Regulatory Administration proposed 9 financial opening measures, emphasizing institutional financial openness and enhancing the foreign investment environment[6] - The China Securities Regulatory Commission introduced 10 capital market reform measures aimed at deepening reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market[9] Group 2: Specific Measures and Goals - Establishing a personal credit agency to diversify credit products and improve the social credit system[4] - Promoting offshore trade financial service pilot programs in the Shanghai Lingang New Area to support international trade[4] - Encouraging innovation in financial tools and market products, including the development of offshore bonds and structural monetary policy tools[4] Group 3: External Environment and Economic Stability - The report highlights the importance of maintaining a stable exchange rate amid external uncertainties, with the RMB showing resilience against external shocks[11] - The overall response to external challenges has led to a stable and slightly rising exchange rate, reflecting confidence in China's economic fundamentals[11] - The report warns of potential risks from unexpected inflation in the U.S. and geopolitical tensions that could impact global markets[13]