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券商中国·2025-10-17 09:44

Core Viewpoint - The People's Bank of China (PBOC) aims to create a favorable environment for domestic and foreign entities to hold and use the Renminbi, focusing on enhancing services for the real economy, deepening the currency's financing functions, and promoting high-level financial market openness [1][2]. Group 1: Enhancing Services for the Real Economy - The PBOC plans to better serve the real economy by facilitating trade and investment, optimizing cross-border trade policies, and improving the management of funds for companies listed abroad [1]. - There will be an emphasis on enhancing the cross-border financial service capabilities of commercial banks, including streamlining processes and improving the efficiency of Renminbi fund transactions [1]. Group 2: Deepening Renminbi Financing Functions - The PBOC will continue to refine Renminbi financing support policies and tools, leveraging the central bank's currency swap mechanisms to support cross-border use of the Renminbi [1]. - Encouragement will be given to more eligible foreign institutions to issue Panda bonds in China, enhancing the currency's international financing capabilities [1]. Group 3: Promoting High-Level Financial Market Openness - The PBOC aims to enhance the transparency, regulatory framework, and predictability of financial markets to improve trading efficiency and liquidity [1]. - There will be efforts to attract more foreign institutions to invest in domestic markets, supporting the development of Shanghai as an international financial center and a hub for Renminbi asset allocation and risk management [1]. Group 4: Supporting Offshore Renminbi Market Development - The PBOC will improve cross-border Renminbi liquidity arrangements and optimize the layout of clearing banks, providing ongoing support for liquidity policies [2]. - There will be a focus on supporting various institutions to issue and trade Renminbi assets abroad, including regular issuance of central bank bills to enhance liquidity management and risk management tools [2].