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 Viewpoint - The People's Bank of China (PBOC) and the Bank of Korea have renewed a bilateral currency swap agreement, which is aimed at enhancing monetary cooperation, facilitating bilateral trade, and maintaining financial market stability [3][4]. Bilateral Currency Cooperation - The renewed currency swap agreement has a scale of 400 billion RMB and 70 trillion KRW, valid for five years with the possibility of extension [3][4]. - As of June 30, 2025, the PBOC has signed effective bilateral currency swap agreements with 43 countries and regions, with a total swap scale exceeding 4.5 trillion RMB [6]. RMB Internationalization Progress - The internationalization of the RMB has accelerated, with significant achievements in cross-border trade settlement and financial market openness [6]. - As of June 30, 2025, foreign entities held RMB financial assets totaling 10.4 trillion RMB, reflecting a year-on-year growth of 5.2% [6]. Offshore RMB Market Development - The offshore RMB market has seen steady growth, with RMB deposits in major offshore markets reaching approximately 1.6 trillion RMB, a historical high [7]. - In 2024, the issuance of offshore RMB bonds amounted to 1.2 trillion RMB, representing a year-on-year increase of 27% [7]. Future Trends in RMB Internationalization - The "14th Five-Year Plan" emphasizes a more proactive approach to RMB internationalization, aiming to enhance capital account openness and establish a self-controlled cross-border payment system [9]. - The PBOC plans to streamline policies related to cross-border and offshore RMB financial services, promoting RMB settlement for overseas projects and encouraging more entities to issue RMB-denominated securities [9][10]. Financial Market Opening - The report outlines a strategy for orderly financial market opening, supporting qualified foreign institutions' participation in financial business trials and optimizing channels for domestic institutions to invest abroad [10]. - The PBOC aims to enhance the offshore RMB liquidity supply and support the issuance and trading of RMB assets in overseas markets [10][11]. Cross-Border Payment System Enhancement - The PBOC is focused on building a self-controlled cross-border payment system, expanding the coverage of the Cross-Border Interbank Payment System (CIPS) to provide efficient RMB clearing services [11]. - The report also highlights the need for improved regulatory frameworks for cross-border RMB business to ensure risk prevention while promoting internationalization [11].