记者注意到，新版《业务规则》第七条对境外机构接入CIPS进行了明确，"境外机构申请成为直接参与 者的，可委托符合条件的直接参与者作为资金托管行"，而原来的《业务规则》提出，"境外机构应当委 托境内银行类直接参与者作为其资金托管行"。 据悉，新版《业务规则》内容共涵盖"总则""账户管理""业务处理""结算机制""风险管理与应急处理""附 则"六章，细分为三十条。 记者对比发现，相较于2018年版本，新版《业务规则》取消了"参与者管理"专章，只在第一章的"总 则"中要求运营机构应当制定参与者管理办法，并明确参与者加入和退出管理、参与者报告事项及参与 者风险管理等有关要求，同时参与者应当按照运营机构制定的参与者管理办法开展业务。 "近年来，人民币跨境支付系统呈现出迅猛的发展态势，业务量与参与者规模均实现大幅增长，使得原 有的《业务规则》在诸多方面暴露出执行方面的困难。"博通咨询金融行业资深分析师王蓬博对记者表 示，《业务规则》的修订是为了适应参与者规模扩大与管理需求。 跨境清算公司官网显示，截至目前，CIPS共有190家直接参与者，1567家间接参与者，其中亚洲1150家 （含境内565家），欧洲261家，非洲65 ...

2025年上证指数走势图 "今年账户浮盈超30%，终于把前两年的亏损都赚回来了。"12月29日，看着上证指数冲上3965.28点，武汉股民老周对着电脑屏幕上的交割单长舒一口气。 他判断，上证指数距高点还有一定距离，准备持股过元旦。 回顾今年的A股行情，这位有着31年炒股经验的老股民感慨："从去年8月，上证指数最低探至2689点，市场一路阴跌，再到924政策救市后成交量激增， 今年，AI、算力、半导体等科技概念板块轮动频繁，指数在10月盘中首次站上4000点，达到近十年峰值，一年多的行情就像坐过山车，既考验心态更考 验认知。" 今年，上证指数从低点3040点最高涨至盘中4034点，大事件轮番登场：1月DeepSeek横空出世、4月关税风暴、5月央行等三部门推出降准降息等金融"组合 拳"、7月9日上证指数突破3500点。这一年，A股在政策变化、技术革命与宏观转向的多重风暴中剧烈颠簸，结构性牛市特征明显。 "这轮行情最明显的变化是，散户不能再盲目跟风了。"老周坦言，下半年，不少纯概念炒作的股票开始分化，他坚守的有业绩支撑的科技股抗跌性明显更 强。 天风研究策略首席分析师、政策研究院负责人吴开达表示，根据经济复苏与市 ...

近日，中国人民银行印发修订后的《人民币跨境支付系统业务规则》（以下简称《规则》），并将于 2026年2月1日正式施行，原2018年版规则同步废止。这一政策旨在适配人民币跨境支付系统业务的快速 发展，进一步规范人民币跨境支付系统（CIPS）的业务操作，防范支付风险。 《规则》明确了CIPS参与者的账户管理、注资、资金结算等详细流程。"随着CIPS功能和服务的持续优 化，有必要调整《规则》相关内容，仅对参与者业务行为提出原则性要求，确保规范性文件的前瞻性和 科学性，有效适应CIPS业务发展和功能升级的需要。"央行在此前针对《规则》征求意见时表示。 谁能使用CIPS？ 间接参与者在CIPS不开立账户。 根据CIPS业务需要，运营机构可在中国人民银行开立清算账户，用于集中存放参与者办理CIPS业务的 结算资金，与运营机构其他用途资金分户核算。直接参与者依据其CIPS账户余额享有相应权益。该账 户不得透支，场终（日终）余额为零。 《规则》适用于CIPS运营机构、CIPS参与者。其中，运营机构是指经中国人民银行批准，为境内外参 与者提供跨境人民币清算、结算服务的公司制企业法人。中国人民银行依法对运营机构的业务进行监督 和 ...

（来源：财闻） 运营机构不得在商业银行开立账户存放CIPS参与者办理CIPS业务的结算资金、不得形成清算资金沉 淀。 12月26日，央行发布公告，为适应跨境人民币业务发展需要，加强人民币跨境支付系统（CIPS）业务 管理，中国人民银行修订了《人民币跨境支付系统业务规则》。 运营机构不得在商业银行开立账户存放CIPS参与者办理CIPS业务的结算资金、不得形成清算资金沉 淀。直接参与者可根据清结算需求，通过其自身或其资金托管行在中国人民银行开立的清算账户对 CIPS账户进行流动性管理。 相关链接：人民币跨境支付系统业务规则 其中提到，运营机构为直接参与者开立的CIPS账户应当为零余额账户，该账户不计息、不得透支，场 终（日终）余额为零。CIPS账户内资金属于开立该账户的直接参与者，不属于运营机构自有财产。运 营机构应当统一管理参与者的账户。一个直接参与者在CIPS只能开立一个零余额账户。间接参与者在 CIPS不开立账户。 根据CIPS业务需要，运营机构可在中国人民银行开立清算账户，用于集中存放参与者办理CIPS业务的 结算资金，与运营机构其他用途资金分户核算。直接参与者依据其CIPS账户余额享有相应权益。该账 户 ...

今日（12月25日）聚焦信息技术自主可控领域的信创ETF基金（562030）逆市活跃，场内价格一度涨近1%，现涨0.78%，盘中收复20日线、年线，冲击日 线2连阳！ 成份股方面，成都华微领涨超10%，南天信息涨逾5%，亚信安全、信安世纪涨逾2%，卓易信息、天融信、恒生电子等个股跟涨。 3、华为产业链核心参与者：受益于信创逻辑向华为生态的扩散。 1、主流信创生态龙头：在党政和央国企信创中积累了行业经验与产品迭代优势，形成护城河； 2、自主可控需求紧迫的细分领域：包括国产算力生态以及工业软件领域，国内竞争格局较优； 【扎根自主可控，护航国家安全】 聚焦信息技术自主可控领域的信创ETF基金（562030）及其联接基金（A类：024050；C类：024051）被动跟踪的中证信创指数，覆盖基础硬件、基础软 件、应用软件、信息安全、外部设备等信创产业链核心环节，指数具备高成长、高弹性特征，当前形势下，重点关注信创产业的四重投资逻辑： 图：信创ETF基金标的指数涨幅前10大成份股 | 序号 | 名称 | 涨跌幅 ▼ | 两日图 | 申万一级行业 | 申万二级行业 | 申万三级行业 | 总市值 | 成交额 | | --- ...

盘前要闻 1、美结束上届政府针对中国芯片调查 未来18个月不对中国芯片加征额外关税 类型：行业 情绪影响：正面 3、央行：要继续实施适度宽松的货币政策 加大逆周期和跨周期调节力度 类型：宏观 情绪影响：正面 中国人民银行货币政策委员会2025年第四季度例会召开。会议认为，要继续实施适度宽松的货币政策， 加大逆周期和跨周期调节力度。会议指出，加强对扩大内需、科技创新、中小微企业等重点领域的金融 支持。用好证券、基金、保险公司互换便利和股票回购增持再贷款，维护资本市场稳定。 4、八部门发文！关于金融支持加快西部陆海新通道建设，跨境支付迎风口 据悉，美国政府宣布，将在2027年对中国芯片加征关税，结束了上届拜登政府发起的针对中国芯片的贸 易调查。美媒分析称，尽管美国政府称中国在芯片产业中的做法"损害美国利益"，但最终决定至少在18 个月内不对中国芯片加征额外关税。市场分析认为，暂缓加征新关税是美政府寻求稳定中美关系的新信 号。 2、限购再放松，北京又出楼市政策"组合拳"！专家预计多地或跟进类似政策 类型：行业 情绪影响：正面 12月24日，北京市住房和城乡建设委员会等4部门联合印发《关于进一步优化调整本市房地产相关 ...

Group 1 - The total assets of financial institutions in China exceeded 520 trillion yuan as of September 2025, with commercial banks' capital adequacy ratio at 15.36% and non-performing loan ratio at 1.52% [1] - The comprehensive solvency adequacy ratio for insurance companies is 186%, while the average risk coverage ratios for securities and futures companies are 295% and 226% respectively [1] - A multi-channel and widely covered cross-border payment system for the renminbi has been established, with significant roles played by the CIPS and various non-bank payment institutions [1] Group 2 - Cross-border payment businesses face three main challenges: complex regulations, settlement and exchange rate risks, and difficulties in local operations due to cultural and institutional differences [2] - Recommendations for overcoming these challenges include establishing local compliance capabilities, collaborating with local banks, and optimizing payment processes to manage currency risks [2] - The demand for flexible settlement and local payments is driven by the growth of cross-border e-commerce, SMEs, and digital trade, with technological innovations providing opportunities for cost reduction and efficiency improvement [3] Group 3 - The trend of strengthening cooperation among cross-border payment institutions is emerging, with a focus on achieving synergy between capital flow, logistics, and information flow [3] - Key factors for Chinese enterprises going global include market selection and layout capabilities, cross-border payment and fund management abilities, local compliance and operational support, as well as risk control and exchange rate management [3]

Core Insights - As of September 2025, the RMB has risen to the fifth position in the global payment currency ranking, accounting for 3.17% of total payments, with a 15.53% increase in payment amounts compared to August 2025 [1] - The SWIFT statistics on RMB payments only include offshore payment messages and some cross-border payment messages, indicating that a significant amount of RMB cross-border transactions are not captured by SWIFT [1] - The People's Bank of China (PBOC) considers a broader scope of data, including the Cross-Border Interbank Payment System (CIPS) and domestic bank systems, leading to a more accurate representation of the RMB's status as the third-largest global payment currency [1] Group 1 - The RMB's global payment currency ranking has improved, now at fifth place with a 3.17% share [1] - The increase in RMB payment amounts is significantly higher than the overall increase in all currencies, which is 6.74% [1] - The PBOC's comprehensive assessment includes additional data sources, reinforcing the RMB's position as the third-largest payment currency globally [1]

Core Viewpoint - The recent 5.4% drop in the US dollar index, marking the largest decline since 2003, signals a significant shift in the dominance of the dollar, influenced by policy changes from major central banks [1][4]. Group 1: Policy Changes and Market Reactions - The Federal Reserve's pause in interest rate hikes after 11 consecutive increases indicates a pessimistic outlook on the US economy, contributing to the dollar's decline [4]. - The European Central Bank's unexpected 25 basis point rate cut has led to a drop in the euro to a critical exchange rate of 1:1.05 against the dollar, exacerbating the dollar's liquidity surplus [4]. - Japan's termination of its negative interest rate policy has resulted in a significant capital inflow of $16 billion, further weakening the dollar index [6]. Group 2: De-dollarization Trends - Global central banks are actively reducing their dollar reserves, with gold purchases expected to exceed 1,200 tons in 2024, and China reducing its US Treasury holdings by $217 billion over 18 months [7]. - The dollar's share in global foreign exchange reserves has fallen to 58%, a sharp decline from 71% in 2000 [7]. Group 3: Economic Pressures and Trade Policies - The US fiscal deficit has surpassed $35 trillion, leading to a credit crisis, while the use of the SWIFT system for sanctions has prompted countries like Saudi Arabia and China to explore alternative settlement mechanisms [9]. - The imposition of 100% tariffs on imports by the Trump administration has negatively impacted the dollar, with the Nasdaq index dropping 3.56% in a single day and Chinese stocks falling over 9% [10]. Group 4: Systemic Risks and Future Outlook - The $19.2 billion liquidation event in the cryptocurrency market highlights systemic risks associated with the dollar's depreciation, as the failure of Bitcoin to maintain the $115,000 support level triggered a wave of forced liquidations [13]. - Warning signals indicate that the US fiscal and trade deficits are exceeding 6% of GDP, while advancements in China's 7nm chip technology threaten the "chip dollar" system [14].

Core Viewpoint - The press conference highlighted the achievements of China's financial industry during the "14th Five-Year Plan" period, emphasizing the establishment of a comprehensive and efficient cross-border payment and clearing network for the Renminbi, as well as the international leadership in mobile payments [2]. Group 1 - The People's Bank of China has developed a multi-channel, widely covered, safe, and efficient cross-border payment and clearing network for the Renminbi [2]. - Mobile payment systems in China are recognized as being at the forefront of international standards [2].