国际航运公司反而加快向中国下新订单》。 倒计时！离10月14日还有6天，美国对中国拥有、运营和中国制造的停靠美国港口的船舶征收附加费的 政策即将生效，中国迅速采取得力措施进行反制，取得了不错成效，详见笔者《中国迅速亮剑打七寸！ 两记重拳精准回击美国制裁中国造船运输业》、《美国无力一手遮天！——美国强力打压中国造船业， 一、前期反击效果：目前，第一记重拳，中国对3家美国涉足航母、核潜艇等顶尖军工造船企业列入管 制管控名单，停止供应高精度数控机床、特种焊接材料、维修特钢，让美国本来就紧张的军舰的建造及 航母维修雪上加霜。 第二记重拳：既然美国借口"国内法"优于WTO世贸规则，启动对中国极限打压，那么，中国也从法理 上进行了完备，对《中国国际海运条例》进行了修改，明确规定，任何国家或地区对涉中国船舶、海上 运输采取歧视性措施，中国可根据实际情况采取必要的反制措施，明确告诉美国及其追随国，我们会依 法对等制裁。 反击初步显效，美国12个州已起诉特朗普政府"越权征税"；零售商、农业团体强烈反对，据说有389个 在美企业、机构和个人提出参加听证会，其中持反对意见占比高达90%。美国这做法标准是伤敌一千自 损一千五的做法。 ...

普京最近在关于"去美元化"的问题上突然改变了立场，这让很多人感到意外。在"瓦尔代"国际辩论俱乐部会议上，普京公开表示，俄罗斯并没有主动推动去 美元化，而是因为美国禁止使用美元，所以才选择用本币结算。这番话让不少人疑惑：普京不就是曾在金砖峰会上主张用新货币替代美元的吗？这次的转变 到底是临时退缩，还是另有深意？ 事实上，普京的这一转变很可能是因为特朗普的强硬立场。特朗普一向对去美元化十分敏感，曾明确表示，任何试图替代美元的行为都触碰到美国的底线。 如果有国家敢挑战美元的地位，他就会加征100%的关税，直接把这些国家排除在美国市场之外。今年7月，巴西总统卢拉在金砖峰会上提出减少美元依赖的 建议，特朗普立刻回应，对巴西加征了50%的关税，并强调削弱美元的地位相当于美国在全球的失败。他表明，作为总统，他绝不会允许这一趋势发展下 去。 与此同时，美国已经对俄罗斯实施了严厉的金融制裁，冻结了其海外资产，排除在SWIFT系统之外，并限制了美元交易。在这样的制裁压力下，俄罗斯很难 进行国际贸易，尤其是在购买医疗设备和航空零件时，许多供应商只认美元，手里没有美元，交易就无法顺利进行。 虽然俄罗斯与中国之间的本币结算率很高，人民 ...

Emerging Markets Dynamics - Russia plans to launch a digital ruble roadmap with a large-scale rollout set for September 1, 2026, and initial pilot projects starting on October 1, 2025 [1] - The UAE's new economic cluster policy aims to enhance industrial competitiveness and expand global market access, contributing over 30 billion dirhams annually to GDP and increasing foreign trade by 15 billion dirhams over the next seven years [1] Financial Cooperation - Brazil and China are accelerating the use of local currencies in bilateral trade and financial investments, with a focus on reducing transaction costs and currency risks, and have approved $2.8 billion for environmental projects [2] - Brazil's government is investing 3.4 million reais to promote e-commerce development in regions outside the southeast, with a projected annual growth rate exceeding 10% by 2029 [2] Tax Incentives - Laos has implemented a VAT exemption policy for certain export goods, including minerals and electricity, to attract investment and enhance competitiveness in international markets [2] Platform Dynamics - Temu has significantly reduced prices in the U.S. market, with an average decrease of 18% for 24 popular items since April, as part of its strategy to regain market share [3][4] - Ozon plans to increase sales commissions for sellers using its official fulfillment model starting September 25, 2025, with an average increase of 1.75% across most categories [4] - Amazon's Prime Big Deal Days are scheduled for October 7-8, 2025, marking the start of the holiday shopping season [5] - Amazon, Temu, and Shein have seen significant user growth in Australia, with Temu's sales increasing from 1.6 billion to 2.6 billion AUD [6] - Temu's UK revenue for FY2024 reached approximately $63.3 million, nearly doubling from the previous year, despite operational losses [6] E-commerce Market Trends - AliExpress remains the largest Chinese e-commerce platform in Europe, with an average of 190 million users from February to July [7] - Trendyol aims for $6 billion in exports by 2028, while Noon is enhancing its financial services and logistics capabilities [8] Policy Developments - Mexico, the U.S., and Canada have agreed to continue executing the USMCA, with a public consultation process for its first revision starting [19] - The Philippines has mandated that all e-commerce businesses obtain a government-issued Trustmark by September 30, 2025, to ensure compliance with national standards [19]

Core Insights - The use of cross-border RMB settlement is gaining traction among companies, with significant benefits in terms of efficiency and cost savings [2][3] - The People's Bank of China in Zhoukou has actively promoted cross-border RMB transactions, resulting in a historical high in transaction volumes [2][3] Group 1: Cross-Border RMB Settlement - Companies are increasingly adopting cross-border RMB for transactions, citing faster processes and lower costs as key advantages [2] - Zhoukou's cross-border RMB settlement amount exceeded 1.454 billion yuan, marking a year-on-year increase of 63.89% [2] - The local bank has implemented a targeted action plan to enhance cross-border RMB usage, focusing on potential enterprises [3] Group 2: Growth in New Enterprises - In the first eight months of the year, 17 new enterprises began using cross-border RMB, with transaction amounts surpassing 80.26 million yuan, a staggering increase of 382.4% [3] - Technology-oriented companies are leading the growth in cross-border RMB transactions, with tailored financial solutions being provided [3][4] Group 3: Future Outlook - The People's Bank of China in Zhoukou plans to continue optimizing cross-border RMB settlement services to support more companies in their international ventures [5]

Core Insights - Indonesia and China have achieved a significant milestone in local currency settlement, with $6.23 billion in transactions, accounting for 45% of Indonesia's total local currency settlements with all trade partners, indicating a strong move towards de-dollarization [1][3] - The recent announcement of the LCT (Local Currency Transaction) framework expands the scope of local currency settlements to all international balance of payments items, marking a shift from mere trade to a comprehensive financial decoupling from the US dollar [3][6] - The collaboration includes a cross-border QR code payment interoperability project, challenging the US-dominated SWIFT system and showcasing China's financial technology advancements [3][8] Political and Economic Context - The initiative reflects a strategic shift towards financial independence, as both countries aim to reduce reliance on the US dollar, which is perceived as a financial weapon used for sanctions and asset freezes [5][6] - Indonesia's decision to adopt local currency settlements is seen as a response to the geopolitical landscape, where reliance on the US has proven risky, especially in light of past sanctions against countries like Russia and Iran [5][8] - The LCT framework and QR code payment system are viewed as a pathway for other countries in the Global South to explore alternatives to the US dollar, promoting a decentralized financial system [6][8] Future Implications - Indonesia is positioned as a pioneer in the Asia-Pacific region for de-dollarization, with the LCT framework transitioning from a pilot to a mainstay, and the potential integration of digital currencies [6][8] - The development of a "dollar-free digital payment order" is anticipated, as China advances its digital currency initiatives faster than the US [6][8] - The ongoing shift towards local currency settlements is expected to influence other nations, such as Malaysia, UAE, South Africa, and Brazil, to follow suit, gradually diminishing the dollar's dominance [8]

Core Points - The People's Bank of China and Bank Indonesia jointly launched a bilateral local currency settlement (LCT) framework and a cross-border QR code interoperability project [1] - The LCT framework expands local currency settlement to all items of international payments, facilitating the use of local currencies in bilateral trade and investment [1] - The cross-border QR code interoperability project is set to begin pilot operations and is expected to be fully operational by 2025, marking significant progress in payment cooperation between China and Indonesia [1] - The Governor of the People's Bank of China emphasized the importance of deepening cooperation in payment system connectivity, local currency usage, financial market openness, and digital currencies [1]

Group 1 - The trade between China and Brazil has increased nearly fivefold over the past 20 years, significantly impacting trade relations, employment, and industrial patterns in Brazil [1] - In 2024, China accounted for 28% of Brazil's exports and 24% of its imports, with a trade surplus of $276 billion with China over the past decade, contrasting with a trade deficit of $224 billion with the US and EU [1] - Brazil's exports to China have diversified, with the number of product categories increasing from 673 in 1997 to 2,589 last year, including meat, pulp, coffee, and manufactured goods [1] Group 2 - Over 40,000 Brazilian companies imported goods from China last year, covering electronics, machinery, fertilizers, and industrial chemicals, which is 15 times more than imports from other South American countries [2] - Brazil's overseas investment ranking has improved, with new opportunities emerging in energy transition-related sectors, including copper, lithium, manganese, corn, and fruits [3] - In 2024, China purchased 73% of Brazil's soybeans, 67% of iron ore, and 44% of crude oil, along with about half of Brazil's beef and cotton exports [3] Group 3 - Brazil's deep trade cooperation with China provides a buffer against external risks, as evidenced by Brazil's response to US tariffs by implementing reciprocal tariffs on US goods [3] - Brazil has initiated a "de-dollarization" strategy, signing a currency settlement agreement with China in 2023 to trade directly in yuan and reais, and plans to establish a tax consulting office in Beijing to simplify customs and combat tax evasion [3]

Market Performance - On September 11, the A-share market showed strong performance with all three major indices rebounding, with the ChiNext Index and Shenzhen Component Index reaching new highs for the year [2] - The total trading volume in the Shanghai and Shenzhen markets was 2.44 trillion yuan, an increase of 459.6 billion yuan compared to the previous trading day [2] - The Shanghai Composite Index rose by 1.65%, the Shenzhen Component Index increased by 3.36%, and the ChiNext Index surged by 5.15% [3] Sector Performance - The computing hardware sector performed strongly throughout the day, while satellite internet concept stocks continued their upward trend, and chip concept stocks collectively surged [2] - The CPO, PCB, and liquid cooling server sectors saw the largest gains, while the film and theater sector showed weakness [2] International Market Overview - U.S. stock indices all reached new closing highs, with the Dow Jones Industrial Average up by 617.08 points (1.36%) to close at 46,108.00 points, the S&P 500 up by 55.43 points (0.85%) to 6,587.47 points, and the Nasdaq Composite up by 157.01 points (0.72%) to 22,043.07 points [4] - European stock indices also rose, with the FTSE 100 up by 72.19 points (0.78%), the CAC 40 up by 62.20 points (0.80%), and the DAX up by 70.70 points (0.30%) [4] Commodity Prices - International oil prices fell, with light crude oil futures for October down by $1.30 to $62.37 per barrel (a decrease of 2.04%), and Brent crude oil futures for November down by $1.12 to $66.37 per barrel (a decrease of 1.66%) [4] Economic Policies and Initiatives - The State Council approved a two-year pilot program for market-oriented allocation of factors in ten regions, including Beijing's sub-center and several urban agglomerations, to enhance economic development [6] - The People's Bank of China and Bank Indonesia launched a bilateral currency settlement framework and cross-border QR code interoperability project, aiming to facilitate the use of local currencies in bilateral trade and investment [7][8] - The People's Bank of China plans to increase financial support for regions implementing market-oriented allocation reforms [8] Automotive Industry - In August, automobile sales reached 2.857 million units, a year-on-year increase of 16.4%, with production reaching 2.815 million units, reflecting a positive trend in the automotive sector [10] Investment Insights - Citic Securities highlighted Apple's upcoming product launches, including the iPhone 17 series and AirPods Pro 3, emphasizing the company's stable pricing strategy and potential for hardware innovation [11] - CITIC JianTou noted the necessity for transformation in the pharmacy sector, predicting a split into specialized and diversified pharmacies to meet evolving consumer needs [11] Industry Fund Flow - The communication equipment sector saw a net inflow of 8.878 billion yuan, with a 4.11% increase, while the semiconductor sector also experienced significant inflows [15] - Conversely, the cultural media sector faced a net outflow of 2.064 billion yuan, indicating challenges within that industry [17] Individual Stock Movements - Notable individual stocks with significant net inflows included Haiguang Information and Luxshare Precision, reflecting strong investor interest [18] - In contrast, stocks like Erli San and Liou Shares experienced substantial net outflows, indicating potential investor concerns [18]

Core Points - The People's Bank of China and Bank Indonesia have jointly launched a bilateral local currency settlement (LCT) framework and a cross-border QR code interoperability project [1][2] - The LCT framework aims to expand the scope of local currency settlement to all items in the balance of payments, facilitating the use of local currencies in bilateral trade and investment [1][4] - The cross-border QR code interoperability project is expected to be fully operational by 2025, utilizing local currency settlement methods [2] Summary by Sections Bilateral Local Currency Settlement Framework - The LCT framework was officially announced by the central bank governors of China and Indonesia, with a memorandum of cooperation signed in May 2025 [1][4] - The framework aims to enhance the use of local currencies in trade and investment, reflecting the deepening financial cooperation between the two countries [2][4] Cross-Border QR Code Interoperability - The cross-border QR code interoperability project is a significant advancement in payment cooperation between China and Indonesia, expected to be fully operational within 2025 [2] - This project is part of the broader efforts to deepen financial collaboration and enhance market understanding of the LCT framework [2] Financial Cooperation and Future Prospects - Both countries have agreed to establish a joint working mechanism to further institutionalize bilateral financial cooperation [3] - The ongoing financial collaboration is supported by increasing political trust and the growing economic ties between China and Indonesia [2][4]

Core Points - The People's Bank of China and Bank Indonesia officially launched the bilateral Local Currency Transaction (LCT) framework on September 11, expanding the scope of local currency settlement to all items of international balance of payments [1] - The two central banks also initiated a cross-border QR code interoperability project, expected to be fully operational by 2025, which will utilize local currency settlement [1] - The LCT framework was upgraded from a previous memorandum signed in May 2023, aimed at facilitating the use of local currencies in bilateral trade and investment [1] - From January to July 2025, the local currency settlement volume under the LCT framework reached $6.23 billion, accounting for 45% of Indonesia's total local currency settlement with all trade partners [1] Financial Cooperation - The establishment of the LCT framework and cross-border QR code interoperability is seen as a significant achievement in China-Indonesia financial cooperation [1] - The two central banks plan to deepen collaboration in areas such as payment system connectivity, local currency usage, financial market openness, and digital currencies [1][2] - A joint working mechanism will be established to enhance the institutionalization of bilateral cooperation and promote deeper financial collaboration [2]