半 n 市 场 与 周一还将有1000亿元国库现金定存到期。央行行长潘功胜表示,过去 年,央行坚持稳健的货币政策立场,从量价结构等多维度实施多项举 措,有效支持经济持续回升向好,维护金融市场稳定。同时,央行着力 完善货币政策框架:优化中间变量、培育政策利率、提升传导效率、丰富 政策工具箱并加强沟通与预期引导。货币政策框架转型是一个渐进持续 的过程,未来将持续评估并完善。 | 品种 | 收盘价 | 较前一日变动 | 品种 | 收盘价 | 较前一日变 | | --- | --- | --- | --- | --- | --- | | | | (%) | | | 动(%) | | 沪深300 | 3847 | 0.09 | IF当月 | 3804 | 0.2 | | 上证50 | 2674 | 0.31 | IH当月 | 2637 | 0.6 | | 中证500 | 5640 | -0.66 | IC当月 | 5588 | -0.5 | | 中证1000 | 6000 | -0.80 | IM当月 | રેત્રેર | -0.6 | | IF成交量 | 93277 | -20.6 | IF持仓量 | 213382 ...

Report Summary 1. Core View - The central bank maintains a prudent monetary policy stance, using various tools to keep the liquidity of the banking system abundant. The transformation of the monetary policy framework is an ongoing process that will be continuously evaluated and improved [4]. - The 2025 Lujiazui Forum focuses on the long - term development of the financial market, with limited short - term boost to the capital market. The domestic factors driving the stock index are weak, and overseas uncertainties remain. The stock index is expected to be weakly volatile in the short term [6]. 2. Market Data Summary 2.1 Macro - financial Data - Interest rates: DRO01 closed at 1.37 with a - 0.06bp change; DR007 at 1.54 with a 1.75bp change; GC001 at 1.28 with a - 34.50bp change; GC007 at 1.56 with a - 8.00bp change; SHBOR 3M at 1.63 with no change; LPR 5 - year at 3.50 with a - 10.00bp change. Bond yields: 1 - year treasury at 1.36 with a 0.25bp change; 5 - year treasury at 1.48 with a 0.45bp change; 10 - year treasury at 1.64 with a 0.50bp change; 10 - year US treasury at 0.00 with a - 1.00bp change [3]. - Central bank operations: The central bank conducted 2035 billion yuan of 7 - day reverse repurchase operations, with 1193 billion yuan of reverse repurchases maturing, resulting in a net injection of 842 billion yuan [3]. - This week, 8582 billion yuan of reverse repurchases are due in the central bank's open - market operations, with 2025 billion yuan due on Friday [4]. 2.2 Stock Index Data - Index closing prices: CSI 300 closed at 3843, down 0.82%; SSE 50 at 2666, down 0.54%; CSI 500 at 5677, down 1.20%; CSI 1000 at 6048, down 1.42%. Futures closing prices: IF当月 at 3840, down 0.8%; IH当月 at 2659, down 0.7%; IC当月 at 5678, down 1.0%; IM当月 at 6050, down 1.2% [5]. - Trading volume and open interest: IF trading volume was 117508, up 11.2%; IF open interest was 242993, up 2.0%; IH trading volume was 56937, up 17.6%; IH open interest was 83607, up 2.8%; IC trading volume was 105878, up 19.0%; IC open interest was 227844, up 4.0%; IM trading volume was 228414, up 21.4%; IM open interest was 336516, up 4.5% [5]. - The total trading volume of the Shanghai and Shenzhen stock markets was 12506 billion yuan, an increase of 596 billion yuan from the previous day. Most industry sectors declined, while the mining, petroleum, and gas industries strengthened [5]. 2.3 Futures Contract Premium and Discount - IF: The premium and discount rates for the current - month, next - month, current - quarter, and next - quarter contracts were 25.56%, 14.64%, 7.96%, and 5.59% respectively [7]. - IH: The premium and discount rates for the current - month, next - month, current - quarter, and next - quarter contracts were 86.54%, 21.40%, 7.13%, and 3.69% respectively [7]. - IC: The premium and discount rates for the current - month, next - month, current - quarter, and next - quarter contracts were - 6.23%, 13.18%, 12.05%, and 10.35% respectively [7]. - IM: The premium and discount rates for the current - month, next - month, current - quarter, and next - quarter contracts were - 13.13%, 16.03%, 15.89%, and 13.75% respectively [7]. 3. Event Summary - The 2025 Lujiazui Forum focused on promoting financial opening and enhancing the support of the financial market to industries, but did not significantly address further monetary policy tightening or equity market rescue tools [6].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The central bank uses medium - and short - term liquidity management tools to maintain sufficient liquidity in the banking system. The transformation of the monetary policy framework is a gradual process and will be continuously evaluated and improved [4] - The LuJiaZui Forum focuses on the long - term development of the financial market, with limited short - term boost to the capital market. Domestic factors have weak driving force on stock indices, and overseas uncertainties remain. Stock indices are expected to oscillate weakly in the short term [6] 3. Summary According to Related Content 3.1 Macro - financial Data - **Interest Rates**: DRO01 closed at 1.37 with a - 0.06bp change, DR007 at 1.53 with a 0.40bp change, GC001 at 1.63 with a - 7.00bp change, GC007 at 1.64 with a 2.00bp change, SHBOR 3M at 1.63 with a - 0.40bp change, LPR 5 - year at 3.50 with a - 10.00bp change, 1 - year treasury at 1.36 with a - 1.00bp change, 5 - year treasury at 1.47 with a 0.25bp change, 10 - year treasury at 1.64 with a 0.50bp change, and 10 - year US treasury at 0.00 with a - 7.00bp change [3] - **Central Bank Operations**: The central bank conducted 1563 billion yuan of 7 - day reverse repurchase operations at an interest rate of 1.40% yesterday. With 1640 billion yuan of reverse repurchases maturing, the net withdrawal was 77 billion yuan. This week, 8582 billion yuan of reverse repurchases are due, with 1193 billion and 2025 billion maturing on Thursday and Friday respectively [3][4] 3.2 Stock Index Data - **Index Performance**: The CSI 300 rose 0.12% to 3875, the SSE 50 fell 0.15% to 2680, the CSI 500 fell 0.09% to 5746, and the CSI 1000 fell 0.10% to 6135. The trading volume of the Shanghai and Shenzhen stock markets was 11911 billion yuan, a decrease of 161 billion yuan from the previous day. Industry sectors had more decliners than gainers [5] - **Futures Contracts**: IF volume increased 10.5% to 105667, and its open interest increased 0.2% to 238264; IH volume decreased 4.4% to 48430, and its open interest decreased 1.5% to 81317; IC volume increased 3.0% to 88945, and its open interest increased 0.4% to 219162; IM volume increased 4.6% to 188199, and its open interest decreased 2.4% to 321988 [5] - **Premium and Discount**: IF premium and discount rates were 13.05% for the current - month contract, 13.74% for the next - month contract, 7.43% for the current - quarter contract, and 5.22% for the next - quarter contract; similar data were provided for IH, IC, and IM contracts [7] 3.3 LuJiaZui Forum - The 2025 LuJiaZui Forum focused on promoting financial opening and enhancing the financial market's support for industries. It had limited short - term impact on the capital market, and expectations for further monetary policy easing and equity market rescue tools were not met [6]

Group 1: Global Financial Governance - The People's Bank of China emphasizes active participation in improving global financial governance amid challenges to the US dollar's dominance[1] - The report identifies four key issues: international monetary system, cross-border payment system, global financial stability system, and governance of international financial organizations[2] - The international monetary system may evolve towards a few competing sovereign currencies due to inherent instability in a single sovereign currency system[2] Group 2: Financial Regulation and Policy - Challenges in global financial stability include fragmented regulatory frameworks and insufficient oversight in emerging areas like digital finance[2] - The report advocates for a robust global financial safety net centered around the International Monetary Fund to maintain regulatory consistency[2] - Future monetary policy will focus on gradual transformation and innovation in structural monetary policy tools in Shanghai[3] Group 3: Capital Market Development - The financial regulatory authority plans to replicate successful practices from free trade zones to enhance foreign investment participation in financial services[5] - Emphasis on improving the capital market's inclusivity and adaptability to support technological and industrial innovation[6] - Five measures proposed to deepen capital market reforms include enhancing the role of the Sci-Tech Innovation Board and fostering long-term capital[6] Group 4: Foreign Exchange Management - The report highlights the importance of a stable foreign exchange market for high-quality economic development, with measures to monitor cross-border capital flows[7] - Policies to support high-quality development include enhancing foreign exchange services for key sectors and establishing evaluation mechanisms for foreign exchange management[8]

Core Viewpoint - The article discusses the opening of the 2025 Lujiazui Forum and highlights key financial opening measures announced by the Governor of the People's Bank of China, Pan Gongsheng, aimed at enhancing Shanghai's status as an international financial center. Group 1: Financial Opening Measures - Eight financial opening measures were announced, including the establishment of an interbank market trading report library, a digital RMB international operation center, and a personal credit institution in Shanghai [2] - Additional measures include offshore trade financial service pilot programs, development of offshore bonds, optimization of free trade account functions, and innovation in structural monetary policy tools [2][3] Group 2: Currency and Payment Systems - The RMB has become the second-largest trade financing currency globally and the third-largest payment currency [4] - China has established a multi-channel, widely covered RMB cross-border payment clearing network, addressing issues in traditional cross-border payment systems [5] Group 3: Technological Advancements - New technologies such as blockchain and distributed ledger technology are accelerating the development of central bank digital currencies and stablecoins, reshaping traditional payment systems and posing challenges for financial regulation [6] Group 4: Global Economic Oversight - Major international financial organizations should enhance their economic oversight functions and guide countries to support economic globalization [7] - The People's Bank of China has signed bilateral currency swap agreements with over 30 countries and regions, contributing to the global financial safety net [8] Group 5: IMF and Global Financial Governance - The current IMF quota distribution does not reflect the relative positions of member countries in the global economy, and adjustments are necessary for legitimacy and representation [9] Group 6: Monetary Policy Framework - The transformation of the monetary policy framework is a gradual and ongoing process, with the People's Bank of China implementing supportive measures to stabilize the economy and financial markets [10]

Group 1 - The People's Bank of China announced the establishment of an interbank market trading report database to collect and analyze trading data across various financial sub-markets, including bonds, currency, derivatives, gold, and bills, aimed at serving financial institutions, macroeconomic regulation, and market supervision [1][3] - The introduction of eight significant financial opening measures, including the establishment of a digital RMB international operation center to promote the internationalization of digital currency and financial market business development [3][4] - The establishment of a personal credit institution to provide diversified credit products for financial institutions, enhancing the social credit system [3][4] Group 2 - The launch of offshore trade finance service reform pilot in Shanghai's Lingang New Area to innovate business rules and support offshore trade development [3][4] - Development of offshore bonds following international standards to broaden financing channels for enterprises involved in the Belt and Road Initiative [3][4] - Upgrading the functions of free trade accounts to facilitate efficient capital flow between quality enterprises and foreign funds, enhancing the liberalization of cross-border trade and investment [3][4] Group 3 - Implementation of innovative structural monetary policy tools in Shanghai, including blockchain credit refinancing and cross-border trade refinancing, to support private equity institutions in issuing technology innovation bonds [4] - Collaboration with the China Securities Regulatory Commission to promote RMB foreign exchange futures trading, improving the product series in the foreign exchange market [4][5] - The establishment of a comprehensive RMB cross-border payment clearing network, enhancing the efficiency and security of the cross-border payment system [5][7] Group 4 - The total assets of foreign banks and insurance institutions in China exceed 7 trillion yuan, with all business lines showing good growth [7] - The Financial Regulatory Administration is promoting pilot projects for financial asset investment companies and exploring new paths for technology finance development [7][8] - China leads globally in green credit scale, with significant market sizes in green bonds and green insurance [7]

Key Points - The 2025 Lujiazui Forum opened on June 18, with the People's Bank of China Governor Pan Gongsheng announcing eight significant financial opening measures [1] - Establishment of an interbank market trading report database to analyze trading data across various financial sub-markets [1] - Creation of a digital RMB international operation center to promote the internationalization of digital RMB and support financial market innovation [1] - Establishment of a personal credit agency to provide diversified credit products for financial institutions, enhancing the social credit system [1] - Launch of offshore trade finance service reform pilot in Shanghai's Lingang New Area to support offshore trade development [1] - Development of offshore bonds in free trade zones to broaden financing channels for enterprises involved in the Belt and Road Initiative [1] - Optimization of free trade account functions to enhance cross-border trade and investment facilitation [1] - Innovation in structural monetary policy tools in Shanghai, including blockchain credit refinancing and cross-border trade refinancing [2][3] - Discussion on the evolution of the international monetary system and the potential for a multi-polar currency landscape [4][5] - The SDR (Special Drawing Rights) is proposed as a potential international reserve currency, but faces challenges in political consensus and market depth [5] - The RMB has become the second-largest trade financing currency globally and ranks third in the IMF SDR currency basket [5] - China's banking system has met all standards for total loss-absorbing capacity, ensuring stability in the financial sector [6][9] - A comprehensive cross-border payment clearing network for RMB has been established, enhancing the efficiency and security of cross-border transactions [6] - The application of new technologies like blockchain in cross-border payments is reshaping traditional payment systems [6] - Regulatory oversight of non-bank intermediaries is highlighted as an area needing improvement due to rising leverage and opacity [7] - The need for unified standards in the application of artificial intelligence in finance is emphasized [8] - The People's Bank of China has signed bilateral currency swap agreements with over 30 countries, contributing to the global financial safety net [9]

6月18日，在2025陆家嘴论坛开幕式上，央行行长潘功胜表示："在去年的陆家嘴论坛上，我介绍了 中国的货币政策立场和未来货币政策框架的演进。一年来，人民银行坚持支持性的货币政策立场，从 数量、价格、结构等方面，出台了多项货币政策措施，有效支持了经济持续回升向好和金融市场的稳 定。"他称，同时，完善货币政策框架，优化货币政策中间变量，培育政策利率，提升货币政策传导 效率，丰富货币政策工具箱，做好政策沟通和预期引导。货币政策框架的转型是一个渐进、持续的过 程，未来还将不断地做好评估和完善。 ...

Core Viewpoint - The People's Bank of China (PBOC) is maintaining a moderately loose monetary policy despite a net withdrawal of liquidity through reverse repos in May, indicating a stable liquidity environment in the banking system [2][4]. Group 1: Reverse Repo Operations - In May, the PBOC conducted a total of 700 billion yuan in reverse repo operations, consisting of 400 billion yuan for 3-month terms and 300 billion yuan for 6-month terms, resulting in a net withdrawal of 200 billion yuan due to 900 billion yuan of 3-month reverse repos maturing [2]. - The reliance on Medium-term Lending Facility (MLF) has increased since the introduction of reverse repos, with MLF operations maintaining monthly net injections since March [4]. - Financial institutions are expected to benefit from the PBOC's increased use of MLF, which provides stable liquidity and meets diverse funding needs [4]. Group 2: Government Bond Transactions - The PBOC has paused government bond purchases since January to avoid impacting investor allocations, as the 10-year government bond yield fell below 1.6% [6]. - The central bank plans to resume government bond transactions in July or August, as the net financing of government debt is expected to peak during that period [7]. - Resuming government bond transactions is seen as urgent to enhance the central bank's holdings of government debt and to support the establishment of a sovereign credit model for currency issuance [7].

宣昌能在冰岛央行年度经济会议上就中国货币政策框架演进发表主旨演讲。他指出，近年来中国经济金 融结构深刻变革，中国人民银行持续推进货币政策框架转型。 一是淡化数量目标，更加注重发挥利率等价格型调控工具的作用。 2 0 25年5月9日至12日，中国人民银行副行长宣昌能分别出席在雷克雅未 克 举 行 的 冰 岛 央 行 年 度 经 济 会 议 和 在 瑞 士 巴 塞 尔 举 行 的 国 际 清 算 银 行 （BIS）行长例会。 2025年5月9日至12日，中国人民银行副行长宣昌能分别出席在雷克雅未克举行的冰岛央行年度经济会议 和在瑞士巴塞尔举行的国际清算银行（BIS）行长例会。 来源 | 中国人民银行 编辑丨周茗一 责编丨兰银帆 往期回顾 二是进一步健全市场化的利率调控机制，明确公开市场7天期逆回购操作利率为主要政策利率。 三是丰富货币政策工具箱，将二级市场国债买卖等纳入货币政策工具箱。 四是健全包括维护资本市场稳定安排在内的结构性货币政策工具体系。 此外，中国人民银行持续提升货币政策透明度，健全可置信、常态化、制度化的政策沟通机制，做好政 策沟通和预期引导。宣昌能还回答了现场观众的提问。 宣昌能在BIS行长例会期 ...