Group 1 - The core viewpoint of the article highlights the continuous growth and quality improvement of the panda bond market in China, particularly with the active issuance by multinational companies [2][3] - HSBC China successfully assisted the Brazilian multinational Suzano in issuing RMB 1.4 billion panda bonds in the interbank market, marking its second issuance since November 2024 [2] - From January to October this year, HSBC supported several multinational companies, including Bayer, Volkswagen, BMW, Suzano, BASF, and Mercedes-Benz, in issuing panda bonds in the interbank market [2] Group 2 - HSBC has supported over 40 panda bond issuances for various multinational companies since 2021, demonstrating its capability to provide comprehensive financial services to foreign enterprises in China [2] - The significant increase in panda bond issuance by multinational companies reflects their recognition of the ongoing openness of the Chinese bond market and the growing role of the RMB as a financing currency [3] - HSBC leverages its deep understanding of the domestic market to meet investor demands and utilizes advantages in issuance mechanisms to assist issuers in extending maturities and optimizing their asset-liability structures [3]

Core Insights - Ethiopia has initiated negotiations with several Chinese banks, including the Export-Import Bank of China and the People's Bank of China, to swap part of its $5.38 billion loan into renminbi, which could significantly reduce its interest rates from 7.25% to 3% [1][3] - Kenya has also taken similar steps by converting $3.5 billion of its loans into renminbi, expecting to save $215 million annually in debt servicing costs [1] - Ethiopia's economic situation is dire, with a significant reduction in export income and foreign reserves due to the pandemic and a prolonged internal conflict, leading to a sovereign debt default in December 2023 [3] Economic Context - Ethiopia, despite being the second most populous country in Africa, has a weak industrial base and has faced severe financial challenges exacerbated by the COVID-19 pandemic and a two-year civil war in Tigray, resulting in food shortages and fiscal distress [3] - The country is currently negotiating to restructure approximately $15 billion in debt, with a specific request to convert some of this debt into renminbi to alleviate its financial burden [3] Trade Relations - The trade relationship between Ethiopia and China is growing, with bilateral trade reaching $3.55 billion last year, a 17.5% increase, making China Ethiopia's largest trading partner [3] - The currency swap is seen as a strategic move to mitigate dollar shortages and foreign exchange shocks, potentially facilitating broader assistance from the International Monetary Fund under the G20 framework [3] Implications for China - For China, the currency swap is viewed as a means to promote the internationalization of the renminbi and strengthen cooperation under the Belt and Road Initiative, enhancing trade relations with African nations [3] Challenges Ahead - Industry experts indicate that the currency swap may not be implemented quickly due to ongoing negotiations between the Export-Import Bank of China and Ethiopia regarding a memorandum of understanding for debt management, which could complicate agreements with bondholders [5]

10月24日，中国人民银行党委书记、行长潘功胜主持召开党委会议，传达学习习近平总书记在党的二十届 四中全会上的重要讲话和全会精神，落实主要金融单位学习贯彻党的二十届四中全会精神会议要求，研究 部署贯彻落实举措。 中国人民银行党委召开会议，传达学习党的二十届四中全会精神。 三是健全覆盖全面的宏观审慎管理体系和系统性金融风险防范处置机制。 从宏观、逆周期和防传染的视 角，强化系统性金融风险的监测、评估和预警，不断拓展宏观审慎管理覆盖范围。 拓展丰富中央银行宏观 审慎和金融稳定功能，维护股市、债市、汇市等金融市场平稳运行。 继续会同有关部门做好支持地方中小 金融机构、地方政府融资平台债务、房地产市场风险化解工作。健全金融稳定保障体系，加快推进金融立 法。 四是持续深化金融供给侧结构性改革。 做好金融"五篇大文章"，提高金融服务实体经济的适配性，支持国 民经济的重点领域和薄弱环节。健全科技金融政策框架，提升金融支持科技创新的能力、强度和水平。推 动各类金融机构在规模、结构、区域布局上更加合理。建设规范、透明、开放、有活力、有韧性的金融市 场体系。建设安全高效的金融基础设施体系。稳步推进数字人民币研发和应用。 五是稳步 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company, with a target price of 25.20 CNY [6][13]. Core Insights - The company's revenue and net profit for the first three quarters of 2025 showed significant declines, with revenue down 78.92% year-on-year to 9.41 million CNY and net profit down 1.92% to 3.51 million CNY [13]. - The report highlights that external and internal catalysts are expected to gradually materialize, driving high growth in the company's performance [2][13]. - The company has adjusted its earnings expectations for 2025-2027, with EPS revised to 0.79, 0.95, and 1.12 CNY respectively [13]. Financial Summary - Revenue for 2023 is reported at 6,247 million CNY, with a projected decline of 8.4% in 2024 and a significant drop of 55.7% in 2025, before recovering in subsequent years [4][14]. - Net profit attributable to shareholders is expected to grow from 402 million CNY in 2023 to 683 million CNY by 2027, reflecting a compound annual growth rate [4][14]. - The company’s return on equity (ROE) is projected to improve from 10.8% in 2023 to 13.4% in 2027 [4][14]. Market Context - The report notes that the company's performance has been impacted by declining domestic and international interest rates, which have pressured revenue [2][13]. - The company is planning to list on the Hong Kong Stock Exchange, which is expected to enhance its capital strength and competitive position [13]. - The ongoing internationalization of the Renminbi is anticipated to expand the company's domestic business opportunities [13].

Core Viewpoint - The People's Bank of China emphasizes the importance of advancing high-level financial openness while ensuring national financial security [1] Group 1: Financial Policy and Strategy - The meeting highlighted the need to steadily promote the internationalization of the Renminbi and expand its use in trade [1] - There is a focus on orderly deepening the two-way opening of financial markets and developing the offshore Renminbi market [1] - The aim is to facilitate trade and investment financing [1] Group 2: Financial Center Development - The construction of international financial centers in Shanghai and Hong Kong is a priority [1] - There is a commitment to building a self-controlled, multi-channel, and widely covered cross-border payment system for the Renminbi [1] Group 3: Global Financial Cooperation - The initiative includes actively practicing global governance proposals and pragmatically conducting financial diplomacy [1] - The focus is on multi-lateral and bilateral currency and financial cooperation, as well as participating in and promoting global financial governance reform [1]

此外，统筹好金融开放与安全的关系。刘斌指出，开放和便利都必须以安全为前提，尤其要加强外 汇市场"宏观审慎+微观监管"两位一体管理，切实防范跨区域、跨市场、跨境的风险传递和叠加共振。 【纠错】 【责任编辑:吴京泽】 新华社上海10月24日电（记者桑彤、刘开雄）国家外汇管理局副局长刘斌在10月23日至25日举行的 2025外滩年会上表示，目前我国债券和股票市场规模均位居全球第二，并被纳入多个主流国际指数。境 外主体持有的人民币金融资产规模已超过10万亿元，有效增强了上海国际金融中心的国际竞争力和影响 力。 一方面，稳步扩大外汇领域高水平制度型开放。"在推进过程中，我们将统筹好人民币国际化与资 本项目高水平开放，以扩大金融市场开放为重点，便利外资金融机构来华投资兴业。"刘斌表示，同 时，深化外汇市场发展，研究长期限、多品种、小币种等外汇市场发展问题，进一步支持外汇交易中心 强化金融基础设施功能与服务能力，同时推动金融机构优化汇率风险管理服务。 另一方面，促进跨境贸易和投融资便利化。根据市场需求和我国实际，持续推进外汇管理改革创 新，赋予诚信合规主体更高便利度。"我们鼓励在上海率先落地一些首创性、集成性的探索政策，包 ...

Core Viewpoint - The SWIFT report indicates that the renminbi (RMB) has become the fifth most active currency globally, with a share of 3.17% in payment transactions as of September 2025, reflecting a 15.53% increase in payment amounts compared to August 2025 [1]. Group 1: SWIFT Ranking and RMB Internationalization - The RMB's ranking fluctuates between fourth and sixth place in global payment currency rankings throughout the year, with its share decreasing from a peak of 4.74% in July 2022 to 3.17% in September 2025 [1][3]. - The SWIFT ranking is primarily based on payment functionalities and does not fully capture the RMB's internationalization progress, which is a long-term process [1][7]. - The SWIFT statistics are limited to transactions among its member institutions, excluding domestic RMB transactions and a significant portion of cross-border payments conducted through the Cross-Border Interbank Payment System (CIPS) [3][4]. Group 2: Factors Influencing RMB's SWIFT Ranking - The decline in the RMB's share from April to August 2025 is attributed to reduced offshore RMB foreign exchange trading due to low volatility in the RMB exchange rate, leading to decreased trading activity [5][6]. - The RMB's internationalization is also reflected in its growing presence in investment and financing, with overseas holdings of RMB-denominated assets reaching 10.4 trillion yuan, a year-on-year increase of 5.2% [8]. Group 3: Alternative Measures of RMB Internationalization - The Bank for International Settlements (BIS) reported that as of April 2025, the RMB accounted for 8.5% of foreign exchange market transactions, up from 7% in 2022, ranking fifth among global currencies [9]. - The RMB's share in international trade financing and payment has positioned it among the top three currencies globally, as stated by the Governor of the People's Bank of China [4].

Core Viewpoint - The announcement by Anshi Semiconductor China to resume supply and settle transactions in RMB signifies a significant shift in the semiconductor industry and reflects the complexities of the international economic landscape [1][3]. Group 1: Supply Chain and Economic Impact - Anshi Semiconductor's decision to switch all transactions to RMB is a strategic move that challenges the dominance of the US dollar in international trade, particularly in the semiconductor sector [3]. - The ongoing chip shortage has severely impacted the global automotive industry, with companies like Volkswagen halting production of certain models due to supply constraints [3]. - The German Automotive Industry Association (VDA) has warned that if Anshi Semiconductor's supply does not quickly recover, there could be widespread production halts across Europe and the US [3]. Group 2: Geopolitical Context - The tensions arose after the Netherlands, under US pressure, restricted high-end chip equipment exports to China and attempted to interfere with Anshi Semiconductor's management [1][5]. - The situation illustrates a significant shift in global economic dynamics, as the Netherlands' alignment with US policies against China's high-tech industries may backfire, undermining its own industrial base [5][7]. - China's control over critical resources, such as rare earth elements, poses a potential threat to the Netherlands if political miscalculations continue, which could lead to a raw material crisis for European high-end manufacturing [5]. Group 3: Future Implications - The move towards RMB settlement not only highlights China's economic potential but also accelerates the internationalization of the RMB, forcing Western companies to reconsider their transaction methods with China [3][7]. - The unfolding semiconductor conflict represents a broader economic transformation, with the potential for significant shifts in market leadership depending on how companies navigate these changes [7].

10月23日，环球银行金融电信协会（SWIFT）发布的人民币追踪（RMB Tracker）月度报告和数据统 计显示，2025年9月，在基于金额统计的全球支付货币排名中，人民币为全球第五大最活跃货币，占 比3.17%。与8月相比，排名上升一位，人民币支付金额总体增加了15.53%。 SWIFT公布的是月度报告，更新频率高，因此全球货币的榜单排名时常起起伏伏。今年以来，SWIFT统计 的人民币在全球支付货币中的份额排名就在第四位到第六位之间波动，占比从去年7月4.74％的高点降至 今年9月的3.17%。SWIFT统计口径下人民币排名波动有何原因？SWIFT公布的人民币排名又能在多大程度 上反映人民币国际化进展？这些问题一直受到市场关注。 受访人士表示，衡量货币的国际化程度是多维度的，SWIFT排名只是从货币的支付功能角度呈现。人民币 国际化必然是一个长期过程，不会一蹴而就。 SWIFT统计范围受限 人民币被低估 今年9月，中国人民银行行长潘功胜在国新办发布会上表示，人民币已成为全球前三大贸易融资货币和支 付货币。 离岸人民币外汇交易量减少影响排名 虽然SWIFT指标对人民币交易的统计范围不全面，但若对这一指标进行 ...

Core Viewpoint - The recent actions taken by the Dutch government against Nexperia highlight the intricate connections between global supply chains and financial systems, as well as the strategic responses of Chinese companies under external pressures [1][4]. Group 1: Company Actions - Nexperia China swiftly decided to halt exports and resume supply with a focus on RMB settlements following the Dutch government's intervention [1][3]. - The company announced a stop to external shipments based on China's export control announcement and later defined its sovereignty by prioritizing domestic market support [3]. - By shifting to RMB settlements, Nexperia China aims to mitigate potential geopolitical risks associated with the USD settlement system, which has been used by the U.S. to intervene in foreign economies [3][4]. Group 2: Industry Implications - Nexperia is a crucial supplier of automotive chips, with nearly 90% of its production capacity located in China, making European automakers highly dependent on its supply [7]. - The Dutch government's actions have intensified concerns about supply chain stability, potentially leading to significant losses for the automotive industry and the broader European economy [7]. - The situation reflects a broader trend of companies needing to assert autonomy and independence in the face of rising geopolitical tensions and trade protectionism [4][9]. Group 3: Strategic Significance - Nexperia China's response is indicative of a shift in the global industrial landscape, where companies are increasingly seeking to protect their sovereignty and operational independence [4][9]. - The move to RMB settlements not only secures financial transactions but also contributes to the internationalization of the RMB, showcasing a strategic pivot in global trade practices [3][9]. - The ongoing geopolitical dynamics necessitate that companies adopt dual strategies in technology and finance to secure their positions in the international market [9].