土耳其财政部副部长奥斯曼·切利克说，人民币清算行将在降低贸易风险、减少交易成本的同时，为土 耳其企业界创造新的商业机遇。未来，在土中贸易、投资及长期融资合作方面都将涌现新的机会。土耳 其央行行长法提赫·卡拉汉说，人民币清算业务将进一步便利土耳其境内人民币融资与支付获取渠道， 推动本币结算合作、提升人民币与里拉跨境使用水平。 中国人民银行副行长陶玲在视频致辞中说，人民币使用可为全球贸易和投融资活动提供可靠的新选项， 未来将坚持市场化、法治化和国际化，持续扩大中国金融市场开放，提高政策透明度、稳定性和可预期 性。 中国工商银行董事长廖林在开业仪式上表示，工行将努力为两国铺设一条人民币使用的"高速公路"，持 续丰富离岸跨境应用场景，提供安全高效便捷的全领域人民币服务，促进贸易投资便利化，同时加强与 土耳其本地银行、政策性机构及中资金融机构的深度合作，共同打造开放互利共赢的人民币使用生态 圈。 中国驻土耳其大使姜学斌、中国驻伊斯坦布尔总领事魏晓东、中国银联董事长董俊峰也参加了当天的开 业仪式。姜学斌表示，土耳其人民币清算行的设立是中土金融合作的"里程碑"，将进一步便利人民币在 当地结算、融资、交易等场景中使用，推动双 ...

Core Viewpoint - The article emphasizes the importance of financial opening during the "15th Five-Year Plan" period, highlighting a more proactive approach compared to previous plans, particularly in promoting the internationalization of the Renminbi and enhancing capital account openness [3][4]. Financial Opening Importance - Financial opening is deemed crucial for enhancing China's economic and financial security amid international competition, as China's GDP is projected to account for approximately 17% of the global total by 2024, while the Renminbi's share in global payments remains below 3% [3][4]. - The article argues that increasing financial openness is necessary to activate China's high savings rate and improve capital allocation efficiency, as China's total savings rate is higher compared to the US, EU, and Japan [4][17]. Preconditions for Financial Opening - Ensuring financial security is essential for advancing financial openness, as stable domestic macroeconomic conditions are closely linked to cross-border capital flows [5]. - Changes in macroeconomic factors, such as the relative positions of the Renminbi and US dollar exchange rates, create favorable conditions for further financial opening [5][6]. Policy Directions for Financial Opening - The article outlines potential policy directions for financial opening, focusing on both funding and asset dimensions [7]. - Hong Kong is expected to experience a dual expansion in funding and assets, supported by the central government's commitment to maintaining its unique status as an international financial center [8]. - Shanghai is highlighted as a key area for financial opening, with policies aimed at attracting foreign investment through a richer supply of financial products and enhancing the competitiveness of its international financial center [9].

Core Viewpoint - The Chinese yuan, once considered a "regional currency," is now gaining significant traction on the international stage, with its share in global foreign exchange reserves reaching 2% by mid-2025, indicating a shift in the global financial landscape [1][20]. Group 1: Yuan's Role in Commodity Markets - The yuan's internationalization is being tested in the commodity markets, where historically, transactions have been dominated by the US dollar [3]. - In a significant move, by the end of 2025, China's Mineral Resources Group, along with domestic steel companies, negotiated to settle 30% of iron ore purchases in yuan, challenging the dollar's long-standing pricing mechanism [5]. - Algeria has also shifted 85% of its oil export orders to yuan, reflecting a broader trend among resource-exporting countries to reconsider their settlement currencies [5][6]. Group 2: Attracting Global Capital - To enhance the value of yuan-denominated assets, China has focused on attracting global capital through interest rate advantages and macroeconomic stability [8]. - In early 2025, China's Ministry of Finance issued $4 billion in sovereign bonds in Hong Kong, receiving subscriptions 30 times the issuance amount, signaling strong demand for yuan assets [10]. - Additionally, China issued €4 billion in bonds in Luxembourg tailored for European investors, further integrating yuan into international investment portfolios [10]. Group 3: Institutional Support for Yuan Internationalization - The internationalization of the yuan is supported by China's strategic planning, as outlined in the 14th Five-Year Plan, which includes specific tasks for cross-border capital flow and financial openness [14]. - Various regional pilot programs, such as the "Cross-Border Wealth Management Connect" in the Greater Bay Area and the "Free Trade Island" in Hainan, are designed to facilitate the international use of the yuan [14][16]. - The yuan is positioned as a viable alternative to the dollar, especially for developing countries seeking stable and low-cost settlement options [16]. Group 4: Shifting Global Financial Landscape - The current international financial landscape is transitioning from a "unipolar dollar" system to a "multipolar coexistence," with the yuan emerging as an important variable [18]. - Although the yuan's share is only 2%, its growth rate is the fastest among major currencies, indicating a shift towards reducing reliance on the dollar rather than outright replacement [18][20]. - Countries in the Middle East and Africa are increasingly considering the yuan for trade settlements and foreign reserves, reflecting a desire to diversify away from the dollar amid US-centric monetary policies [18][20].

Core Insights - The integration of energy and finance is becoming a key driver for China's modernization amid the global energy landscape transformation and the advancement of the "dual carbon" strategy [3] - The "China Energy Finance Development Report (2025)" was jointly released by China National Petroleum Corporation Capital and Ernst & Young, providing a comprehensive analysis of the energy finance market in China [3] Group 1: Energy Finance Role and Structure - Energy finance has evolved from being a "service provider" to a "multi-dimensional enabler," supporting energy security and green transformation [4][6] - The financing structure is diversifying, moving away from reliance on traditional credit, with new financing tools emerging [8] - In 2024, the new financing products in energy finance reached 6.7 trillion yuan, with a total scale of 42.9 trillion yuan, representing 19% and 26% of the overall market, respectively [6] Group 2: Cross-Border Settlement and Industry Focus - The rise of RMB cross-border settlement is establishing energy trade as a new engine for internationalization, with the direct cross-border settlement amount reaching 13.9 trillion yuan in 2024 [9] - The electricity sector has become the main financing player in the energy system, accounting for 74% of the new financing in energy listed companies in 2024 [15] Group 3: Traditional Energy Giants and Hydrogen Financing - Traditional oil and gas giants are transforming into key bridges for energy transition, with green bond balances in the oil and gas sector reaching 32.5 billion yuan in 2024 [18] - The hydrogen financing ecosystem is taking shape, with government-led and market-driven dynamics, resulting in over 6.5 billion yuan in cumulative financing for hydrogen enterprises by 2024 [22] Group 4: Nuclear Fusion and Carbon Market Development - China's nuclear fusion industry is advancing towards commercialization, with a goal to achieve the world's first fusion power demonstration by 2027, supported by a dual-driven funding system [24] - The carbon market is becoming more active, with a trading volume of 18.1 billion yuan in 2024, and green electricity trading has seen a compound growth rate of 200% since 2021 [27] Group 5: Energy Listed Companies and Financial Innovation - Energy listed companies are showing a significant increase in new financing, with a growth rate of 10.5%, indicating their leading position in the market [29] - The report outlines a new paradigm of energy finance that emphasizes "industry-specific strategies," showcasing successful models from various energy capital platforms [30] Conclusion - The future of energy finance in China is expected to create new opportunities through continuous innovation and technological transformation, evolving from traditional service models to deep collaborative roles [31]

Core Insights - The "14th Five-Year Plan" is viewed as a strategic development blueprint that emphasizes a shift from quantity to quality growth, particularly in high-tech industries and sustainable development [2][3] - The plan is expected to create new opportunities for high-quality development and international cooperation, particularly benefiting Southeast Asian countries [1][2] Group 1 - The "14th Five-Year Plan" reflects China's commitment to enhancing economic resilience through structural upgrades and reducing dependence on global market fluctuations [2] - The plan outlines significant reforms in capital markets, foreign investment access, and the internationalization of the Renminbi during its implementation period [2] - The focus on a modern industrial system and new technology applications is expected to elevate Indonesia's strategic position in key minerals, manufacturing partnerships, and digital economy cooperation [2] Group 2 - China's high-level opening up is anticipated to strengthen mutually beneficial cooperation with developing countries, including Thailand, enhancing win-win opportunities [3] - The plan addresses major global challenges and is expected to provide lasting momentum for the global economy, contributing to global governance [3] - A stable and predictable China is seen as a stabilizing force for regional and global stability, with a focus on high-quality and sustainable growth [3]

Core Viewpoint - The ongoing de-dollarization is expected to drive a mid-term increase in gold prices, with the internationalization of the RMB leveraging gold to expand its influence [1] Group 1: Gold Market Dynamics - The Shanghai Gold Exchange is anticipated to enhance its pricing influence in non-USD currency markets [1] - Gold constitutes nearly 9% of China's central bank foreign reserves, which is still below that of major global economies, indicating significant room for growth [1] - Despite a slight slowdown in the pace of central bank gold purchases due to high gold prices, there has been a continuous increase for 12 months, highlighting the importance of raising gold's proportion in reserves [1] Group 2: Price Forecasts - Short-term gold prices may experience fluctuations due to weakened expectations of interest rate cuts and a strengthening dollar [1] - In the mid-term, the total US national debt is projected to exceed $40 trillion, with overseas inflation likely to rise, supporting a bullish outlook for gold prices to surpass $4,500 per ounce and potentially reach $5,000 per ounce [1] Group 3: Investment Strategies - The long-term outlook for gold prices remains positive, suggesting that investors may consider participating during subsequent pullbacks and gradually accumulating positions [1] - Direct investment in physical gold and tax-exempt gold ETF (518800) are recommended, along with gold stock ETFs (517400) that cover the entire gold industry chain [1]

Core Insights - China Bank has acted as a global coordinator for several leading tech companies, including Alibaba, Baidu, Tencent, and Meituan, issuing a total of over 47 billion yuan in dim sum bonds, which were highly sought after in the offshore RMB financing market [1] - The total subscription amount for these bonds reached nearly 150 billion yuan, representing 3.2 times the issuance amount [1] - As of now, the total issuance of dim sum bonds in the market for 2025 has reached 979.454 billion yuan [1] Group 1 - The People's Bank of China (PBOC) has expressed its commitment to promoting the role of the RMB as a financing currency, supporting various financing products such as RMB loans, panda bonds, offshore RMB bonds, and trade financing [1][3] - The PBOC aims to enhance the liquidity of RMB for offshore entities, despite strict capital outflow controls in China [3] - The internationalization of the RMB has made progress, with the currency becoming the second most used in trade financing globally, accounting for 7.3% of total transaction volume as reported by SWIFT [3]

著名经济学家宋清辉建议，下阶段人民币国际化需更侧重提升人民币的"可自由使用性"和"资产配置属 性"。在风险可控前提下，不妨稳步推进资本项目开放，让海外投资者更便利地将人民币自由汇出或汇 入。另一方面，建议推出国债、金融衍生品等更多元化、高流动性的人民币计价资产，吸引各国央 行、主权基金将人民币作为储备货币和配置货币。 图：中国宝武钢铁集团与全球矿业巨头力拓集团合资开发的澳大利亚西坡铁矿项目今年6月正式投产。图为澳大利 亚西坡铁矿项目现场。/新华社 内地经济学家宋清辉建议，下阶段人民币国际化需更侧重提升人民币的"可自由使用性"和"资产配置属性"。在风 险可控前提下，不妨稳步推进资本项目开放，让海外投资者更便利地将人民币自由汇出或汇入。另一方面，建议 推出国债、金融衍生品等更多元化、高流动性的人民币计价资产，吸引各国央行、主权基金将人民币作为储备货 币和配置货币。 大公报记者倪巍晨 原标题：三招推进/人民币国际化迎来新战略机遇窗口 首先要通过机制和系统建设，夯实主权信用和币值稳定性基础，满足国际市场使用需求，以"供求关系"为主要基 准，强化人民币国际支付结算便利化，推动建立人民币国际大宗商品交易定价机制；其次，人 ...

Core Insights - The issuance of dim sum bonds has rapidly increased, with over 470 billion RMB raised for major tech companies like Alibaba, Baidu, Tencent, and Meituan, attracting nearly 1500 billion RMB in subscriptions, which is 3.2 times the issuance amount [1] - Dim sum bonds, or offshore RMB bonds, provide a diversified financing channel for mainland and Hong Kong enterprises, enhancing the circulation and international use of the RMB [1] Summary by Sections Market Growth - The issuance scale of dim sum bonds has grown significantly since 2022, with 1179 bonds totaling 746.97 billion RMB issued in 2022, 1484 bonds totaling 967.53 billion RMB in 2023, and 2086 bonds totaling 1278.70 billion RMB projected for 2024, marking the first annual issuance exceeding 1 trillion RMB [1] - As of now in 2025, the total issuance of dim sum bonds has reached 979.45 billion RMB [1] Reasons for Market Expansion - The acceleration of RMB internationalization has enhanced its status in the international monetary system, providing offshore investors with a channel to allocate RMB assets [2] - The expansion of the offshore RMB funding pool, driven by international trade and investment activities, has created a solid funding base for the dim sum bond market [2] - Mainland enterprises seek to diversify financing channels, as dim sum bonds offer lower financing costs compared to USD bonds, meeting funding needs for R&D and expansion [2] - Hong Kong's position as the largest offshore RMB center, with a mature financial market and professional services, attracts enterprises to issue dim sum bonds [2] Characteristics of Dim Sum Bond Issuance - The issuance of dim sum bonds is characterized by a diverse range of issuers, including state-owned enterprises, financial institutions, tech companies, real estate firms, and local government financing platforms [3] - The investor base is increasingly international, attracting global institutional investors such as large funds, banks, insurance companies, and high-net-worth individuals [3] - There is a variety of bond types emerging, including green and sustainable dim sum bonds, catering to different financing purposes and investor needs [3] - The maturity structure of bonds is rich, covering short to long-term options, aligning with corporate funding plans and various investment strategies [3] Recommendations for Market Development - To further activate and expand the dim sum bond market, it is suggested to enhance market infrastructure, improve bond trading platforms, and reduce transaction costs [3] - Encouraging product innovation, such as asset-backed dim sum bonds and those linked to RMB exchange rates, is recommended [3] - Strengthening policy support and regulatory coordination, including tax incentives for offshore investors, is essential, along with improved cooperation between mainland and Hong Kong financial regulators [3]

Economic Outlook - Hong Kong's economy is expected to maintain moderate growth, with GDP growth projected to reach around 3.5% in 2026 [1][15] - From 2025 to 2029, the economy is anticipated to sustain a growth rate of approximately 3%, significantly higher than developed economies in Europe and the US, which are below 2% [15] Financial Stability - Hong Kong's financial system remains robust amid global economic uncertainties, supported by a stable institutional framework and healthy fiscal conditions [1][19] - The Hong Kong Monetary Authority has intervened multiple times to maintain exchange rate stability, which has increased market liquidity [2] Trade Dynamics - Hong Kong's overall export value decreased by 7.8% in 2023 but is expected to rebound with an 8.7% growth in 2024, indicating a recovery in external demand [7] - By the first nine months of 2025, exports continued to rise, showing a year-on-year increase of 13.4% [7] Service Sector Growth - The service trade structure is optimizing, with financial, professional services, and high-end logistics expanding under policy guidance [10] - Increased demand for high-end services from mainland China is providing new external markets for Hong Kong's service exports [10] Internal Support Mechanisms - The government's budget aims to consolidate recovery momentum and enhance development capabilities, with GDP growth of 3.8% year-on-year in Q3 2025 [11][19] - Private consumption and fixed capital formation are showing positive growth, contributing to the overall economic recovery [11] Innovation and Industrial Upgrading - The government is accelerating re-industrialization and innovation through funding and support for advanced manufacturing and research projects [22] - Hong Kong is enhancing its role as a hub for cross-border private wealth management and hedge funds, with a growing venture capital ecosystem [22] Green Finance Initiatives - The government has issued approximately 240 billion HKD (about 31 billion USD) in green bonds, establishing a key pricing benchmark in the market [23] - The expansion of green finance is enhancing Hong Kong's financial system's resilience and international influence [23] Spatial Economic Development - The Northern Metropolis development strategy aims to create a diverse industrial system, integrating innovation, high-end services, and education [24] - This initiative is expected to foster a complete ecosystem from R&D to high-end manufacturing, promoting long-term growth [24]