南方财经 21世纪经济报道记者 张伟泽 香港报道 9月26日，香港金融管理局与中国人民银行、中国证券监督管理委员会和国家外汇管理局共同推动的跨 境债券回购业务正式推出。 中国人民银行、中国证监会、国家外汇管理局于9月26日联合发布了《关于进一步支持境外机构投资者 在中国债券市场开展债券回购业务的公告》（下称《公告》），支持所有已进入内地在岸债券市场的境 外机构（包括债券通投资者）参与在岸债券回购业务，从在岸市场获得人民币流动性，并汇出境外使 用。 （原标题：跨境债券回购业务推出 助力提升香港离岸人民币市场流动性） 香港金管局表示，该措施是继香港金管局于今年2月推出离岸人民币债券回购业务之后的又一项重要政 策，将为香港离岸人民币市场提供更稳定的流动性，有效降低人民币融资成本。跨境回购和离岸人民币 回购业务相辅相成，能满足离岸投资者的资产配置和流动性管理需求，盘活人民币债券持仓，从而进一 步提升在岸债券的国际吸引力，增强人民币在国际市场的投融资功能。 目前，我国质押式债券回购与国际市场债券回购在操作上存在一定差异。中国人民银行、国家外汇管理 局有关负责人指出，《公告》发布后，境外机构投资者在银行间债券市场开展债券 ...

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) has officially launched a cross-border bond repurchase business, in collaboration with the People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange, to enhance liquidity in the offshore RMB market and reduce financing costs for RMB [1][2] Group 1 - The cross-border bond repurchase business allows all foreign institutions that have entered the onshore bond market, including "Bond Connect" investors, to participate in onshore bond repurchase activities [1] - This initiative follows the HKMA's introduction of offshore RMB bond repurchase business in February 2023, marking another significant policy to stabilize liquidity in the offshore RMB market [1] - The cross-border and offshore RMB repurchase businesses complement each other, meeting the asset allocation and liquidity management needs of offshore investors, thereby enhancing the international appeal of onshore bonds [1] Group 2 - HKMA's Chief Executive, Eddie Yue, expressed satisfaction with the launch of the cross-border repurchase business, emphasizing its role in optimizing the "Bond Connect" initiative [2] - The measures are expected to improve liquidity in the Hong Kong offshore RMB market and increase the willingness of foreign investors to allocate RMB assets [2] - The initiative aims to diversify offshore RMB business development and further solidify Hong Kong's position as an international financial center and offshore RMB business hub [2]

这场中美关税拉锯，从2018年头一炮打响，到2025年特朗普二度上台接着加码，步步走得急，闹得全球供应链都跟着晃荡。起初是特朗普签那道行政令，对 中国钢铝产品甩上25%和10%的关税，中国这边也没闲着，立马对美国128项产品回敬等额措施。 接着2018年7月，美国对340亿中国货加25%，中国对等反制；9月又来2000亿的10%，中国跟进600亿。2019年5月，美国把那2000亿从10%提到25%，中国加 600亿到5%-25%不等。8月美国再推3000亿的10%，中国对750亿美国货加5%-10%。这来来回回，关税清单像滚雪球，越滚越大。 到了2020年1月，第一阶段协议签了，中国承诺多买2000亿美国货，包括农产和能源，可执行起来磕磕绊绊。拜登接棒后，没松口，2022年5月审了301条 款，继续维持。 2023年8月，美国商务部对华为等加强出口管制，2024年5月14日拜登签令，对中国电动车加100%，半导体电池到50%。 特朗普2024年底胜选，2025年1月20日就职，2月1日三道行政令，对中墨加加10%，2月4日对中国10%生效。2月27日帖文宣布再加10%，3月3日行政令累计 20%。4月2日总 ...

Group 1 - The core viewpoint of the article highlights the significant inflow of 309 million units into the Zhongzheng A500 ETF (159338), indicating a strong preference among investors for this core asset in the A-share market [1] - According to Debon Securities, the smooth progress of Sino-US talks and honest communication on economic and trade issues have boosted market sentiment [1] - The Federal Reserve's interest rate cut is expected to influence domestic economic policies, with a focus on future developments [1] Group 2 - The A-share market is currently in a "slow bull" trend, with substantial potential in sectors such as new energy and technology growth [1] - Long-term support for market strength is anticipated from the advancement of the internationalization of the RMB and improvements in corporate profitability [1] - The number of accounts for the Guotai Zhongzheng A500 ETF is three times that of the second-ranked product, indicating its popularity among investors [1]

Core Insights - The China Foreign Exchange Trading Center announced measures to enhance the "Swap Connect" market to better meet the needs of foreign investors in managing RMB interest rate risks [1] - The measures include establishing a dynamic adjustment mechanism for quote providers and expanding the number of quote providers [1] - The daily net limit for transactions will be increased to 45 billion RMB starting from October 13, 2025 [1] Group 1 - "Swap Connect" has facilitated efficient interest rate risk management for foreign investors since its launch on May 15, 2023 [1] - As of August 31, 2025, 82 foreign investors from 15 countries and regions have conducted over 15,000 RMB interest rate swap transactions, with a nominal principal of 8.15 trillion RMB [1] - The Trading Center aims to continue optimizing the "Swap Connect" mechanism in collaboration with the People's Bank of China and market participants [1]

Core Insights - The Digital Renminbi International Operation Center officially commenced operations in Shanghai on September 24, marking a new phase in the internationalization of the Renminbi driven by technology [1][4] - The center features three platforms: cross-border digital payment, blockchain services, and digital asset trading, aimed at providing efficient and compliant solutions for global cross-border finance [1][3] Group 1: Cross-Border Digital Payment - The cross-border digital payment platform integrates with Hong Kong's rapid payment system, reducing the traditional SWIFT settlement period from 3-5 days to minutes, with a pilot by Bank of Communications showing over 60% reduction in corporate settlement costs [3] - The platform achieves a breakthrough in "one-point access, global reach" [3] Group 2: Blockchain Services - The blockchain services platform addresses cross-chain collaboration challenges and has partnered with multiple central bank digital currency bridges, completing a 68 million yuan supply chain payment in seconds, enhancing the efficiency of fund and trade flow [3] Group 3: Digital Asset Trading - The digital asset platform is the first compliant pilot in China, supporting over 20 types of assets for on-chain trading, with the first test settlement efficiency improved by 50% and a suspicious transaction identification rate of 99.7% due to built-in anti-money laundering algorithms [3] Group 4: Regulatory and Technological Innovations - The center adheres to three principles: "no loss, compliance, interoperability," utilizing smart contracts for automated transaction verification, mitigating risks like double pledging, and promoting regulatory recognition with countries like Singapore and the UAE [3] - Examples such as the issuance of 500 million yuan green bonds in Shanghai Free Trade Zone and cross-border remittances in Chongqing demonstrate the empowering value of the "technology + regulation" model in the real economy, with financing efficiency in Shenzhen's cross-border supply chain increasing by 70% and Suzhou's currency bridge transactions growing over 40 times annually [3] Group 5: Global and Local Impact - The integration of 217 domestic and foreign institutions and coverage of 32 countries along the Belt and Road enhances Shanghai's infrastructure advantage as an international financial center [4] - China's proposed technical standards have been adopted by the Bank for International Settlements, promoting a diversified evolution of the international monetary system, with the World Bank estimating a potential reduction of over 40% in global cross-border payment costs [4] - The digital renminbi is positioned to inject lasting momentum into high-level openness and the development of the digital economy as it aims to cover 100 countries by the end of 2025 [4]

Core Insights - The "Swap Connect" mechanism allows domestic and foreign investors to connect through Hong Kong and mainland infrastructure institutions, facilitating participation in both Hong Kong and mainland financial derivative markets [1][3] - Recent optimization measures for "Swap Connect" aim to enhance market vitality and better meet the demand of foreign investors for managing RMB interest rate risks [1][4] Group 1 - "Swap Connect" provides foreign investors with a convenient tool for managing interest rate risks, reducing the impact of interest rate fluctuations on the value of their bond holdings [3] - Since its launch on May 15, 2023, "Swap Connect" has facilitated over 15,000 RMB interest rate swap transactions with a nominal principal of 8.15 trillion yuan from 82 foreign investors across 15 countries and regions by the end of August 2025 [3] - The optimization measures include establishing a dynamic adjustment mechanism for "Swap Connect" quote providers and expanding the pool of quote providers [4] Group 2 - A daily net limit dynamic assessment mechanism will be improved, with the daily net limit set to increase to 45 billion yuan starting from October 13, 2025 [4]

Core Insights - The 38th Global Financial Centre Index (GFCI38) indicates that Qingdao ranks 35th globally, with a stable score and a significant rise to 24th in financial technology, highlighting the potential of "technology empowering finance" in Qingdao [1] Group 1: Financial Development Strategies - Liu Guohong from the Shenzhen Comprehensive Development Research Institute emphasized the importance of Qingdao's financial center developing unique, specialized, and differentiated characteristics [1] - Xiao Geng from the Chinese University of Hong Kong (Shenzhen) proposed the "Qingdao-Hong Kong linkage" model, leveraging asset tokenization and blockchain financing to attract global investment in Qingdao's marine assets [1] - Dong Shaopeng from the Renmin University of China suggested creating a "capital ecosystem" to optimize the listing process and integrate marine industries with the digital ocean economy [1] Group 2: Investment and Policy Recommendations - Lan Feiteng, Chairman of Shenzhen Haishi Private Equity Venture Capital Fund Management Co., recommended that Qingdao adopt the Shenzhen model to enhance government-led investments in early-stage, small, and technology-driven projects [2] - Yu Jixin, former Managing Director of Guosen Securities, advocated for "listing upgrades" and emphasized the need for government support in nurturing specialized and innovative enterprises [2] - Liu Shangxi, former President of the Chinese Academy of Fiscal Sciences, discussed the importance of fiscal and financial collaboration for the internationalization of the RMB, suggesting local governments issue offshore RMB bonds to attract global investors [2]

Core Insights - China has established a digital yuan operations center in Shanghai to enhance its central bank digital currency strategy and manage cross-border payment networks, blockchain services, and digital asset platforms [1][2] - The initiative aims to internationalize the yuan and reduce reliance on the US dollar in global trade, reflecting a multipolar monetary vision [3][4] Group 1: Digital Yuan Operations Center - The People's Bank of China (PBOC) has launched a new digital yuan operations center in Shanghai to oversee various digital financial services [2] - The center is designed to boost the global presence of the digital yuan and modernize settlement processes through blockchain integration [3] Group 2: Reducing Dependence on the US Dollar - Chinese officials are actively seeking to decrease reliance on the US dollar, with recent signals indicating a more flexible approach to digital finance [4] - Authorities are considering the authorization of yuan-backed stablecoins to enhance the international use of the currency [5] Group 3: Stablecoin Development - In August 2025, discussions were held regarding the potential use of yuan-backed stablecoins to improve cross-border payment systems [5] - The launch of the first stablecoin linked to the offshore yuan (CNH) by Hong Kong fintech company AnchorX aims to facilitate cross-border transactions related to China's Belt and Road Initiative [6]

Core Viewpoint - China has accumulated a significant amount of social net wealth, and with low bank savings rates, the only way for this wealth to grow is through capital markets. This marks a transformative change in the sources of incremental capital market funding compared to the past [1]. Economic Challenges - During the "14th Five-Year Plan" period, China faces urgent challenges of demand constraints and insufficient consumption. Structural reforms in three key areas are recommended to effectively expand consumption [2]. Consumption Structure Issues - The consumption structure in China shows significant deviations when compared to international averages, primarily due to insufficient growth in service consumption. This structural bias is attributed to various factors, including low levels of public services, urbanization challenges, income disparities, and a long-standing policy focus on investment over consumption [4][5]. Structural Reforms for Consumption Expansion - To address consumption inadequacies, it is essential to focus on structural reforms that target the root causes of low consumption levels. This includes addressing the needs of low-income groups and improving access to essential services such as education, healthcare, and housing [7][8]. Specific Areas for Structural Reform - Three key areas for structural reform are identified: 1. Focus on providing housing solutions for migrant workers by converting unsold properties into affordable housing [8]. 2. Reform the rural pension system to increase pension income significantly, thereby unlocking consumption potential for a large segment of the population [9]. 3. Promote the smooth flow of production factors between urban and rural areas to stimulate a new wave of urbanization [9]. Financial Market Development - A strong financial market is essential for supporting a consumption-driven economy. The capital market is expected to enter a new development phase, with a shift in the sources of incremental funding due to declining real estate growth and low bank interest rates [12]. Global Market Integration - Implementing a balanced import-export strategy is crucial for enhancing the international status of the Chinese yuan. This involves increasing imports to boost the yuan's role as a reserve currency, moving away from a reliance on exports for foreign exchange reserves [12].