市场消息指，中国人民银行透过上海黄金交易所(「上金所」)，在过去几个月里接触了部分友好国家的 央行，鼓励他们购买黄金并储存在上金所国际板保税仓库中，据悉已吸引了至少一个东南亚国家的兴 趣。 有不愿署名的市场人士向I&M表示，这「至少一个东南亚国家」最有可能的或许是马来西亚，一是因为 马来央行的黄金储备只有不到40吨，在东盟国家中颇为落后，二来则是因为马来西亚向来与中国保持着 良好的外交关系，中国连续16年成为马来西亚的第一大贸易伙伴，而早在2014年，中马两国央行就已签 署了人民币清算安排合作备忘录，2024年中马跨境人民币收付金额超过3,000亿元人民币，在所有东盟 国家中排名第二。 「另外，如果真如市场所言，人民银行鼓励外国央行新购买黄金，然后存放在上交所的仓库里，而不是 将已有黄金储备从其他仓库转移过来，那么这里就有一个重点不能忽视，那就是"新买黄金"，用什么 买？跟谁买？」上述市场人士表示，「按照央行买金的一般操作，最有可能的就是外国央行用离岸人民 币，在上交所国际板买黄金，然后储存在上交所的仓库里(当然他们也可以选择运回本国)，而这也符合 中国希望推进人民币国际化的逻辑。」 请登录"投资洞见与委托" ...

Core Viewpoint - The Digital Renminbi International Operation Center has officially commenced operations, aiming to enhance cross-border payment systems and support the internationalization of the Renminbi [2][3]. Group 1: Digital Renminbi International Operation Center - The center's business platform includes three main components: a cross-border digital payment platform, a blockchain service platform, and a digital asset platform [2]. - The cross-border digital payment platform aims to address pain points in traditional cross-border payments using legal digital currency [2]. - The blockchain service platform supports standardized blockchain transaction transfers and on-chain digital Renminbi payment services [2]. Group 2: Financial Infrastructure and Global Payment System - The People's Bank of China (PBOC) emphasizes the need for an improved global cross-border payment system, addressing issues such as the gap between traditional payment methods and emerging digital technologies [3][4]. - The PBOC has established principles for cross-border infrastructure development, focusing on openness, compliance, and interoperability [3]. - The digital Renminbi infrastructure aims to enhance regulatory efficiency and transparency in financial transactions [3]. Group 3: Shanghai's Role in Digital Currency - The establishment of the Digital Renminbi International Operation Center in Shanghai aligns with the city's goal of becoming an international financial center [5]. - Shanghai's local government is encouraged to expand the application scenarios and usage of the digital Renminbi to boost its internationalization [5][6]. - The PBOC supports Shanghai in becoming a global center for Renminbi asset allocation and risk management [6]. Group 4: Future Prospects - The PBOC plans to continue supporting the Digital Renminbi International Operation Center to facilitate cross-border trade and investment [7].

Group 1 - The core report indicates that Hong Kong's overall score increased by 4 points to 764, maintaining its position as the third global financial center and the first in the Asia-Pacific region, with the score gap to New York and London narrowing to 2 points and 1 point respectively [1] - Hong Kong's ranking in financial technology rose from fourth to first globally, while its rankings in "business environment," "infrastructure," and "reputation and comprehensive" also improved to first globally [1] - The report highlights Hong Kong's strong performance in various financial sectors, ranking in the top three globally for banking, investment management, insurance, and financing [1] Group 2 - The Chief Executive of Hong Kong, John Lee, announced a series of policy measures aimed at strengthening the financial system, promoting the development of the stock market, fixed income market, and asset and wealth management [2] - The government emphasizes the importance of national support in enhancing Hong Kong's status as a leading international financial center, with ongoing improvements in international rankings validating the government's policy direction [2] - New growth areas are being accelerated, including the establishment of an international gold trading market and the development of a commodities trading ecosystem to further solidify Hong Kong's international financial center position [2]

Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) have jointly announced a "Roadmap for the Development of Fixed Income and Money Markets" aimed at positioning Hong Kong as a global hub for fixed income and currency markets through demand, liquidity, and innovation [1][2] Group 1 - The roadmap outlines four key pillars: primary market issuance, secondary market liquidity, offshore RMB business, and next-generation infrastructure, serving as a blueprint for future policy development by the SFC and HKMA [1] - Ten initiatives are proposed to consolidate Hong Kong's existing advantages, including attracting issuers to use Hong Kong as a fundraising hub and providing risk management and liquidity management tools for issuers and investors [1] - The roadmap emphasizes the need to enhance the scale and liquidity of offshore RMB usage and to develop next-generation financial infrastructure to empower market innovation [1] Group 2 - The HKMA's Chief Executive, Eddie Yue, stated that the government will continue to strengthen its advantages to develop Hong Kong as a global fixed income center and further solidify its position as a leading offshore RMB business hub [2] - The government will respond to market changes and promote innovation to seize opportunities arising from trends such as RMB internationalization and the digitization of fixed income and money markets [2]

Core Viewpoint - The establishment of the Digital Renminbi International Operation Center in Shanghai marks a significant step in the infrastructure development for the international application of the digital renminbi, facilitating cross-border digital payments and enhancing the internationalization of the renminbi [1][4][9]. Group 1: Digital Renminbi International Operation Center - The Digital Renminbi International Operation Center has three main business platforms: cross-border digital payment platform, blockchain service platform, and digital asset platform, which are interconnected through a common blockchain foundation [1][5]. - The operation of the center signifies a strategic move by the central bank to promote the internationalization of the renminbi and the digitalization of finance, providing a clear path for extending digital currency applications from domestic trials to international use [1][4][11]. Group 2: Impact on Shanghai's Financial Center - The center's establishment is expected to inject new vitality into Shanghai's development as an international financial center, enhancing its global financial resource allocation capabilities and attracting more international financial institutions and investors [2][9][10]. - The operation of the center will foster financial technology innovation in Shanghai, leading to new business models and products, particularly through the integration of blockchain and smart contracts for real-time cross-border payment settlements [3][10][11]. Group 3: Benefits of the Business Platforms - The three business platforms aim to reduce costs, improve efficiency, and enhance traceability in cross-border payments, aligning with the central bank's principles of "no loss, compliance, and interoperability" [4][7]. - The cross-border digital payment platform addresses pain points in traditional cross-border payments, while the blockchain service platform enhances transaction transparency and regulatory oversight [5][6][7]. Group 4: Global Financial Technology Center - The Digital Renminbi International Operation Center will strengthen Shanghai's position in the global financial technology ecosystem, attracting related fintech companies and fostering sectors such as supply chain finance and cross-border e-commerce [11][12]. - The center's operation is anticipated to elevate Shanghai's status in the global central bank digital currency application landscape, facilitating the transition from a traditional financial hub to a digital finance nexus [11][12].

Core Viewpoint - The Chinese Foreign Exchange Trading Center is optimizing the "Swap Connect" mechanism to enhance market vitality and better meet the demand of foreign investors for managing RMB interest rate risks [1] Group 1: Mechanism Optimization - The new measures include establishing a dynamic adjustment mechanism for "Swap Connect" quote providers and expanding the number of quote providers [1] - A daily net limit dynamic assessment mechanism will be improved, with the daily net limit raised to 45 billion RMB starting from October 13, 2025 [1] Group 2: Market Impact - Since its launch on May 15, 2023, "Swap Connect" has facilitated RMB asset allocation for foreign investors, serving as an efficient tool for interest rate risk management [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] Group 3: Future Collaboration - The trading center will continue to work closely with domestic and foreign market participants and infrastructure under the guidance of the People's Bank of China to further optimize the "Swap Connect" mechanism [1] - This initiative aims to support the high-level opening of China's financial market and the internationalization of the RMB [1]

Core Viewpoint - The optimization of the "Swap Connect" mechanism aims to enhance market vitality and better meet the needs of foreign investors in managing RMB interest rate risks [1] Group 1: Mechanism Enhancements - The "Swap Connect" will implement a dynamic adjustment mechanism for quote providers and expand the number of quote providers [1] - A daily net limit dynamic assessment mechanism will be improved, with the daily net limit raised to 45 billion RMB starting from October 13, 2025 [1] Group 2: Market Impact - Since its launch on May 15, 2023, "Swap Connect" has facilitated efficient interest rate risk management for foreign investors in RMB asset allocation [1] - As of August 31, 2025, 82 foreign investors from 15 countries and regions have completed over 15,000 RMB interest rate swap transactions, with a nominal principal of 8.15 trillion RMB [1] Group 3: Future Collaboration - The trading center will continue to optimize the "Swap Connect" mechanism in collaboration with the People's Bank of China and market participants both domestically and internationally [1] - This initiative supports the high-level opening of China's financial market and the internationalization of the RMB [1]

Group 1: Global Economic Landscape - The global economic landscape is undergoing profound changes, characterized by rule restructuring, geopolitical tensions, and technological revolutions, leading to a reconfiguration of trade orders [1] - The rise of trade protectionism is increasing operational costs and uncertainties for enterprises, necessitating a reshaping of layouts and a focus on technological innovation and brand building for Chinese companies [1] Group 2: Financial System and Digital Technology - Digital technology is becoming a core force in reshaping the financial system, with accelerated development of central bank digital currencies and improved regulation of private digital currencies impacting cross-border payments and financial security [2] - The evolution of stablecoins presents a historic opportunity for establishing a fairer international trade payment system, requiring strategic planning and a globally recognized regulatory framework for safe cross-chain circulation [2] Group 3: Investment Opportunities - There is a growing focus among global investors on whether the Chinese market is entering a new growth cycle amid the restructuring of global capital flows and the upgrading of the Chinese economy [2] - Predictions indicate that more supportive policies will be introduced in China in Q4, enhancing market participation, with expectations of a gradual recovery in the commodity market and upstream deflation [2]

Group 1 - The core viewpoint of the news is the optimization of the "Swap Connect" mechanism to enhance the interconnectivity and vitality of the interest rate swap market between mainland China and Hong Kong [1][2] - The China Foreign Exchange Trading Center announced the establishment of a dynamic adjustment mechanism for market makers and the expansion of the market maker team [1] - Starting from October 13, 2025, the daily net limit for "Swap Connect" will be increased to 45 billion yuan [1] Group 2 - Since its launch on May 15, 2023, "Swap Connect" has facilitated efficient interest rate risk management for foreign investors in RMB asset allocation, with a total of over 15,000 transactions and a nominal principal of 8.15 trillion yuan from 82 foreign investors across 15 countries and regions by the end of August 2025 [1] - In May 2024, the "Swap Connect" mechanism will be further optimized to include new interest rate swap contracts with international currency market settlement days and historical interest rates, as well as contract compression features [1] - There is a growing interest from international investors in RMB interest rate swaps, leading to increased demand for "Swap Connect" products, prompting market institutions to suggest expanding trading limits and diversifying product offerings [1][2]

Core Viewpoint - Hong Kong is taking significant steps to enhance its fixed income and currency markets, aiming to establish itself as a global hub for these sectors through a newly released roadmap that includes ten measures across four key areas [1][2][3] Group 1: Roadmap Overview - The roadmap focuses on four main areas: primary market issuance, secondary market liquidity, offshore RMB business, and next-generation infrastructure [1][2] - A dedicated task force for fixed income and currency was established in 2024 to explore market needs and develop the ecosystem [1] Group 2: Primary Market Issuance - Hong Kong plans to lead market development by issuing government bonds and promoting its advantages to target issuers and investors [1] - The goal is to expand the investor base, including family offices and funds, to attract more local and overseas issuers [1] Group 3: Secondary Market Liquidity - The implementation of an over-the-counter fixed income and currency derivatives system is aimed at enhancing liquidity [2] - Development of a central counterparty for repurchase transactions will provide necessary tools for managing financing, liquidity, and risk [2] Group 4: Offshore RMB Business - Hong Kong will enhance the application of offshore RMB and improve connectivity mechanisms to boost liquidity and product supply [2] - The focus is on adapting to global market changes and meeting diverse trends [2] Group 5: Next-Generation Infrastructure - Preparations for fixed income and currency infrastructure will include supporting the development of new electronic trading platforms [2] - The roadmap emphasizes innovation and the implementation of tokenized fixed income and currency products to maintain competitiveness [2] Group 6: Future Initiatives - The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) are collaborating with market participants to advance the measures outlined in the roadmap [2][3] - The SFC aims to expand the issuance of RMB fixed income products and enhance secondary market liquidity while optimizing risk management mechanisms [3]