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香港将打造全球固定收益及货币中心
Xin Hua Wang· 2025-09-26 01:49
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]
数字人民币国际运营中心落沪背后的意义
21世纪经济报道· 2025-09-25 23:56
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].
中国外汇交易中心:建立“互换通”报价商动态调整机制
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]
建立“互换通”报价商动态调整机制
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]
聚焦全球经贸与金融变革 凤凰湾区财经论坛探讨新路径
Zhong Guo Xin Wen Wang· 2025-09-25 20:34
当前,数字技术已经成为重塑金融体系核心力量,全球央行数字货币研发加速,私人数字货币监管完 善,深刻影响跨境支付、货币主权与金融安全。 香港大学副校长(大学拓展)汪扬表示,中国致力构建更公平的国际贸易支付体系,而稳定币演进提供了 历史性机会,需战略布局;香港律政司"粤港澳大湾区律师顾问小组"成员余沛恒认为,需建立全球公认 监管架构,才能实现稳定币真正安全的跨链流通;摩根士丹利中国首席经济学家邢自强表示,稳定币、 RW等技术是辅助"术",推动经济回稳、提升企业盈利才是人民币国际化"道",二者结合才能推动人民 币国际化突破。 在全球资本流动重构与中国经济转型升级双重背景下,中国市场是否迎来新一轮增长周期,已成为全球 投资者焦点。 莲华资产管理有限公司管理合伙人洪灝预计,今年四季度中国将有更多支持政策出台,助力市场参与度 提升,并预计大宗商品市场、上游通缩预期及PPI将逐步回暖;深圳市林园投资管理有限责任公司董事 长林园建议,未来投资可聚焦人相关的精神需求领域,此类需求在产能过剩时代更稀缺。(完) 中新网广州9月25日电 (记者许青青)由凤凰卫视、凤凰网主办的"新格局新路径——凤凰湾区财经论坛 2025",于23日至 ...
“互换通”运行机制迎优化 提高每日净限额至450亿元
Zheng Quan Shi Bao· 2025-09-25 18:15
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]
香港固定收益及货币市场发展路线图出炉
在促进二级市场流动性方面,香港将落实推行场外固定收益及货币衍生工具制度,促进在香港发展回购 交易中央对手方,为发行人和投资者提供必要工具,管理其融资、流动性及风险。 在拓展离岸人民币业务方面,香港将扩大离岸人民币的应用,完善互联互通机制,以提升离岸人民币流 动性及增加人民币相关产品供应,不断应对全球市场变化,满足多元化趋势。 在新一代基建方面,香港将为固定收益及货币基建做好准备,支持新一代电子交易平台发展,促进市场 创新及落实代币化固定收益及货币产品的应用案例,确保香港的固定收益及货币基建保持高度适应能 力、韧性和竞争力,达到国际金融中心的要求。 ◎记者 何漪 在全球投资者多元化配置资产的背景下,全球资金再度汇聚香港。如何接住这"泼天的流量",让资金留 得住、发展得好,香港正式出招。 9月25日,香港证监会与香港金管局联合发布《固定收益及货币市场发展路线图》(简称"路线图"), 围绕一级市场发行、二级市场流动性、离岸人民币业务及新一代基建四个方面提出十大措施,推动固定 收益与货币市场生态升级,将香港发展成为全球固定收益及货币市场枢纽。 近年来,香港固定收益及货币市场实现了跨越式发展:2024年亚洲国际债券发行 ...
“互换通”运行机制再优化 便利投资者进行利率风险管理
业内人士表示,随着"互换通"不断扩容升级,其在推动人民币国际化和金融市场高水平开放中的作用将 愈发凸显。 据了解,"互换通"自2023年5月上线以来,为境外投资者配置人民币资产提供了便利高效的利率风险管 理工具。数据显示,截至2025年8月底,已有来自15个国家和地区的82家境外投资者参与,累计达成交 易1.5万余笔,名义本金8.15万亿元。 ◎记者 张欣然 9月25日,中国人民银行副行长邹澜在香港固定收益及货币论坛上表示,将扩充"互换通"报价商队伍, 优化报价商管理机制,并将每日交易净限额从目前的200亿元提升至450亿元,便利投资者进行利率风险 管理。 同日,中国外汇交易中心(下称"交易中心")发布消息称,为进一步提升"互换通"市场活力,更好满足 境外投资者管理人民币利率风险的需求,交易中心将在中国人民银行指导下优化"互换通"运行机制。 根据公告,优化措施包括两方面:一是建立"互换通"报价商动态调整机制,并扩充报价商队伍;二是完 善每日净限额动态评估机制,并自2025年10月13日起提高每日净限额至450亿元。 LPR作为我国商业银行贷款利率的核心定价基准,对资产价格影响广泛,市场对挂钩LPR的避险需求快 ...
地方债“走出去”持续发力 认可度显著提高
Zheng Quan Ri Bao· 2025-09-25 17:47
自2021年10月份我国离岸人民币地方债首发以来,地方债"走出去"在持续发力。据《证券日报》记者不 完全统计,今年以来截至目前,已有多地在香港特别行政区、澳门特别行政区成功发行离岸人民币地方 债,发行规模已达到125亿元。 投资者认购踊跃 9月23日,"深圳财政"微信公众号发布消息称,日前深圳市政府在香港特别行政区成功发行2025年离岸 人民币地方政府债券。这是深圳市连续第五年安排地方政府债券在香港簿记发行、登记托管并挂牌上 市,持续推进粤港澳大湾区金融市场互联互通。本次发行债券规模为40亿元人民币,发行期限为2年 期、5年期、10年期,发行利率逐年下降。 除在香港连续发债外,深圳在今年9月9日还首次在澳门特别行政区成功发行10亿元离岸人民币地方政府 债券。 另据了解,广东、海南两地今年也已成功发行离岸人民币地方债。其中,8月26日,广东省政府在澳门 成功发行25亿元离岸人民币地方债,是广东连续第5年安排地方政府债券在澳门本地簿记发行、登记托 管并上市交易;9月12日,海南省2025年离岸人民币地方政府债券在香港完成簿记定价并发行,发行规 模50亿元人民币。 在明明看来,离岸人民币地方债的资金投向,不仅涵盖了 ...
地方债“走出去”持续发力认可度显著提高
Zheng Quan Ri Bao· 2025-09-25 17:29
这些债券的发行情况也同样可圈可点。例如,深圳在香港发行的40亿元离岸人民币地方债吸引了多个来自不同国家和地区 的账户下单认购,簿记定价峰值订单倍数高达4.7倍;深圳9月9日首次在澳门发行的离岸人民币地方债簿记峰值达到66.2亿元人 民币,认购倍数达6.62倍,创下人民币债券在澳门发行订单倍数历史新高,同时,市场订单金额超过发行规模的50%。 本报记者 韩昱 自2021年10月份我国离岸人民币地方债首发以来,地方债"走出去"在持续发力。据《证券日报》记者不完全统计,今年以 来截至目前,已有多地在香港特别行政区、澳门特别行政区成功发行离岸人民币地方债,发行规模已达到125亿元。 投资者认购踊跃 9月23日,"深圳财政"微信公众号发布消息称,日前深圳市政府在香港特别行政区成功发行2025年离岸人民币地方政府债 券。这是深圳市连续第五年安排地方政府债券在香港簿记发行、登记托管并挂牌上市,持续推进粤港澳大湾区金融市场互联互 通。本次发行债券规模为40亿元人民币,发行期限为2年期、5年期、10年期,发行利率逐年下降。 除在香港连续发债外,深圳在今年9月9日还首次在澳门特别行政区成功发行10亿元离岸人民币地方政府债券。 另 ...