全媒体记者/王占全 （上海，2025年6月18日） 在全球经济格局深度调整、金融治理面临多重挑战的背景下，以"全球经济变局中的金融开放合作与高质量发展"为主 题的2025陆家嘴论坛于今日在上海开幕。中国人民银行、国家金融监督管理总局、中国证监会、国家外汇管理局等中 央金融管理部门负责人齐聚黄浦江畔，密集发布多项重磅政策，全面展现中国以高水平开放推动金融高质量发展的决 心，为上海国际金融中心建设注入新动能。 一、金融开放：制度型突破与工具创新双轮驱动 1. 央行八项举措构建开放新框架 中国人民银行行长潘功胜在开幕式上宣布八项金融开放举措，涵盖金融基础设施、数字金融、跨境贸易等关键领域。 其中，银行间市场交易报告库的设立尤为瞩目，通过高频汇集债券、货币、衍生品等多市场数据，将有效打破信息壁 垒，提升跨市场风险监测能力，为宏观审慎管理提供支撑。此举回应了当前商业银行多元化资产配置带来的风险传导 隐忧，标志着中国金融监管从分业监管向穿透式监管的重要跨越。 在数字金融领域，数字人民币国际运营中心的落地将加速人民币国际化进程。该中心将推动数字人民币在跨境支付、 贸易融资等场景的应用，尤其联动香港、东盟等区域，探索"数字人 ...

来源：全国银行间同业拆借中心 银行间质押式回购市场方面，DR001仍在1.4%下方低位震荡，7D、14D资金利率走高。具体看，DR001、R001加权平均利率分别与前日持平、上行 0.7BP，报1.3706%、1.4307%，成交额分别增加225亿元、2619亿元；DR007、R007加权平均利率分别上行0.4BP、2.5BP，报1.5267%、1.5773%，成交额 分别减少168亿元、446亿元；DR014、R014加权平均利率分别上行7.2BP、0.5BP，报1.673%、1.7464%，成交额分别增加100亿元、601亿元。 货币市场利率（6月18日） 新华财经北京6月18日电（刘润榕）人民银行18日开展1563亿元7天期逆回购操作，操作利率持平1.40%；鉴于当日有1640亿元7天期逆回购到期，公开市 场实现净回笼77亿元。 上海银行间同业拆放利率（Shibor）仅14天品种小幅走升。具体来看，隔夜Shibor下跌0.30BP，报1.3660%；7天Shibor下跌0.30BP，报1.5050%；14天 Shibor上涨8.40BP，报1.6550%。 | | | | 2025-06-18 11:0 ...

Core Viewpoint - The People's Bank of China announced eight financial opening measures aimed at enhancing the internationalization of the digital renminbi and improving cross-border financial services [1][12]. Group 1: Financial Market Opening - The new measures include the establishment of a digital renminbi international operation center to promote its international use and financial market development [1]. - Initiatives such as developing offshore bonds and optimizing free trade account functions will expand financing channels for Belt and Road enterprises and improve cross-border capital flow efficiency [3]. Group 2: Cross-Border Financial Support - Increasing the usage of digital renminbi in cross-border finance will simplify transaction processes and reduce costs, providing safer and more convenient payment methods for international trade [4]. - Enhanced cross-border financial policies will offer more support to foreign trade enterprises, especially amid uncertain US-China trade policies, and attract more international capital, boosting confidence in the stock and bond markets [6]. Group 3: Product Innovation and Risk Control - The establishment of an interbank market transaction reporting database and personal credit institutions will improve the precision of financial services [8]. - These measures will provide financial institutions with better data support to create differentiated and personalized financial products, enhance transaction data transparency, and improve macroeconomic regulation and financial market supervision [10]. Group 4: Overall Impact - Overall, the eight measures will help financial institutions provide more effective services to the real economy and cross-border trade, while further enhancing the openness and international competitiveness of China's financial market [12].

Financial Policy Initiatives - The People's Bank of China announced eight significant financial opening measures at the 2025 Lujiazui Forum, including the establishment of an interbank market trading report database to analyze trading data across various financial sub-markets [2][3] - A digital RMB international operation center will be set up to facilitate the use of digital currency in international transactions [2] - The establishment of personal credit institutions aims to provide diversified credit products and enhance the social credit system [2] Offshore Trade and Financing - A pilot program for offshore trade financial services will be launched in the Shanghai Lingang New Area to support the development of offshore trade [3] - The development of offshore bonds will follow international standards to broaden financing channels for enterprises involved in the Belt and Road Initiative [3] - The optimization of free trade account functions will enhance the efficient flow of funds between quality enterprises and foreign capital [3] Digital Transformation in Textiles - By 2027, over 70% of key business processes in large-scale textile enterprises are expected to be fully digitized, as part of a digital transformation initiative led by six government departments [7] - The initiative aims to create over 150 digital transformation scenarios and 60 benchmark enterprises, promoting high-quality development in the textile industry [7] Silver Economy Development - The city of Foshan is focusing on the silver economy, with plans to hold a high-quality development conference to discuss strategies for enhancing the welfare of the elderly [11] - Foshan has over 1,000 enterprises related to elderly products, indicating a growing market in this sector [11] Software Industry Growth - The 2025 Nanjing Software Conference aims to support the development of a trillion-level software city, focusing on industrial software innovation and collaboration [13] - The conference will launch several reports and initiatives to promote high-quality development in the software industry [13] Hong Kong-Shanghai Financial Cooperation - The signing of the "Hong Kong-Shanghai International Financial Center Collaborative Development Action Plan" aims to deepen financial cooperation between the two cities [15] - The plan includes measures to enhance connectivity, support mainland enterprises in going global, and promote financial innovation [15] Monetary Policy Support in Chongqing - A new monetary policy tool with a total scale of 50 billion yuan has been launched in Chongqing to support high-quality economic development in various sectors [17] - The initiative will provide low-cost credit funding to high-tech and specialized small and medium-sized enterprises [17]

Core Viewpoint - The article emphasizes the importance of accelerating the construction of Shanghai as an international financial center, guided by Xi Jinping's thoughts and focusing on enhancing competitiveness and influence through financial system reform and internationalization [1]. Group 1: Key Measures - Deepening financial market construction by promoting high-quality development of multi-level equity markets and supporting the establishment of a world-class futures exchange in Shanghai [2]. - Enhancing the capabilities of financial institutions by attracting large domestic and foreign financial entities and promoting the establishment of international financial organizations in Shanghai [2]. - Improving financial infrastructure to support a leading international financial infrastructure system and enhancing the cross-border payment and settlement system for the Renminbi [3]. Group 2: Expanding Financial Openness - Gradually expanding institutional openness in the financial sector to align with international trade rules and facilitating cross-border trade and investment [3]. - Improving the quality and efficiency of services to the real economy by establishing a financial reform pilot zone focused on technology innovation and developing green finance standards [4][6]. - Ensuring financial security under open conditions by utilizing advanced technologies for risk assessment and establishing a monitoring and early warning system for cross-border capital flows [6][7]. Group 3: Implementation Mechanism - The Central Financial Office will collaborate with local authorities and financial regulatory bodies to establish a coordination mechanism for the construction of the Shanghai International Financial Center, ensuring the implementation of central government decisions [4].

Key Points - The 2025 Lujiazui Forum highlighted significant financial reforms and initiatives aimed at enhancing China's capital market and international financial center status [1][2][3] - The People's Bank of China announced eight major financial opening measures, including the establishment of a trading report database and a digital RMB international operation center [1][2] - The China Securities Regulatory Commission (CSRC) is focusing on enhancing the inclusiveness and adaptability of the capital market, particularly through reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market [1][3] - The Financial Supervision Administration is collaborating with the Shanghai government to release an action plan to support the construction of Shanghai as an international financial center, promoting innovation in technology finance and cross-border finance [2][3] - The CSRC has announced that starting from October 9, 2025, qualified foreign investors will be allowed to participate in on-exchange ETF options trading, limited to hedging purposes [2][3] - The Shanghai Futures Exchange is expanding the range of commodities available for qualified foreign institutional investors, adding natural rubber, lead, and tin futures and options [5] - The joint action plan between Shanghai and Hong Kong aims to enhance cross-border financial services and facilitate the establishment of non-resident accounts [4][5]

Group 1 - The report highlights the opening of the Lujiazui Forum on June 18, 2025, focusing on financial openness and high-quality development amid global economic changes, with key speeches from leaders of the People's Bank of China, financial regulatory authorities, and the China Securities Regulatory Commission [3][4] - Eight significant financial opening measures were announced, including the establishment of a trading report library for the interbank market, a digital RMB international operation center, and a personal credit agency, aimed at enhancing financial infrastructure and supporting the Belt and Road Initiative [3][4] - The report emphasizes the internationalization of the digital RMB, aiming to simplify cross-border transactions and reduce costs, thereby increasing the currency's global influence and importance in financial markets [3][4] Group 2 - The report discusses the focus on financial cooperation and technological finance development, with regulatory authorities working to improve management standards and eliminate restrictive measures in the banking and insurance sectors [4] - It highlights the importance of technological finance as a key area for innovation, with initiatives to attract quality cross-border capital into tech enterprises, fostering a positive cycle between technology, industry, and finance [4] - The report outlines the CSRC's commitment to deepening capital market reforms, including the introduction of new standards for the Sci-Tech Innovation Board and the Growth Enterprise Market, aimed at better supporting innovative enterprises [4]

Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints - Domestic fundamental data in May showed mixed results, with industrial growth slightly declining, social retail sales exceeding expectations, fixed - asset investment scale continuously shrinking, and the unemployment rate improving month - on - month. Financial data remained divided, with government bonds being the main support for social financing, and corporate credit demand weakening due to the cooling real estate market and hidden debt replacement. In the trade aspect, the pulling effect of pre - exported goods continued to weaken, and exports in May slightly declined [3]. - The central bank announced eight incremental policies at the Lujiazui Forum, which are helpful for the construction of a modern monetary policy system and enhancing the ability to manage exchange - rate risks. Overseas, the US labor market cooled, the number of initial jobless claims continued to increase, and the market expected the Fed's first interest - rate cut to be in September [3]. - Given that domestic domestic demand needs to be boosted and the central bank has carried out repurchase operations to maintain a balanced and loose capital market, treasury bond futures are expected to remain strongly volatile in the short term, and investors are advised to maintain a certain position [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Futures Prices and Volumes**: On June 18, 2025, the closing prices of T, TF, TS, and TL were 109.140, 106.280, 102.544, and 120.900 respectively, with changes of - 0.01%, - 0.01%, 0.01%, and 0.09%. The trading volumes of T, TF, TS, and TL were 48,250, 39,784, 27,708, and 52,815 respectively, with changes of - 429, + 194, + 1,018, and - 1,625 [2]. - **Futures Spreads**: The spreads of various contracts showed different changes. For example, the TL2512 - 2509 spread increased by 0.06 to - 0.13, and the T09 - TL09 spread decreased by 0.10 to - 11.76 [2]. - **Futures Positions**: The positions of T, TF, TS, and TL showed different trends. For example, the T main - contract position decreased by 2,200 to 203,959, and the TF main - contract position decreased by 804 to 155,973 [2]. 3.2 Bond Market - **CTD Bonds**: The net prices of some CTD bonds changed. For example, the net price of 250007.IB decreased by 0.0103 to 101.4059, and the net price of 250006.IB increased by 0.0037 to 100.3779 [2]. - **Active Bonds**: The yields of active bonds decreased. For example, the 1 - year yield decreased by 2.85bp to 1.3700%, and the 3 - year yield decreased by 2.50bp to 1.3825% [2]. 3.3 Interest Rates - **Short - term Interest Rates**: The short - term interest rates showed different trends. For example, the silver - pledged overnight rate decreased by 0.05bp to 1.3795%, and the Shibor overnight rate decreased by 0.30bp to 1.3660% [2]. - **LPR Rates**: The 1 - year and 5 - year LPR rates remained unchanged at 3.00% and 3.5% respectively [2]. 3.4 Industry News - **Central Bank Policies**: The central bank announced eight incremental policies at the Lujiazui Forum, including promoting RMB foreign - exchange futures trading and establishing an inter - bank market transaction report, which is conducive to the construction of a modern monetary policy system and enhancing exchange - rate risk management capabilities [2][3]. - **CSRC Reforms**: The CSRC will launch a "1 + 6" policy measure to further deepen the reform of the Science and Technology Innovation Board, including setting up a growth layer and restarting the listing of unprofitable enterprises under the fifth set of standards [2]. - **Financial Regulatory Policies**: The financial regulatory authority will replicate and promote the experience of the free - trade zone and free - trade port in expanding institutional opening, support foreign - funded institutions to participate in more financial business pilots, and optimize the business environment for foreign investment [2].

Financial System and Global Governance - The international monetary system is evolving towards a structure with a few dominant sovereign currencies competing and balancing each other[11] - The global cross-border payment system is developing towards greater efficiency, security, inclusiveness, and diversity[11] - New structural monetary policy tools are being innovated, including pilot programs for blockchain credit letters and cross-border trade financing[12] Financial Opening and Opportunities - China's financial high-level opening has vast prospects, focusing on expanding consumer demand and financial services[3] - Strong momentum in green finance, with foreign institutions introducing ESG rating systems and climate risk management tools[3] - Significant potential in pension finance, with plans to expand pension wealth management and insurance products[3] Capital Market and Innovation - The capital market is being enhanced to better support technology and industrial innovation, with new policies to facilitate the listing of unprofitable tech companies[6] - The introduction of a "1+6" policy framework aims to deepen reforms in the capital market, including the establishment of a growth tier on the Sci-Tech Innovation Board[23] - Emphasis on nurturing long-term capital and improving the service system for technology enterprises throughout their lifecycle[23] Foreign Exchange Management - A comprehensive foreign exchange management system is being established to enhance convenience, openness, safety, and intelligence[28] - Ten facilitation policies will be implemented in free trade pilot zones, including optimizing international trade settlement and expanding the Qualified Foreign Limited Partner (QFLP) pilot[28] - The RMB exchange rate is expected to remain stable, with a focus on managing risks associated with the weakening of the US dollar's dominance[28]

21世纪经济报道记者 唐婧 北京报道 6月19日，2025陆家嘴论坛隆重开幕，主题为"全球经济变局中的金融开放合作与高质量发展"。中国人 民银行行长潘功胜、金融监管总局局长李云泽、中国证监会主席吴清、国家外汇局局长朱鹤新出席会议 并发表主题演讲。 作为陆家嘴论坛的重头戏，每年金融管理部门在开幕式上的演讲都会受到市场关注，因其通常都会释放 有关金融领域的监管与改革重要信号。日前举行的上海市政府新闻发布会也已提前透露，2025陆家嘴论 坛期间，中央金融管理部门将发布若干重大金融政策。 谈及全球金融稳定体系，潘功胜认为，该体系正面临三大挑战：一是监管框架仍然碎片化，甚至出 现"竞争性逐底"的倾向；二是数字金融等一些新兴领域监管不足；三是对非银行中介机构的监管仍然薄 弱。未来，应以强有力的国际货币基金组织为核心，构建多元、高效的全球金融安全网，维护全球金融 监管规则的一致性和权威性，是危机防范与化解的关键路径，也是应该继续坚持的方向。 谈及国际金融组织治理，潘功胜指出，国际社会应该关注，个别成员国奉行单边主义的政策取向，干预 和影响了国际金融组织的治理和运作。国际金融组织需要与时俱进推进治理改革，动态反映成员国在全 ...