Group 1 - The core message is that the news regarding the collaboration between China Rare Earth Group, Ant Group, and the People's Bank of China to create the world's first rare earth-backed RMB stablecoin is false and misleading [1][4] - China Rare Earth Group issued a statement denying any cooperation or plans related to the so-called "rare earth RMB stablecoin," labeling the information as fabricated by malicious individuals [1] - Ant Group also clarified through its official Weibo account that it has never had any plans with the mentioned institutions regarding such a stablecoin [4] Group 2 - The announcement of a rare earth-backed stablecoin project by Ant Group and China Rare Earth Group was initially reported but later denied by both parties [1][4] - The false information aimed to mislead the public and induce investors to focus on related sectors, prompting both companies to urge the public to be cautious and avoid falling for scams [4]

Group 1 - The Central Securities Depository Co., Ltd. announced the simplification of the investment process for foreign central bank institutions, eliminating the requirement for a signed commitment letter [1] - The previous investment process for foreign central banks involved three steps: registration, signing an agency agreement, and account opening [1] - The People's Bank of China aims to enhance the internationalization of the Renminbi and facilitate foreign investors' access to the Chinese market [2] Group 2 - The Central Securities Depository Co., Ltd. will continue to strengthen national financial infrastructure and improve core service capabilities [1] - The People's Bank of China is focused on transforming the financial market towards comprehensive institutional opening and increasing the liquidity of Renminbi financial assets [2]

Group 1 - The central viewpoint of the article is the announcement by the Central Government Bond Registration and Settlement Co., Ltd. to simplify the investment process for foreign central bank institutions, eliminating the requirement for a signed commitment letter [1][2] - The previous investment process for foreign central banks involved three steps: registration, signing an agency agreement, and account opening [1][2] - The People's Bank of China aims to enhance the internationalization of the Renminbi and facilitate foreign investors' access to the Chinese market, thereby enriching the types of investable assets [2]

来源：华泰睿思 在 《港股重估蓄势待发》（深度研究 港股重估蓄势待发，2025.5.23）等报告中，华泰总量及行业团队 提出需战略性重视香港的配置，除了投资者熟知的香港中资股外，也强调关注香港本身作为小型开放经 济体的修复（【华泰宏观 专题】香港资产相对优势凸显，2025.5.22），以及香港地产（华泰 房地产： 把握资产重估预期下的香港地产机遇，2025.5.25）、银行（华泰 银行：重视中国资产重估下港银机 会，2025.5.23）、非银（《港交所：人民币升值预期下的价值重估》，2025.8.10）等资产重估机会。 2025年5月23日至今，香港本地股和MSCI香港指数分别上涨10.2%和12.4%，相对恒生指数（5.3%）和 MSCI中国指数（5.9%）均有超额收益 。 核心观点 香港本地股特征：重金融地产、高股息，ROE已修复但估值不高 我们以香港本地收入占比高于20%（接近友邦保险比例）作为香港本地股的划分依据。目前全部港股共 2649只，总流通市值约44万亿港币；香港本地股663只，总流通市值6.6万亿港币；其中个股流通市值大 于200亿港币和纳入港股通的香港本地股分别31和42只，总流通市值都接 ...

Core Insights - Panda bonds are an important channel for offshore institutions to raise funds in RMB, with a steady increase in the number of issuers and types, including international development institutions, foreign governments, offshore financial institutions, and non-financial enterprises [1][4] - The issuance of panda bonds has seen significant growth, with a total issuance scale of 111.2 billion RMB in the interbank market this year, where foreign government institutions, international development institutions, and multinational enterprises accounted for 50% of the issuance, an increase of 27 percentage points compared to the entire year of 2024 [1] Group 1: Recent Developments - The Asian Infrastructure Investment Bank (AIIB) returned to the Chinese bond market, issuing a 2-year panda bond that raised 2 billion RMB with a coupon rate of 1.64%, achieving a record high subscription of 6.4 billion RMB, which is 3.2 times oversubscribed [2] - Morgan Stanley successfully issued a panda bond of 2 billion RMB with a 5-year term and a coupon rate of 1.98%, marking the first panda bond issued by a US-based company [2] - Hungary has become the largest foreign government issuer of panda bonds, successfully issuing 4 billion RMB in 3-year and 1 billion RMB in 5-year bonds, with coupon rates of 2.5% and 2.9% respectively [3] Group 2: Market Expansion - The panda bond market is experiencing internationalization, with participation from various foreign governments and financial institutions, including South Korea, Poland, and Egypt, which have collectively issued 35.46 billion RMB in panda bonds [4] - The continuous opening of cross-border investment and financing, along with the expansion of the RMB cross-border payment system, is expected to attract more sovereign institutions and offshore enterprises into the panda bond market, enhancing economic connectivity between China and the global economy [5]

Core Insights - The "8·11 Exchange Rate Reform" was a significant step towards enhancing the market-oriented nature of the RMB to USD exchange rate, reflecting the central bank's commitment to allowing market forces to play a larger role [1][3] - Over the past decade, the central bank has steadily deepened the reform of the exchange rate formation mechanism, leading to increased flexibility and stability of the RMB exchange rate [1][4] Summary by Sections Background of the Reform - Prior to the "8·11 Reform," the international economic landscape was complex, with the US economy recovering and expectations of a Federal Reserve interest rate hike, leading to a stronger USD and weaker currencies in other regions [2] - From July 2014 to July 2015, the nominal and real effective exchange rates of the RMB appreciated by 11.6% and 11.3%, respectively, indicating a significant deviation from market expectations [2] Mechanism of the Reform - The reform aimed to enhance the market-oriented nature and benchmark status of the RMB to USD exchange rate by adjusting the middle price quotation mechanism [3] - The central bank emphasized the importance of market supply and demand in determining the exchange rate, allowing for appropriate adjustments to return to a reasonable equilibrium level [3] Market Developments Post-Reform - Since the reform, the RMB exchange rate has exhibited increased elasticity, with both appreciation and depreciation becoming common, thus better serving as a stabilizer for the macroeconomy and international balance of payments [4][5] - In the first quarter of 2025, the RMB to USD exchange rate middle price fluctuated between 7.1688 and 7.1891, with a near-even split of appreciation and depreciation days [5] Future Directions for Reform - The central bank plans to continue enhancing the elasticity of the RMB exchange rate, allowing for timely adjustments to reflect market demands and economic fundamentals [6] - The reform has also facilitated the RMB's inclusion in the Special Drawing Rights (SDR) basket, promoting its internationalization [7] Internationalization of the RMB - The central bank's recent meetings have prioritized the steady and cautious advancement of RMB internationalization, focusing on expanding its use in trade settlements and enhancing its financing capabilities [7][8] - Future efforts will include deepening trade settlement scenarios, strengthening financing functions, and improving the offshore market system to enhance the RMB's attractiveness as an investment currency [8]

Group 1 - Ant Group announces a comprehensive strategic cooperation with the Chinese rare earth stablecoin project to develop, test, and globally implement a "rare earth-backed RMB stablecoin" [1][3] - The rare earth stablecoin is a new type of digital currency supported by China's abundant rare earth resources, priced in RMB, and issued through blockchain technology [3] - This project is a significant step in promoting the application of digital RMB and financializing strategic resources, aiming to break the US dollar's monopoly on commodity pricing and accelerate the internationalization of the RMB [3] Group 2 - The implementation of the "Stablecoin Issuance and Regulation Regulations" in 2025 will provide institutional support for the rare earth stablecoin to enter sandbox testing [3] - Ant Group's involvement will enhance the project with core capabilities in blockchain technology, security risk control, and international payment networks [3] - Industry analysts believe that the rare earth stablecoin is likely to first land in countries along the "Belt and Road" initiative and other emerging markets, leveraging resource and financial synergies to accelerate the global de-dollarization process [4]

证券研究报告 策略 如何抓住香港本地股的配置机遇 2025 年 8 月 10 日│中国内地 策略周报 香港本地股表现强势，获得超额收益 在《港股重估蓄势待发》，2025.5.23 等报告中，华泰总量及行业团队提出 需战略性重视香港的配置，除了投资者熟知的香港中资股外，也强调关注香 港本身作为小型开放经济体的修复（《香港资产相对优势凸显》，2025.5.22）， 以及香港地产（《把握资产重估预期下的香港地产机遇》，2025.5.25）、 银行（《重视中国资产重估下港银机会》，2025.5.23）、非银（《港交所： 人民币升值预期下的价值重估》，2025.8.10）等资产重估机会。2025 年 5 月 23 日至今，香港本地股和 MSCI 香港指数分别上涨 10.2%和 12.4%，相 对恒生指数（5.3%）和 MSCI 中国指数（5.9%）均有超额收益。 免责声明和披露以及分析师声明是报告的一部分，请务必一起阅读。 华泰研究 易峘 研究员 SAC No. S0570520100005 SFC No. AMH263 李雨婕 研究员 SAC No. S0570525050001 SFC No. BRG962 香港本 ...

/*本文译自9News ， 仅代表原出处和原作者观点，仅供参考阅读，不代表本网态度和立场。 */ 澳洲九号台新闻8月10日报道，网上有传闻称，中国上周末对加密货币采取了相当 激进的措施——直接封禁了它们。 事实证明，这是假消息——或者至少是旧消息。 北京确实对加密货币交易和挖矿实施 了禁令，但那是在2021年9月24日颁布的，整整1409天前。 但如果你将视线从中国大陆稍微扩展一下，那么确实有真正的进展。 8月1日，香港的新法规生效，允许公司申请发行稳定币的许可证。 与比特币等价值大幅波动的典型加密货币不同，稳定币的价值与货币或大宗商品挂 钩，消除了让一些投资者望而却步的波动性。 它们也不只是零钱数目。 （图片来源：澳洲九号台新闻） 根据澳新银行的数据，仅去年一年，稳定币交易价值就达27.6万亿美元（42.5万亿 澳元）。 这超过了使用Visa和Mastercard的所有交易总和，约为整个澳洲经济价值的15倍。 香港并非最近唯一监管稳定币的司法管辖区。 美国总统Donald Trump于7月18日签署了GENIUS法案（正式名称为《指导和建立美 国稳定币国家创新法案》），这是在被誉为"加密货币周"期间 众议院 ...

Core Viewpoint - The proposed U.S. legislation aims to impose severe sanctions on China by freezing assets and cutting off dollar settlement services, but it may inadvertently boost the internationalization of the Renminbi [3][5][9]. Group 1: U.S. Legislative Actions - The U.S. Senate introduced a bill to freeze Chinese citizens' and companies' assets in the U.S. and remove Chinese banks from the SWIFT system [3][5]. - The bill reflects a unilateral approach by the U.S. to maintain its financial dominance, but it may backfire and harm the U.S. economy instead [4][6]. Group 2: China's Response and Strategy - China has been preparing for such sanctions by promoting the international use of the Renminbi and expanding its role in global trade [7][9]. - The introduction of digital Renminbi has significantly improved cross-border payment efficiency by 90% and reduced costs by 50% [7]. Group 3: Global Trends and Shifts - There is a noticeable trend of de-dollarization globally, with the U.S. dollar's share in global trade settlements dropping from 71% to 47.2% over the past 20 years, while the Renminbi's share increased from 0.5% to 2.88% [7][8]. - Countries like South Korea and Vietnam are increasingly opting for Renminbi in trade settlements, indicating a shift in preference even among traditional U.S. allies [8]. Group 4: Future Implications - The U.S. sanctions may accelerate the Renminbi's internationalization, challenging the dollar's dominance in the global economy [9][11]. - Continued unilateral actions by the U.S. could lead to deeper economic challenges for itself, as history shows that such approaches often exacerbate global tensions [11].