Group 1 - The core viewpoint of the news is the official launch of the "Swap Connect" between the mainland and Hong Kong, aimed at enhancing the financial market's openness and facilitating offshore institutions in managing RMB interest rate risks [1][2] - Since its launch, the "Swap Connect" has seen a continuous increase in transaction volume, with over 12,000 RMB interest rate swap transactions completed by 20 domestic quoting firms and 79 overseas investors, totaling a nominal principal amount of approximately 6.5 trillion RMB by the end of April 2025 [1] - The People's Bank of China and relevant Hong Kong authorities plan to further enrich the "Swap Connect" product offerings, including extending the contract duration to 30 years and introducing interest rate swap contracts based on the Loan Prime Rate (LPR) [2] Group 2 - The optimization measures for "Swap Connect" will include the introduction of interest rate swap contracts with international currency market settlement days and historical start dates, enhancing the convenience for foreign investors [1] - The financial management departments of both regions will continue to guide the financial market infrastructure institutions to improve mechanisms based on the operational experience of "Swap Connect," promoting the internationalization of the RMB and supporting the development of Hong Kong as an international financial center [2]

（责任编辑：蔡情） 本报讯 （记者刘琪）5月20日，中国人民银行发布消息称，为贯彻落实党中央、国务院决策部署，推动 一揽子货币金融政策落地见效，支持经济持续回升向好，5月19日，中国人民银行行长潘功胜主持召开 金融支持实体经济座谈会并讲话。国家金融监督管理总局副局长周亮出席会议并讲话。中国人民银行副 行长宣昌能、邹澜出席会议。 会议强调，要实施好适度宽松的货币政策，满足实体经济有效融资需求，保持金融总量合理增长。加力 支持科技创新、提振消费、民营小微、稳定外贸等重点领域，用好用足存量和增量政策，提高金融支持 实体经济质效，支持经济结构调整、转型升级和新旧动能转换。强化货币政策执行和传导，维护市场竞 争公平秩序，推动金融服务实体经济和银行自身可持续发展的有机统一。有序推进人民币国际使用，提 高贸易和投融资便利化水平。统筹发展和安全，坚决维护国家金融安全。 会议指出，4月25日中央政治局会议分析研究当前经济形势，对下一步经济工作作出重要部署。金融系 统要提高政治站位，切实把思想和行动统一到党中央决策部署上来，着力稳就业、稳企业、稳市场、稳 预期，抓好一揽子货币金融政策措施的落实和传导，以高质量发展的确定性应对外部 ...

Core Viewpoint - The cross-border RMB business is crucial for facilitating trade and investment, and supporting the development of the real economy, with Weifang Bank making significant progress in this area under the guidance of the People's Bank of China [1][5]. Group 1: Service to the Real Economy - Weifang Bank focuses on understanding enterprise needs and promotes the concept that "settling in local currency is cheaper and more convenient" [1]. - The bank assists companies like a certain electrical company in Shandong by addressing issues related to exchange rate fluctuations and cash flow, facilitating RMB settlement agreements with foreign clients [1]. - By implementing a time-limited processing method for trusted enterprises, Weifang Bank ensures that funds are credited on the same day, enhancing cash flow efficiency [1]. Group 2: Business Quality and Efficiency - Weifang Bank has successfully launched the CIPS standard sender-receiver, becoming the first bank in Shandong to adopt the API model, which simplifies document processing and enhances cross-border payment efficiency [2]. - The bank offers a comprehensive cross-border RMB service solution that includes account opening, cross-border settlement, and trade financing, addressing various challenges faced by enterprises in international business [2]. Group 3: Promotion and Outreach - Weifang Bank utilizes its 134 branch network to promote cross-border RMB policies through various channels, including electronic displays and community events, reaching over 1,100 foreign trade enterprises and 6,000 individuals [3]. - The bank organizes targeted outreach activities, such as the "Lumaohui Enterprise Service Team," to provide direct services to enterprises and enhance policy awareness [3]. Group 4: Support for Small and Micro Enterprises - Weifang Bank provides integrated cross-border RMB services to small and micro foreign trade enterprises, helping them navigate challenges like exchange rate risks and cash flow issues [4]. - The bank has developed tailored financing solutions for companies facing funding gaps, ensuring timely access to trade financing loans [4]. - Emphasizing a structured approach, the bank has established a dedicated team to ensure the smooth implementation of activities and enhance employee capabilities through systematic training [4]. Group 5: Future Outlook - Weifang Bank aims to continue innovating service models and optimizing business processes to support the growth of cross-border RMB business and the prosperity of foreign trade enterprises and the real economy [5].

Core Viewpoint - The People's Bank of China (PBOC) has increased its gold reserves for eight consecutive months, reaching 73.9 million ounces, reflecting a strategic move to diversify international reserves, support the internationalization of the Renminbi, and address global economic uncertainties [1][2][4]. Group 1: Optimization of International Reserves - The continuous increase in gold reserves by the PBOC is a proactive measure to optimize the composition of international reserves [2]. - The share of the US dollar in global foreign exchange reserves has dropped to a historical low due to rising US debt and economic slowdown, weakening dollar credibility [2]. - Gold, as a non-sovereign credit reserve asset, serves as an ideal hedge against the depreciation of dollar assets, aligning with global trends and strengthening the resilience of international reserve assets [2]. Group 2: Strengthening Renminbi Internationalization - The PBOC's consistent gold purchases serve as a credit foundation for the internationalization of the Renminbi [3]. - A recent survey indicates that central banks expect the share of currencies like the Euro and Renminbi, along with gold, to rise in global reserves over the next five years, reflecting a shift towards a multipolar international monetary system [3]. - The PBOC's orderly increase in gold reserves signals the solid value support of the Renminbi, promoting its use in trade settlements, investment financing, and foreign exchange reserves [3]. Group 3: Addressing Global Economic Uncertainties - The global economy faces significant challenges due to geopolitical tensions, making gold an attractive asset with hedging properties, anti-inflation capabilities, and long-term value stability [4]. - Gold meets the core demands of international reserve management for safety, liquidity, and value preservation, acting as a stabilizer in complex international environments [4]. - The PBOC's steady monthly increase in gold reserves helps mitigate market volatility and provides a reliable buffer against external shocks [4].

Core Viewpoint - The People's Bank of China and the Hong Kong Monetary Authority have announced several measures to optimize and expand the Bond Connect "Southbound" scheme, allowing a wider range of non-bank financial institutions to participate, which is timely given the current asset allocation challenges faced by mainland financial institutions [1][2]. Group 1: Expansion of Participation - The expansion of the "Southbound" scheme will include brokerages, insurance companies, wealth management, and asset management firms, enhancing the asset allocation capabilities of non-bank institutions [1]. - Previously, non-bank institutions primarily relied on the Qualified Domestic Institutional Investor (QDII) program, which has limitations such as scarce quotas and lengthy approval processes. The "Southbound" scheme provides a more efficient channel for investing in overseas bonds [2]. Group 2: Impact on Mainland Bond Market - The "Southbound" scheme is expected to stabilize the mainland bond market by alleviating supply shortages that have led to one-sided volatility. As of May, the bond market's custody balance reached 187.2 trillion yuan, ranking among the largest globally [2][3]. - The annual total quota for the "Southbound" scheme is set at 500 billion yuan, with a variety of options available in the Hong Kong bond market, which can provide a substitute effect for similar bond types in the mainland market [3]. Group 3: Benefits for Hong Kong Bond Market - The expansion will attract long-term funds, such as insurance capital, into the Hong Kong bond market, enhancing liquidity in the secondary market [4]. - A broader and more active investor base will create a more attractive financing environment for international investors and issuers, promoting the prosperity of the Hong Kong financial market [4]. - The diverse investment strategies and flexible trading models of non-bank institutions will significantly enhance the price discovery function and trading activity in the offshore RMB bond market, contributing to the growth of offshore RMB assets [4].

Core Viewpoint - The article discusses the recent changes in China's foreign exchange reserves and gold reserves, highlighting the stability and potential of China's economy despite fluctuations in global financial markets [1][2][3]. Foreign Exchange Reserves - As of July 2025, China's foreign exchange reserves stood at 32,922 billion USD, a decrease of 252 billion USD from June, representing a decline of 0.76% [1][3]. - The State Administration of Foreign Exchange (SAFE) indicates that the current level of foreign exchange reserves is slightly above 3 trillion USD, which is considered adequate to support the stability of the RMB exchange rate and to withstand external shocks [1][3]. - Analysts believe that China's economic fundamentals remain strong, with supportive policies expected to maintain a stable foreign exchange reserve level [1][3]. Gold Reserves - By the end of July 2025, China's gold reserves reached 7,396 million ounces, an increase of 6 million ounces, marking the ninth consecutive month of gold accumulation by the central bank [2][3]. - The increase in gold reserves is viewed as a strategy to enhance the credibility of the sovereign currency and to facilitate the internationalization of the RMB [3][4]. - Experts suggest that gold retains advantages in terms of risk aversion, inflation resistance, and long-term value preservation, supporting the diversification of international reserves [4].

Group 1: Foreign Exchange Reserves - As of July 2025, China's foreign exchange reserves stood at $32,922 billion, a decrease of $252 billion from June, marking a decline of 0.76% [1] - The decline in reserves is attributed to the rise in the US dollar index and fluctuations in global financial asset prices, despite the reserves remaining above $3.2 trillion for 20 consecutive months [1][3] - The current level of foreign reserves is considered adequate, providing support for the stability of the RMB exchange rate amidst external volatility [1][3] Group 2: Gold Reserves - The central bank has increased its gold reserves for the ninth consecutive month, reaching 7,396 million ounces (approximately 2,300.41 tons) by the end of July, with a month-on-month increase of 6,000 ounces [2][5] - The value of gold reserves rose by $10 billion to $243.985 billion, representing 7.41% of the total foreign exchange reserves, which is still below the global average of around 15% [2][5] - The increase in gold reserves is driven by the need to diversify international reserve assets and enhance the stability of the currency amidst a changing global economic landscape [6][7] Group 3: Economic Outlook - Despite facing risks and challenges, macroeconomic policies are prepared to adapt flexibly, with an emphasis on proactive fiscal and moderately loose monetary policies to support economic stability [5] - The central bank's strategy includes a continued increase in gold reserves while potentially reducing holdings in US Treasury bonds, aiming to optimize the structure of international reserves [6][7] - A survey indicated that over 90% of central banks expect to increase their gold holdings in the next 12 months, reflecting a growing trend towards gold as a safe-haven asset [7]

Core Viewpoint - As of the end of July, China's foreign exchange reserves decreased to $32,922 billion, a decline of $252 billion or 0.76% from the end of June, influenced by macroeconomic data and monetary policy expectations from major economies [3][4]. Foreign Exchange Reserves - The decline in foreign exchange reserves is attributed to the significant rise of the US dollar index by 3.39% in July, reversing a five-month downward trend, which led to a decrease in the value of non-dollar assets held in reserves [4]. - The depreciation of non-dollar currencies against the dollar, including a 4.5% drop in the Japanese yen and a 3.2% drop in the euro, further contributed to the reduction in reserves when measured in dollar terms [4]. - Despite the decline, the current level of foreign reserves is considered adequate, with expectations for stability in the future, providing support for the RMB exchange rate and acting as a buffer against external shocks [5]. Gold Reserves - As of the end of July, China's gold reserves increased to 7,396 million ounces, marking the ninth consecutive month of growth [4]. - The ongoing increase in gold reserves is driven by the need to optimize the structure of international reserves, especially in light of changing global political and economic conditions [8][10]. - The price of gold has shown a significant upward trend, rising from $2,657.16 per ounce at the beginning of the year to $3,333.28 per ounce by mid-July, reflecting a cumulative increase of 25.45% [8]. - Global central banks remain significant players in gold purchases, with expectations for continued demand, as they hold a substantial portion of their reserves in gold [9][10]. Economic Outlook - The Chinese economy is expected to maintain a stable growth trajectory supported by macroeconomic policies, despite facing various risks and challenges in the second half of the year [7]. - The political bureau meeting emphasized the need for sustained macroeconomic policy efforts to stabilize foreign trade and investment [6].

Group 1 - As of July 2025, China's foreign exchange reserves stood at $32,922 billion, a decrease of $252 billion from the end of June, representing a decline of 0.76% [1] - The decline in foreign exchange reserves was influenced by macroeconomic data, monetary policy, and expectations from major economies, alongside fluctuations in asset prices and exchange rates [1] - China's foreign exchange reserves are considered to be at a moderately sufficient level, which supports the stability of the RMB exchange rate and acts as a buffer against potential external shocks [1] Group 2 - As of the end of July, China's gold reserves increased to 7,396 million ounces, up by 6 million ounces, marking the central bank's continuous increase in gold holdings for nine consecutive months [1] - The central bank's increase in gold reserves is aimed at enhancing the credibility of the sovereign currency and facilitating the cautious advancement of RMB internationalization [2] - The long-term strategy of diversifying international reserves and incorporating gold into the reserve mix remains unchanged, as gold is viewed as a hedge against inflation and a means of long-term value preservation [2]

Group 1 - As of July 2025, China's foreign exchange reserves stood at $329.22 billion, a decrease of $25.2 billion or 0.76% from the end of June [1] - The decline in reserves was influenced by macroeconomic data, monetary policy, and expectations from major economies, alongside fluctuations in global financial asset prices [1] - The current level of foreign exchange reserves is considered moderately sufficient, providing support for maintaining the RMB exchange rate at a reasonable equilibrium [1] Group 2 - China's central bank has increased its gold reserves to 7.396 million ounces as of the end of July, marking a month-on-month increase of 60,000 ounces, continuing a nine-month trend of gold accumulation [1] - The accumulation of gold is seen as a strategy to enhance the credibility of the sovereign currency and facilitate the cautious advancement of RMB internationalization [2] - Long-term advantages of gold include its role as a hedge against risk, inflation, and its potential for value preservation and appreciation, which supports the central bank's strategy of diversifying international reserves [2]