新华财经北京8月6日电（王菁）2022年8月6日，五部门联合发布《关于促进债券市场信用评级行业健康 发展的通知》，推出"取消债券发行强制评级要求"等重要举措，对评级行业依赖数十年的商业模式提出 挑战。 三年后的今天，评级机构展现出脱胎换骨的转型成长。从"发行人付费"到"投资人主导"的深度探索，从 监管背书到充分市场竞争，从单一评级到多元化非评级服务——信用评级行业在阵痛中重构筋骨，步入 高质量发展新阶段。 评级新生态：主业质量"自我革新"与"投资者导向"深入推进 "取消强制评级要求""定期披露评级质量检验结果""强化市场监督和约束".....系列重要政策推出并实施， 从根本上改变了评级机构的生存环境，进一步倒逼评级机构重新定位核心价值。 "主流评级机构都在探索分层披露报告，但需要注意的是，'繁'和'简'两个版本的报告需要在风险提示、 分析逻辑、评级观点上保持一致，否则可能会面临较大的道德风险。"也有业内人士提示称。 实际上，市场普遍认同的是，无论评级报告的形式是精简还是详尽，也无论付费方在发行人还是投资 人，优化"评级准确性和区分度"才是重塑行业权威性、提升机构核心竞争力的关键。前述私募人士坦 言："愿意付费 ...

Monetary Policy Direction - The core focus of the People's Bank of China (PBOC) meeting is "stabilizing growth and benefiting people's livelihoods" amidst global economic uncertainties [5] - The market anticipates 1-2 interest rate cuts in the second half of the year, with policy rates potentially lowered by 20-30 basis points, which could significantly reduce mortgage repayment burdens for households [6] Policy Tools - The PBOC emphasizes a flexible approach to policy implementation, utilizing various tools such as reverse repos and Medium-term Lending Facility (MLF) to ensure precision and effectiveness in monetary policy [7] Funding to Real Economy - The PBOC aims to direct funds towards the real economy, particularly addressing long-standing issues of accounts receivable among enterprises, which can enhance overall economic vitality [8] Financial Order Regulation - The PBOC is focused on preventing "involutionary" competition among banks, which can lead to reduced industry efficiency, by promoting a healthier and more sustainable financial service system [11] Key Support Areas - The PBOC will prioritize support for technology innovation, small and micro enterprises, consumption, and foreign trade, with specific policies aimed at directing funds to tech-oriented small businesses [12] Renminbi Internationalization - The meeting discussed expanding the use of the Renminbi in trade, which is expected to enhance its international status and provide convenience for cross-border transactions [13] Risk Prevention - Risk prevention remains a key focus for the PBOC, ensuring that while monetary policies are relaxed, potential financial risks are closely monitored to prevent asset bubbles [14] Future Financial Innovations - The PBOC mentioned the development of a digital central bank and optimization of cross-border payment systems, which are expected to transform payment methods and financial experiences in the future [15]

21世纪经济报道记者 孙永乐 8月1日，香港《稳定币条例》正式生效。除了备受瞩目的获取首批稀缺牌照的发行人，香港稳定币相关 主体，还包括确定性参与稳定币使用场景创设的平台，如虚拟资产交易平台、托管银行、审计机构等。 香港本土券商已布局虚拟资产业务，早在2023年11月，胜利证券成为了首家获批开展零售加密交易的券 商。近日，21世纪经济报道记者对话虚拟资产交易平台VDX首席战略官、胜利证券生态合伙人陈辰。 据其披露，从2024年4月1日至2025年3月31日，胜利证券加密货币交易额突破100亿港元，居香港虚拟资 产券商排名之首。 陈辰认为，稳定币兼具机遇与挑战，投资者需要理性甄别和判断。在全球稳定币发行的背景下，香港市 场的首要作用是进行有限可控的尝试与开放，形成"政策缓冲区"。他认为，作为国际金融中心，香港优 势显著。 发行方需具备足额底层储备 21世纪：如何解读中国香港《稳定币条例》的核心条款和监管要求？ 陈辰：香港《稳定币条例》条款通俗易懂，设计思路与美国稳定币相关法规类似，均要求发行方具备足 额底层储备，并实行稳定币发牌制度。 具体而言，《稳定币条例》的核心在于确保发行方拥有足额、透明、安全的底层资产储 ...

Core Viewpoint - The Hong Kong Stablecoin Regulation officially took effect on August 1, 2023, establishing a framework for stablecoin issuance and usage, aiming to ensure sufficient reserves and mitigate systemic financial risks [1][4]. Group 1: Regulation and Compliance - The core of the Stablecoin Regulation is to ensure that issuers maintain sufficient, transparent, and secure underlying asset reserves to prevent systemic financial risks and protect investors [4][5]. - Issuers are required to have adequate reserves on a 1:1 basis, and only a limited number of institutions will be able to obtain the necessary licenses, indicating high entry barriers in this sector [5][6]. Group 2: Market Dynamics and Opportunities - The cryptocurrency trading volume at Victory Securities is projected to exceed 10 billion HKD from April 1, 2024, to March 31, 2025, positioning it as the leading virtual asset broker in Hong Kong [1]. - Stablecoins are viewed as having significant growth potential, with the possibility of substantial market expansion in the long term, despite current market overheating and speculative activities [4][5]. Group 3: Strategic Positioning of Hong Kong - Hong Kong aims to establish itself as an "on-chain trading hub," facilitating controlled experimentation with stablecoins while enhancing the internationalization of the Renminbi [7][9]. - The region's advantages include a strong backing of quality assets and a robust financial infrastructure, which will support its dual mission of promoting Renminbi internationalization and attracting investments into potential Renminbi assets [9].

Core Viewpoint - The People's Bank of China (PBOC) is set to implement a moderately loose monetary policy to support technological innovation, boost consumption, assist small and micro enterprises, stabilize foreign trade, deepen financial reform, and enhance high-level opening-up, while also preventing and mitigating financial risks in key areas to promote high-quality economic development [1]. Group 1: Monetary Policy - The PBOC will continue to implement a moderately loose monetary policy, utilizing various monetary policy tools to maintain ample liquidity and guide financial institutions to ensure reasonable credit growth [2]. - The execution of monetary policy measures will be emphasized to ensure smooth transmission of monetary policy [2]. Group 2: Support for the Real Economy - The PBOC aims to focus on serving the real economy, particularly through financial support for technology innovation and technical transformation, promoting rapid growth in loans to technology-oriented small and medium-sized enterprises [2]. - Increased financing support will be directed towards key areas such as "two new" and "two heavy" sectors, while ensuring reasonable financing needs for foreign trade enterprises [2]. Group 3: Financial Risk Management - The PBOC will continue to support local government financing platform debt management and orderly advance risk disposal in key regions and institutions [2]. - Enhanced risk monitoring, assessment, and macro-prudential management will be prioritized to prevent and mitigate financial risks in key areas [2]. Group 4: Internationalization of the Renminbi - The PBOC plans to accelerate the use of the Renminbi in trade, enhance its financing currency function, and optimize policies for domestic and foreign currency integration [2]. - The construction of a "technology board" in the bond market and the use of risk-sharing tools for technology innovation bonds will be promoted, along with expanding the issuance scale of technology innovation bonds [2]. Group 5: Financial Market Reform and Opening-up - The PBOC will advance the construction of a "technology board" in the bond market and improve the institutional framework for financial markets and infrastructure [3]. - Reforms in trade foreign exchange business management will be actively promoted to facilitate cross-border investment and financing [3]. Group 6: International Financial Cooperation - The PBOC will deepen bilateral and multilateral international monetary and financial cooperation, actively participate in global financial governance, and promote global macro policy coordination [3]. - The PBOC will also engage in the formulation of international financial rules and continue to push for reforms in the International Monetary Fund's quota system [3]. Group 7: Financial Management and Service Improvement - The PBOC will research and compile the "14th Five-Year" reform and development plan, focusing on the implementation of key tasks for building a digital central bank [3]. - Efforts will be made to promote the infrastructure construction and application of digital Renminbi [3].

Group 1 - The core viewpoint of the news is that China's implementation of a 100% zero-tariff policy on products from 53 African countries is a significant step in deepening the "mutual benefit and win-win" principle of China-Africa cooperation and responding to changes in the international situation [1][2] - The zero-tariff policy is expected to reshape the trade landscape between China and Africa, enhancing Africa's position in international trade and global supply chains, with notable increases in imports from these countries by the end of 2024 [1][2] - The policy will activate Africa's export potential, particularly benefiting the export of specialty products like coffee and cocoa to China, and is anticipated to drive industrialization in major African economies such as South Africa and Nigeria [1][2] Group 2 - The zero-tariff policy highlights the importance of promoting cooperation among global South countries, strengthening unity against unilateralism and bullying in economic trade [2] - This initiative is seen as a genuine partnership without political preconditions, aiming to maintain a multilateral trade system centered around the World Trade Organization and fostering a more inclusive and balanced economic globalization [2] - The expansion of the zero-tariff policy to all diplomatic countries, including middle-income nations, aims to challenge the stereotype of Africa as a "continent of poverty" and showcase its diverse development potential [2] Group 3 - The implementation of the zero-tariff policy is expected to enhance the export of African goods to China, enriching domestic consumer choices and improving trade cooperation standards [3] - It is anticipated that deeper China-Africa cooperation will help improve infrastructure levels in some African countries, facilitating trade among different nations within Africa and promoting local economic and social development [3]

Group 1 - Hainan Province is implementing a three-year action plan (2025-2027) to accelerate the construction of a modern industrial system with unique advantages, focusing on financial reforms and expanding the EF account pilot program [1] - The cross-border asset management pilot program, with a net inflow limit of 10 billion RMB, will start on August 21, 2023, and aims to attract global investors [2][5] - The pilot program allows for a diverse range of investment products, including private asset management products and publicly offered securities investment funds, targeting both institutional and individual foreign investors [2][3] Group 2 - The pilot program requires asset management products to be settled in RMB, with funds directed towards the domestic market, and foreign investors can open RMB settlement accounts in Hainan [3] - The People's Bank of China has set an initial cap on the pilot program's scale, which may be adjusted based on economic and market conditions [5][6] - The cross-border asset management pilot is expected to enhance the internationalization of the RMB by providing new channels for offshore RMB to flow back into the domestic market [5] Group 3 - The expansion of the EF account business has seen significant growth, with 273 new EF accounts added in the first half of the year, totaling a transaction volume of approximately 91.8 billion RMB [9] - The cross-border capital centralized operation center has been established to optimize cross-border fund allocation for enterprises, enhancing efficiency and reducing costs [8] - Several companies, including Yuan Cheng Technology and Hainan Natural Rubber Industry Group, have been recognized as cross-border capital centralized operation centers, benefiting from the new financial policies [8]

Core Insights - The "2025 International Currency Forum" focused on the challenges posed by digital currencies to the global monetary and financial system, featuring discussions from various experts in academia, government, and industry [1][3]. Group 1: Expert Opinions - Professor Xiao Geng from the Chinese University of Hong Kong emphasized the importance of re-evaluating RMB assets and reducing cross-border transaction costs to enhance cooperation with countries along the Belt and Road Initiative [5]. - Professor Lin Chen from the University of Hong Kong compared the regulatory frameworks of Hong Kong's Stablecoin Regulation and the U.S. GENIUS Act, highlighting the role of stablecoins in bridging traditional and digital finance [8]. - Researcher Zhang Ming from the Chinese Academy of Social Sciences analyzed the potential impacts of stablecoins on the international monetary system, noting challenges such as the Triffin dilemma and the weaponization of the dollar [10]. Group 2: Strategic Recommendations - The forum suggested that Hong Kong could leverage its financial regulatory advantages to create offshore RMB stablecoins, which would help balance the dollar-dominated international financial system and promote RMB internationalization [6]. - Professor Yang Changjiang from Fudan University advocated for a rational view of the competition among various stablecoins, emphasizing the need for an open mindset to embrace the opportunities and challenges they present [12]. - Professor Fan Xiaoyun from Nankai University highlighted the strategic role of stablecoins in maintaining U.S. financial hegemony and recommended accelerating the internationalization of the RMB through stablecoin initiatives [14]. Group 3: Future Directions - The forum aimed to foster high-level dialogue and deepen research on stablecoins, contributing to policy decision-making and clarifying future research directions in the context of a rapidly evolving digital economy and geopolitical landscape [14].

特朗普上周靠关税大棒抢了全球近万亿美元，转头就惦记着让中国掏2亿美元给他装修白宫——可惜，这套算盘彻底打空了。 台湾地区也没逃过，特朗普张口就是20%的关税，赖清德伪政权居然还感恩戴德，以为这是美国给的"国际地位认证"，殊不知在特朗普眼里， 台湾不过是一块"苍蝇腿也是肉"的提款机。 再加上和巴基斯坦"合作"石油开采的进账，短短七天，美国国库硬是塞进了近万亿美元。 这种全球无差别抢劫，特朗普干得理直气壮，仿佛全世界都欠美国的。 钱一到手，特朗普立马惦记起他的"面子工程"。 他高调宣布要拨2亿美元翻修白宫，计划包括换瓷砖、修草坪、定制新家具，最扎眼的是要在花园里立一座金光闪闪的雕塑，用来纪念他自 己"伟大的总统岁月"。 按他的说法，白宫是"国家象征"，必须配得上他的"雄心壮志"。 他以为挥舞关税大棒就能让中国低头买单，却忘了今天的中国早就看透了他那套"极限施压"的戏码，不仅一分钱不会出，更用实际行动让美国 明白：想靠霸权勒索中国，门儿都没有。 先看看特朗普上周干了什么"好事"。 韩国总统李在明跑去美国想谈合作，结果连个像样的美国高官都没见着，临走还莫名其妙挨了一记闷棍：特朗普转头宣布对韩国加征15%关 税，逼着韩 ...

Core Insights - The issuance of the world's first offshore bond under the Shanghai Free Trade Zone by Bank of Communications' Hong Kong branch marks a significant step in building an offshore financial system aligned with Shanghai's international financial center, aiding the internationalization of the Renminbi [1][2] - The bond features a coupon rate of 1.85% and a maturity of 3 years, receiving ratings of A2 from Moody's and A from Fitch, with custody provided by the Central National Debt Registration and Settlement Co., Ltd [1] - The successful issuance attracted high-quality foreign investors from regions including Hong Kong, the Middle East, and Central America, showcasing the bank's comprehensive financial service capabilities [1][2] Group 1 - The bond is the first public offering of an offshore bond under the Shanghai Free Trade Zone, adhering to the "two ends abroad" principle and international standards [2] - Bank of Communications has established itself as the only institution in the market that integrates six key roles: issuance, investment, underwriting, trust, clearing, and settlement for offshore bonds [2] - The bond is cleared by the Shanghai Free Trade Zone's designated clearing bank, which provides funding collection and interest payment services [3] Group 2 - The bond is registered and custodied within the Shanghai Free Trade Zone, leveraging efficient domestic financial infrastructure for integrated services [4] - The Free Trade Account (FT Account) plays a crucial role in providing cross-border settlement services, facilitating orderly capital flow between the Free Trade Zone and overseas [5] - The bond will be listed simultaneously on the Macau Financial Assets Exchange and the Luxembourg Stock Exchange, reflecting the bank's commitment to the dual circulation development strategy [6]