中国人民银行召开2025年下半年工作会议暨常态长效推动中央巡视整改工作推进会。会议要求，稳慎扎 实推进人民币国际化。加快拓展贸易项下人民币使用。进一步提升人民币融资货币功能，优化本外币一 体化资金池和境内企业境外上市管理政策。发展人民币离岸市场，推动形成稳定的、期限齐全的流动性 供给渠道。加强对清算行的政策支持和履职管理，加快完善人民币清算行布局。(中国人民银行) ...

Core Viewpoint - Hong Kong is set to launch a licensing system for stablecoins backed by fiat currency, which may pave the way for the issuance of RMB-denominated stablecoins, especially in the context of the U.S. pushing for USD-backed stablecoins through the GENIUS Act [2][6]. Group 1: Regulatory Developments - The Hong Kong Monetary Authority (HKMA) emphasizes the importance of promoting the healthy and responsible development of digital assets to reinforce Hong Kong's status as an international financial center [4]. - The new stablecoin regulations, effective from August 1, 2023, require companies to obtain a license from the HKMA to issue and sell stablecoins [6]. - Approximately 50 companies have reportedly applied for licenses to issue stablecoins in Hong Kong [6]. Group 2: Market Context and Implications - The stablecoin market is currently dominated by USD-backed stablecoins, which account for 99% of the total [2][8]. - The introduction of stablecoins linked to the Hong Kong dollar or USD is expected to facilitate online shopping and may have broader applications in digital asset settlements [4]. - The offshore RMB market in Hong Kong is significant, with the region accounting for about 76% of offshore RMB transactions, and the offshore RMB deposits reaching 1 trillion yuan [7]. Group 3: Strategic Positioning - The issuance of RMB-denominated stablecoins is seen as a strategic move for China to counter the dominance of the USD in the digital currency space, especially as the U.S. strengthens its financial position through legislation like the GENIUS Act [6][8]. - The Chinese government is cautious about capital outflows and has banned domestic virtual currency trading while supporting Hong Kong as a testing ground for virtual currency policies [6]. - Morgan Stanley predicts that the issuance of offshore RMB-denominated stablecoins could occur between the end of 2025 and 2026, despite existing challenges [8].

"当前，中国经济正转向以人工智能、电动汽车、大数据和生物制药等创新领域主导的增长模式。人民 币国际化、中国企业出海以及与共建'一带一路'国家深化贸易合作等，正在开辟全新的增长空间。我们 对中国经济的中长期前景保持乐观。"徐仲薇表示，在中国经济转型发展的支持下，中国家庭的财富积 累增长迅速，推动了多元化财富管理服务需求的增长，为国际金融机构带来广阔机遇。 据徐仲薇介绍，渣打全球网络布局与共建"一带一路"市场的重合度超过75%，2020年以来，渣打累计参 与支持超过720个共建"一带一路"相关项目，金额总值超过1300亿美元。仅2024年，渣打中国参与支持 超过200个中资企业出海项目，广泛覆盖清洁能源、电动汽车、TMT(电信、媒体、科技行业)、物流和 医疗健康等领域。 "2021年我们在中国设立专门的'新经济'团队，重点支持TMT、生物医药以及其它新兴产业。目前，渣 打中国来自新经济行业的收入已占整个对公业务的一半。"徐仲薇称，未来集团将继续加大对人工智能 (AI)领域的投入，通过AI赋能优化客户体验。(完) （文章来源：中国新闻网） 渣打集团财富管理及零售银行业务与大中华、北亚行政总裁徐仲薇近日接受中新社记者 ...

Group 1: Core Insights - The Hong Kong Stablecoin Regulation officially comes into effect on August 1, 2025, marking the establishment of the world's first licensed stablecoin system, transitioning stablecoins from a gray area to a compliant business [1][9] - This regulation positions Hong Kong as a leader in digital finance regulation, having completed legislation and established a licensing and auditing mechanism, serving as a model for global institutional exploration [1][4] - Stablecoins are evolving from niche tools in the crypto industry to key infrastructure in the global digital financial system, with a monthly payment and settlement scale exceeding $6 billion as of February 2025, tripling from the same period in 2023 [2][3] Group 2: Regulatory Framework - The regulation introduces a dual mechanism of "licensing + sandbox," allowing the Hong Kong Monetary Authority to oversee stablecoin operations, setting a global standard [4][6] - Entities wishing to issue or operate stablecoins must obtain relevant licenses, with stringent regulatory requirements including a minimum registered capital of HKD 25 million, 100% asset backing, and compliance with AML and KYC rules [6][10] - The regulatory framework includes 13 categories of regulated activities, with specific licenses required for various financial services related to stablecoins [6] Group 3: Market Participation - Ordinary users can now participate in the stablecoin ecosystem through licensed virtual asset exchanges, allowing them to purchase stablecoins and engage in on-chain investments [12][13] - The stablecoin ecosystem is currently open to Hong Kong residents, providing access to various investment opportunities, including on-chain fundraising and green bonds [13][14] - The introduction of stablecoins is seen as a bridge for ordinary individuals to engage in global digital assets, moving beyond institutional access to a more inclusive financial landscape [14]

中新社北京7月31日电(记者夏宾)记者7月31日了解到，宝马集团近日重返熊猫债市场，在短期债二级市 场表现向好的有利市场环境下，成功发行年初至今首笔总规模35亿元(人民币，下同)的一年期及三年期 人民币债券。 德意志银行集团担任此次熊猫债发行的联席主承销商。该笔熊猫债旨在协助宝马集团内部的各项业务融 资安排。 据德银介绍，在强劲的市场需求推动下，该笔熊猫债发行规模在原有基础上一再扩容，最终一年期成功 募集20亿元，三年期15亿元，均获得银行和非银机构投资者的踊跃认购。 此次发行创下了宝马熊猫债发行史上最低票面利率，也创下了近年来跨国企业发行同期限熊猫债品种的 最低票面利率纪录。 受人民币国际化以及外资发行人和投资者多元化融资渠道需求的驱动，近期熊猫债发行量激增。德银中 国债务资本市场主管方中睿(Samuel Fischer)表示，此次发行体现了宝马对中国市场的信心。(完) （文章来源：中国新闻网） ...

Core Viewpoint - In May and June, foreign institutions continuously reduced their holdings of RMB bonds due to the narrowing basis of the one-year USD to onshore RMB, which compressed the comprehensive yield of interbank certificates of deposit, and the maturity peak of interbank certificates of deposit that foreign institutions had acquired in the previous year [1][4]. Group 1: Changes in Foreign Institutions' Bond Holdings - In May and June, foreign institutions reduced their RMB bond holdings, with a decrease of 96.26 billion in May and 116.09 billion in June [2]. - The main reductions were in interbank certificates of deposit and policy bank bonds, amounting to 146.55 billion and 28.89 billion respectively [2]. - The holdings of book-entry treasury bonds remained relatively stable, with a slight increase of 2.8 billion in May and a decrease of 8.88 billion in June [2]. Group 2: Understanding Foreign Institutions' Reallocation - The interest rate differentials between China and the U.S. remained deeply inverted, with the 10-year and 2-year treasury yield spreads at -274.5 basis points and -248 basis points respectively [3]. - The comprehensive yield of interbank certificates of deposit for foreign institutions was compressed due to the significant decrease in the basis of the one-year USD to onshore RMB [3]. - The peak maturity period for interbank certificates of deposit acquired by foreign institutions in 2024 led to substantial reductions in their holdings during May and June [3]. Group 3: Future Outlook - Following the "anti-involution" policy in July, inflation expectations have risen, impacting the interest rate bond market [4]. - Once the sentiment in the stock and commercial markets stabilizes, there may be opportunities for long-term bond allocation [4]. - The ongoing process of RMB internationalization and the trend of "de-dollarization" are expected to drive foreign institutions to continue increasing their holdings of RMB bond assets in the long term [4].

Core Insights - Hong Kong's "Stablecoin Regulation" will officially take effect on August 1, marking the world's first comprehensive regulatory framework for fiat-backed stablecoins, attracting global financial market attention [1][3] - The regulation is expected to serve as a model for future global stablecoin regulations, promoting the digital yuan and Hong Kong dollar stablecoin to reduce reliance on the US dollar settlement system and facilitate the internationalization of the yuan [1][3] Group 1 - The implementation of the "Stablecoin Regulation" positions Hong Kong to gain a competitive edge in the stablecoin market, with the Hong Kong Monetary Authority planning to issue initial licenses by early 2026 [1] - The innovative "value anchoring regulation" principle provides legal assurance for institutions and investors, enabling Hong Kong to quickly convert pilot experiences into actual products and accelerate the development of the local stablecoin ecosystem [1][3] Group 2 - In the context of increasing global currency competition, the strategic significance of Hong Kong's move is highlighted, as it effectively mitigates traditional financial institutions' concerns about participating in the stablecoin market [3] - The development of Hong Kong dollar stablecoins is expected to significantly boost the internationalization of the yuan, with existing cross-border payment pilot projects laying the groundwork for the large-scale application of the digital yuan [3] - The combination of Hong Kong dollar stablecoins and the digital yuan will enhance the cross-border payment ecosystem, increasing the yuan's share in cross-border settlements and reducing reliance on traditional systems like SWIFT [3] - Future internationalization of the yuan should rely on "financial scenario expansion" and "technology innovation-driven" dual engines, enhancing regional cooperation and payment convenience to elevate the yuan's acceptance and recognition on the international stage [3]

Historical Background and Cultural Value - Chinese currency culture has a long history, with each coin reflecting the memories of its era, from ancient copper coins to modern paper currency [1] - The Renminbi has undergone five iterations since its issuance in 1948, with some early versions becoming rare collectibles [1] Collection Content and Craftsmanship Features - The collection includes 345 sets of Renminbi, commemorative coins, and Hong Kong and Macau commemorative notes, all selected for their excellent condition and artistic value [3] - The development history of Renminbi includes various themes and designs, with the fifth series (1999-present) incorporating modern anti-counterfeiting technology [3][4] Investment Value and Market Outlook - The scarcity of early Renminbi due to destruction or natural wear significantly increases their market value, with the complete first series estimated over 5 million yuan [11] - The internationalization of Renminbi is driving up the demand for collectible Chinese currency, enhancing the prices of rare varieties [11] - Long-term holding of scarce items, such as the first series of Renminbi, can yield an annual appreciation rate of 10%-20% [11] Preservation and Cultural Transmission - Proper preservation methods for paper currency and commemorative coins are essential to maintain their condition and market value [13] - Collecting currency serves not only as an investment but also as a means of recording and transmitting the history of national development [13] Conclusion - The "盛世中华" collection represents a condensed history of modern Chinese finance, with each currency piece embodying the marks of its time [15] - The appreciation potential and cultural significance of scarce varieties will continue to be highlighted in the increasingly mature collectible market [15]

Group 1 - The core argument emphasizes that the internationalization of the Renminbi (RMB) is a crucial indicator of building a strong financial nation, requiring a foundation of marketization, rule of law, and institutional stability [3][4][5] - The RMB internationalization process is closely linked to the improvement of public expectations and market confidence, which are essential for its smooth advancement [3][4] - The RMB has become the third-largest international currency, with an internationalization composite index reaching 5.68%, but the long-term goal is to achieve 20% by 2035 [5][6] Group 2 - The internationalization of the RMB involves multiple dimensions, including investment, financing, payment, clearing, and reserve markets, all of which need simultaneous enhancement [5][6] - The RMB's trading capability is critical for its status as an international currency, with the current weight in the IMF Special Drawing Rights (SDR) at 12.28% being a mid-term target [6][7] - The exploration of a "third path" for RMB liberalization, distinct from traditional models, is necessary to address the unique challenges faced by China [7][8] Group 3 - The RMB must not only "go out" but also be able to "come back," necessitating the establishment of an effective capital market return mechanism to support its internationalization [11][12] - Capital market reforms should focus on asset supply, investment participation, and institutional frameworks to enhance the quality and competitiveness of listed companies [12][14] - The development of the national bond market is essential for providing a stable asset pool to support RMB internationalization, with current bond balances needing significant growth [13][14] Group 4 - Institutional reforms are necessary to ensure a fair and transparent market environment, which includes stringent penalties for fraudulent activities and a shift towards market-oriented regulation [15] - The establishment of a stable and predictable asset pool is vital for the RMB's internationalization, requiring a comprehensive product system and asset market for offshore RMB [9][10] - The transition from a supply-driven to a demand-driven economic model is crucial for aligning economic structure with financial market development goals [10][11]

Group 1: Offshore Financial Development - The successful issuance of offshore bonds in Shanghai Free Trade Zone, with a scale of 500 million yuan, supports overseas entities in raising funds in international markets, marking a significant step in the development of offshore RMB bonds [2] - The new pilot scheme for offshore trade finance aims to streamline the settlement process from 2-3 days to "second-level," enhancing competitiveness with established offshore centers like Hong Kong and Singapore [2] - As of July 18, participating offshore trade companies completed 22 transactions with a total cross-border payment of 648 million yuan [2] Group 2: Growth in Offshore Trade - In Q1 2025, the offshore trading volume in the Lingang New Area reached approximately 8.15 billion USD, reflecting a year-on-year growth of 56.67% [3] - The Lingang New Area plans to leverage its offshore trade platform and financial pilot to create a model for global order reception, overseas processing, and settlement in Lingang [3] Group 3: Financial Market Infrastructure - Shanghai is recognized as one of the cities with the most comprehensive global financial factor markets, including stocks, bonds, futures, and gold markets, alongside essential financial infrastructure [4] - Recent regulatory measures have further strengthened Shanghai's position as an international financial center [4] Group 4: Cross-Border RMB Payment System - The CIPS (Cross-Border Interbank Payment System) has launched RMB international letter of credit services, enhancing convenience for enterprises in RMB trade settlements [7] - In the first half of the year, Shanghai's cross-border RMB payment totaled 16.2 trillion yuan, a year-on-year increase of 15%, maintaining its leading position nationally [7] Group 5: Foreign Investment and QDII Expansion - A new batch of QDII (Qualified Domestic Institutional Investor) quotas totaling 3.08 billion USD has been approved, allowing foreign banks to support clients in global asset allocation [8][10] - The expansion of QDII quotas is expected to enhance the ecosystem for capital market flows and inject long-term confidence into the market [10] - Foreign financial institutions are accelerating their presence in Shanghai, with significant investments in various sectors, including insurance and asset management [10]