Core Insights - The panda bond market has seen its first successful issuance by a U.S. company, Morgan Stanley, which issued a 5-year panda bond worth 2 billion yuan at a coupon rate of only 1.98, indicating strong investor demand [1] - Hungary has also issued two panda bonds, a 3-year bond worth 4 billion yuan and a 5-year bond worth 1 billion yuan, marking significant milestones in the panda bond market [1] - The issuance scale of panda bonds in the interbank market has exceeded 100 billion yuan this year, reflecting the growing interest of foreign investors in renminbi financing [1] Market Dynamics - The low interest rate environment for renminbi financing is a key factor driving the increase in panda bond issuances, alongside the deepening of China's financial market opening and the expansion of international trade partnerships [2] - Since 2022, regulatory policies have been implemented to facilitate panda bond issuance, optimizing the registration process and allowing more flexible use of raised funds, including overseas usage [2] - China's ongoing high-level opening up and the widespread use of renminbi in cross-border trade have bolstered confidence among domestic and foreign entities in holding and using renminbi, further promoting the development of the panda bond market [2]

Core Insights - The panda bond market has seen its first successful issuance by a U.S. company, Morgan Stanley, which issued a 5-year panda bond worth 2 billion yuan at a coupon rate of only 1.98, indicating strong investor demand [1] - Hungary has also entered the panda bond market with a 3-year bond of 4 billion yuan and a 5-year bond of 1 billion yuan, marking the largest single issuance by a foreign government and the first 5-year issuance by a foreign government [1] - The total issuance of panda bonds in the interbank market has exceeded 100 billion yuan this year, reflecting the growing interest of foreign investors in the domestic bond market and the increasing appeal of RMB-denominated assets [1] Market Dynamics - The low interest rate environment for RMB financing is a key factor driving the increase in panda bond issuances, alongside the deepening of China's financial market opening and the expansion of international economic and trade partnerships [2] - Since 2022, regulatory policies have been implemented to facilitate panda bond issuance, optimizing the registration process and relaxing regulations on the use of raised funds, allowing for more flexible fund allocation [2] - China's ongoing expansion of high-level openness and its extensive network of economic partners across over 150 countries have enhanced confidence in holding and using RMB, further promoting the development of the panda bond market [2] Future Outlook - The active issuance and enthusiastic subscription of panda bonds are contributing to the internationalization of the RMB, with each issuance adding new momentum to this process [2] - As financial reforms and opening-up continue, RMB assets are expected to become increasingly attractive to both foreign issuers and investors [2]

编辑：王晓伟 据介绍，该笔业务聚焦新能源材料采购，拓宽了人民币境内结算的渠道，促进数字人民币应用生态不断丰富和完善，助力人民币国际化和贸易金融数字化 转型。 新华财经新加坡7月29日电（记者刘春涛）近日，在中国人民银行数字货币研究所的指导和支持下，由工商银行总行统一协调，工行新加坡分行联动境内 分行，成功助力中新跨境进口贸易的首笔数字人民币在中国境内的结算，至此实现了数字人民币在双向跨境贸易结算领域的创新应用。 本次创新是继去年中国工商银行新加坡分行支持境内分行开展出口贸易数字人民币境内结算试点后，进一步探索服务数字人民币在跨境贸易中的境内结算 应用，将场景拓展至进口贸易方向。 ...

Core Insights - The rapid development of stablecoins, which are cryptocurrencies with "pegged" attributes, is reshaping the financial landscape, with a projected global market value exceeding $250 billion by mid-2025 [2][3] Group 1: Impact on Financial Systems - Stablecoins are expected to revolutionize cross-border payment and settlement systems, offering advantages such as convenience and lower costs, which could challenge traditional banking and payment institutions [2] - The rise of stablecoins may disrupt the monetary policy transmission mechanism and financial stability by causing shifts in bank deposits and altering money velocity [3] Group 2: International Monetary Dynamics - The dominance of stablecoins, primarily pegged to the US dollar, reinforces dollar hegemony, but increased innovation in non-dollar stablecoins could challenge this status and reshape international currency competition [3] Group 3: Financial Innovation - Stablecoins are pivotal in the growth of decentralized finance (DeFi) and the tokenization of real-world assets (RWA), lowering barriers for user participation and facilitating the digital transformation of tangible assets [3] Group 4: Strategic Responses - China is encouraged to integrate digital yuan with stablecoin technology to enhance the internationalization of the yuan, exploring applications in cross-border trade and investment [5] - Traditional financial institutions should upgrade and innovate their services in response to the pressures from stablecoins, with regulatory support to foster the development of new financial products [5][6] - There is a need for a comprehensive regulatory framework for stablecoins to ensure their development is compliant and to mitigate financial risks, alongside international cooperation on regulatory standards [6]

近日，亚洲基础设施投资银行在我国银行间债券市场首次发行2年期熊猫债，募集20亿元人民币。此次熊猫债发行有"两个创纪录"——发行认购倍数创 亚投行熊猫债发行纪录，并吸引了超30家机构参与，创下亚投行熊猫债发行参与机构数量纪录。什么是熊猫债？发行人有哪些？资金用途是什么？为 何受国际资本青睐？一起来看本期快问快答↓ Q：什么是熊猫债？ A: 按照国际惯例，国外机构在一国发行债券时，一般以该国特色为债券命名，例如美国的扬基债券、澳大利亚的袋鼠债券、西班牙的斗牛士债券等。 熊猫债这一名称就是国际债券命名规则和我国特色相结合的产物。 2005年，国际金融公司、亚洲开发银行获准在我国银行间债券市场发行人民币债券，熊猫债市场由此拉开帷幕。熊猫债市场随着中国资本市场对外开 放和人民币国际化进程日益发展壮大。中国人民银行按照市场化、法治化、国际化原则，推动熊猫债券市场实现长足发展，助力中国金融业高水平对 外开放。 Q：熊猫债市场发行人有哪些？ Q：熊猫债为何深受国际资本青睐？ A: 经过多年发展，我国金融高水平开放不断深化，熊猫债市场创新日益活跃，制度安排更加国际化，资金使用更为灵活。截至目前，熊猫债累计发行 规模突破1万亿元 ...

本次助力摩根士丹利成功首发熊猫债，也为粤港澳大湾区金融开放树立了新的标杆。国信证券作为粤港 澳大湾区的核心金融力量，始终把服务实体经济作为根本宗旨，以构建更加开放包容的资本市场生态为 使命，积极布局包括国信香港在内的国际化业务，稳步构建跨境综合服务体系，着力提升公司投行业务 的国际化水平与全球资源配置能力，不断增强公司自身的国际竞争力。 未来，国信证券将进一步发挥"国资国企"与"植根湾区"的双重优势，不断强化公司跨境、跨业务线协同 合作效能，提升全球业务布局能力，增强跨境业务服务能力，开拓进取、不断创新，持续助力我国资本 市场高水平对外开放，为推进中国式现代化贡献更多力量。 免责声明：以上内容为本网站转自其他媒体，相关信息仅为传递更多信息之目的，不代表本网观点，亦 不代表本网站赞同其观点或证实其内容的真实性。如稿件版权单位或个人不想在本网发布，可与本网联 系，本网视情况可立即将其撤除。 7月24日，摩根士丹利私人有限公司在中国银行间债券市场成功发行"2025年第一期定向债务融资工具 （债券通）——25摩根士丹利PPN001BC"。本项目发行人是摩根士丹利全资控股子公司——摩根士丹 利私人有限公司，由摩根士丹利 ...

中国经济则呈现 "稳中向新" 特征，二季度实际 GDP 增速连续三季度稳定在5%以上，出口韧性、消费 升级与新动能壮大形成核心支撑，但物价持续低迷与名义增长偏慢成为突出制约，国际货币体系变革为 人民币国际化带来新机遇。 报告核心结论显示，中国经济亮点与挑战并存：外贸多元化对冲对美出口下滑，耐用品消费短期发力但 服务消费潜力待释放，高端制造等新动能加速成长；物价低迷源于核心服务疲软与中游化工品拖累。基 于此，建议以供需协同为核心，通过财政货币协同、稳楼市、释消费、推进城镇化、整治内卷五大举 措，促进物价合理回升，最终提振名义增长（按当前市场价格计算的国内生产总值（GDP）增长，未剔 除价格变动因素），实现高质量复苏。 为了从根本上缓解"供强需弱"矛盾，北京大学国家发展研究院卢锋教授建议从以下三个方面系统发力： 一是适度调整公共资源配置，将部分公共部门投入从供给领域转向支持居民收入与消费，形成更为平衡 的供求格局；二是加快推进户籍、土地及现代财政体制的综合改革，以提升公共服务均等化水平，营造 有利于居民消费的优质环境；三是短期刺激和长期改革并举，在保持生产力赶超力度的同时，大幅提升 居民消费率和最终消费率5至10 ...

Core Viewpoint - Gold has evolved from a mere precious metal to a strategic asset in the geopolitical landscape, serving as a foundation for financial security and a symbol of safety for the public, particularly among the U.S., Russia, and China [4]. Group 1: U.S. Strategy - Post-World War II, the U.S. controlled 75% of global gold reserves and established the dollar's status as the world's currency through the Bretton Woods system [3]. - The U.S. holds 8,133 tons of gold, with approximately 70% stored in the New York Federal Reserve, which underpins the dollar's credibility despite a national debt of $36 trillion [3]. - The U.S. restricts other countries from accessing their gold reserves, maintaining its hegemonic position in the global financial system [3]. Group 2: Russian Strategy - Russia views gold as a tool to counter Western sanctions, significantly increasing its gold reserves from 400 tons to 2,350 tons over ten years [6]. - Following the 2022 Ukraine conflict, Russia converted its dollar reserves into gold, reducing its dollar asset share from 40% to below 11% [6]. - Russia's annual gold production of 300 tons helps create a "golden moat," allowing it to bypass the SWIFT system and stabilize the ruble [6]. Group 3: Chinese Strategy - China, with official gold reserves of 2,298.55 tons, has been increasing its gold holdings for eight consecutive months while selling off $400 billion in U.S. Treasury bonds [8]. - The country aims to reduce its reliance on the dollar and promote the internationalization of the renminbi [8]. - China's vast informal gold reserves exceed 12,000 tons, reflecting a cultural inclination towards gold as a means of financial security, with an average of 7.86 grams of gold held per person [8]. Group 4: Overall Importance of Gold - Gold plays distinct roles in the strategies of the U.S., Russia, and China, with the U.S. using it to maintain dominance, Russia to resist sanctions, and China to foster financial independence [10]. - As a value storage method transcending monetary systems, gold's significance is amplified during global turmoil, representing both national strategy and personal wealth preservation [10].

Group 1 - Morgan Stanley successfully issued 2 billion yuan of panda bonds in the Chinese interbank market, marking the first issuance by a US-based company [1] - The issuance has a term of 5 years and an interest rate of 1.98%, attracting diverse investors [1] - As of July 28, over 600 panda bonds have been issued, with a historical cumulative issuance exceeding 1 trillion yuan [1] Group 2 - The panda bond market has seen accelerated expansion in 2023, with 153.5 billion yuan registered in the first half of the year, a year-on-year increase of 165% [3] - Foreign government and international development institutions issued 23.5 billion yuan, up 161% compared to the previous year [3] - The issuance of panda bonds by international development institutions and multinational companies has increased by 23 percentage points compared to the same period last year [3] Group 3 - In a globally uncertain environment, the stability of the RMB exchange rate and a relatively loose RMB financing environment make panda bonds an important option for international investors [4] - As of June 2025, the total outstanding panda bonds reached 315.82 billion yuan, with foreign institutions holding approximately 59.736 billion yuan, accounting for 18.9% [4] - The panda bond market is expected to benefit from the acceleration of RMB internationalization, supported by policy and institutional improvements [4]

Group 1 - 30% of central banks surveyed plan to increase allocation to RMB assets, indicating a growing interest in diversifying investments into China [1] - The RMB has appreciated by 1.9% against the USD in the first half of the year, with a trading range between 7.15 and 7.35 [1] - Foreign investment in RMB-denominated bonds has exceeded $600 billion, reflecting a stable trend since 2025 [1] Group 2 - The RMB is experiencing structural changes, with a shift in expectations towards appreciation rather than depreciation [2] - The long-term low interest rate environment in China, with 10-year government bond yields below 2%, contrasts with the US yields above 4%, supporting RMB's internationalization [2] Group 3 - The credibility of US Treasury bonds is declining, as evidenced by increased volatility and a 5% drop in the USD index following tariff announcements [3][4] - The shift in trade dynamics due to tariffs may enhance the use of non-USD currencies, including RMB, in international trade settlements [5] Group 4 - The current low allocation of global stock assets to China (1.7%) compared to the US (54%) suggests a potential for systematic correction in the future [6] - China's manufacturing sector continues to lead globally, with a manufacturing value added of over 40.5 trillion yuan, accounting for approximately 30% of global manufacturing [7] Group 5 - The market position of the RMB is improving, with foreign investors increasingly holding RMB-denominated assets, which currently account for about 3%-4% of total market value [8] - Economic stability and the effectiveness of domestic demand policies are expected to further enhance the attractiveness of RMB assets to foreign investors [8] Group 6 - The RMB's exchange rate is expected to remain stable, supported by high-quality economic development and ongoing foreign exchange market resilience [9] - The need for the RMB to maintain appropriate elasticity in its exchange rate is emphasized to mitigate downward pressure [9] Group 7 - Recent measures to facilitate cross-border investment and financing are expected to enhance the attractiveness of RMB assets, with significant reductions in processing times for foreign investment [10] - Allowing for a moderate appreciation of the RMB could help alleviate concerns about currency depreciation among foreign investors, fostering a positive investment environment [10][11]