Core Viewpoint - The upgrade of the CIPS regulatory framework by the People's Bank of China is expected to enhance the global competitiveness of the Renminbi Cross-Border Payment System (CIPS) [1] Group 1: Regulatory Changes - The People's Bank of China has released a draft of the "Rules for the Renminbi Cross-Border Payment System," which strengthens the global competitiveness of CIPS [1] - The new regulations grant operating institutions greater management autonomy and risk responsibility, improving the system's flexibility and market responsiveness [1] Group 2: Market Expansion and Compliance - The document outlines the potential for CIPS to expand multi-currency operations and align with international anti-money laundering standards [1] - The integration of new technologies is also highlighted, which is expected to attract more global participants and enhance international credibility [1]

Group 1: Market Overview - The Hong Kong stock market has shown strong performance, with the Hang Seng Index rising 18% last year and a cumulative increase of 20% in the first half of this year, marking the largest half-year gain in history [1] - The growth in the Hong Kong stock market is primarily driven by increased investment in technology stocks, which has also led to a significant rise in trading of related derivative products [1][2] - The number of Exchange-Traded Products (ETPs) in Hong Kong has exceeded 210, with total assets under management reaching approximately HKD 510 billion, a 30% increase since 2020 [1] Group 2: ETP Market Dynamics - The average daily trading volume of ETPs has increased fivefold, reaching about HKD 40 billion, and the market share of ETP trading has grown from less than 5% five years ago to approximately 17% in the first five months of this year [1] - The continuous innovation in the Hong Kong ETP market has provided liquidity and met evolving investment demands, effectively acting as a buffer during market volatility [1] Group 3: Future Developments - The Hong Kong Stock Exchange is actively promoting the listing of more thematic ETFs, including those focused on innovative technology, climate change, renewable energy, and biotechnology, to better direct funds towards high-quality economic development [2] - The aim is to leverage global market resources through institutional and product innovations, reinforcing Hong Kong's position as a preferred ETP hub in the Asia-Pacific region [2] Group 4: Valuation Insights - According to Tianfeng Securities, the Hang Seng Index and Hang Seng Tech Index exhibit significant valuation advantages, with the Hang Seng Index's TTM P/E ratio at 10.68 and a dividend yield of 3.93% [3] - The Hang Seng Tech Index's TTM P/E ratio stands at 20.10, indicating a historically low valuation level, making the Hong Kong market attractive compared to other major global markets [3]

Group 1 - The People's Bank of China is revising the rules for the Renminbi Cross-Border Payment System to adapt to the business development needs [1] - The 2025 BRICS Finance Ministers and Central Bank Governors Meeting will be held in Rio de Janeiro, Brazil, discussing global economic conditions, governance, and financial cooperation topics [1] - As of now, a total of 379 institutional innovation achievements from the national level have been replicated and promoted in the Free Trade Zone pilot [1]

Group 1 - The core viewpoint of the article is the revision of the "Rules for the Renminbi Cross-Border Payment System (CIPS)" to better accommodate the development needs of CIPS and its participants [2][3] - The revision is necessary to enhance the management mechanism for CIPS participants and to meet the expanding requirements of CIPS business [2][3] - The updated rules aim to ensure the forward-looking and scientific nature of regulatory documents, adapting to the ongoing development and functional upgrades of CIPS [2][3] Group 2 - The revised "Rules for CIPS (Draft for Comments)" consists of six chapters and thirty-one articles [3] - The general provisions clarify the basis for formulation, applicable objects, and business scope [4] - The account management section standardizes the opening of accounts for participants and operating institutions, as well as liquidity management [4] - The business processing section specifies the types of business for participants and regulates actions such as message permission applications and system logins [5] - The settlement mechanism section defines the settlement processes, including queue management and reconciliation [5] - The risk management and emergency response section emphasizes the establishment of emergency mechanisms and backup systems for CIPS operators and participants [5] - The appendix requires CIPS operators to create operational guidelines and agreements with participants, as well as to establish message standards [5]

Core Viewpoint - The People's Bank of China has revised the "Rules for the Renminbi Cross-Border Payment System (CIPS)" to better accommodate the development needs of CIPS and its participants, ensuring effective management and operational efficiency [3][4]. Summary by Sections Background and Necessity of Revision - The revision is necessary to better meet the expansion and management requirements of CIPS participants, as the existing rules have become inadequate due to the growth of CIPS business and participant scale [3]. - The updated rules aim to enhance participant management mechanisms and improve the overall management level of CIPS participants [3]. Main Content of the Revision - The "Draft Rules for the Renminbi Cross-Border Payment System" consists of six chapters and thirty-one articles [5]. General Principles - The general principles clarify the basis for formulation, applicable subjects, and business scope [6]. Account Management - The rules standardize the opening of accounts for participants and operating institutions, the ownership of settlement funds, and liquidity management for participants [7]. Business Processing - The rules specify the types of business for participants and regulate actions such as message permission applications, system logins, business type entries, and inquiries [8]. Settlement Mechanism - The settlement mechanism is defined, including queue management, business cancellation and return, participant accounting, and reconciliation [9]. Risk Management and Emergency Response - CIPS operating institutions and participants are required to establish emergency response mechanisms, abnormal operation alerts, and backup systems, ensuring timely fault handling [10]. Supplementary Provisions - CIPS operating institutions must develop operational guidelines, sign agreements with participants, and establish and publish message standards, along with clarifying interpretation rights and implementation dates [11].

Company Movements - Douyin has launched a new regulation prohibiting minors under 16 years old from live streaming, and those aged 16 to 18 must obtain written consent from parents or guardians to broadcast [5] - The Shanghai Stock Exchange's M&A Review Committee approved China Shipbuilding's share swap merger with China Shipbuilding Industry Corporation, marking the completion of the largest absorption merger in A-shares in nearly a decade before the registration with the CSRC [5] - Ping An Life announced it continues to increase its stake in Postal Savings Bank's H-shares, surpassing 13% ownership [6] - Saily Medical reported significant uncertainty regarding the success of its therapeutic hypertension vaccine project trial [6] - Jilin Jin Kong and its concerted actions plan to acquire all issued shares of Jilin's first rural commercial bank, which intends to delist from the Hong Kong Stock Exchange [6] Industry News - The second batch of new floating rate funds has been officially submitted, with multiple fund companies including E Fund, Huatai-PB, and others applying for both market-wide and industry-specific products [4] - The Shanghai and Shenzhen Stock Exchanges revised the ETF risk management guidelines, requiring fund managers to enhance the management of ETF subscription and redemption lists [4] - New regulations for algorithmic trading will take effect on July 7, with recent rumors about high-frequency trading frequency changes being denied by several quantitative private equity firms [4] - The Civil Aviation Administration of China has established a leadership group for general aviation and low-altitude economy, focusing on development planning, market regulation, and safety supervision [2] - The Ministry of Industry and Information Technology held a meeting on the photovoltaic industry to address low-price competition and guide capacity optimization, with industry leaders supporting policy directions [2]

一、修订背景及必要性 （一）更好适应CIPS参与者拓展和管理要求。近年来，随着CIPS业务发展和参与者规模扩大，《业 务规则》相关内容无法有效满足参与者拓展和管理要求。有必要根据CIPS业务发展实际，对《业务 规则》进行修改完善，进一步健全参与者管理机制，有效满足CIPS参与者拓展需要，提高CIPS参与 者管理水平。 （二）更好满足CIPS业务发展的需要。《业务规则》明确了CIPS参与者的账户管理、注资、资金结 算等详细流程。随着CIPS功能和服务的持续优化，有必要调整《业务规则》相关内容，仅对参与者 业务行为提出原则性要求，确保规范性文件的前瞻性和科学性，有效适应CIPS业务发展和功能升级 的需要。 二、修订的主要内容 《业务规则（征求意见稿）》共六章三十一条，具体如下。 （一）总则。明确制定依据、适用对象和业务范围。 中国人民银行官网今日发布消息，为适应人民币跨境支付系统（CIPS）业务发展需要，中国人民银 行组织修订了《人民币跨境支付系统业务规则》（银发〔2018〕72号文印发，简称《业务规 则》），形成《人民币跨境支付系统业务规则（征求意见稿）》（简称《业务规则（征求意见 稿）》）。现说明如下： （二 ...

Core Viewpoint - The People's Bank of China has released a notice for public consultation on the draft rules for the Cross-Border Interbank Payment System (CIPS), emphasizing the need to update the rules to better accommodate the growth and management of CIPS participants [1][2]. Group 1: Background and Necessity of Revision - The revision of the CIPS business rules is necessary to better meet the expansion and management requirements of CIPS participants, as the current rules are insufficient due to the growth in business and participant scale [2]. - The updated rules will clarify account management, funding injection, and settlement processes for CIPS participants, ensuring that the regulatory framework remains forward-looking and scientifically sound to adapt to the evolving needs of CIPS [2]. Group 2: Main Content of the Revision - The draft rules consist of six chapters and thirty-one articles, detailing the framework for CIPS operations [3]. - The general provisions outline the basis for rule formulation, applicable subjects, and business scope [4]. - Account management regulations cover the opening of accounts for participants and operators, the ownership of settlement funds, and liquidity management [4]. - Business processing rules specify the types of business participants can engage in, including message permission applications, system logins, and query processes [4]. - The settlement mechanism is defined, including queue management, business cancellation and return processes, and accounting and reconciliation for participants [5]. - Risk management and emergency response protocols are established, requiring CIPS operators and participants to develop emergency mechanisms and backup systems for handling operational anomalies [5]. - The supplementary provisions mandate that CIPS operators create operational guidelines, sign agreements with participants, and establish message standards, while also clarifying the interpretation rights and implementation dates [5].

访问36氪出海网站 letschuhai.com ，获取更多全球商业相关资讯。 根据联合国贸易和发展会议（贸发会议）2025年世界投资报告显示，阿联酋在全球外国直接投资流入目的地中排名第十，2024年阿联酋外国直接投资流入达 1670亿迪拉姆（450亿美元），比上年增长48%。（阿通社） 阿布扎比第一银行成为首家 CIPS 的中东和北非地区当地直参银行 阿联酋 文远知行与 Uber、迪拜道路交通管理局三方签约 据文远知行官微，当地时间6月15日，自动驾驶科技公司文远知行 WeRide 与迪拜道路与交通管理局 RTA 及移动出行及配送科技公司优步 UberTechnologies, Inc.签署合作协议。三方将携手在迪拜落地部署商业化 Robotaxi 出行服务。该服务将于今年内上线 Uber 平台，首批 Robotaxi 将进行有安全员的商业运营和 纯无人测试，2026年第一季度实现纯无人商业运营。目前，文远知行与 Uber 已在 RTA 指导下，在迪拜启动 Robotaxi 路测工作。（36氪） 阿联酋第一季度非石油对外贸易额达8350亿迪拉姆，增长18.6% 当地时间6月15日，阿联酋外贸国务部长塔尼·泽 ...

Group 1 - The CIPS (Cross-border Interbank Payment System) will officially launch its RMB international letter of credit business during the 2025 Lujiazui Forum, enhancing cross-border payment capabilities for RMB [1] - As of May 2025, CIPS has 174 direct participants and 1,509 indirect participants, covering over 4,900 legal banking institutions across 187 countries and regions [1] - The event aims to facilitate deep communication and cooperation between global participants of CIPS and foreign enterprises, focusing on trends and opportunities in RMB cross-border payments [1] Group 2 - The event will feature nearly 30 foreign financial institutions, including major global banks and regional mainstream banks, covering nearly 40 countries and regions across six continents [2] - Activities will include signing and launching ceremonies for direct participants, new business openings, themed sessions, and discussions to expand the cross-border payment network [2] - The CIPS international letter of credit business aims to provide more efficient and convenient cross-border financial services for international trade activities [2]