Group 1 - The 2025 Lujiazui Forum opened in Shanghai with the theme "Financial Opening and Cooperation in the Global Economic Changes and High-Quality Development" [1] - Shanghai is making progress in building an international financial center, with a focus on high-quality development and financial market stability [1][2] - The establishment of the China Capital Market Society aims to unite various research forces to address strategic and fundamental issues in the capital market [7] Group 2 - The People's Bank of China has implemented multiple monetary policy measures to support economic recovery and financial market stability [3] - A series of policies will be introduced in Shanghai to enhance its international financial center status, including offshore trade finance reforms and the establishment of a digital RMB international operation center [3] - The financial regulatory authority emphasizes the importance of expanding financial openness and optimizing the business environment for foreign institutions [4] Group 3 - The China Securities Regulatory Commission plans to enhance the capital market ecosystem to better support innovation and investment [5] - Initiatives include reforms in the Sci-Tech Innovation Board and the introduction of new policies to facilitate foreign investment in the capital market [5][6] - The forum highlighted the need for deeper integration of financial services with technological and industrial innovation [6]

Group 1 - The core viewpoint of the articles highlights the evolution of the international monetary system, particularly the rise of the euro and the yuan, with the yuan becoming the second-largest trade financing currency globally and the third-largest payment currency [1][2] - The People's Bank of China Governor Pan Gongsheng emphasized that the international monetary system is moving towards a multipolar development, which will enhance the resilience of the system and maintain global economic stability [2][3] - The backdrop of these developments includes a decline in confidence in the US dollar due to aggressive tariff policies, prompting a shift towards Asian currencies and the euro [2] Group 2 - Pan Gongsheng announced eight policy measures to be implemented in Shanghai, aimed at establishing a digital yuan international operation center and enhancing the financial infrastructure [3] - Foreign financial institutions, including Singapore's UOB and Kyrgyzstan's Eldik Bank, expressed intentions to join China's Cross-Border Interbank Payment System (CIPS), indicating growing international interest in the yuan [3]

Core Viewpoint - The People's Bank of China announced eight policy measures to further advance the construction of Shanghai as an international financial center, emphasizing the need for a diversified and efficient global financial safety net and the consistency and authority of global financial regulatory rules [1][5]. Group 1: Policy Measures - Establishment of an interbank market trading report database to collect and analyze trading data across various financial sub-markets [2]. - Creation of a digital RMB international operation center to promote the internationalization of digital RMB and support financial market innovation [2]. - Establishment of personal credit institutions to provide diversified credit products and enhance the social credit system [3]. - Launch of offshore trade finance service reform pilot in the Lingang New Area to support the development of offshore trade [4]. - Development of offshore bonds in the free trade zone to broaden financing channels for enterprises involved in the Belt and Road Initiative [4]. - Optimization of free trade account functions to enhance the efficiency of cross-border trade and investment [4]. - Implementation of innovative structural monetary policy tools in Shanghai, including blockchain credit refinancing and carbon reduction support tools [4]. - Collaboration with the China Securities Regulatory Commission to promote RMB foreign exchange futures trading to improve the foreign exchange market product series [4]. Group 2: Global Financial Governance - Discussion on the need to reduce reliance on a single sovereign currency and promote a competitive environment among a few strong sovereign currencies to enhance the resilience of the international monetary system [5]. - The potential for Special Drawing Rights (SDR) to serve as a super-sovereign international currency, though facing challenges in political consensus and market depth [5]. - Emphasis on the importance of a diversified global cross-border payment system and the role of emerging technologies in reshaping traditional payment systems [6][7]. - Recognition of the challenges facing the global financial stability framework, including fragmented regulatory frameworks and insufficient regulation of non-bank intermediaries [7]. - The need for a strong IMF to build a diversified and efficient global financial safety net and to adjust the quota shares to reflect member countries' positions in the global economy [7].

Group 1 - The People's Bank of China announced eight policy measures to be implemented in Shanghai to support economic recovery and financial market stability [1][2] - Establishment of an interbank market trading report database to analyze trading data across various financial sub-markets [1] - Creation of a digital RMB international operation center to promote the internationalization of digital currency [1] Group 2 - Development of a personal credit reporting agency to provide diversified credit products for financial institutions [1] - Launch of offshore trade finance service reform pilot in the Lingang New Area to support offshore trade development [1] - Introduction of offshore bonds to broaden financing channels for enterprises involved in the Belt and Road Initiative [2] Group 3 - Optimization of free trade account functions to enhance efficient capital flow between quality enterprises and foreign funds [2] - Innovation in structural monetary policy tools, including pilot projects for blockchain letters of credit refinancing and cross-border trade refinancing [2] - Collaboration with the China Securities Regulatory Commission to promote RMB foreign exchange futures trading [2] Group 4 - Discussion on global financial governance, emphasizing the need for improved international monetary systems and cross-border payment frameworks [3] - Advocacy for stronger economic supervision by international financial organizations to assess global risks and support economic globalization [3] - Commitment to reform and multilateralism to contribute to a fair and resilient global financial governance system [3]

◎记者 陈佳怡 在当下的全球经济变局中，开放，是一种自信，更是一种担当。 这样的故事还有很多：目前，全球前50大银行有42家在华设有机构，40家最大的保险公司近半数已进入 中国；八成全国性银行通过引入境外战略投资者，提升了公司治理效能和经营管理水平…… 当前，中国正以更加开放的姿态拥抱世界。在外部环境复杂多变的背景下，这显得尤其难能可贵。"中 国对外开放的程度越深，对中国越有利，对全球经济也越有利。"伦敦金融城政府政策与资源委员会主 席贺凯思对记者说。 之于世界而言，中国的开放姿态无疑为国际合作注入了一股暖流，也注入了信心，更是一颗定心丸。正 如潘功胜所说，完善全球金融治理，需要各方加强对话与合作。"我们将坚持走改革开放之路、多边主 义之路，积极发挥建设性作用，为构建更加公平、公正、包容、有韧性的全球金融治理体系贡献力 量。" 在2025陆家嘴论坛的聚光灯下，一条从金融开放引领到市场筑基的路径清晰可见。正值科创板开板6年 之际，中国证监会发布《关于在科创板设置科创成长层 增强制度包容性适应性的意见》，以在科创板 设置专门层次为抓手，重启未盈利企业适用科创板第五套标准上市，推出一揽子更具包容性、适应性的 制度改 ...

Core Points - The People's Bank of China announced eight policy measures to enhance the construction of Shanghai as an international financial center [1][2][3] - Emphasis on global financial governance and the need for a diversified and efficient global financial safety net [1][4] Policy Measures - Establishment of an interbank market trading report database to analyze trading data across various financial sub-markets [2] - Creation of a digital RMB international operation center to promote the internationalization of digital RMB [2] - Establishment of personal credit institutions to provide diversified credit products [3] - Pilot offshore trade finance services in the Shanghai Lingang New Area to support offshore trade development [3] - Development of offshore bonds in the free trade zone to enhance financing channels for enterprises [3] - Optimization of free trade account functions to facilitate efficient cross-border capital flow [3] - Innovation in structural monetary policy tools in Shanghai, including blockchain credit refinancing and carbon reduction support tools [3] - Research on promoting RMB foreign exchange futures trading to improve foreign exchange market product offerings [3] Global Financial Governance - Discussion on reducing reliance on a single sovereign currency and promoting a multi-polar international monetary system [4] - The potential for Special Drawing Rights (SDR) to serve as a super-sovereign international currency, though facing political and market challenges [4] - The importance of a diversified global cross-border payment system and the role of emerging technologies in reshaping traditional payment systems [5] - The need for a strong IMF to maintain global financial regulatory consistency and authority [5] - The call for adjustments in IMF quotas to better reflect member countries' positions in the global economy [5]

2025陆家嘴论坛的一则重磅措施，让中国期货和衍生品市场的创新脉搏加速跳动。 从2011年外汇期货仿真交易开始，我国对人民币外汇期货的探索已经历了十多年的磨砺。如今，随着中 国在全球经济发展中的地位不断提升，人民币已成为全球第二大贸易融资货币、第三大支付货币。新兴 市场对多元化货币体系的需求，也在促使人民币国际地位不断提升。可以说，推出人民币外汇期货迫在 眉睫，不仅体现在利用人民币外汇期货服务实体经济、助力人民币国际化上，而且未来这一期货工具还 将在全球金融治理中发挥重要作用，为中国从"贸易大国"向"贸易强国"转型提供重要支撑。 （文章来源：期货日报网） 推出人民币外汇期货，将为外贸型企业提供一个金融"盾牌"。具体而言，相当于在期货市场购买了一 份"汇率保险"，可以实现一键锁定未来的交割价格。此外，期货保证金交易可以降低企业的外汇套保成 本，赋予中小企业更强的避险能力。期货合约的标准化特点，简化了交易流程，可以让企业更灵活地调 整对冲策略。 推出人民币外汇期货同时也有助于更多境外资本进入我国万亿级市场，并长期留下来。丰富多元的外汇 产品体系，将吸引更多国际投资者配置人民币资产。而当海量外资在我国期货市场对冲汇 ...

证 券 研 究 报 告 【债券日报】 陆家嘴论坛后，宽松交易或延续 2025 年 6 月 18 日上午，第十五届陆家嘴论坛开幕。2024 年陆家嘴论坛央行行 长发表关于当前的货币政策立场和未来货币政策框架的相关表态，其后货币政 策框架改革加速推进，故市场对于本次论坛内容较为关注。本文主要回顾 2019 年以来历次会议央行领导的主题发言内容以及债券市场表现。 陆家嘴论坛央行行长讲话回顾 回顾 2019 年以来央行行长的演讲的内容，2019-2020 年：会议主要聚焦上海 "五个中心"定位。2021-2023 年：议题转向绿色金融与普惠金融等，会议主 题呼应"双碳"目标与小微实体支持。2024 年：议题聚焦货币政策框架改革， 推动货币政策实现了数量型和价格型调控并行向以价格型调控为主导、以利率 为核心的货币政策框架转变。 2025 年：本次会议演讲围绕全球金融治理展开。值得关注的是，央行领导在 全球金融稳定体系所面临的挑战中重点提及非银行中介机构的监管仍然薄弱 的问题，关注非银机构的杠杆水平变化以及后续监管落实。 历史陆家嘴论坛后的收益率表现 从债市表现看，由于历次论坛央行领导表态多与绿色发展、国际合作、金融开 ...

证券研究报告 | 2025年06月18日 陆家嘴论坛主题演讲解读 以高质量金融改革，应对外部不确定性 经济研究·宏观快评 | 证券分析师： | 李智能 | 0755-22940456 | lizn@guosen.com.cn | 执证编码：S0980516060001 | | --- | --- | --- | --- | --- | | 证券分析师： | 田地 | 0755-81982035 | tiandi2@guosen.com.cn | 执证编码：S0980524090003 | | 证券分析师： | 董德志 | 021-60933158 | dongdz@guosen.com.cn | 执证编码：S0980513100001 | 事项： 6 月 18 日，2025 陆家嘴论坛正式开幕。中国人民银行行长潘功胜、国家金融监督管理总局局长李云泽、 中国证券监督管理委员会主席吴清、国家外汇管理局局长朱鹤新出席论坛并作主题演讲。 解读分析：坚定不移深化金融改革开放 中国人民银行行长潘功胜提出关于上海金融中心建设的八项重磅政策，国家金融监督管理总局局长李云泽 提出九项金融开放举措，中国证券监督管理委员会主席吴清 ...

Core Views - The 2025 Lujiazui Forum focuses on "Financial Opening Cooperation and High-Quality Development in the Context of Global Economic Changes" [2] - Key speeches were delivered by prominent financial leaders, emphasizing the importance of financial cooperation and reform in response to global economic challenges [19][43] Group 1: Global Financial Governance - The evolution of the international monetary system reflects deep changes in global dynamics, with historical shifts in dominant currencies indicating the need for reform [6][8] - Discussions on the international monetary system are increasingly driven by geopolitical factors, with a focus on reducing reliance on a single sovereign currency and promoting a multipolar currency system [7][8] - The potential for Special Drawing Rights (SDR) to serve as a super-sovereign currency is acknowledged, but challenges remain in achieving international consensus and expanding its use [8] Group 2: Cross-Border Payment Systems - The cross-border payment system is crucial for global financial stability and is evolving towards greater diversification due to technological advancements [9][10] - Traditional cross-border payment methods face challenges such as inefficiency and high costs, prompting calls for improvement and international cooperation [10] - Emerging technologies like blockchain are reshaping cross-border payments, enhancing efficiency while posing regulatory challenges [11] Group 3: Global Financial Stability - The global financial stability framework has been strengthened post-2008 financial crisis, with enhanced crisis response mechanisms and regulatory reforms [12][13] - New challenges include fragmented regulatory frameworks and insufficient oversight of emerging financial sectors, necessitating improved global coordination [14][15] - The importance of a robust IMF in maintaining global financial stability and governance is emphasized, with calls for reform to reflect the changing global economic landscape [16][17] Group 4: Financial Opening and Cooperation - Financial opening is seen as a key driver for China's financial reform and development, with significant foreign investment in the Chinese financial sector [20][21] - China's financial market is positioned as a vital opportunity for global investors, with a growing share of foreign assets and increasing market participation [21][22] - The expansion of financial services and products in China is expected to continue, driven by consumer demand and technological advancements [23][24] Group 5: Capital Market Development - The capital market in China is undergoing structural changes that support the integration of technology and industry, enhancing the financing environment for innovative enterprises [32][34] - The role of the capital market in facilitating technology innovation and industry transformation is highlighted, with a focus on improving service offerings for different stages of enterprise development [33][35] - Continued reforms in the capital market are necessary to enhance its attractiveness and competitiveness, particularly in supporting high-quality development [36][40]