其中提到，探索数字金融国际合作。支持沿线省(区、市)参与多边央行数字货币桥项目，推动与泰国、 香港、阿联酋、沙特阿拉伯等跨境支付使用央行数字货币。支持探索推进内地与新加坡数字人民币跨境 支付试点。支持沿线有条件的省(区、市)建设跨境电商数字服务平台，与新加坡等国家跨境电商和贸易 数字化平台公司对接，提升跨境电商服务能力。 北京商报讯(记者刘四红)12月24日，中国人民银行、国家发展改革委、财政部、交通运输部、商务部、 金融监管总局、中国证监会、国家外汇局联合印发《关于金融支持加快西部陆海新通道建设的意见》 (以下简称《意见》)。 ...

人民财讯12月24日电，央行等八部门联合发布《关于金融支持加快西部陆海新通道建设的意见》，其中 提出，探索数字金融国际合作。支持沿线省(区、市)参与多边央行数字货币桥项目，推动与泰国、香 港、阿联酋、沙特阿拉伯等跨境支付使用央行数字货币。支持探索推进内地与新加坡数字人民币跨境支 付试点。支持沿线有条件的省(区、市)建设跨境电商数字服务平台，与新加坡等国家跨境电商和贸易数 字化平台公司对接，提升跨境电商服务能力。 ...

Core Viewpoint - The company is leveraging its membership in BIAN and participation in ISO 20022 standards to enhance its influence in international financial technology regulations, aiming to convert this influence into competitive advantages in the market [1] Group 1: Company Initiatives - The company has successfully joined BIAN, an international banking architecture organization, and is actively promoting the transformation of banking architecture and service functions [1] - The company has established partnerships with benchmark clients such as HSBC China and Mitsubishi Bank, gaining valuable experience in expanding its overseas customer market [1] Group 2: Future Plans - The company plans to focus on emerging markets in Southeast Asia and the Middle East for further expansion of its overseas business [1] - There are ongoing efforts to develop standards in areas such as digital currency cross-border payments and quantum encryption, with potential updates on international cooperation [1]

Core Viewpoint - The article discusses the need to adjust the functional positioning of the digital renminbi (RMB) from M0 (cash) to M1 and M2, suggesting that this change could enhance its usability and competitiveness against non-bank payment platforms like Alipay and WeChat Pay [3][4][10]. Group 1: Current Status and Limitations - As of July 2024, the digital RMB app has opened 180 million personal wallets, with a total transaction amount of 7.3 trillion yuan across 26 regions [3]. - The current M0 designation limits the digital RMB's ability to earn interest and restricts its monetary creation capacity, leading to a lack of incentive for individuals and businesses to adopt it [4][6][7]. Group 2: Proposed Adjustments - Four key adjustments are suggested: 1. Explore a partial reserve requirement system instead of the current 100% reserve requirement [11]. 2. Allow interest on balances held in digital RMB wallets to incentivize holding [11]. 3. Enable commercial banks to use digital RMB as a liability for loans and investments [11]. 4. Transition from a retail-focused to a wholesale central bank digital currency model [11]. Group 3: Future Applications and Infrastructure - The digital RMB is expected to evolve into a fully functional currency, capable of performing all five key monetary functions [12][13]. - Future applications may include investment in financial products like stocks and bonds, as well as broader B2B applications in supply chain management and trade financing [16][17]. - A robust infrastructure for clearing and settlement will be necessary to support the digital RMB's expanded role [14]. Group 4: Cross-Border Payment Advantages - The digital RMB's use of blockchain technology allows for efficient cross-border payments by synchronizing information and funds, potentially bypassing traditional systems like SWIFT [20][21]. - Current applications in cross-border payments include transactions in commodities such as oil and soybeans, with a focus on reducing costs and improving efficiency [22][23]. Group 5: Impact on RMB Internationalization - The cross-border use of digital RMB is seen as mutually beneficial for both the digital currency's adoption and the internationalization of the RMB [25][26].

Core Viewpoint - The report suggests that the functional positioning of the digital RMB should be adjusted to enhance its application and competitiveness against non-bank payment wallets like Alipay and WeChat Pay [1][2]. Summary by Sections Current Status and Challenges - As of July 2024, the digital RMB app has opened 180 million personal wallets, with a total transaction amount of 7.3 trillion yuan across 26 regions [1]. - The current M0 positioning limits the digital RMB's functionality, as it cannot earn interest and is subject to a 100% reserve requirement, reducing the incentive for individuals and businesses to use it [2][3]. Recommendations for Adjustment - Zhang Jianhua recommends transitioning the digital RMB from M0 to M1 and M2, allowing it to earn interest and enabling the development of financial products [2][7]. - Four key adjustments are proposed: 1. Explore a partial reserve requirement system, potentially aligning with the current 5%-7.5% statutory deposit reserve ratio [8]. 2. Allow commercial banks to pay interest on balances held in digital RMB wallets, incentivizing users to hold digital RMB [8]. 3. Enable commercial banks to use digital RMB as a liability for loans and investments, facilitating its monetary derivation function [8]. 4. Shift the digital RMB from a retail to a wholesale central bank digital currency, expanding its application in interbank transactions [8]. Future Applications and Infrastructure - The digital RMB is expected to evolve into a fully functional currency, capable of performing all five key monetary functions [10][11]. - A robust infrastructure for clearing and settlement is necessary to support the digital RMB's operations, requiring upgrades to the current statistical systems [11]. - The digital RMB's application is anticipated to expand significantly, particularly in B2B scenarios, such as supply chain management and trade financing [15][16]. Cross-Border Payment Advantages - The digital RMB offers advantages in cross-border payments, such as simultaneous information and funds transfer, reducing costs and increasing efficiency [17][18]. - Two primary models for cross-border payments are identified: the mbridge platform for multilateral cooperation and a bilateral model through local branches of Chinese banks [19]. - The cross-border use of digital RMB is expected to promote the internationalization of the yuan, creating a mutually beneficial relationship [20].

Core Viewpoint - The National Internet Information Office has released a draft regulation to promote and standardize the application of electronic documents, encouraging financial institutions to explore the use of digital RMB for cross-border payments under legal and risk-controlled conditions [1] Group 1: Digital RMB Cross-Border Payment Developments - Financial institutions are actively exploring the application of digital RMB in cross-border scenarios, with notable transactions occurring in Chongqing and Shenzhen [1] - In September, the first bilateral cross-border settlement using digital RMB between China and Singapore was successfully executed [1] - In March, a cross-border capital pool transaction involving 637 million RMB was completed in Shenzhen [1] Group 2: Advantages of Digital RMB - Digital RMB cross-border settlement offers efficiency, security, and low costs, enhancing corporate cross-border settlement efficiency and reducing payment costs [2] - The use of digital RMB is expected to broaden cross-border fund clearing channels and promote the internationalization of the RMB [2] Group 3: Supportive Policies and Strategic Opportunities - Numerous supportive policies have been introduced this year to facilitate the development of digital RMB in cross-border areas [3] - Financial institutions are encouraged to explore new payment methods and participate in the construction of a multilateral central bank digital currency bridge, presenting strategic opportunities to enhance international competitiveness [3][4] - The future digital RMB cross-border ecosystem is expected to transition from pilot programs to normalization, providing a Chinese standard for global trade digitization [4]

Group 1: Digital Currency Development - The National Internet Information Office released a draft regulation encouraging the use of electronic documents in trade, logistics, and finance, promoting the digitalization of business operations and the use of digital RMB for cross-border payments [1][2] - The global cross-border payment landscape is dominated by the SWIFT agent model, but the digital RMB and related systems like CIPS are expected to see growth opportunities [1][2] Group 2: Market Growth and Trends - Licensed cross-border payment institutions have reported strong growth, with annual transaction amounts doubling this year, driven by policy incentives for digital RMB usage [1][2] - Airwallex has expanded its global presence, establishing 26 offices and a local team of over 1,800, with annual revenue reaching $900 million, a 89% increase year-on-year [6] Group 3: Regulatory Environment and Compliance - The European market prioritizes consumer protection, data privacy, and financial system stability, presenting a high compliance threshold for companies [7] - Airwallex is adapting to European regulations by integrating local and global operational frameworks to meet diverse market needs [7][8]

Market Performance - The A-share market saw collective gains across the three major indices from September 8 to September 12, with the Shanghai Composite Index rising by 1.52% to close at 3870.60 points, the Shenzhen Component Index increasing by 2.65% to 12924.13 points, and the ChiNext Index up by 2.10% to 3020.42 points [2] - Approximately 63% of stocks experienced gains during the week, with 157 stocks rising over 15% and 20 stocks declining more than 15% [2] - Key sectors that performed well included components, motors, electronics, automation equipment, and aquaculture, while sectors such as photovoltaic equipment, leisure food, chemical pharmaceuticals, wind power equipment, and professional chains saw declines [2] International Market Overview - In the U.S. stock market on September 12, the Dow Jones Industrial Average fell by 0.59% to 45834.22 points, the S&P 500 decreased by 0.05% to 6584.29 points, while the Nasdaq Composite rose by 0.44% to 22141.10 points [4] - European markets showed mixed results, with the UK FTSE 100 down by 0.15%, the French CAC 40 up by 0.02%, and the German DAX down by 0.02% [3] Oil Prices - International oil prices increased on September 12, with light crude oil futures for October delivery rising by $0.32 to $62.69 per barrel, a gain of 0.51%, and Brent crude oil futures for November delivery up by $0.62 to $66.99 per barrel, a rise of 0.93% [3] Policy Developments - The Chinese government, through eight departments, issued a plan to stabilize growth in the automotive industry for 2025-2026, focusing on the industrial application of intelligent connected technologies and promoting the integration of vehicle-road-cloud systems [5] - A draft regulation on the management of clinical research and application of new biomedical technologies was approved, aiming to enhance the quality and safety of clinical applications and promote the biomedical industry [6] - The National Internet Information Office is soliciting opinions on a draft regulation to encourage financial institutions to explore the use of digital RMB for cross-border payments [7] Trade Investigations - The Ministry of Commerce announced an anti-dumping investigation into imported related analog chips from the U.S., following a formal request from the Jiangsu Semiconductor Industry Association [8] - An investigation was initiated regarding discriminatory measures taken by the U.S. against China's integrated circuit sector, based on preliminary evidence [8] Institutional Insights - Citic Securities highlighted the shift of more listed companies from domestic exposure to global exposure, emphasizing the need for a global perspective in economic analysis [9] - Galaxy Securities noted that limited inflation growth in the U.S. and a weakening job market have strengthened expectations for interest rate cuts by the Federal Reserve, which could positively impact the A-share market [9]

Macro - China and the US held talks in Madrid on September 14 regarding trade issues, including tariffs, export controls, and TikTok [1] - The Chinese Ministry of Commerce urged the US to correct its wrong practices and stop unreasonable suppression of Chinese companies [1] Industry - The Ministry of Commerce announced an anti-dumping investigation on imported analog chips from the US and initiated an anti-discrimination investigation regarding US measures in the integrated circuit sector [2] - Eight departments, including the Ministry of Industry and Information Technology, issued a plan to promote the industrial application of intelligent connected vehicles and conditionally approve the production access of L3-level models [3] - A draft national standard for pre-prepared food has passed review and will soon seek public opinion, requiring restaurants to disclose the use of pre-prepared dishes [4] Market Commentary - Domestic advanced storage capacity is expanding, and demand for storage is expected to grow due to AI servers and terminals, alongside opportunities for domestic substitution [7] - The digital RMB is encouraged for cross-border payments, enhancing independence and security while promoting regionalization of cross-border payments [8] - Tesla's stock surged nearly 14% in two days, with expectations that related companies in the supply chain will continue to benefit from advancements in humanoid robots, autonomous driving, and electric vehicles [9]

Group 1 - The core economic data for August will be released by the National Bureau of Statistics of China, including residential sales prices and industrial output [2][3] - The 2025 World Energy Storage Conference will be held in Ningde, Fujian [2][3] - The U.S. Federal Open Market Committee (FOMC) will announce its interest rate decision this week [2][3] Group 2 - A total of 42 companies in the Shanghai and Shenzhen stock markets will have their restricted shares unlocked this week, amounting to 3.257 billion shares with a total market value exceeding 89.7 billion yuan [3][4] - The top three companies by market value of unlocked shares are: Weigao Medical (15.943 billion yuan), Softcom Power (15.046 billion yuan), and Kangguan Technology (10.590 billion yuan) [3][4] Group 3 - The State Internet Information Office is soliciting opinions to encourage financial institutions to explore the use of digital RMB for cross-border payments [5] - The State Council is promoting innovation in biomedical technology and accelerating the application of research results [6] - Eight departments aim for automobile sales to reach approximately 32.3 million units in 2025, with a target growth of about 3% [7] - The plan includes promoting the industrial application of intelligent connected vehicles and approving L3-level vehicle production [8] Group 4 - The National Health Commission has passed a draft national standard for pre-prepared food safety, which will soon be open for public consultation [9] - The People's Bank of China reported that the broad money supply (M2) reached 331.98 trillion yuan at the end of August, with a year-on-year growth of 8.8% [9] Group 5 - The Ministry of Commerce announced an anti-discrimination investigation into U.S. measures related to integrated circuits starting September 13, 2025 [11] - An anti-dumping investigation will also be initiated for imported related analog chips from the U.S. starting September 13, 2025 [12] Group 6 - Four new stocks will be available for subscription this week, including one from the main board and three from the ChiNext [14][15] - The subscription details include: United Power (12.48 yuan), Jianfa Zhixin (1 yuan), Ruili Kemi (1 yuan), and Yunhan Xincheng (1 yuan) [15] Group 7 - Short-term market trends indicate a potential structural performance that may outperform the overall market, with a focus on sectors like TMT and electric equipment [16][19] - The A-share market is expected to maintain a recovery trend, with specific attention to high-growth technology sectors and consumer segments [18][19]