6月18日至20日，2025中国国际金融展在上海举办。在CIPS跨境银企合作专场活动上，新加坡大 华银行有限公司（以下简称"大华银行"）及其在华全资子公司大华银行中国有限公司（大华银行 中国）正式签约成为人民币跨境支付系统（Cross-border Interbank Payment System, 简称CIPS） 直接参与者。 大 华 银 行 集 团 交 易 银 行 部 主 管 苏 丽 华 女 士 ( 左 二 ) 出 席 2 0 2 5 中 国 国 际 金 融 展 C I P S 跨 境 银 企 合 作 专 场 活 动 的 签 约 仪 式 ， 并代表机 构 签 约 作为 CIPS 直接参与者，大华银行将依托该系统为境内外企业、金融机构提供"一站式"跨境 人民币清算、结算和支付服务，使企业享受到实时清算、全额到账等便利，有效降低支付清 算 成 本 。 大 华 银 行 中 国 行 长 兼 首 席 执 行 官 符 懋 赞 表 示 ： " 大 华 银 行 和 大 华 银 行 中 国 同 步 加 入 CIPS直参业务，体现了我们深耕中国—东盟市场和助力区域金融互联互通的坚定承诺。" 随着中国金融市场双向开放的不断深化 ...

Group 1 - China's renewed interest in stablecoins is driven by concerns over US legislation that may enhance the dominance of the dollar [1] - The US Senate's passage of the GENIUS Act could transform dollar-pegged stablecoins into synthetic dollars, reinforcing their connection to global payment networks [1][2] - The rise of stablecoins is seen as an extension of existing currencies rather than a challenge to the dollar's dominance, expanding its influence into cryptocurrency and emerging markets [1] Group 2 - The People's Bank of China (PBOC) has shifted its stance from banning to planning for stablecoins and digital currencies, aiming to develop a multipolar international monetary system [2] - The digital yuan and stablecoins are proposed as viable alternatives for cross-border settlements, addressing inefficiencies in traditional payment systems [2] - The future of the renminbi stablecoin is constrained by domestic usage bans, capital controls, and the dominance of dollar-pegged stablecoins [2] Group 3 - Hong Kong has become the first jurisdiction to legislate stablecoins, requiring 100% backing by high-quality reserves to establish a 1:1 redemption mechanism [3] - The introduction of offshore renminbi stablecoins in Hong Kong aims to validate cross-border settlement applications while avoiding capital control violations [3] - Stablecoins are viewed as tools to enhance existing monetary frameworks rather than creating a new supranational currency system [3] Group 4 - Despite efforts to build cross-border settlement infrastructure, the internationalization of the renminbi has faced setbacks, with its global reserve currency share declining from 2.8% to 2.0% [4] - Restoring global confidence in China's growth potential is crucial for increasing the renminbi's usage, necessitating structural reforms to shift the economy towards consumption [4] - Achieving renminbi internationalization is expected to be a long and challenging process, requiring careful implementation of reforms [4]

作 者丨曹媛 编 辑丨孙超逸 图 源丨IC p h o t o 继港股通、债券通、跨境理财通、互换通等之后，6月22日，跨境支付通正式上线运行。 当前，12家试点银行通过豁免手续费、返现机制等打响激烈的"市场争夺战"。而银行"花式抢 滩"背后，也是看到了跨境支付通业务将带来的业务增长、中收增厚等红利。 据香港金融管理局统计，截至6月22日晚6时，北向汇款的交易量约6900笔，平均每笔交易金 额约为人民币800元。南向汇款的交易量约19000笔，平均每笔交易金额约为人民币3100元。 秒到账、但有限额管控 日前，跨境支付通内地居民南向、港人北向汇款业务均陆续落地。 北向（香港至内地）方面，据中银香港介绍，该行首笔北向汇款业务，为在香港的一家中资船 舶管理公司，向大陆雇员的大陆账户发放人民币薪金，薪金即时到账。 南向（内地至香港）方面，内地居民吕齐（化名）向自己的香港恒生银行账户成功汇款1万 元，"我感觉特别方便，比起之前跨境汇款，跨境支付通中间的步骤少了很多，不用先购汇然 后再汇款，也没有那么多要填的资料。而且也不收手续费，之前我汇款的手续费一次在60元到 200多元之间。之前汇款到账也挺慢的，一般需要半天以上 ...

继港股通、债券通、跨境理财通、互换通等之后，6月22日，跨境支付通正式上线运行。 "两地居民只需要按下我们的手机，把对方的手机号码输入，就可以非常轻松地进行个人汇款以及支付 生活消费，实现了轻松一转，即刻到账。"香港金融管理局总裁余伟文介绍称。 南方财经记者通过走访深圳多家金融机构采访发现，对比传统跨境汇款，跨境支付通凭借秒级到账、填 报资料简单、较低汇款成本、操作便利等优势，受到深港两地民众欢迎。 当前，12家试点银行通过豁免手续费、返现机制等打响激烈的"市场争夺战"。而银行"花式抢滩"背后， 也是看到了跨境支付通业务将带来的业务增长、中收增厚等红利。 据香港金融管理局统计，截至6月22日晚6时，北向汇款的交易量约6900笔，平均每笔交易金额约为人民 币800元。南向汇款的交易量约19000笔，平均每笔交易金额约为人民币3100元。 秒到账、但有限额管控 日前，跨境支付通内地居民南向、港人北向汇款业务均陆续落地。 北向（香港至内地）方面，据中银香港介绍，该行首笔北向汇款业务，为在香港的一家中资船舶管理公 司，向大陆雇员的大陆账户发放人民币薪金，薪金即时到账。 南向（内地至香港）方面，内地居民吕齐（化名）向自 ...

随着境外市场人民币供给量持续增加，未来境外企业的人民币 贸易融资操作热情也将"水涨船高"。究其原因，一是人民币融 资利率明显低于美元，令境外企业用于贸易付款的融资成本明 显减少，二是人民币汇率波动相对平稳，令海外企业对贸易融 资操作环节的汇率风险担忧相对较低。 作者：陈植 封图：图虫创意 4月美国出台"对等关税"举措后，渣打银行董事总经理兼人民币国际化团队主管吴雅思明显感受到 境外机构对人民币的使用热情进一步升温。 "在6月18日举行的2025年中国国际金融展期间，我们遇到一些非洲金融机构，他们特意要求我们 坐下来继续讨论人民币的应用。"她告诉记者。 渣打银行（中国）有限公司交易银行部总经理张荧对此深有感触。 她向记者指出， 在美国出台"对 等关税" 举措后，越来越多中资企业纷纷在海外投资建厂推动产业 链多元化布局同时，都愿使用人民币进行ODI（境外投资备案），带动人民币在跨境投资方面的需 求持续加大。 "近期我们经常与非洲分支机构同事讨论，如何围绕中资企业在非洲业务的发展，满足他们的人民 币投融资需求，目前一个明显趋势是，银行相关产品的人民币占比越来越高。"张荧强调说。 汇丰环球支付方案部本地及创新支付产品 ...

21世纪经济报道记者余纪昕、李览青 上海报道 时隔两年，自贸债有望重启发行。 6月18日，中国人民银行行长潘功胜在2025陆家嘴论坛开幕式宣布八项重磅金融开放举措。其中，第五项专门指出，要"发展自 贸离岸债"，将遵循"两头在外"的原则和国际通行的规则标准，拓宽"走出去"企业及"一带一路"共建国家和地区优质企业的融资 渠道。 所谓自贸债，全称自贸区债券，又称"明珠债"，是面向中国（上海）自由贸易试验区（下称"上海自贸试验区"）内已开立自由贸 易账户（FT账户）的境内外机构投资者发行的债券品种，发行主体涵盖境内、自贸区内及境外的金融机构或企业，支持人民币 和外币双币种发行。 自贸债的核心优势在于，兼具离岸与在岸债券特点，可视为"在岸的离岸债券"，资金通过FT账户实现便捷流转，发行人无需在 境内托管人处单独开户，且FT账户与区外账户可实现一定程度的双向流动。 然而，自贸债的发展却历经坎坷。距今最近发行的一笔自贸债可以追溯至2023年10月，由境外企业凯德中国发行的6亿元普通企 业债，而境内城投企业发行的自贸债在2023年6月21日后就再无新增。 如今，监管发声后，有望重启发行的自贸债，发行模式会出现哪些变化？将为市 ...

Core Viewpoint - The Hong Kong government has announced the implementation of the "Stablecoin Regulation" effective August 1, 2025, establishing a comprehensive regulatory framework for fiat-backed stablecoins, marking a significant milestone for the sustainable development of Hong Kong's stablecoin and digital asset ecosystem [1][10]. Regulatory Framework - The regulation requires anyone issuing fiat-backed stablecoins or stablecoins pegged to the Hong Kong dollar in Hong Kong to obtain a license from the Hong Kong Monetary Authority (HKMA), with only licensed entities permitted to sell stablecoins to retail investors [1][2]. - The initial phase will see only a limited number of licenses granted, with high entry barriers akin to banking qualifications, focusing on applicants' business plans, reserve management capabilities, compliance systems, and technical security [2][3]. Capital and Financial Requirements - Licensed entities must be registered companies in Hong Kong or recognized institutions abroad, with a minimum paid-up capital of HKD 25 million (approximately USD 3.2 million), unless they are banks or recognized institutions [2][3]. - Stablecoins must be backed by high-quality, highly liquid assets, with reserves strictly corresponding to the pegged currency, such as holding Hong Kong dollars in cash or short-term bonds for HKD-pegged stablecoins [2][3]. Compliance and Operational Standards - The regulation mandates that reserve asset pools must be isolated from other reserves held by the licensed entity and subject to independent third-party audits to ensure user fund safety [3][4]. - Key management personnel must reside in Hong Kong, and licensed entities must establish anti-money laundering (AML) and counter-financing of terrorism (CFT) systems compliant with local regulations [3][4]. Licensing Scope - The regulation extends beyond direct issuance of stablecoins; it also requires licenses for issuing fiat-backed stablecoins outside Hong Kong and actively promoting related business to the Hong Kong public [3][4]. - The definition of "active promotion" is flexible, considering factors such as the language used in promotional materials and the target audience [3][4]. Market Dynamics - The HKMA's sandbox program has already seen participation from several entities, including JD.com and Standard Chartered, which are testing stablecoin issuance processes [5][6]. - Despite the competitive landscape, entry into the sandbox does not guarantee future licensing, as all applications will be evaluated against strict standards [6]. Strategic Implications - The regulation is expected to enhance Hong Kong's financial regulatory alignment with international standards, attracting compliant global virtual asset firms and talent, thereby strengthening its position as an innovative financial hub [10][11]. - The growth of stablecoins, which have seen a 45-fold increase in scale over the past six years, positions them as a mainstream payment and settlement option, with significant implications for cross-border payments and the internationalization of the Renminbi [10][11].

新大陆数字技术股份有限公司投资者关系活动记录表 编号：2025-004 | 特定对象调研□分析师会议 |  | | --- | --- | | 投资者关系活动 | □媒体采访□业绩说明会 | | □新闻发布会□路演活动 类别 | | |  现场参观 |  其他（线上交流） | | | 信达澳亚基金王建华；国君资管范明；富国基金陈天元；易 | | | 米基金杨浩伟；鹏华基金杨飞；国寿资产曹阳高奕昂朱丽江； | | | 国泰基金韩知昂顾益辉；广发基金敖明皓；华创自营杜郁坤； | | 参与单位名称及 人员姓名 | 上银基金张和睿；国海证券郭义俊；中金证券童思艺；光大 | | | 证券白玥；中信建投证券应瑛；中邮证券丁子惠；东北证券 | | | 吴源恒唐凯；华创证券周楚薇；中信证券潘儒琛；广发证券 | | 刘雪峰李婉云 线下交流时间： | | | 2025 年 6 月 2025 年 6 月 | 5 日（周四）14:00-15:00 6 日（周五）10:00-11:00 | | 2025 年 6 月 | 6 日（周五）15:00-16:00 | | 年 月 2025 6 | 10 日（周二）14:00-15:00 ...

Core Viewpoint - The launch of the Cross-Border Payment System facilitates real-time cross-border transfers between residents of mainland China and Hong Kong, significantly reducing costs and enhancing financial sovereignty and risk resilience [1][2][3] Group 1: Service Overview - The Cross-Border Payment System allows users to transfer funds by simply entering the recipient's phone number or bank account, with initial services provided by six banks in both regions without any fees [1] - The system connects the mainland's Internet Banking Payment System (IBPS) with Hong Kong's Faster Payment System (FPS), streamlining the cross-border remittance process and enabling real-time fund transfers [1] Group 2: User Experience - Users, such as a Shenzhen resident, have reported that the new system simplifies the remittance process, eliminating the need for currency exchange and reducing the waiting time for funds to arrive [2] - The system addresses previous challenges faced by Hong Kong residents, such as concerns over money laundering and the inconvenience of physically transporting cash across borders [2] Group 3: Economic Impact - The Cross-Border Payment System is a response to the increasing economic and consumer interactions between mainland China and Hong Kong, meeting the growing demand for efficient and secure cross-border payments [2] - Enhanced payment convenience is expected to boost consumer spending power for Hong Kong residents traveling to the Greater Bay Area, fostering deeper integration of the region [2] Group 4: Future Potential - The system is viewed as a platform for continuous innovation, with potential future expansions to support more currencies and regions, contributing to the globalization of cross-border payments [3] - The Cross-Border Payment System is anticipated to play a significant role in promoting the internationalization of the Renminbi, offering new opportunities for development in both regions [3]

Group 1 - The market showed strong performance in the first 45 minutes, followed by a period of consolidation, with the banking sector leading the adjustment [1] - The banking sector's adjustment is notable as it declined quietly during the market's downturn and then gradually returned to stability, indicating its key role in market control [1] - Insurance is viewed as a better investment option compared to banks, as it can gradually rise without the same level of risk, highlighting its importance in the financial sector [1] Group 2 - The financial sector remains a pillar of the market, encompassing traditional finance (banks, insurance, brokers) and fintech, with significant developments in digital currency and financial innovation [2] - The promotion of digital RMB and the exploration of stablecoins in Hong Kong aim to enhance the internationalization of the RMB and reduce reliance on the USD [2] - The restructuring and consolidation within the financial sector, including banks and brokers, are intended to strengthen their positions against the USD system, with strong fundamentals supporting the financial sector's performance [2] Group 3 - Recent news regarding tax digitalization and the government's stance on platform economy taxation has drawn attention to the importance of key management in tax control systems [3] - The performance of stocks in the digital tax and innovation sector has been mixed, with some showing good performance while others experienced slight declines [3]