持续优化金融营商环境 人民银行上海总部宏观审慎管理部副主任施建东介绍，上海自由贸易试验区自由贸易账户功能升级试点 自启动以来，首批业务成功落地。截至目前，共有11家银行、29家企业参与试点，跨境资金收付规模合 计近500亿元。 1月29日，中国证券报记者从人民银行上海总部召开的2026年第一季度新闻发布会上获悉，2026年，人 民银行上海总部将立足实际，配合总行做好上海发展离岸金融相关工作，推动临港新片区离岸贸易金融 服务综合改革试点扩围，积极推动外汇管理改革试点政策落地。 促进社会综合融资成本低位运行 据介绍，2025年，上海市社会融资规模同比多增，直接融资比重上升；信贷总量合理增长，结构持续优 化，融资成本稳中有降。 具体来看，2025年全年上海社会融资规模增加11632亿元，同比多增1021亿元，较好地满足了实体经济 的融资需求。从融资结构看，对实体经济发放的人民币贷款增加6589亿元，占社融增量的56.6%。直接 融资增加3419亿元，占社融增量的29.4%，同比上升15个百分点。 贷款融资成本方面，2025年12月，上海市新发放企业贷款加权平均利率为2.64%，较上年同期下降38个 基点，处于历史低 ...

Group 1 - The People's Bank of China Shanghai Headquarters reported positive progress in Shanghai's international financial center construction, highlighting increased social financing scale, rising direct financing proportion, optimized loan structure, and stable financing costs [1] - The Shanghai financial sector aims to enhance its international competitiveness and influence, as outlined in the 14th Five-Year Plan, with a commitment to implement moderately loose monetary policies and promote financial support for the real economy [1] Group 2 - In 2025, Shanghai's foreign-related income and bank settlement and sale of foreign exchange reached new highs, with total foreign-related income amounting to $5.66 trillion, accounting for over 36% of the national total, and a year-on-year growth of 14.3% [2] - The total amount of bank settlement and sale of foreign exchange exceeded $1.15 trillion, representing over 23% of the national total, with a year-on-year increase of 10.7% [2] - Cross-border RMB payment amounts reached 32.4 trillion yuan, a year-on-year growth of 9%, maintaining a national share of 46% [2] Group 3 - The Shanghai People's Bank emphasized the importance of deepening cross-border trade and investment facilitation, expanding financial market openness, and supporting the development of the real economy as part of its strategy for 2026 [3] - The 14th Five-Year Plan highlights the development of offshore financial functions, with plans to promote offshore trade financial service reforms in the Lingang New Area [3] Group 4 - Multiple reform and innovation policies were successfully implemented in Shanghai, with the free trade account pilot program receiving a significant upgrade in December 2025 [4] - The upgrade of the free trade account is considered the most important reform since its inception in May 2014, achieving significant results and positive feedback from stakeholders [5] Group 5 - The upgraded free trade account pilot program has shown remarkable outcomes, with 97% of cross-border transactions conducted in RMB, aligning with the policy direction to expand RMB's cross-border usage [5] - The green foreign debt pilot program initiated in November 2025 has effectively addressed the funding gap for green financing, with a total financing amount exceeding $6.4 million [5]

2007年6月，中国人民银行与国家发展改革委联合发布《境内金融机构赴香港特别行政区发行人民币债券管理暂行办法》，允许境内政策性 银行和商业银行在香港发行人民币债券。首批发行机构主要为政策性银行和国有商业银行，债券以2至3年期为主，票面利率约3%。2009 年，财政部发行第一只离岸人民币国债，为市场确立了初步的无风险利率基准。 快速扩张期（2010—2014年） 次贷危机后，主要发达经济体实施量化宽松政策，而中国利率水平显著高于海外，人民币处于单边升值通道。投资者持有人民币资产可同 时获得票息收益和汇率升值的双重回报。2010年7月，香港金管局放宽对境外企业发行人民币债券的限制。同年8月，麦当劳成为首家发行 点心债的非中资企业，随后卡特彼勒、联合利华、大众汽车纷纷跟进。发行规模从2010年的358亿元增至2011年的1310亿元，至2014年达到 约4300亿元。 编者按 点心债是 在离岸市场发行和交易的人民币债券，因早期规模较小而得名。经过近二十年发展，点心债已从边缘试验品种成长为离岸人民币 资产体系的核心支柱。2024年点心债发行规模达到11734亿元，首次突破万亿关口，同比增长27%。在中美利差倒挂与境内 ...

Core Viewpoint - The establishment of a central clearing system for gold in Hong Kong is expected to enhance its position as an international financial center and improve the efficiency and safety of gold transactions, addressing long-standing market bottlenecks [1][5][14]. Group 1: Market Context and Growth - Gold prices have surged, reaching a historical high of $5,598 per ounce on January 29, 2026, with an approximate 18% increase since the beginning of the year [1]. - Hong Kong's gold trading market has seen significant growth, with daily trading volume reaching HKD 2.9 billion in November 2025, more than doubling year-on-year [2]. - The global demand for gold is rising, with central banks reportedly purchasing between 750 to 900 tons of gold in 2025, reflecting gold's status as a key reserve asset [3][14]. Group 2: Central Clearing System Development - The Hong Kong government has announced the launch of a central clearing system for gold, which aims to fill a critical gap in the market and facilitate better integration with global gold markets [1][5]. - The new system will operate under a governance structure that includes major banks and financial regulators, ensuring a collaborative approach to its implementation [6][5]. - The system will integrate clearing, storage, and trading, enhancing operational efficiency and reducing transaction costs [7][6]. Group 3: Infrastructure and Collaboration - The Hong Kong government is investing in advanced gold storage facilities, aiming to increase capacity to over 2,000 tons within three years [7]. - The collaboration between Hong Kong and the Shanghai Gold Exchange is expected to create a dual hub for gold trading, enhancing pricing influence and resource allocation in the global market [9][13]. - The establishment of a unified clearing platform will facilitate smoother transactions between mainland China and Hong Kong, addressing current market fragmentation [3][9]. Group 4: Product Innovation and Diversification - The central clearing system will support the development of diverse gold financial products, including ETFs and tokenized gold assets, catering to both institutional and retail investors [10][11]. - The launch of the Hang Seng Gold ETF, which allows for physical gold redemption, marks a significant step in product innovation within the Hong Kong market [10]. - The integration of traditional gold products with digital financial innovations is expected to attract more international investors and enhance market liquidity [10][11]. Group 5: Strategic Implications - The establishment of the central clearing system is seen as a proactive measure by Hong Kong to align with national financial strategies and enhance its global competitiveness [14][5]. - The move towards a RMB-denominated gold market is anticipated to facilitate cross-border transactions and attract more international participation [14][9]. - The collaboration with mainland China in refining and trading gold is expected to leverage Hong Kong's unique advantages, further solidifying its role in the global gold market [12][13].

Core Insights - The People's Bank of China (PBOC) Shanghai Headquarters reported that in 2025, Shanghai's social financing scale increased by 1.1632 trillion yuan, with a year-on-year increase of 102.1 billion yuan [3] - Direct financing's proportion rose, with 34.19 billion yuan added, accounting for 29.4% of the total increase, up 15 percentage points year-on-year [3] - The total credit volume showed reasonable growth, with a focus on optimizing the structure and a steady decline in financing costs [2] Financing Structure - In 2025, the increase in RMB loans to the real economy was 658.9 billion yuan, representing 56.6% of the total social financing increment [3] - The balance of RMB loans in Shanghai reached 13.07 trillion yuan by the end of December, growing by 6.5% year-on-year, which is 0.3 percentage points higher than the national average [3] - The weighted average interest rate for newly issued corporate loans in December was 2.64%, down 38 basis points from the previous year [3] Deposits Overview - By the end of December, the total balance of deposits in Shanghai was 24.5 trillion yuan, with a year-on-year growth of 11.3%, exceeding the national average by 2.3 percentage points [3] - Household deposits increased by 9.1% year-on-year, while non-financial corporate deposits grew by 5.3% [3] - Non-bank financial institutions saw a significant deposit growth of 30.4% [3] International Financial Center Development - The PBOC Shanghai Headquarters is committed to supporting the construction of Shanghai as an international financial center, focusing on cross-border trade and investment facilitation, financial market openness, and the internationalization of the RMB [4] - As of December 2025, 1,189 foreign institutions entered the interbank bond market, holding bonds worth 3.46 trillion yuan, which is about 2.0% of the total custody in the market [5] - The total amount of cross-border RMB settlements in Shanghai accounted for 46% of the national total in 2025 [5] Cross-Border RMB Business - In 2025, the cross-border RMB payment volume reached 32.4 trillion yuan, a year-on-year increase of 9%, maintaining the highest share in the country at 46% [6] - The RMB cross-border payment related to the real economy increased by 14%, outpacing the overall growth rate by 5 percentage points [6] - Key sectors such as shipping, new foreign trade formats, and bulk commodities saw significant growth in cross-border RMB settlements, with increases of 48%, 16%, and 2.6% respectively [6] Future Outlook - In 2026, the PBOC Shanghai Headquarters plans to enhance offshore financial services, promote the internationalization of the RMB, and implement foreign exchange management reforms [7] - The focus will be on optimizing the financial business environment and supporting the construction of the Shanghai International Financial Center [7]

今年的【问诊2026中国经济】专题，观察者网将聚焦"十五五"开局年的各种机遇和挑战。专题的第二 篇，上海交通大学高级金融学院张春教授与我们分享了他的精彩看法。张春教授长期关注离岸人民币金 融体系，是该领域既具国际视野，又不断探索中国路径的金融学者。 张春表示，中国也在建设黄金相关的储备体系。"上海黄金所已经在香港建了仓库，海外投资者来中国 买卖黄金不用担心，他们可以在香港实现交割。还有传言会在中东建分仓——就是说投资者买了上海的 黄金，他们可以储藏在其他国家或地区，中东或者新加坡，都是有可能的。" "这样就使得黄金在全球的定价权，会越来越多地掌握在中国手里，"张春强调，因为中国本身就是黄金 生产大国，又可能是最大的持有者，这会加持中国人民币的储备资产能力。 本文系观察者网独家稿件，未经授权，不得转载。 "所以，当前的策略，可能要用黄金来助力人民币国际化。"张春说。 他提到，美元在1945年替代英镑之际，没有让美债立刻变成储备资产，而是让"美元盯住黄金"。至少一 直到1971年尼克松宣布美元与黄金脱钩之前，黄金才是美元背后真正的储备资产。 "所以今后人民币实现国际化的过程中，中国的人民币信用有可能会以黄金储备资 ...

1月29日，人民银行上海总部召开2026年第一季度新闻发布会，系统介绍2025年上海金融运行情况。从 披露的数据来看，在外部环境复杂、国内经济修复仍在推进的背景下，上海金融运行总体保持平稳，多 项关键指标出现积极变化，结构性改善特征进一步显现。 数据显示，2025年上海社会融资规模同比多增1021亿元，融资结构持续优化，企业融资成本处于历史低 位区间；自由贸易账户（FT账户）功能升级试点启动后首月运行平稳，跨境资金收付规模接近500亿元 人民币；跨境人民币业务在规模和结构上同步提升，全年收付金额达32.4万亿元，占全国比重46%，继 续保持全国第一。 业内人士认为，与"总量扩张"相比，2025年上海金融运行更值得关注的是结构变化和制度含量的提升， 这些变化将对"十五五"时期上海金融体系的运行模式产生更为深远的影响。 融资结构符合高质量发展要求 从总量看，金融对实体经济的支持力度保持在合理区间。数据显示，2025年全年，上海社会融资规模增 加11632亿元，同比多增1021亿元。 更具变化意义的是融资结构的调整。2025年，上海直接融资增加3419亿元，占社融增量的29.4%，较上 年提升约15个百分点；同期， ...

Group 1 - The core viewpoint is that while there is speculation about the potential for the Renminbi to replace the US dollar, this perspective is considered overly optimistic and unrealistic by experts [1][2] - The current challenges facing the Chinese economy, including an imperfect financial system, are significant factors in the slow pace of Renminbi internationalization [1] - It is suggested that China may take 30 to 50 years to catch up to the US in terms of currency status, and even then, the Renminbi may not necessarily aim to replace the dollar [1] Group 2 - The strength of the US dollar has historically led to issues such as industrial hollowing out in the US, as a strong dollar makes it difficult for domestic industries to compete [2] - There is a caution against China pursuing currency dominance, as it could lead to similar problems faced by the US, such as currency overvaluation impacting export competitiveness [2] - The emphasis is placed on prioritizing the real economy over currency hegemony, as the latter can have negative effects on economic development [2]

1月28日，英国首相斯塔默抵达北京，开始对中国进行为期四天的正式访问。记者获悉，渣打集团 行政总裁温拓思（Bill Winters）作为英国工商界代表团成员随同访华，并在北京和上海出席一系列经贸 交流和访问活动。 温拓思表示，中英两国经济结构高度互补，双方坚定支持自由贸易和多边贸易体制，并致力于通过 开放合作推动全球经济增长与繁荣。近年来，中英经贸与财金对话机制持续发挥重要作用，不仅增强了 政策沟通和市场互信，也为双边贸易、投资和金融合作创造了稳定、可预期的环境。"首相此次访华为 双方在既有基础上进一步拓展合作，推动货物和服务贸易发展，推动双向投资，释放增长潜力，提供了 良好契机。" 作为一家总部位于英国、在中国持续经营168年的国际银行，渣打表示，始终看好中国经济的长期 发展前景，并在中国市场持续投资展业，致力于当好"超级连接器"，以安全、高效和便捷的方式，为在 中国、进入中国，以及从中国走向世界的客户 ，提供优质创新的产品和服务，特别是在服务新经济行 业、"一带一路"项目、大湾区建设、长三角一体化、人民币国际化、金融市场开放、跨境贸易、绿色和 可持续金融、民营及中小企业发展、个人资产多元化配置等优势领域， ...

Core Insights - The People's Bank of China (PBOC) Shanghai Headquarters reported a significant increase in social financing and direct financing in Shanghai for 2025, indicating a robust financial environment and support for the real economy [1][3]. Financing Environment - In 2025, Shanghai's social financing scale increased by 11,632 billion yuan, with a year-on-year increase of 1,021 billion yuan, effectively meeting the financing needs of the real economy [3]. - The structure of financing improved, with RMB loans to the real economy increasing by 6,589 billion yuan, accounting for 56.6% of the total financing increase. Direct financing rose by 3,419 billion yuan, making up 29.4% of the total, which is a 15 percentage point increase year-on-year [3]. Credit Growth and Structure - By the end of December, the balance of RMB and foreign currency loans in Shanghai reached 13.07 trillion yuan, a year-on-year growth of 6.5%, which is 0.3 percentage points higher than the national average [4]. - The total loan increase for the year was 7,967 billion yuan, with household loans growing by 8.1% and non-financial enterprise loans by 4.5% [4]. - The weighted average interest rate for newly issued corporate loans in December was 2.64%, down 38 basis points from the previous year, indicating a favorable borrowing environment [4]. Deposit Growth - The balance of RMB and foreign currency deposits in Shanghai reached 24.5 trillion yuan, growing by 11.3% year-on-year, which is 2.3 percentage points higher than the national average [5]. - The increase in deposits for the year was 2,490 billion yuan, with household deposits growing by 9.1% and non-financial enterprise deposits by 5.3% [5]. Cross-Border RMB Business - In 2025, the cross-border RMB payment volume in Shanghai reached 32.4 trillion yuan, a year-on-year increase of 9%, maintaining a 46% share of the national total [8]. - The RMB cross-border payments related to the real economy increased by 14%, indicating a growing willingness among businesses to use RMB for cross-border transactions [8]. - Key sectors such as shipping, foreign trade, and large commodity transactions saw significant growth in cross-border RMB settlements, with increases of 48%, 16%, and 2.6% respectively [8]. Future Outlook - In 2026, the PBOC Shanghai Headquarters plans to continue promoting offshore financial services and expand the pilot reforms for offshore trade finance in the Lingang New Area, further advancing RMB internationalization [9][10].