金融监管总局制定了《关于废止部分规章的决定》，自公布之日起施行。《决定》废止《商业银行市场 风险管理指引》（中国银行业监督管理委员会令2004年第10号）、《中国银行业监督管理委员会法律工 作规定》（中国银行业监督管理委员会令2005年第4号）、《银行业立法规划》（中国银行业监督管理 委员会令2008年第2号）、《中国保险监督管理委员会规章制定程序规定》（中国保险监督管理委员会 令2006年第2号中国保险监督管理委员会令2013年第11号修改）共四部规章。 ...

金融监督管理总局：严格中小金融机构准入标准 金十数据6月20日讯，金融监管总局修订发布《货币经纪公司管理办法》。《办法》修订坚持以下五个 原则：一是严格中小金融机构准入标准。从严把好准入关口，适度提高注册资本最低限额要求，优化出 资人资质条件，夯实高质量发展基础。二是坚守功能定位。三是强化风险监管。四是加强行为监管。五 是注重监管协同。 货币经纪公司管理办法 ...

Core Viewpoint - The National Financial Regulatory Administration has revised the "Management Measures for Currency Brokerage Companies," focusing on enhancing the entry standards and regulatory framework for the industry to promote healthy development and risk management [1] Group 1: Regulatory Changes - The minimum capital requirement for currency brokerage companies will be moderately increased to strengthen the foundation for high-quality development [1] - The qualifications of investors will be optimized to ensure better compliance and operational standards within the industry [1] Group 2: Operational Focus - The revised measures emphasize the core responsibilities of currency brokerage companies, refining the scope of brokerage services and improving operational rules [1] - The focus is on promoting standardized and healthy industry development through clearer operational guidelines [1] Group 3: Risk Management - Enhanced risk supervision will be implemented, including updates to compliance management, operational risk management, and information technology risk management [1] - There will be a greater emphasis on data security management to protect sensitive information within the industry [1] Group 4: Behavioral Supervision - Strengthened management of broker behavior will be introduced, with clear prohibitions on unethical practices to mitigate moral hazards among brokers [1] Group 5: Regulatory Coordination - The measures will enhance regulatory collaboration with the People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange to reinforce institutional and behavioral oversight [1]

Core Viewpoint - The National Financial Regulatory Administration has optimized the business scope of currency brokerage firms, allowing them to provide matching services for transactions in currency, bonds, foreign exchange, gold, and derivatives among financial institutions [1] Group 1: Business Scope Expansion - Currency brokerage firms are now permitted to facilitate transactions in currency, bonds, foreign exchange, gold, and derivatives between financial institutions [1] - The regulation aims to adapt to the development of financial markets and regulatory practices [1] Group 2: Derivatives Brokerage Clarification - The new guidelines specify that the derivatives brokerage services provided by currency brokerage firms do not include equity and commodity derivatives [1] - This clarification is based on functional positioning and risk prevention considerations [1] Group 3: Data Service Regulation - Currency brokerage firms are allowed to utilize market data generated during brokerage activities to provide data services to clients, in compliance with existing regulations [1] - This aligns with current regulatory frameworks [1]

Core Viewpoint - The recent legislative developments in the U.S. and Hong Kong regarding stablecoins, along with Circle's listing on the New York Stock Exchange, have reignited discussions on the impact and implications of stablecoins in both traditional and Web3 finance [2] Group 1: Types of Stablecoins - Fiat-collateralized stablecoins are integrated into sovereign credit systems, reflecting a historical evolution of currency from shells and precious metals to modern fiat currencies [3] - The emergence of various types of stablecoins, including fiat-collateralized, cryptocurrency-collateralized, commodity-collateralized, and algorithmic stablecoins, highlights the challenges faced by the latter three, with fiat-collateralized stablecoins being the focus of regulatory scrutiny [4] Group 2: Regulatory Trends - Global regulators have increasingly focused on fiat-collateralized stablecoins since the introduction of the EU's MiCA, emphasizing non-bank payment institution regulations, consumer protection, and compliance with financial market infrastructure principles [6][7] - The regulatory landscape aims to enhance monetary sovereignty in the Web3 space while balancing the trust and concerns surrounding fiat currency [7] Group 3: Challenges and Opportunities - Despite the potential for stablecoin legislation to create new opportunities, challenges remain, including the inability to effectively manage market volatility and liquidity shocks, as well as the complexities of cross-border payments [9][10] - The concept of a "chain-based Bretton Woods system" faces sustainability issues, as the inherent conflicts in providing liquidity and maintaining value stability may undermine its viability [10] Group 4: China's Strategy - China should focus on developing a fiat-collateralized stablecoin, particularly a renminbi stablecoin, to establish a presence in the global market, with regulatory frameworks and pilot programs in designated areas like the Shanghai Free Trade Zone [12][13] - Caution is advised regarding the issuance and holding of stablecoins domestically, with an emphasis on financial security and consumer protection while learning from international regulatory experiences [14]

金融监管总局人身险司向业内发文，分红险分红水平不得"内卷式"竞争。（中证金牛座） ...

来源：全国银行间同业拆借中心 银行间质押式回购市场方面，DR001仍在1.4%下方低位震荡，7D、14D资金利率走高。具体看，DR001、R001加权平均利率分别与前日持平、上行 0.7BP，报1.3706%、1.4307%，成交额分别增加225亿元、2619亿元；DR007、R007加权平均利率分别上行0.4BP、2.5BP，报1.5267%、1.5773%，成交额 分别减少168亿元、446亿元；DR014、R014加权平均利率分别上行7.2BP、0.5BP，报1.673%、1.7464%，成交额分别增加100亿元、601亿元。 货币市场利率（6月18日） 新华财经北京6月18日电（刘润榕）人民银行18日开展1563亿元7天期逆回购操作，操作利率持平1.40%；鉴于当日有1640亿元7天期逆回购到期，公开市 场实现净回笼77亿元。 上海银行间同业拆放利率（Shibor）仅14天品种小幅走升。具体来看，隔夜Shibor下跌0.30BP，报1.3660%；7天Shibor下跌0.30BP，报1.5050%；14天 Shibor上涨8.40BP，报1.6550%。 | | | | 2025-06-18 11:0 ...

Group 1 - Japanese regulatory authorities will enhance scrutiny over the repackaging of Japanese Government Bonds (JGBs) [1]

市场消息：日本监管机构将加强对银行重组后的日本国债的审查。 ...

Core Viewpoint - The People's Bank of China (PBOC) announced eight financial opening measures aimed at enhancing financial regulation, digital finance, structural monetary policy tool innovation, and supporting cross-border trade, reflecting a deeper consideration of monetary policy to support the real economy and stabilize foreign trade development [1][2]. Financial Regulation - The first policy focuses on financial regulation, indicating the PBOC's heightened attention to potential risks in cross-market transactions within the banking system. A trading report database will be established to collect and analyze transaction data across various financial sub-markets [2]. - The current banking system, dominated by banks, necessitates a focus on their safety to ensure overall financial stability. As net interest margins narrow, banks are diversifying their asset allocations, which may increase cross-market risk contagion [2]. Structural Monetary Policy Tool Innovation - The PBOC's innovation in structural monetary policy tools includes pilot programs in Shanghai for blockchain letters of credit refinancing, cross-border trade refinancing, and expanding carbon reduction support tools [3][4]. - The use of rediscounting to support cross-border trade financing for import and export enterprises is emphasized, addressing the inefficiencies of traditional monetary policy tools [3][4]. - The focus on the bond market to support the development of technology innovation enterprises is highlighted, addressing the challenges these companies face in bond issuance and risk mitigation [4]. Currency and Exchange Rate Management - The PBOC, in collaboration with the China Securities Regulatory Commission, will research the promotion of RMB foreign exchange futures trading to help financial institutions and foreign trade enterprises manage exchange rate risks more effectively [5]. Overall Policy Focus - The overall focus of the PBOC's financial policies is on financial regulation and the use of structural monetary policy tools to support the real economy, indicating a shift towards a more nuanced understanding of monetary policy beyond just aggregate tools [5].