| 时间 | 托管数量 | 期末托管规模 | 同比 | | --- | --- | --- | --- | | | (月) | (亿元) | 増幅 | | 2023年1月 | 572 | 3614.2 | 1. 20% | | 2023年2月 | 572 | 3645. 7 | 0. 90% | | 2023年3月 | 626 | 3961.7 | 9% | | 2023年4月 | 633 | 4043. 7 | 2% | | 2023年5月 | 625 | 4191. 2 | 4% | | 2023年6月 | 665 | 4438. 0 | 6% | | 2023年7月 | 652 | 4191. 4 | -6% | | 2023年8月 | 636 | 3904. 3 | -7% | | 2023年9月 | 633 | 3619. 6 | 10% | | 2023年10月 | 642 | 3581. 2 | -1% | | 2023年11月 | 633 | 3501. 3 | -2% | | 2023年12月 | 660 | 3640. 4 | 2% | | 2024年1月 | 704 | 3880. 4 ...

人民币国际腾飞：从日元身后到全球舞台的华丽蜕变 曾几何时，跨国汇款意味着繁琐的兑换流程和不可避免的费用。然而，就在不久前，一次看似平常的银 行柜台经历，却意外地向我揭示了人民币在国际舞台上悄然发生的深刻变革。当我柜员小姐善意地建议 我尝试直接以人民币进行汇款时，她的话语中透露出的信息，让我惊喜不已——"现在很多国家可以直 接收人民币了，您试试，也许还能省下不少手续费。" 这番话如同开启了一扇新的窗户，让我看到了人 民币国际化进程中令人瞩目的进步。 伴随着这份好奇，我立刻开始了深入的探究。不久前，环球银行金融电信协会（SWIFT）发布的权威数 据显示，人民币已不再仅仅是亚洲的货币，它已成功超越日元，跃升为全球第四大支付货币。这一里程 碑式的成就，标志着人民币国际化进程迈入了崭新的阶段。根据SWIFT2025年7月的统计，人民币在全 球支付中的占比已攀升至6.93%，而曾经一度占据第四位置的日元，其份额则为6.71%。 人民币国际化的多重驱动力 是什么力量推动人民币实现了如此迅猛的国际化进程？深入研究相关报告和数据，我们可以梳理出以下 几个关键的驱动因素： 跨境贸易人民币结算的蓬勃发展： 中国人民银行的数据显示， ...

Core Viewpoint - The event held by the Bank of China in Buenos Aires focuses on promoting the internationalization of the Renminbi (RMB) and exploring its application in Argentina's economic landscape [1][2] Group 1: RMB Internationalization - The Bank of China launched the ninth stop of its global RMB internationalization roadshow in Buenos Aires, Argentina [1] - The event highlighted the latest developments in RMB internationalization and showcased cross-border RMB products and financial solutions [1] - Discussions included macro policies, financial products, corporate practices, and future trends regarding the implementation of RMB in Argentina [1] Group 2: Economic Relations and Opportunities - Argentina, as the second-largest economy in Latin America, has strong economic ties with China in sectors such as agriculture, energy, minerals, and infrastructure [1] - There is a high demand for cross-border settlement and financing in Argentina, which presents opportunities for RMB utilization [1] - Since establishing a branch in Buenos Aires in 2019, the Bank of China has been enhancing its RMB business system to provide comprehensive financial services for Chinese and local enterprises [1] Group 3: Financial Services Enhancement - The Bank of China aims to continue its role as a primary channel for cross-border RMB services, enriching RMB product offerings and expanding application scenarios [2] - The bank is committed to improving the quality and efficiency of financial services to inject more financial momentum into the healthy development of China-Argentina economic and trade cooperation [2]

Core Viewpoint - Shenzhen government successfully issued offshore RMB local government bonds in Hong Kong, marking the fifth consecutive year of such issuances, aimed at enhancing financial market connectivity in the Guangdong-Hong Kong-Macao Greater Bay Area [1][2]. Group 1: Bond Issuance Details - The total issuance scale for this round of bonds is 4 billion RMB, with maturities of 2, 5, and 10 years, and a decreasing interest rate structure [1]. - The 2-year bond has an issuance scale of 1.5 billion RMB with a pricing rate of 1.61%; the 5-year bond (thematic sustainable development bond) has a scale of 1 billion RMB with a rate of 1.80%, funding projects in clean transportation and water management; the 10-year bond (social responsibility bond) has a scale of 1.5 billion RMB with a rate of 2.08%, funding healthcare, education, affordable housing, and urban village renovation projects [1]. - The issuance attracted significant interest from international investors, with a peak order book multiple of 4.7 times [1]. Group 2: Macau Bond Issuance - On September 9, Shenzhen government issued 1 billion RMB of offshore RMB local government bonds in Macau, marking the first such issuance in the region [2]. - The Macau issuance was a 3-year green bond with a pricing rate of 1.74%, aimed at funding clean transportation projects [2]. - The peak order book for the Macau issuance reached 6.62 billion RMB, achieving a subscription multiple of 6.62 times, setting a historical high for RMB bond issuance in Macau [2]. Group 3: Strategic Importance of Offshore Bond Issuance - Reasons for local governments issuing RMB bonds abroad include lower borrowing costs compared to domestic markets, diversification of offshore RMB bond offerings, and enhancing international visibility to attract foreign investment [3]. - Issuing bonds abroad allows local governments to increase their debt issuance authority and efficiency, promoting sustainable economic development [3]. - For investors, these bonds provide a wider range of investment options and better asset allocation opportunities [3].

本报记者 刘琪 韩昱 四年来，从起步探索到优化扩容，债券通"南向通"在深化内地与香港金融互联互通、推动人民币国际化等方面的作用持续 显现。 "债券通'南向通'促进了金融市场的国际化进程，增加了我国金融机构与国际市场的交流合作，提高了我国金融市场的国际 竞争力。"景顺固定收益高级投资组合经理丁一飞在接受《证券日报》记者采访时表示，展望未来，"南向通"机制的不断完善 和发展，预计将进一步加强我国金融市场与国际市场的互联互通，提供更加广阔的投资机会和创新产品，为我国金融体系的全 球化发展作出积极贡献。 作为我国金融市场双向开放的关键一步，2021年9月24日，在债券通"北向通"平稳运行四年多的基础上，债券通"南向 通"正式上线，标志着债券通实现双向通车。如今，这一机制已平稳运行满四周年。 参与机构将扩容 通俗而言，债券通"南向通"是指内地机构投资者通过内地与香港基础服务机构连接，投资于香港债券市场的机制安排。 回顾四年发展历程，"南向通"从初期的探索起步，逐步走向优化与扩容，不仅持续深化内地与香港金融市场的互联互通， 更为香港离岸人民币债券市场的蓬勃发展注入新动能。 四年来，"南向通"在运行中不断优化，今年更是迎来 ...

Core Viewpoint - The launch of the "Bank of China - UnionPay" Jinxiu China debit card in Frankfurt marks a significant step in enhancing cross-border payment convenience for key demographics, promoting the internationalization of the Renminbi, and spreading Chinese culture and image in Europe [1][2]. Group 1: Product Launch and Features - The "Bank of China - UnionPay" Jinxiu China debit card is designed to cater to business travelers, tourists, local residents, overseas Chinese, Chinese-funded enterprises, and students, providing convenient, safe, and cost-effective cross-border payment services [1]. - This product is the first of its kind to be introduced in Europe, aiming to improve payment convenience for those traveling to China [2]. Group 2: Market Trends and Demand - There is a growing trend among German consumers to use debit cards for high-value and frequent transactions, driven by the increase in cross-border payments and e-commerce demand [1]. - The expansion of China's visa-free travel policies is leading to a stronger willingness among foreign nationals to visit China and a rising demand for Renminbi payments [1]. Group 3: Strategic Importance - The Bank of China Frankfurt branch is the only Chinese bank in Germany authorized to conduct both corporate and personal business, as well as being a local Renminbi clearing bank, which positions it uniquely to enhance cross-border financial services [2]. - The collaboration with UnionPay leverages the global network advantages of UnionPay, further facilitating overseas consumption and travel for customers [1].

活动现场，贸易对接环节氛围热烈。工商银行泰安分行工作人员主动靠前，通过政策宣讲、案例解读等 多种形式，向与会企业系统介绍跨境人民币相关政策，重点引导企业建立"本币结算成本更低、流程更 便利"的认知，帮助企业进一步熟悉跨境结算优势。 2025年9月15日，2025年"万企出海 鲁贸全球"泰安精准采购贸易对接会在泰安顺利落幕。作为区域内重 要的金融服务机构，工商银行泰安分行受邀参会，现场为100余家参展企业提供专属金融支持，以专业 服务为企业"走出去"保驾护航。 此次参会，工商银行泰安分行通过政策宣讲与现场答疑，累计触达企业及代表百余人次，切实为企业出 海提供了精准的跨境人民币政策支持。下一步，该行将在人民银行泰安市分行的指导下，持续响应政府 号召，以各类展会、对接会为契机，不断推动跨境人民币政策落地细化，扩大政策宣传覆盖面与实效， 在助力人民币国际化的同时，为泰安市涉外经济高质量发展贡献更多工行力量。 在互动答疑环节，该行针对企业关心的跨境结算痛点、难点问题精准回应。其中，某参展企业重点咨询 了入账效率提升及优质企业跨境人民币结算便利化政策，工作人员结合实际业务场景，就便利化企业认 定标准、具体服务措施等内容进 ...

Core Insights - The article highlights China's overwhelming advantages in key economic indicators compared to the United States, suggesting that China's economic scale may be several times larger than that of the U.S. when measured by actual output and welfare [1][5]. Group 1: Industrial Strength - China contributes nearly 30% of global manufacturing value added and has maintained the world's largest industrial scale for 15 consecutive years [3]. - In 2024, China's electricity generation reached 9.45 trillion kWh, steel production was 1.384 billion tons, and automobile production was 30.2 million units, all significantly surpassing U.S. figures [5][7]. - China dominates in the production of various industrial goods, holding the top position in most categories among 504 major industrial products globally [3]. Group 2: GDP Measurement Discrepancies - The article discusses the fundamental differences in GDP calculation methods between China and the U.S., with China focusing on tangible outputs while the U.S. includes virtual economies and gray industries [3][5]. - By purchasing power parity (PPP), China's GDP surpassed that of the U.S. in 2017 and reached 124.6% of the U.S. GDP by 2023 [5][7]. Group 3: Living Standards Comparison - The article presents a comparison of living standards, indicating that the quality of life in China for 2,000 RMB is higher than that in the U.S. for 3,000 USD [5][7]. - Key factors contributing to this disparity include lower prices for fresh produce, an efficient logistics system, and abundant free digital services in China [5][7]. Group 4: Future Competitiveness - The article emphasizes that China's real challenge lies in gaining a voice in the global value chain, as the U.S. controls high-profit segments like chip design and software licensing [7]. - However, China is establishing advantages in emerging fields such as renewable energy, 5G, and quantum technology, with the internationalization of the yuan accelerating [7]. Group 5: Economic Evaluation Standards - The article argues for a new economic evaluation standard that prioritizes tangible output, welfare, and technological innovation over mere GDP figures [7]. - It concludes that the true essence of economic strength lies in the ability to provide for the population's needs and maintain a robust industrial base, rather than just statistical comparisons [7].

Core Insights - China Bank successfully assisted the Shenzhen Municipal Government in issuing offshore RMB local government bonds in Hong Kong, marking the fifth consecutive year of leading this initiative, highlighting its role in cross-border financial innovation and the internationalization of the RMB [2][3] Summary by Categories Bond Issuance Details - The total amount of bonds issued was 4 billion RMB, with a 2-year bond of 1.5 billion RMB at a coupon rate of 1.61%, a 5-year bond of 1 billion RMB at 1.80%, and a 10-year bond of 1.5 billion RMB at 2.08% [2] - The issuance attracted significant market interest, with peak order book size reaching 18.67 billion RMB and a final subscription multiple of 4.7 times, indicating strong confidence from international investors in RMB assets and Shenzhen's development prospects [2] Sustainable Development Focus - This issuance introduced a new category of sustainable development bonds themed around the Greater Bay Area, with funds primarily allocated for clean transportation and water governance, reflecting the Shenzhen Municipal Government's forward-looking approach to financial innovation and social responsibility [2] Role of China Bank - Over the past five years, China Bank has been deeply involved in the issuance of offshore RMB local government bonds for the Shenzhen Municipal Government, serving as the global coordinator and green advisor, earning high recognition for its professional capabilities and service efficiency [3] - The bank aims to leverage its global advantages and comprehensive features to support high-level opening-up and high-quality collaborative development in the Guangdong-Hong Kong-Macao Greater Bay Area, contributing to economic prosperity and social progress in both Shenzhen and Hong Kong [3]

证券研究报告 | 固定收益点评 gszqdatemark 2025 09 23 年 月 日 熊猫债驱动人民币实现跨境循环。作为境外主体在境内发行的人民币债 券，熊猫债驱动人民币形成了"境内募资-境外使用-跨境回流"的闭环链 条。从存量熊猫债披露的募集资金用途来看，发行人除了将一部分资金存 于境内 NRA 账户，用于偿还境内债务或境内营运，也还会将一定比例的 募集资金汇出境外使用。 熊猫债扩容的背后是人民币稳定度的提升和境内利率水平的下降。从汇率 角度看，今年以来美元指数呈趋势性下行，同期 CFETS 人民币汇率指数呈 现"先下后稳"特征，整体波动幅度亦小于美元指数； 从利率角度看，2024 年以来熊猫债发行利率与美国国债收益率走势呈现分化特征，美债收益率 在 2024 年初明显冲高回落，且波动相对剧烈。同期限熊猫债利率更加平 稳且呈下行趋势，低利率对国际发行人具有更强的吸引力。 央国企主导，中短期为主。熊猫债发行人中，央企与地方国有企业合计金 额占比 43%，为当前熊猫债市场的核心发行主体，其次为国际开发机构， 金额占比 18%。从发行期限结构占比来看，1 年以内短期品种金额占比呈 持续下降态势；1-3 年中 ...