Core Viewpoint - The successful issuance of the first offshore bond in the Shanghai Free Trade Zone marks a significant innovation in China's offshore financial market, providing a new pathway for non-bank financial institutions to expand internationally [1][2]. Group 1: Offshore Bond Issuance - The first offshore bond, issued by Dongfang Zhisheng Co., with a scale of 200 million RMB and a maturity of 364 days at an interest rate of 1.88%, was successfully completed [1]. - The issuance was supported by Dongfang Securities Co., which provided cross-border guarantees, highlighting a new role for non-bank financial institutions in offshore debt financing [2][3]. Group 2: Market Dynamics and Regulatory Framework - The new regulations for offshore bonds, effective from March 1, 2026, provide clear institutional expectations for issuers, defining the boundaries and encouraging RMB pricing [4]. - The Shanghai Free Trade Zone's offshore bond market has quickly become a vital channel connecting high-quality domestic assets with foreign capital, with significant interest from international investors [2][4]. Group 3: Future Outlook and Market Potential - The upcoming maturity of a large volume of existing offshore bonds in 2026, with a total outstanding amount of approximately 67.8 billion RMB, indicates a critical period for the market [5]. - Experts believe that the offshore bond market will attract foreign investors due to its high credit quality and stable yields, especially in the context of global monetary policy shifts [5][6]. - The development of a more robust offshore bond framework is expected to enhance the international use of the RMB, positioning offshore bonds as a key support for China's financial globalization [6].

Core Viewpoint - The visit of UK Prime Minister Starmer to China from January 28 to 31 aims to expand cooperation, promote trade in goods and services, and enhance bilateral investment between the two countries [1] Group 1: Economic Cooperation - The UK and China have highly complementary economic structures, and both countries support free trade and multilateral trade systems [1] - The ongoing economic and financial dialogue mechanisms between China and the UK have strengthened policy communication and market trust, creating a stable and predictable environment for bilateral trade, investment, and financial cooperation [1] Group 2: Standard Chartered's Role - Standard Chartered, with 168 years of continuous operation in China, remains optimistic about the long-term development prospects of the Chinese economy and continues to invest in the Chinese market [1] - The bank acts as a "connector," assisting UK enterprises in entering the Chinese market and supporting Chinese companies in expanding into the UK and globally [1] - Examples of Standard Chartered's initiatives include helping a UK multinational company establish a cross-border integrated fund pool in China and financing a green project for a Chinese renewable energy company to build a battery super factory in the UK [1] Group 3: Future Collaboration Areas - Standard Chartered plans to continue promoting deep economic and financial cooperation between China and the UK in areas such as new economy sectors, Belt and Road projects, Greater Bay Area development, Yangtze River Delta integration, RMB internationalization, financial market opening, and cross-border trade [2]

导语： 过去四十年来，中国成功探索并践行了融合规划、创新与开放的混合发展模式。当前，在复杂的地缘政治、地缘经济格局与技术创 新浪潮下，中国经济已呈现出新的发展态势。这一转变对中国经济自身意味着什么？中国经济是否已实现完全崛起？又将对全球经济产生何 种影响？ 1月21日，在瑞士达沃斯举行的世界经济论坛年会上，多位专家学者围绕"中国经济：全面崛起"这一核心议题，就复杂地缘政治背 景下中国经济的韧性及转型进行了深入探讨。 Q： 2025年，全球经济因主要经济体发起的贸易战留下深刻印记。 中国经济如何应对全球贸易战？从中能够洞察中国经济的哪些核心特征？ 世界经济论坛理事会成员 朱民 ： 中国经济在过去五年确实面临多重严峻挑战。首先是新冠疫情的冲击，随后是房地产行业的深度调整。2017年中国公寓销售面积 约为17亿平方米，目前已缩减至8.5亿平方米，行业规模减半。同时，地方融资平台面临巨额债务压力，消费市场也呈现疲软态 势。 尽管困境重重，但中国通过精准有效的宏观政策成功应对，尤其在房地产领域有效规避了系统性危机，这一成果实属不易。而这段 经历也让我们深刻认识到，必须彻底转变增长模式，不能再依赖房地产、地方融资、基础设 ...

Core Viewpoint - Hong Kong needs to upgrade and amend its capital markets to maintain competitiveness, resilience, and a strong positioning in the next phase [1] Group 1: Enhancing Competitiveness - The first priority is to enhance competitiveness by improving the stock market, which has been a focus over the past year, supporting emerging markets [1] - Efforts are being made to improve the issuance framework for structured products and explore local collaboration opportunities [1] - Hong Kong is enhancing trading efficiency and risk management, with a strategic collaboration between the Hong Kong Monetary Authority and the Hong Kong Stock Exchange to operate the debt instrument central settlement system [1] Group 2: Strengthening Other Capital Market Segments - The second priority involves strengthening other segments of the capital market with two strategic directions: reinforcing traditional advantages such as asset and wealth management, fixed income, and money markets [1] - There is also a focus on developing new growth areas, such as commodities, highlighted by a recent cooperation agreement with the Shanghai Gold Exchange to promote high-quality development of the Hong Kong gold market [1] Group 3: Developing Offshore RMB Market - The third priority is to establish a more vibrant offshore RMB market, enhancing RMB liquidity and enriching investment and risk management in the RMB space [1] - This initiative aims to support the internationalization of the RMB [1]

这时候，咱们手里那6830亿美元美债，就成了焦点中的焦点。不少人问：既然美国这么不地道，咱们干嘛不一口气全抛了？大国博弈，讲究的是火候和分 寸。6830亿这个数，看着不小，但比起巅峰时的1.3万亿，足足少了一半还多。这些年，咱们在干啥？有序撤退，步步为营。到期了，本金拿回来；价格合 适了，就卖掉一点。这不是逃跑，是战略转移。换来的钱去哪了？买黄金、囤资源、投基建。看看数据：央行的黄金储备连续两年上涨，实物黄金攒了2000 多吨！这招高明在哪里？黄金是老祖宗留下的硬通货，不受谁家货币摆布。咱们从美债的"接盘侠"变成资源的"囤积者"，这才是真正的避险智慧。想想历史 典故，明朝郑和下西洋为啥满载而归？因为手里有硬货，不靠虚纸。今天的中国，同样在打造自己的"黄金舰队"。 还记得上世纪70年代，尼克松总统关上了黄金兑换窗口吗？那标志着美元霸权的登峰造极。可今天，同样一幕在重演，只不过角色反了。特朗普站在聚光灯 下，对着全世界咆哮："谁都不许减持美债！"这画面，简直像一艘漏水的泰坦尼克号船长，命令乘客别跳船。起因？丹麦这个美国铁杆盟友，悄悄地卖了1 亿美元美债。数字不大，但落在特朗普耳朵里，却成了末日警钟。为啥？因为这不 ...

经济观察网 据央视新闻客户端消息，记者今天（28日）从中国人民银行了解到，近日，中国人民银行 与斯里兰卡中央银行签署了在斯里兰卡建立人民币清算安排的合作备忘录。斯里兰卡人民币清算安排的 建立，将有利于中斯两国企业和金融机构使用人民币进行跨境交易，进一步促进双边贸易、投资便利 化。 ...

中国人民银行表示，斯里兰卡人民币清算安排的建立，将有利于中斯两国企业和金融机构使用人民币进 行跨境交易，进一步促进双边贸易、投资便利化。 （文章来源：新华社） 记者1月28日从中国人民银行获悉，近日中国人民银行与斯里兰卡中央银行签署了在斯里兰卡建立人民 币清算安排的合作备忘录。 ...

美元趋势贬值：中国资产是长期的矛，实物资产是短期的 盾 20260127 摘要 美国通过降低长期按揭贷款利率和增持长债来刺激经济，但这种措施难 以长期维持，且商品价格上涨导致美元进一步贬值，实际购买力恶化。 中国受益于美国燃烧服务业和居民部门，可释放购买力，且供给侧改革 使其能更好应对全球商品通胀，有望保持相对优势。 大宗商品价格上涨具短期防御特征，金融资本寻求避险资产，包括黄金 和 AI 等新兴技术领域，但高 ROE 科技股回报率或下降。 避险资金流向实物资产，表明原有交易结构失衡。黄金对冲美元信用恶 化，SpaceX 等项目为金融资本提供出口。 全球需求疲软，通胀压力积累，美国及其金融资本不断寻找避险方向， 从科技到实物资产轮动，加剧经济不稳定性。 中国通过供给侧改革、减少对美债依赖等措施脱离美国债务周期，增强 政策自主性和供应能力，成为进攻性资产。 美国需求秩序崩塌将冲击依赖其供应链的新兴市场，而中国经济体量大 且稳定，能更好应对，并加速人民币国际化。 Q&A 如何看待美元贬值对大类资产的影响？ 美元贬值和大宗商品价格上涨在当前市场环境中是一个危险信号。这种现象通 常表明全球经济秩序尚未稳定，具有较强的 ...

北京商报讯（记者 董晗萱）1月28日，据中国人民银行官网，近日，中国人民银行与斯里兰卡中央银行 签署了在斯里兰卡建立人民币清算安排的合作备忘录。斯里兰卡人民币清算安排的建立，将有利于中斯 两国企业和金融机构使用人民币进行跨境交易，进一步促进双边贸易、投资便利化。 ...

文 |朝子亥 本文为深度观点解读，仅供交流学习 今年年初，美国媒体再次把"百年旧账"摆上了舆论桌面，高调放话："中国不还100多年前的债券，美国就不承认中国持有的美债！" 这边用只剩一点残存凭证、早已无人问津的老债券，张口要上万亿美元；那边却威胁要赖掉中国合法持有的数千亿美元美债。 非法恶债和合法债权竟然被强行捆绑"对消"，如此操作，连国际上都纷纷侧目。 这桩百年旧债到底有何来龙去脉？为啥中国不还天经地义？美国炒作背后又藏着什么算盘？ 关于这笔旧债，咱们得追溯到1911年"湖广铁路债券"。 那时清政府国力羸弱，列强用武力加压力，逼迫中国借款修铁路，表面上是借钱修路，实际上是"借"着钞票伸手要主权。600多万英镑，年息 5%，还用海关和盐税作抵押。 按今天的眼光看，这就是典型的不平等条约产物，本质是列强分割中国铁路利益、干预经济主权的工具。 后来清朝没了，民国风雨飘摇，抗战又打断了还款进程。到抗战胜利后，民国政府其实还掉了大部分本金和利息。 美国这边现在能拿出来的凭证也就剩个零头，仅占总额一小部分，可现在却有人按所谓复利算到天价，这一套完全是"狮子大开口"。 国际法对此有明确定义：武力胁迫下的不平等债务，新主权 ...