Group 1 - The core viewpoint of the article highlights the ongoing currency battle between the Chinese yuan and the US dollar, emphasizing China's strategic shift from defense to offense in this "invisible war" [1] - Predictions made at the end of last year suggested that the yuan would depreciate significantly due to potential trade conflicts under Trump's administration, but these predictions have not materialized as the yuan has remained stable and even started to recover [1][3] - The article discusses two significant waves of short-selling actions by Western capital against the yuan, with the first wave occurring in January when the yuan fell to 7.36, and the second wave in April when it dropped below 7.37, both times the People's Bank of China intervened to stabilize the currency [3][4] Group 2 - The article notes that the US dollar has faced challenges, including a reluctance from the Federal Reserve to lower interest rates, leading to a decline in the dollar index and a sell-off of US Treasury bonds [6] - The June Lujiazui Forum marked a turning point, where the People's Bank of China announced eight major financial opening measures, including the establishment of a digital yuan international operation center, indicating a serious commitment to internationalizing the yuan [6][8] - The introduction of the digital yuan aims to enhance payment convenience and cross-border circulation efficiency, addressing previous limitations and positioning the yuan as a competitive currency in international settlements [8]

Group 1 - The core message of the news is the strong commitment of China to financial openness and reform, highlighted by multiple financial policies announced at the Lujiazui Forum [1][2] - Financial regulatory authorities emphasize that foreign investment has significantly improved corporate governance and operational management in Chinese banks, with 80% of national banks introducing foreign strategic investors [1][2] - The total investment of Oaktree Capital in Greater China has surpassed 47 billion RMB since entering the market in the 1990s, showcasing the benefits of China's financial openness [1][2] Group 2 - Eight new financial opening measures were announced, including offshore trade finance services and support for foreign institutions in various financial sectors, indicating China's determination for financial reform [2][5] - The importance of the Chinese market is underscored by foreign financial executives, noting that three-quarters of multinational companies investing in China have partnerships with local firms [2][3] - The introduction of new rules for futures and derivatives is seen as a milestone for China's position as a leading global financial center [3][4] Group 3 - The establishment of the Shanghai-London Stock Connect in 2019 has facilitated mutual market access, enhancing the internationalization of China's capital markets [4][5] - The total assets of foreign banks and insurance institutions in China exceed 7 trillion RMB, with foreign insurance companies' market share increasing from 4% in 2013 to 9% currently [5][6] - The Chinese financial market is expected to expand significantly, driven by rising consumer demand and opportunities in technology and green finance [5][6] Group 4 - The Lujiazui Forum serves as a significant indicator of China's financial reform and global financial governance, promoting a cooperative and open economic environment [6][7] - The People's Bank of China plans to enhance the foreign exchange management system to facilitate cross-border investment and support the internationalization of the RMB [7][8] - As of May 31, the cumulative approved quota for Qualified Domestic Institutional Investors (QDII) reached approximately 167.79 billion USD, with 189 institutions granted investment quotas [8]

Core Insights - The share of Renminbi (RMB) in global payment markets has significantly dropped to 2.89%, falling below the 3% mark and ranking sixth globally, overtaken by the Canadian dollar [1][2] - The decline in RMB's payment share is attributed to various factors, including market fluctuations and the diversification of RMB settlement channels, rather than solely the impact of trade tensions [2][7] Payment Share Overview - As of May 2024, the US dollar remains dominant with a 48.46% share, followed by the euro at 23.5%, which has increased by 1.4 percentage points [1] - The British pound holds a 7.1% share, while the Japanese yen and Canadian dollar account for 3.7% and 3.11% respectively, showing little change from previous months [1] RMB Payment Trends - RMB payment share fluctuated throughout 2024, peaking at 4.74% in July before declining to 2.9% in October, indicating normal monthly volatility rather than a definitive setback in internationalization [2][7] - The RMB's previous rise to the fourth largest payment currency was short-lived, with its share dropping significantly in recent months [2] CIPS and Internationalization Efforts - The China International Payment System (CIPS) is increasingly facilitating RMB settlements, with 180 direct participants and over 1,500 indirect participants across more than 180 countries [5] - CIPS processed 175 trillion RMB in cross-border payments in 2024, marking a 43% year-on-year increase, and has expanded its reach by adding new overseas financial institutions [5] Future Outlook - Despite the challenges faced by RMB internationalization, including significant gaps compared to the US dollar and euro, the potential for growth remains strong [7] - The rise of CIPS and the expansion of RMB swap agreements are seen as key drivers for the future of RMB internationalization [7]

Group 1 - The article highlights the recent focus of the Chinese government on economic recovery through infrastructure, trade, and innovation, emphasizing the importance of high-quality development in major economic provinces like Jiangsu [2][11][12] - The government is actively promoting the "old for new" consumption policy to stimulate demand and is closely monitoring the performance of foreign trade and international market expansion [2][3] - There is a strong emphasis on technological innovation and regulatory measures in the platform economy, with specific attention to the logistics sector and the need for improved oversight to combat unfair practices [3][13] Group 2 - The article discusses the significant outcomes from the Lujiazui Forum, including the establishment of a digital RMB international operation center and the promotion of offshore financial services in Shanghai [5][15] - Key financial reforms are being introduced, such as the creation of a new tier in the Sci-Tech Innovation Board and the launch of new financial products to support technology companies [5][18][19] - The government is committed to enhancing the international financial center status of Shanghai, with plans to attract more financial institutions and improve the regulatory framework [20][21]

Core Viewpoint - The Shanghai Lingang New Area is positioned as a key breakthrough for exploring offshore financial development in China, focusing on three-dimensional innovations in offshore trade financial services [1][7]. Group 1: Innovations in Offshore Trade Financial Services - Establishment of dedicated offshore trade accounts (FTT accounts) allows for cross-border fund transfers in seconds, aiming for a threefold increase in fund turnover rate by 2025 compared to traditional accounts [1]. - Implementation of digital RMB for cross-border settlements, with a target to cover 80% of offshore trade scenarios by 2026 [1]. - Simplification of business processes through blockchain technology, reducing the number of required paper documents from 20 to 3, significantly decreasing verification time from multiple days to seconds [1]. Group 2: National-Level Authenticity Verification Platform - Integration of data from six major systems, including foreign exchange, customs, and taxation, to create a national-level offshore trade authenticity verification blockchain platform, improving verification accuracy from 82% to 99% [2]. - The platform includes a risk heat map for automatic triggering of enhanced due diligence on high-risk transactions, ensuring full traceability of cross-border funds [2]. Group 3: Tax and Service Ecosystem - Upgraded tax incentives for offshore trade enterprises, including exemptions from income tax and VAT for offshore RMB settlement businesses [2]. - Introduction of a comprehensive financial service package, providing financing based on accounts receivable and establishing a service center for offshore trade enterprises [2]. Group 4: Offshore Bond and Multi-Currency Strategy - Legislative measures to establish a regulatory framework for offshore bonds by the end of 2025, enhancing the offshore attributes of these instruments [3]. - Expansion of available currencies in FTT accounts to 19 and signing currency swap agreements with countries like Vietnam and Egypt [3]. - Development of a digital RMB offshore bond lifecycle management platform by 2026, reducing settlement cycles and costs significantly [3]. Group 5: Pricing and Global Capital Attraction - Collaboration with Hong Kong and Singapore to create a RMB offshore bond yield curve, aiming to become a core pricing benchmark by 2030 [4]. - Implementation of tax exemptions for foreign investors in offshore bonds, with plans to introduce RMB offshore bond futures and options by 2026 [4]. Group 6: Institutional and Corporate Engagement - Integration of various account types into a new FT account, with a target increase in non-resident account penetration from 5.9% to 45% by 2026 [5]. - Incentives for state-owned enterprises to use RMB for at least 50% of payments in Belt and Road projects, along with export tax rebates for RMB settlements [5]. Group 7: Infrastructure and Regional Service Enhancement - Development of a global RMB offshore clearing center in Lingang by 2027, with a daily clearing volume target of 50 trillion yuan [6]. - Upgrading CIPS to a platform for both settlement and asset custody, with a goal of 50 trillion yuan in offshore bond custody by 2025 [6]. - Establishing a three-tier service structure to enhance offshore financial services across the Yangtze River Delta region [6]. Group 8: Long-term Vision - The strategy aims to establish Shanghai as a global offshore asset allocation center centered around RMB by 2030, enhancing its status in international financial governance [7].

Core Viewpoint - The article highlights the challenges faced by cross-border trade in the current global economic environment, emphasizing the need for local enterprises to adapt and innovate in order to thrive amidst currency fluctuations and trade barriers [1][2]. Group 1: Challenges in Cross-Border Trade - Cross-border trade is experiencing unprecedented turbulence due to global economic recovery struggles and escalating geopolitical conflicts [1]. - Foreign trade enterprises are confronted with significant pressures from fluctuating exchange rates and rising trade protectionism [1]. Group 2: Initiatives by Xinghua Rural Commercial Bank - Xinghua Rural Commercial Bank organized a training event themed "Cross-Border Business, Local Currency Protection" to support local enterprises in navigating these challenges [1]. - The bank's vice president, Chen Yubin, outlined the bank's international business development and expressed commitment to assisting enterprises in formulating tailored strategies for stable growth in international markets [1][2]. Group 3: Training Content and Benefits - The training included a presentation by Song Chongbiao on the unique advantages of cross-border RMB business, such as reducing settlement costs and mitigating exchange rate risks [2]. - The session also featured insights from a representative of China Export & Credit Insurance Corporation, emphasizing the role of export credit insurance in safeguarding enterprises' revenue and enhancing risk management [2]. Group 4: Future Directions - Xinghua Rural Commercial Bank plans to deepen its focus on cross-border financial services by enhancing policy interpretation, optimizing product offerings, and strengthening cooperation with enterprises [2]. - The bank aims to innovate its cross-border financial service models to support local enterprises in their international endeavors and contribute to the sustainable development of the regional foreign trade economy [2].

文/ 中国社会科学院学部委员、国家金融与发展实验室理事长 李扬 稳定币的本质 稳定币的核心价值在于其高效的支付清算功能 ，它们是基于区块链点对点支付，支付即结算，在支付效率和成本上具有显著优势。这是不可被替代的货 币的基础属性。与比特币等价格剧烈波动的加密货币不同，稳定币通过锚定现实资产（主要是美元资产）维持币值稳定。以USDT、USDC为代表的头部 稳定币，其资产构成90%以上为短期美国国债及回购协议。这一机制使稳定币成为连接虚拟货币世界与传统法币体系的桥梁，显著提升跨境支付效率并降 低成本。 美国推动稳定币立法，其立法宗旨明确服务于美元利益：促进美元支付现代化、巩固强化美元国际地位、为美国国债创造数万亿新需求。稳定币机制巧妙 地将加密市场扩张转化为美元影响力在链上的延伸。 在研究各种自称自诩的"币"的过程中，一定要牢牢记住一条，即只要主权国家依然存在，货币的主权属性便不会改变。货币主权是国家主权的重要组成部 近期，市场热议稳定币立法现象，这一情况揭示了稳定币在当代国际货币 金融 格局中扮演的关键角色，其本质、影响及其与主权货币的关系亟待 厘 清。 面对稳定币浪潮，中国需在两条线上全面并进： 一方面，既然任 ...

Financial Weekly 每周金融评论 目录 CONTENTS 十六出出 热点聚焦 FOCUS ◎ 跨境支付通6月22日正式上线,全国首笔业务落地深圳 重大会议 MEETINGS ◎ 陆家嘴论坛:潘功胜、李云泽、吴清、朱鹤新发声 重大政策 POLICIES ◎ 上交所:对于投资者的撤销指定交易申请，券商要在当日办结 重大事件 ◎ 周小川:美元稳定币或推动美元化,必须保持警惕 重大 会议 陆家嘴论坛：潘功胜、李云泽、吴清、朱鹤新发声 01 6月18日，为期两天的2025陆家嘴论坛开幕。本届论坛以"全球经济变局中的金融开放合作与高质量发展"为主题，在开幕式暨全 体大会一环节，中国人民银行行长潘功胜、国家金融监督管理总局局长李云泽、证监会主席吴清、国家外汇管理局局长朱鹤新发 表主题演讲，并发布一揽子重要金融政策。 《清华金融评论》观察 热点 聚焦 跨境支付通6月22日正式上线，全国首笔业务落地深圳 在中国人民银行和香港金融管理局共同推动下，跨境支付通6月22日正式上线。这标志着内地与香港快速支付系统实现互联互 通，今后两地居民可实时办理跨境汇款。当日，全国首笔跨境支付通内地居民南向、港人北向汇款业务落地深圳 ...

A股复盘 | 反共识 / 2025.06.23 A股总是反共识的，昨晚空的有多坚定，今天涨得就有多超预期，当然你得拿对 筹码。 不过今天量能还是有点低，让人担忧明天A股的表现。 最近A股经常上演这种剧情，低开不怂，然后就是各种捡钱。高开或者震荡就突 然跳水，不让你赚钱！ 瑞银指出，霍尔木兹海峡关闭概率仍低，最新数据显示，霍尔木兹海峡的石油运 输并未受到当前局势的影响。虽然航运费率有所上升，但运输量保持稳定。伊朗 原油产量未受波及，目前维持在约330万桶/日，6月迄今出口量为约170万桶/ 日，甚至在6月中旬略有上升。 不过今天市场也没出现什么新热点，还是上周那些稳定币啊、跨境支付啊、固态 电池啊。 还有银行，真是太牛了，每次我以为它要崩了，马上给你整个新高，你不服涨到 你服！ 市场还是聚焦中东问题，伊朗可能以何种形式封锁霍尔木兹海峡？ 据WSJ，自上世纪80年代两伊战争以来一直穿越这条狭窄海峡的油轮船东和资深 船长们表示，德黑兰可能会在该水道布设水雷，用自己的一些油轮来封锁航道， 或者击沉其中几艘，从而在更长时间内完全阻断该通道。 瑞典油轮运营商Stena Bulk的首席执行官Erik Hanell说："他们 ...

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