记者丨 唐婧 编辑丨曾芳 继在岸、离岸人民币兑美元汇率双双升破7关口之后，人民币对美元汇率中间价亦悄然破7。 1月26日，中国人民银行授权中国外汇交易中心公布，当日银行间外汇市场人民币汇率中间价 为1美元对人民币6.9843元， 相较前一交易日中间价6.9929，调升86基点，续创2023年5月 （32个月）以来的新高。 图/21世纪经济报道 还有多名受访人士告诉记者，美联储降息背景下美元指数持续走弱、岁末年初时点企业结汇需 求上升，以及中国经济基本面整体形势改善是本轮人民币汇率升值的重要动力，且部分积极因 素仍将延续至2026年。 例如，长城证券首席经济学家汪毅预计，展望2026年，弱美元格局或将延续，美联储继续降息 成为大概率事件，而中国经济和出口存在支撑，人民币仍然处于双向波动区间，但升值节奏可 能转为平稳。 人民币避险属性进一步增强 人民币汇率中间价是指中国外汇交易中心根据中国人民银行授权，每日上午9:15发布的基准汇 率，覆盖人民币对美元、欧元、日元、港元、英镑等主要外汇币种。中间价由中国外汇交易中 心根据做市商报价计算得出，是银行间外汇交易市场和银行挂牌汇价的重要参考指标。 人民币兑美元汇率升值对 ...

Core Insights - The Free Trade Zone Bonds (referred to as "FTZ Bonds") have evolved over the past decade into a key innovation for China's financial openness, establishing a market ecosystem characterized by cross-border features and risk resilience [1][3] - The issuance of FTZ Bonds has created efficient channels for cross-border financing for the real economy and has accumulated valuable experiences for institutional openness [1][3] - Future developments should draw on experiences from mature markets like London and Hong Kong to further activate market potential and allow domestic and foreign capital to share in China's opportunities [1][3] Market Development - FTZ Bonds serve as a "two-way bridge" linking domestic and foreign capital markets, with a cumulative issuance of approximately 130 billion yuan by June 2025, attracting diverse issuers and investors [3] - The first issuance of the "Yulan Bond" in January 2026 marked a significant step in providing offshore financing paths for financial institutions in the FTZ, with a cumulative issuance exceeding 22 billion yuan and a year-on-year growth rate of over 40% [3][4] Strategic Focus - FTZ Bonds should focus on three core areas: supporting national strategies, empowering the real economy, and promoting the internationalization of the renminbi [4] - The market still has potential for growth, with limited participation channels for domestic investors and high costs for foreign investors due to issues like custody and settlement mechanisms [4] Legislative Framework - The introduction of the "Regulations on the Development of FTZ Offshore Bond Business" in December 2025 marks a new phase for the FTZ Bond market, providing clear institutional expectations and defining the boundaries of FTZ offshore bonds [5][6] - The regulations aim to enhance market governance through a combination of government oversight, regulatory collaboration, and industry self-discipline [5][6] Future Directions - The FTZ Bond market should continuously adapt to market needs and international experiences, focusing on functional orientation, flexible institutional frameworks, and optimizing key mechanisms [6][7] - Efforts should be made to lower participation costs for international investors and broaden participation channels for domestic investors, including integrating FTZ Bonds into liquidity asset measurements for commercial banks [9][10] Ecosystem Development - The development of a professional intermediary service system is essential for enhancing the efficiency of the entire service chain, including underwriting, legal, rating, and auditing services [10] - Risk management mechanisms must be strengthened, including monitoring cross-border capital flows and establishing clear rules for investor rights protection [11]

Core Viewpoint - The article discusses the transformation of Hong Kong into a financial hub that allows the direct exchange of the Chinese yuan for physical gold, thereby reducing reliance on the US dollar and challenging the existing financial order [1][3][5]. Group 1: RMB Internationalization Challenges - Prior to establishing the gold vault, the internationalization of the RMB faced significant hurdles, as overseas investors had limited options for utilizing RMB outside of China [3]. - As of the end of 2024, offshore RMB deposits in Hong Kong exceeded 1 trillion yuan, with net inflows from southbound funds surpassing 785 billion HKD, indicating a substantial but stagnant capital pool [3]. - The current system forces RMB holders to constantly monitor exchange rates to convert back to USD, highlighting the currency's status as a "shadow currency" [3]. Group 2: New Financial Mechanisms - The newly upgraded "multi-functional gold financial service center" in Hong Kong allows RMB holders to directly exchange their currency for physical gold without needing to convert to USD [5]. - This mechanism fundamentally alters the perception of RMB, transforming it from a currency that can only be exchanged for USD to one that can be directly converted into gold [5]. - Hong Kong is also advancing the issuance of "digital gold tokens" for settling transactions in commodities like oil and chips, bypassing traditional systems like SWIFT [5][7]. Group 3: Strategic Positioning of Hong Kong - The financial dynamics in Hong Kong are influenced by its currency peg to the USD and its common law system, which provide a familiar interface for international capital [9][11]. - The dual system of pegging HKD to USD while linking RMB to gold positions Hong Kong as a buffer in the US-China financial rivalry [13]. - This strategy aims to transition Hong Kong from a financing center to a pricing center, attracting global investors to trade gold directly in RMB [13]. Group 4: Ambitious Gold Reserve Goals - Hong Kong plans to increase its gold reserves to 2,000 tons within three years, which would nearly match the gold reserves of the People's Bank of China [17]. - This significant accumulation of gold is not merely for storage but aims to establish Hong Kong as an independent "gold pricing hub" in the international market [17][18]. - The ultimate goal is to shift global gold pricing power from New York and London to Shanghai and Hong Kong, facilitating transactions in RMB and physical gold [20].

Group 1 - China will allow foreign investors to participate in domestic nickel and lithium futures trading, which is a significant move to enhance its influence in the global commodity market [1][3] - The China Securities Regulatory Commission announced that nickel and lithium carbonate futures and options are among the 14 futures and options to be opened up, although no specific timeline for the opening has been provided [1][3] - China aims to strengthen its pricing power in the global commodity market, which is currently dominated by international financial centers like London, Singapore, and New York [1][3] Group 2 - The Shanghai Futures Exchange has previously announced an international development plan that includes allowing foreign investors to use foreign currency as margin for participating in RMB-denominated futures trading [2][4] - Opening futures trading to foreign investors is expected to enhance China's pricing power in commodities and improve the risk management system for non-ferrous metals [2][4] - Previous efforts to open up commodity futures have had limited success, with RMB-denominated copper and crude oil futures failing to disrupt the dominance of international exchanges, while the Dalian Commodity Exchange's iron ore futures have seen some success since their opening [2][4]

香港加速构建国际黄金交易枢纽：三年内仓储容量目标超2000吨，首支本地黄金基金即将上市 2026年1月26日，香港特区行政长官李家超在第19届亚洲金融论坛上宣布，香港正加快培育新增长领域，将构建 国际黄金交易市场和大宗商品交易生态系统作为战略重点。特区政府明确提出，力争在未来三年内实现黄金仓储 容量超过2000吨，并同步推进清算、产品与制度建设，全面打造亚洲领先的黄金储备与交易中心。 李家超在致辞中表示，为强化香港在全球贵金属市场的竞争力，特区政府已推动多项关键举措落地。其中，香港 特区政府财经事务及库务局与上海黄金交易所于论坛期间签署合作备忘录，双方将共同建立跨境贵金属交易清算 系统，打通内地与国际黄金市场的流通渠道。 "这一合作不仅有助于提升交易效率与透明度，更将巩固香港作为连接中国与全球资本市场的'超级联系人'角 色。"李家超强调。 所有实金交易及储存均通过香港本地完善的黄金基础设施完成； 投资者可通过合作银行兑换实物黄金，增强资产流动性与持有体验； 将推出非上市份额类别，并探索通过持牌数字资产交易平台进行分销，打通传统贵金属投资与数字金融生 态。 为凝聚业界力量，特区政府将与黄金行业代表共同组建香港黄 ...

人民财讯1月26日电，1月26日，中国人民银行副行长邹澜在第19届亚洲金融论坛上表示，下一步，增加 离岸人民币国债供给规模，提高市场流动性。为满足境外投资者对优质人民币资产配置的需要，中国人 民银行将配合相关部门进一步增加离岸人民币国债年度发行规模，建立完善离岸市场做市机制，活跃市 场交易，提升人民币定价能力。 （文章来源：上海证券报） ...

1月26日，中国人民银行副行长邹澜在亚洲金融论坛上宣布，为更好满足市场需求，人民银行支持香港 金管局将人民币业务资金安排规模由1000亿元增加至2000亿元。同时支持香港人民币清算行通过发行同 业存单，账户融资等多种方式，从境内市场获取不同期限人民币流动性，多措并举提升香港离岸人民币 流动性水平。 邹澜表示，随着人民币在跨境交易中被更广泛地使用，其支付、投融资和储备功能不断提升。据统计， 人民币已成为全球第二大贸易融资货币和第三大支付货币，在国际货币基金组织特别提款权（SDR）货 币篮子中的权重位列第三。 对于货币市场发展，邹澜介绍，中国人民银行与香港金管局于2024年2月和10月共同推动在香港开展人 民币债券的离岸回购及跨境回购业务。目前，已有34家境外机构投资者参与离岸回购，规模达1191亿 元；46家新增境外机构投资者累计开展跨境回购1503亿元。与此同时，衍生品市场的互联互通正在持续 深化，为香港人民币资产提供了日益完善的风险管理工具。截至当前，已有87家境外投资者通过香港进 入境内衍生品市场，开展利率互换交易，累计名义本金总额超过9.9万亿元人民币。 邹澜指出，中国人民银行将继续推进金融市场互联互通 ...

Core Viewpoint - The People's Bank of China (PBOC) is enhancing the offshore RMB liquidity in Hong Kong by increasing the funding arrangement scale from 100 billion to 200 billion RMB, supporting various liquidity measures to meet market demand [1]. Group 1: RMB Usage and Market Development - The RMB is increasingly used in cross-border transactions, becoming the second-largest trade financing currency and the third-largest payment currency globally, with a significant weight in the IMF's Special Drawing Rights (SDR) basket [4]. - The PBOC and the Hong Kong Monetary Authority (HKMA) are set to promote offshore RMB bond repurchase and cross-border repurchase businesses in Hong Kong in February and October 2024, with 34 offshore institutional investors already participating in offshore repurchase totaling 119.1 billion RMB [4]. - A total of 46 new offshore institutional investors have conducted cross-border repurchase transactions amounting to 150.3 billion RMB, indicating a growing interest in RMB-denominated assets [4]. Group 2: Financial Market Connectivity - The PBOC is committed to enhancing financial market connectivity, providing liquidity management and risk hedging tools for offshore investors, and improving mechanisms like Bond Connect and Swap Connect [4]. - As of now, 87 offshore investors have accessed the domestic derivatives market through Hong Kong, engaging in interest rate swap transactions with a cumulative nominal principal exceeding 9.9 trillion RMB [4]. Group 3: Offshore RMB Bond Supply and Gold Market Development - The PBOC plans to increase the supply of offshore RMB government bonds to enhance market liquidity and meet the demand for quality RMB asset allocation from overseas investors [5]. - A cooperation agreement was signed between Hong Kong and the Shanghai Gold Exchange to develop the gold market, with plans for a gold delivery warehouse in Hong Kong, which will enhance the offshore RMB market's functionality [5].

Core Viewpoint - The Bond Connect Company has announced an expansion of its service scope to support two types of repurchase agreements for foreign investors, enhancing cross-border liquidity management and investment diversification [1] Group 1: Service Expansion - The Bond Connect Company will now support cross-border repurchase and offshore RMB bond repurchase business for foreign investors [1] - A new section for repurchase business has been added to the company's official website to facilitate market participants in understanding the application process and trading arrangements [1] Group 2: Market Impact - These initiatives will deepen the interconnectivity between onshore and offshore markets, aiding in the internationalization of the RMB [1] - The measures are expected to strengthen the RMB's role as a global investment and financing currency [1]

格隆汇1月26日｜债券通公司公告称，债券通公司进一步扩大服务范围，支持境外投资者申请跨境回购 和离岸人民币债券回购业务。此外，债券通公司在官网新增了回购业务板块，便利市场参与者了解债券 回购业务申请流程、交易安排等业务资讯。通过两个回购业务渠道，境外投资者可以将其持有的在岸债 券作为抵押品，主要用于： 更灵活、更高效的流动性管理；多元化的投资需求；此举将进一步深化在 岸与离岸市场的互联互通，助力人民币国际化进程，强化人民币作为全球投资与融资货币的功能。 ...