今年6月，"2025陆家嘴论坛"启幕之时，上海黄浦江畔定格历史性"握手"。沪港两地签署《沪港国 际金融中心协同发展行动方案》，进一步明确合作方向，深化金融协同。 在中央金融工作会议首次提出"建设金融强国"的时代背景下，沪港联动已超越传统"双城记"，意在 锻造可与纽约、伦敦比肩的全球金融中心，为国家金融安全嵌入"压舱石"。这对"双子星"将如何共舞， 奏响新时代中国金融的最强音？ 近日，《国际金融报》记者专访了上海立信会计金融学院自贸区研究院副院长肖本华，深度剖析 了"十五五"期间沪港协同的战略意义与实践路径。 为何是沪港协同 "打造强大的国际金融中心，是加快建设金融强国的题中之义。"肖本华指出，伦敦和纽约长期稳居 国际金融中心前两位，仅凭香港或上海单兵作战，难以撼动这一格局。"十五五"期间及今后一段时间， 我国要建成可与纽约、伦敦比肩的国际金融中心，就必须发挥香港与上海的协同优势，加强两地国际金 融中心的协同发展。 英国智库Z/Yen集团与中国（深圳）综合开发研究院联合发布的"第38期全球金融中心指数报告 （GFCI38）"显示，香港和上海虽稳居全球前十，分列第三和第八，但与纽约、伦敦的差距依然显著。 肖本华提 ...

报告指出，中国在2023年已成为黄金最大生产国、进口国和消费国，不仅购买黄金纳入储备，还将其作为贸易抵押品。2025年，中国实际已通过需求成为 全球黄金定价中心。英国对这一地位的丧失是伦敦脱欧后其金融中心地位削弱大趋势的一部分。 报告强调，中国正在实施成为新的原料商品贸易中心的长期战略，在很大程度上这已经体现在铁矿石、煤炭、铜和石油的贸易上，而贵重金属领域正在继 续这一趋势。 报告还强调，用美元进行原料贸易曾成为保障其主要储备货币地位的因素之一。而如今，追求人民币国际化的中国正在力争实现所有主要种类的原料贸易 用人民币进行。 【俄罗斯会展基金会发布一份报告显示，中国正谋求取得全球外国黄金储备贮藏中心地位，从而与美国、英国、瑞士等国展开竞争。】 报告称："利用上海黄金交易所贮藏库，中国可取得美国、英国、瑞士等西方存储中心之外的全球外国黄金储备贮藏中心地位，这不仅将巩固中国在世界 贵重金属市场上的地位，而且还将整体上加强其在全球金融体系中的作用。" ...

Group 1: U.S. Debt and Dollar Dominance - The U.S. national debt has reached nearly $38 trillion, marking a historical high and indicating a deep crisis within the dollar hegemony system [3][5] - The U.S. has relied on a "borrow new to pay old" debt cycle, supported by the dollar's status as the global reserve currency, allowing it to transfer debt risks globally [5][7] - Major creditors like China and Japan have been reducing their holdings of U.S. debt, leading to a declining share of U.S. debt held by global central banks, raising concerns about debt sustainability [5][9] Group 2: Challenges Faced by the U.S. Federal Reserve - The high debt levels force the Federal Reserve into a dilemma between raising interest rates to attract funds and risking global financial market instability, or injecting liquidity which could devalue the dollar [7][9] - The U.S. has weaponized the dollar, undermining its neutral role in the global economy, which has prompted countries to reconsider their reliance on the dollar [7][9] Group 3: Rise of Renminbi Settlement - The trend towards Renminbi (RMB) cross-border settlement is accelerating, driven by practical interests rather than a direct challenge to dollar dominance [9][10] - China, as the largest trading nation, has established RMB settlement with over 120 countries, enhancing trade efficiency and reducing reliance on the dollar [10][12] - The share of RMB in trade settlements among ASEAN countries has increased from less than 1% to over 10%, reflecting growing recognition of RMB's stability and inclusiveness [12][14] Group 4: Future of De-dollarization - While the dollar will maintain its dominant position in the short term, the global monetary system is expected to diversify in the long run, with the RMB becoming a significant player [16][18] - Over 90% of global foreign exchange transactions are still dollar-denominated, and the dollar remains the primary currency for key commodities, making its complete replacement unlikely in the near future [16][18] - The de-dollarization process is irreversible, with more countries adopting bilateral trade agreements in local currencies and increasing their foreign reserves in currencies like RMB, Euro, and Yen [18][20]

编者按 2025年11月19日，由中国人民大学主办的"2025深圳国际金融大会"在深圳前海隆重开幕。本次大会以"金融强国建设与大湾区高水平对外开放"为主题，汇 聚了政产学研各界的领军人物，旨在探讨全球经济变局下中国金融发展的战略路径。 中国社会科学院学部委员、国家发改委"十一五"至"十五五"国家规划顾问委员会委员余永定出席由中国人民大学国际货币研究所（IMI）协办的"全体大会 四：金融开放与世界经济展望"并发表主旨演讲。他指出，建设"金融强国"就必须实行"金融开放"，这也意味着未来中国要直面国际金融的两个核心风 险，即美国的财政不可持续性和外部失衡。尽管短期内美债危机爆发概率较低，但美国海外净债务已持续高企，一旦市场信心崩溃，极易引发美元、美债 与国际收支的多重危机。在此背景下，中国应将确保海外资产安全作为重要任务。一方面，要贯彻落实"双循环"方针并以扩张性宏观政策维持经济增长与 经常项目平衡，有序减持美元资产；另一方面，应稳步推进人民币国际化，将资本项目开放与产权保护、国债市场建设同步推进，积极参与全球经济治理 改革。 党中央"十五五"规划建议中再次提出建设"金融强国"的概念，"开放"一词共出现23次，是出 ...

近日，中国银行（香港）有限公司（以下简称"中银香港"）作为银行间市场清算所股份有限公司 （以下简称"上海清算所"）首家境外清算会员，成功落地人民币利率互换、标准债券远期和标准利率互 换自营清算业务，上海清算所首次向境外机构直接提供中央对手清算服务。 本次引入境外清算会员开展利率衍生品自营清算业务，是上海清算所在国际化进程中迈出的历史性 一步。一是打造人民币海外资产池新举措。立足上海清算所中央对手清算和发行登记托管"双支柱"功 能，更好发挥中银香港作为全球托管行和人民币清算行的战略优势，促进离岸人民币市场建设。二是提 供更多离岸人民币资产的风险对冲工具。发挥银行间利率衍生品挂钩标的丰富、品种多样等特点，有效 满足境外机构多样化交易和风险管理需求，便利境外持债机构运用衍生品管理利率风险，助力多层次债 券市场建设和人民币国际化进程。三是中国银行间债券市场（CIBM）下开辟境外机构直接参与银行间 中央对手清算业务的全新路径。在中国银行间债券市场直投模式（CIBM Direct）下，依托上海清算所 在欧盟、中国香港、英国等多司法辖区的合格中央对手方监管认证优势，为境外机构提供市场准入、资 本计提优惠等方面便利，切实发挥 ...

Core Viewpoint - The revision of the "Offshore Banking Business Management Measures" represents a strategic shift for China's offshore finance from "rule following" to "rule contribution," aiming to adapt to the digital era while balancing safety and efficiency [1][18]. Historical Context and Limitations of the Original Measures - The original measures were established in the aftermath of the Asian financial crisis, focusing on preventing capital shocks and providing limited cross-border services through OSA accounts [2]. - By 2002, four pilot banks had served 12,000 overseas enterprises with over $300 billion in settlements, showcasing a balance between safety and openness [2]. Current Challenges and Critiques - The original framework has become outdated due to the international shift towards functional offshore finance and the rise of digital finance, leading to significant capital outflows and limitations on the offshore RMB market [3][4]. - The restrictions on currency types and monopolistic practices by major banks have resulted in inefficiencies and unfair competition, with foreign banks gaining a larger market share [3][4]. Proposed Revisions and Recommendations - A unified offshore account system is recommended to eliminate fragmentation and reduce compliance costs, allowing for better integration with digital applications [6]. - The proposal includes expanding account opening eligibility, removing the $100 million annual cross-border settlement requirement, and supporting various types of enterprises, including those in technology and green finance [7][9]. - The measures suggest optimizing functionalities by allowing RMB and other currencies to be exchanged freely within offshore accounts and integrating digital RMB systems [8]. Regulatory Framework and Oversight - A new regulatory structure is proposed, involving a collaborative approach among the central bank, financial regulatory authority, and foreign exchange administration to enhance oversight and data sharing [13]. - The framework emphasizes a data-driven approach to compliance, moving away from traditional document verification to real-time monitoring of transactions [4][12]. International Cooperation and Governance - The article advocates for enhancing global governance of offshore finance through cooperation with international regulatory bodies and adherence to global standards [14]. - It emphasizes the importance of maintaining regulatory sovereignty while engaging with foreign entities operating in China's offshore market [14]. Principles for Future Management - The proposed principles include aligning the pace of opening with regulatory capabilities, ensuring coordinated development between onshore and offshore markets, and balancing innovation with risk management [16][17].

Core Insights - The global financial market is trending towards multipolarity and regionalization, with steady progress in the internationalization of the Renminbi and improvements in local currency settlement mechanisms [1][3] - Digital technologies such as blockchain and AI are reshaping the foundational logic of finance, with Swift innovating to achieve real-time and secure cross-border payments [1][3] - Swift is actively involved in CBDC (Central Bank Digital Currency) experiments and has validated its role as a unified access point for digital assets and currencies [1][6] Group 1: CBDC and Digital Assets - Swift has conducted a series of CBDC and digital asset experiments with global financial institutions, confirming its feasibility as a unified access point [6] - In 2025, Swift will initiate real transaction pilots for digital assets and currencies, focusing on post-trade settlement, foreign exchange settlement risk, and automated fiat payments [6][8] - The exploration of CBDCs is advancing globally, with 137 countries researching CBDCs, and 72 of them in advanced stages of development [7][8] Group 2: Blockchain Initiatives - At the 2025 Sibos conference, Swift announced the addition of a blockchain-based shared ledger to its technical infrastructure, extending its trusted network into the digital realm [3][9] - Swift is collaborating with over 30 global financial institutions to design and develop a shared digital ledger, with the first application focusing on real-time, round-the-clock cross-border payments [10] - The shared ledger will serve as a secure real-time record of transactions between financial institutions, integrating with existing systems while maintaining Swift's trust and compliance [10] Group 3: Cross-Border Payment Challenges - The future of cross-border payments faces challenges such as fragmentation risks and technological divergence, which could lead to increased transaction costs and inefficiencies [3][14] - Swift emphasizes the need for a unified protocol to mitigate the complexities arising from diverse local payment systems and standards [14] - Swift plays a critical role in promoting universal standards and facilitating interoperability among different technological frameworks to reduce industry fragmentation risks [14] Group 4: Strategic Goals and Innovations - Swift aims to enhance global interoperability and facilitate seamless value exchange between traditional and digital assets [7][11] - The organization is focused on achieving the G20 cross-border payment roadmap goals, targeting faster, cheaper, and more transparent global payments by 2027 [12] - Swift is also advancing the ISO 20022 migration, with most institutions completing the transition, and is now focusing on leveraging structured data for improved operational efficiency [12][13]

11月26日，《经济观察报》主办的"'资管向优·智启新程'2025年度资产管理高峰论坛暨值得托付金融机构盛典"在北京圆满落幕。本论坛已连续成功举办十一 届。政企研学各界代表，现场聚焦"资管向优·智启新程"核心主题，共同探讨全球大资管市场趋势与高质量发展路径，共同为资产管理行业走向更高质量、 更健康、更持续的未来建言献策。 穿越经济周期，拥抱时代变化 当前宏观环境的复杂性正日趋凸显。经济周期轮动显著加快，市场在多重不确定性交织下高位震荡。这既为资产管理行业的转型升级与高质量发展创造了有 利条件，也提出了更高要求。在此背景下，以《穿越周期——主动、量化与配置的决胜之道》为主题的圆桌论坛，由上海金融与发展实验室副主任、招联首 席研究员董希淼主持，携手行业嘉宾共同探寻资管行业穿越周期、实现长期稳健发展的深层逻辑。 《经济观察报》副总编辑、经观传媒高级副总裁郭宏超代表主办方致辞。他表示，三大核心变革正在深刻重塑中国210万亿的资产管理行业：一是监管框架 的持续完善，制度红利的持续释放，将为未来十年行业的高质量发展奠定坚实的制度基石；二是资产结构的深度重构，优质资产的稀缺性正在被市场重新定 价；三是投资者行为日趋理性，长 ...

其三，补齐上海国际金融中心"离岸功能"的短板。通过全品类离岸金融业务布局，形成"在岸监管 规范、离岸自由灵活"的双轮驱动格局，助力上海在2035年建成"全球顶级的国际金融中心"。 上海临港特殊经济功能区的核心底气，源于省级经济社会管理权限的制度赋能。与普通自贸试验区 相比，其拥有三项关键权限：总投资超50亿元的离岸项目由管委会"一站式办结"，无需层层上报；自主 对接国际金融机构与跨国总部，统筹离岸资金池和跨境技术转移；获顶层设计支持，可在税收、金融、 数据跨境等领域自主制定专项政策。 然而，受我国分业监管格局影响，核心授权尚未真正落地。比如，金融领域的创新政策需对接多部 委监管要求，部分政策备案后仍需部委合规校验，落地周期长；税收领域因"统一税政"框架，地方自主 空间有限，优惠细则衔接部委政策时推进缓慢；数据跨境领域需国家层面安全评估，流程远超企业预 期。这一落差削弱了功能区的吸引力，使"2030年离岸金融资产突破1.2万亿元"的目标面临落空风险。 欲破解上述困境，需国家明确部委与地方的权责清单，建立跨部门快速协调机制，让省级授权切实转化 为功能区的核心竞争力。这种"权责对等"的探索空间，应借鉴迪拜杰贝阿里自 ...

Core Viewpoint - The diversification of payment systems and currencies is an irreversible trend in the context of increasing globalization and diversification of global trade, with a focus on enhancing trade volume and settlement in Renminbi among China and developing countries [2][3][4]. Group 1: Payment System Diversification - Following the exclusion of Russia from the SWIFT system, many countries have recognized the risks of over-reliance on the dollar and are seeking alternative payment systems [2][3]. - China has actively promoted the internationalization of the Renminbi since the launch of cross-border trade Renminbi settlement pilot in 2009, with significant milestones including the inclusion of Renminbi in the IMF's Special Drawing Rights (SDR) basket in 2015 [2][3]. - As of November 2025, China has signed bilateral currency swap agreements with 32 countries and regions, with a total scale exceeding 4.5 trillion Renminbi [2]. Group 2: Technological Advancements - The introduction of the digital Renminbi and the establishment of the Cross-Border Interbank Payment System (CIPS) in 2015 have provided technological support for the transformation of settlement systems [3]. - By 2024, CIPS is expected to account for 3.8% of global payments, with projections to exceed 10% by 2027 [3]. - CIPS has already covered 189 countries and regions, processing business amounts reaching 90.19 trillion Renminbi [3]. Group 3: International Cooperation and Trade - China and Russia have nearly completely transitioned to using their own currencies for trade settlements, reducing dependence on the dollar [3]. - In BRICS countries, 30% of trade transactions are now conducted using Renminbi, while Saudi Arabia's Renminbi settlement for oil exports is projected to reach 45% by September 2025 [3][4]. - Argentina has announced plans to use Renminbi for imports from China, and BHP has agreed to settle 30% of iron ore transactions in Renminbi by October 2025 [4]. Group 4: Strategic Recommendations - Increasing trade volume among countries is essential for enhancing the credibility of payment systems, as the establishment of any payment system relies on substantial trade volume [5]. - Emphasizing the use of Renminbi in international settlements is a rational arrangement aimed at reducing financial risks, rather than a direct move towards "de-dollarization" [5]. - Ensuring adherence to international law and transparency in the settlement process is crucial for building trust in the Renminbi and non-dollar payment systems [5][6]. Group 5: Global Trends - Other countries are also taking steps to mitigate dollar risks, such as the BRICS New Development Bank's introduction of a "local currency financing toolbox" and Russia's development of an alternative to SWIFT [6]. - The trend towards diversification in payment systems and currencies is seen as an irreversible development in global trade [6]. - Establishing an equitable trade and payment system is essential to address the root causes of international conflicts [6].