Group 1: Research Views - The performance of Chinese assets has been strong since June, with both stocks and bonds rising, pricing in possible policy changes in June. The views on stock index futures and treasury bond futures are both "volatile" [1] - For stock index futures, there are three main factors affecting the market: Sino-US communication may help resolve trade disputes; long - term consumption stimulus policies are attracting attention; and the upcoming Lujiazui Forum may bring news on capital market reform. The PPI data shows low inflation, and the market style may still favor consumption and technology. In Q1, the decline in the revenue growth rate of A - share listed companies has narrowed for three consecutive quarters, net profit has increased by about 4% year - on - year, but ROE is still at the bottoming stage [1] - For treasury bond futures, on June 18, the 30 - year main contract rose 0.09%, the 10 - year and 5 - year main contracts fell 0.01%, and the 2 - year main contract rose 0.01%. After the cross - month, the liquidity has eased marginally. In June, the bond market is unlikely to have a trending market and shows a sideways volatile pattern [1] Group 2: Daily Price Changes - For stock index futures on June 18, IH was at 2,677.4 (down 0.13% from the previous day), IF was at 3,872.2 (up 0.09%), IC was at 5,738.0 (down 0.18%), and IM was at 6,124.2 (down 0.09%) [2] - For stock indices on June 18, the Shanghai Composite 50 was at 2,679.9 (down 0.15% from the previous day), the CSI 300 was at 3,875.0 (up 0.12%), the CSI 500 was at 5,745.9 (down 0.09%), and the CSI 1000 was at 6,135.4 (down 0.10%) [2] - For treasury bond futures on June 18, TS was at 102.54 (unchanged), TF was at 106.28 (down 0.02%), T was at 109.14 (down 0.02%), and TL was at 120.90 (up 0.07%) [2] Group 3: Market News - At the 2025 Lujiazui Forum, the governor of the People's Bank of China announced eight major financial policies, including setting up an inter - bank market transaction reporting library, a digital RMB international operation center, and a personal credit investigation agency; carrying out a comprehensive reform pilot of offshore trade financial services in the Lingang New Area of Shanghai; developing free - trade offshore bonds; optimizing and upgrading the functions of free - trade accounts; innovating structural monetary policy tools in Shanghai; and promoting RMB foreign exchange futures trading [4][5] Group 4: Chart Analysis - **Stock Index Futures**: The report provides charts of the trends of IH, IF, IM, and IC main contracts, as well as the basis trends of corresponding contracts [6][7][8] - **Treasury Bond Futures**: Charts include the trends of treasury bond futures main contracts, treasury bond spot yields, basis, inter - period spreads, cross - variety spreads, and funding rates [12][13][17] - **Exchange Rates**: Charts show the central parity rates of the US dollar, euro against the RMB, forward exchange rates, the US dollar index, euro - US dollar exchange rate, pound - US dollar exchange rate, and US dollar - yen exchange rate [19][20][24]

Group 1 - The establishment of an international operating center for digital RMB in Shanghai will significantly enhance the usage rate of digital RMB in cross-border finance and reduce transaction costs, marking an important step for the internationalization of the RMB [2][4] - The introduction of a "green channel" for the Sci-Tech Innovation Board allows hard-tech companies to go public even if they are not profitable, facilitating easier access to capital markets for innovative enterprises [5][7] - The optimization of free trade account functions will enhance the efficient connection between quality enterprises and foreign capital, improving the level of liberalization and convenience in cross-border trade and investment [9] Group 2 - The joint release of the "Action Plan to Support the Construction of Shanghai International Financial Center" by the Financial Regulatory Bureau and the Shanghai Municipal Government will accelerate the development of Shanghai as an international financial center, particularly in technology and cross-border finance [11] - The recent policies signal a strong commitment to financial openness in China, showcasing the country's determination to embrace the world and innovate in the financial sector [13]

Core Viewpoint - The People's Bank of China announced eight financial opening measures aimed at enhancing the internationalization of the digital renminbi and improving cross-border financial services [1][12]. Group 1: Financial Market Opening - The new measures include the establishment of a digital renminbi international operation center to promote its international use and financial market development [1]. - Initiatives such as developing offshore bonds and optimizing free trade account functions will expand financing channels for Belt and Road enterprises and improve cross-border capital flow efficiency [3]. Group 2: Cross-Border Financial Support - Increasing the usage of digital renminbi in cross-border finance will simplify transaction processes and reduce costs, providing safer and more convenient payment methods for international trade [4]. - Enhanced cross-border financial policies will offer more support to foreign trade enterprises, especially amid uncertain US-China trade policies, and attract more international capital, boosting confidence in the stock and bond markets [6]. Group 3: Product Innovation and Risk Control - The establishment of an interbank market transaction reporting database and personal credit institutions will improve the precision of financial services [8]. - These measures will provide financial institutions with better data support to create differentiated and personalized financial products, enhance transaction data transparency, and improve macroeconomic regulation and financial market supervision [10]. Group 4: Overall Impact - Overall, the eight measures will help financial institutions provide more effective services to the real economy and cross-border trade, while further enhancing the openness and international competitiveness of China's financial market [12].

Core Points - The People's Bank of China announced eight financial opening measures to be implemented in Shanghai, including the establishment of a digital RMB international operation center and a personal credit agency [1][3] - These measures aim to enhance the internationalization of the digital RMB, simplify cross-border transaction processes, and reduce costs, thereby increasing the RMB's influence in global financial markets [3][4] - The initiatives are expected to support cross-border enterprises, improve financing channels for "Belt and Road" companies, and attract more international capital, boosting confidence in the stock and bond markets [3][4] Financial Market Opening - The establishment of a bank interbank market trading report library and a personal credit agency will enhance the precision of financial services [4] - The development of offshore trade finance services and the optimization of free trade account functions will further expand financing channels for enterprises [3][4] Cross-Border Trade and Investment - The State Administration of Foreign Exchange introduced a series of facilitation policies to enhance cross-border trade and investment, including reforms in trade foreign exchange business management [5][6] - Policies aimed at supporting foreign trade enterprises will improve the efficiency of cross-border capital turnover, particularly for new trade formats like cross-border e-commerce [5][6] Technological Innovation and International Cooperation - The facilitation policies will help research institutions and technology enterprises attract international capital and advanced technology, promoting continuous technological innovation [6] - The integrated currency pool policy for multinational companies will enhance capital operation efficiency, providing more convenient financial services for foreign enterprises in China [6]

Core Viewpoint - The announcement of eight financial policies by the People's Bank of China aims to enhance the international status of the Renminbi and improve the quality of financial services in response to global economic integration and technological advancements [1][2]. Group 1: Financial Policies - The eight policies include the establishment of an interbank market trading report database, a digital Renminbi international operation center, a personal credit agency, offshore trade finance service reform pilot in Shanghai, development of free trade offshore bonds, optimization of free trade account functions, innovation of structural monetary policy tools, and promotion of Renminbi foreign exchange futures trading [1][2]. - These policies reflect China's commitment to international trade and offshore finance, aiming to broaden financing channels and facilitate international trade and investment [2]. Group 2: Economic Context - The policies are closely related to the current global economic integration, financial openness, innovation, and sustainable development [1][2]. - The emphasis on digital economy and financial innovation indicates a strategic move to enhance financial service efficiency and quality through technological means [2]. Group 3: Implementation Strategy - The implementation of these policies requires a three-step strategy: establishing a legal framework for cross-border digital Renminbi use, enhancing execution efficiency through technology, and fostering market participation [3]. - The focus on policy innovation, technology-driven solutions, and market collaboration is essential for translating policy benefits into sustained economic growth [3].

Core Viewpoint - The emergence of a regulatory year for stablecoins is driven by the geopolitical dynamics of national power, currency status, and financial sovereignty rather than mere technological innovation [3]. Regulatory Developments - The U.S. has introduced the "GENIUS Act," integrating dollar stablecoins into a digital dollar framework, while the EU has established compliance thresholds through the MiCA regulation, and Hong Kong has enacted a comprehensive regulatory framework for fiat-backed stablecoins [2][9]. - The U.S. Senate passed the "GENIUS Act" with a vote of 66 to 32, mandating that non-U.S. issuers demonstrate regulatory comparability to access the U.S. market, potentially reshaping global financial order [7][8]. Market Dynamics - In 2024, the total transaction volume of stablecoins reached $27.6 trillion, surpassing the annual transaction volumes of Visa and Mastercard, indicating a significant shift in financial transactions [10]. - The combined market capitalization of USDT and USDC exceeds $210 billion, representing 86% of the global stablecoin market [10]. Financial Implications - Stablecoins are evolving into a form of "shadow Federal Reserve," influencing U.S. Treasury yields through high-frequency circulation and liquidity [11][12]. - Research indicates that a 2% fluctuation in daily trading of USDT/USDC can lead to a 2.5 basis point change in three-month Treasury yields, suggesting a micro-quantitative easing effect [19]. Hong Kong's Role - Hong Kong is positioned as a financial hub for offshore RMB, rapidly establishing a legal framework for stablecoins, which may accelerate the internationalization of the RMB [15][20]. - The Hong Kong Monetary Authority has initiated the "Project Ensemble" to explore cross-border tokenized settlement mechanisms, enhancing efficiency and transparency in cross-border transactions [16]. Historical Context - The successful pilot of personal RMB accounts in Hong Kong in 2003 laid the groundwork for the cross-border trade settlement of RMB in 2009, providing a model for the current stablecoin initiatives [21][23]. - The upcoming stablecoin regulations in Hong Kong may serve as a "laboratory" for the future internationalization of the digital RMB, reflecting a new version of the "Hong Kong experience" [24].

Core Viewpoint - The cross-border payment sector has recently experienced a pullback after a significant rise, leading to market speculation about its future strength [3] Company Summaries - Qingdao Kingking's main products include "new material candles and aromatherapy products" and "cosmetics," with 75.45% of its revenue, amounting to 1.353 billion yuan, coming from overseas sales in 2024 [4] - Hai Lian Jin Hui holds various payment licenses, including "cross-border RMB payment" and "Hong Kong money service operator license," providing comprehensive payment services and cross-border settlement [5] - New Morning Technology has developed multiple core products and solutions, including a blockchain BaaS platform, and emphasizes the application of artificial intelligence in enhancing operational efficiency for banks [5] - Lakala offers a comprehensive payment solution for merchants, including cross-border payment services, and has served over 90,000 merchants in its cross-border payment business [6] Industry Insights - Recent government initiatives signal a push for the internationalization of the digital yuan and the enhancement of the cross-border payment system, laying a foundation for its practical application [8] - The global trade landscape is being reshaped by U.S. tariff policies, prompting companies to reconsider their supply chain strategies, which may benefit domestic supply chain enterprises and the cross-border payment sector [8] - Future development paths for global cross-border payment models include creating payment systems based on local currencies, expanding coverage through national payment systems, and leveraging blockchain technology [9]

多地已有落地案例 4月21日，中国人民银行、金融监管总局、国家外汇局、上海市人民政府联合印发《上海国际金融中心 进一步提升跨境金融服务便利化行动方案》（以下简称《行动方案》），支持在沪数字人民币运营试点 银行积极参与多边央行数字货币桥项目。 中国银行研究院研究员杜阳对《证券日报》记者表示："这是我国推动数字人民币国际化、深化跨境支 付体系合作的重要信号。《行动方案》的出台，意味着上海将在多边央行数字货币桥发展中扮演先行先 试的'试验田'角色，不仅提升中国金融基础设施在全球金融体系中的话语权，也为数字人民币在跨境支 付中拓展实际应用场景奠定了基础。" 提升跨境结算效率 《行动方案》从提高跨境结算效率、优化汇率避险服务、强化融资服务、加强保险保障、完善综合金融 服务等五方面提出18条重点举措。 《行动方案》提出，"支持在沪数字人民币运营试点银行积极参与多边央行数字货币桥项目，探索创新 特色场景。支持外汇交易中心为多边央行数字货币桥提供外汇流动性管理及兑换服务"。 "这有助于解决多币种转换的技术瓶颈，提升跨境结算效率。"苏商银行特约研究员薛洪言对《证券日 报》记者表示。 所谓多边央行数字货币桥（mBridge）是由 ...