Group 1 - The global political and economic landscape is rapidly evolving since 2025, with increasing trade barriers and deep restructuring of supply chains [1] - China Everbright Bank is committed to serving the country's high-level opening-up with competitive overseas business, focusing on green finance and sustainable development [1] - In the first half of 2025, the bank's overseas institutions embedded ESG principles into the entire process of credit, investment, and risk control, achieving significant milestones in green loans and bonds [1] Group 2 - The bank actively supports high-level opening-up by aligning cross-border financial services with national strategic initiatives, such as the Guangdong-Hong Kong-Macao Greater Bay Area [2] - In the first half of 2025, the Hong Kong branch facilitated a loan of 100 million HKD for infrastructure projects, enhancing regional integration [2] - The establishment of RMB interbank accounts in multiple overseas branches has effectively expanded cross-border RMB financing channels, contributing to the internationalization of the RMB [2] Group 3 - The bank is enhancing cross-border financial service solutions to meet the needs of enterprises going abroad, focusing on key sectors like infrastructure, energy transition, and digital economy [3] - The "Sunshine Easy Exchange" product system has been improved to better cater to the financing needs of enterprises in the Belt and Road Initiative [3] - As of June 2025, the bank provided a cross-border direct loan balance of 16.14 billion CNY, with approximately 4.03 billion CNY in loans to countries along the Belt and Road [3]

Group 1: Monetary Policy and Economic Indicators - M2 growth rate decreased to 8.8% with a total balance of 331.98 trillion yuan, indicating a tightening of liquidity in the market [3] - Corporate medium to long-term loans increased by 7.38 trillion yuan in the first eight months, suggesting strong investment in sectors like manufacturing and technology [3] - Household deposits surged by 9.77 trillion yuan, reflecting a conservative outlook on future income and a lack of consumer confidence [4] Group 2: Interest Rates and Borrowing Costs - Interbank borrowing rates and repurchase rates hit new lows at 1.4% and 1.41% respectively, reducing borrowing costs for businesses [5] - High-debt industries, such as real estate, may benefit from lower interest rates, potentially alleviating financial pressures [6] - Technology companies are encouraged to borrow for innovation due to lower interest rates, particularly in sectors like semiconductor equipment and AI [7] Group 3: Cross-Border Transactions and Currency - Cross-border RMB settlement reached 1.47 trillion yuan, with goods trade accounting for 1.11 trillion yuan, indicating accelerated RMB internationalization [8] - The growth in cross-border trade along the Belt and Road Initiative may benefit companies involved in construction machinery and infrastructure materials [8] - Companies involved in the development of the CIPS system, such as Sifang Jingchuang and Shenzhou Information, are likely to see stable stock performance [8] Group 4: Foreign Investment and Market Sentiment - Foreign exchange reserves reached 3.322 trillion USD, the highest in recent years, reflecting international confidence in the Chinese economy [9] - Northbound capital inflows exceeded 50 billion yuan in August, primarily targeting leading consumer and technology stocks [9] - The increase in foreign exchange reserves may lead to greater currency volatility, necessitating hedging strategies for those holding foreign assets [9] Group 5: Investment Opportunities and Risks - Opportunities identified include manufacturing and technology sectors, supported by a 7.38 trillion yuan increase in corporate loans [10] - The green economy is highlighted as a potential growth area, with a 29.5% increase in carbon trading volume [10] - Risks include the sluggish recovery in the real estate sector, with only a 1.08 trillion yuan increase in household long-term loans [11] - A liquidity trap is indicated by M1 growth at 6%, suggesting businesses are hesitant to spend, which could lead to market stagnation [12]

◎记者 张琼斯 9月12日，央行就《银行业金融机构人民币跨境同业融资业务有关事宜的通知（征求意见稿）》（简称 《通知》）对外公开征求意见。《通知》将融出方向的人民币跨境同业融资业务纳入统一框架，将助力 形成离岸市场人民币流动性稳定的预期。 业内人士告诉上海证券报记者，《通知》凸显了统筹高质量发展与高水平安全的导向：一方面支持境内 银行顺应市场需求开展业务，为人民币离岸市场提供稳定流动性、促进人民币跨境使用；另一方面引导 金融机构树立风险中性理念，保障业务平稳健康发展。 提高跨境同业融资政策 透明度和规则性 人民币跨境同业融资包括账户融资、债券回购等各种境内银行向境外机构融入、融出人民币资金的业 务。其中，融出方向是银行层面向离岸市场提供人民币流动性、促进人民币跨境使用的主渠道。 近年来，央行稳步推进人民币国际化，取得了积极成效。人民币已成为我国对外收支第一大结算货币、 全球第二大贸易融资货币，2024年人民币跨境收付金额达64万亿元，境外主体持有和使用人民币的意愿 不断提升，使得离岸市场对人民币流动性的需求明显增强。 《中共中央关于进一步全面深化改革 推进中国式现代化的决定》提出，发展人民币离岸市场。业内人 ...

Group 1 - The World Gold Council has proposed a plan to launch a physical gold-backed digital token in London, aiming to transform the trading, settlement, and collateralization of gold, injecting new vitality into the $930 billion global physical gold trading center [2][3] - The exploration of tokenized assets is seen as the largest experiment in Real-world Assets (RWA) tokenization to date, sparking discussions on the collision between tradition and innovation [2][3] - The Hong Kong government has released a policy statement encouraging RWA development, aiming to establish Hong Kong as a digital asset hub, with several licensed institutions already exploring tokenized products [3][12] Group 2 - The global RWA market has seen significant growth, increasing from $5 million in 2022 to $25.5 billion by July 2025, indicating a fivefold increase in three years [8] - The current focus of tokenization remains on financial assets, but the true mission should be to support real industries rather than merely enhancing financial assets [4][5] - Regulatory frameworks are being established globally to ensure compliance and safety in the tokenization of assets, with various regions adopting different approaches to manage risks associated with digital assets [11][12] Group 3 - The development of tokenized assets is driven by the continuous pursuit of transaction efficiency, which is essential for economic growth [7][8] - The introduction of AI-driven smart contracts, termed "Agentic Contracts," represents a technological evolution that could enhance the efficiency and compliance of tokenized asset management [5][6] - The long-term vision for the token economy emphasizes the need for a balance between innovation and risk management, ensuring that the industry can sustain growth while maintaining stability [14][15]

Core Viewpoint - The People's Bank of China (PBOC) has drafted a notice to support domestic banks in conducting RMB cross-border interbank financing, aiming to enhance the development of the offshore RMB market and provide stable liquidity [1][2]. Group 1: Policy Objectives - The notice reflects a clear direction of balancing high-quality development with high-level security, supporting banks to meet market demand for RMB cross-border interbank financing [1][2]. - It aims to provide stable liquidity to the offshore market, promoting the use of RMB across borders, as RMB has become the largest settlement currency for China's foreign trade [2][3]. Group 2: Market Context - The RMB internationalization process has progressed steadily, with RMB becoming the second-largest trade financing currency globally, and the cross-border payment amount expected to reach 64 trillion yuan in 2024 [2]. - The demand for RMB liquidity in the offshore market has significantly increased, driven by the willingness of foreign entities to hold and use RMB [2]. Group 3: Management Framework - The notice integrates the previously separate management of RMB cross-border interbank financing into a unified framework, addressing issues of unclear rules and lack of transparency [3][4]. - It establishes a comprehensive management system that covers various types of RMB cross-border interbank financing, ensuring both innovation and regulatory compliance [4]. Group 4: Risk Management - The notice links the net outflow limit for banks to their Tier 1 capital, promoting a risk-neutral approach among financial institutions [5]. - A counter-cyclical adjustment mechanism is introduced to manage cross-border capital flows, allowing the PBOC to adjust parameters to stabilize RMB liquidity provision to foreign markets [6].

有多大能力，做多大业务。 为进一步支持境内银行开展人民币跨境同业融资业务，支持人民币离岸市场发展，央行近日起草了《银 行业金融机构人民币跨境同业融资业务有关事宜的通知（征求意见稿）》（下称《通知》），并对外公 开征求意见。 人民币跨境同业融资是境内银行与境外银行等金融机构间开展账户融资、债券回购等人民币资金融入、 融出业务的统称，其中融出方向是在岸向离岸市场提供人民币流动性的关键渠道。 近年来，我国人民币国际化进程稳步推进，成效显著——人民币已成为我国对外收支第一大结算货币、 全球第二大贸易融资货币，2024年人民币跨境收付金额达64万亿元，境外主体持有和使用人民币的意愿 持续提升，直接推动离岸市场对人民币流动性的需求显著增强。 二十届三中全会明确提出"发展人民币离岸市场"。记者采访获悉，为满足市场合理需求，提升跨境同业 融资政策透明度与规则性，稳定政策预期以激发境内银行展业积极性，为离岸市场提供稳定流动性，成 为此次新规起草的重要动因。 新规出台也是为平衡好发展和安全的关系，也要对跨境资金双向流动进行宏观审慎管理，引导在岸人民 币有序流出，在风险可控的前提下满足境内外主体跨境使用人民币的合理需求。 从管理层 ...

全球能源市场正经历深刻调整，美国主导的美元体系面临多重压力。中国作为最大原油进口国，积极推动人民币在能源贸易中的应用，逐步削弱美元垄断地 位。这种转变源于中国经济持续增长和能源需求稳定，结合国际地缘格局变化。 上海国际能源交易中心推出的原油期货合约，自2018年上市以来，已成为亚太地区重要定价工具。境外投资者参与度提升，持仓结构优化，交易规模快速扩 张。 到2024年，合约日均持仓量比2019年增长超过四倍，成交量增幅逾两成。这种增长反映中国金融市场的成熟，以及对美元依赖的战略性减弱。 人民币原油结算体系的建立，标志中国在能源金融领域的自主创新。合约以中质含硫原油为标的，规模为每手一千桶，报价单位为人民币每桶，强调实物交 割。 这种设计适应中国进口需求，避免美元汇率波动带来的额外成本。初期阶段，2018年全年成交量有限，主要吸引国内炼油企业和贸易商参与。境外客户覆盖 范围小，海外持仓占比不足百分之五。 相比之下，美国西得克萨斯中质原油期货和英国布伦特原油期货已运行多年，前者聚焦北美轻质低硫油，后者覆盖北海油田，年交易量达数亿手。 中国合约起步时持仓仅数千手，与国际基准差距明显。但通过政策优化和市场机制完善，实 ...

从政治角力到金融博弈，从美国白宫到全球资本市场，这场看似"总统不服管"的闹剧，最终演变成了一场关于全球财富秩序的大洗牌。特朗普想拿 下美联储，却反被司法系统"打脸"；美元信用频频亮红灯，而人民币资产却意外成了"香饽饽"。 一场关于金钱、权力与信任的多重博弈，正在悄然重写世界金融版图。 美国总统特朗普这回真是碰了钉子。他试图"炒掉"美联储理事库克，结果法院直接给他泼了一盆冷水，不仅驳回了他的行为，还明确指出：总统不 能随意干预美联储，这是对宪法基本原则的挑战。这不仅是一次政治失败，更是一次权力越界的警告。 特朗普的算盘并不复杂。他想通过强行推动降息，缓解联邦政府高达7万亿美元的债务负担，还能顺带提振股市，为自己的连任之路加分。可惜， 美联储不是白宫的"提款机"，他们背后的银行家群体也不是吃素的。 过去几十年里，美元就像一把"金融尚方宝剑"，谁掌握了它，谁就能主导全球资本流向。但现在，这把剑开始生锈了。 美元指数年内狂跌8%，美债也遭遇罕见抛售。据《金融时报》报道，美国3年期国债的境内投资者获配比例降至历史低点，仅为6%。这可不是小波 动，而是市场在用脚投票：对美元体系的信心正在崩塌。 背后的原因也不难理解。美国 ...

Group 1: Overview of Stablecoin Development in Hong Kong - The integration of traditional finance and digital assets is accelerating in Hong Kong, with stablecoins seen as a bridge between the two worlds [1][2] - The Hong Kong Monetary Authority (HKMA) plans to open applications for the first stablecoin issuer licenses between August 1 and September 30, 2025, with 77 entities expressing interest as of August 31 [1][8] - Regulatory bodies, including the HKMA and the Securities and Futures Commission, have issued warnings about the need for investor caution, indicating that only a few licenses will be granted initially [1][5] Group 2: Regulatory Environment and Market Reactions - The tightening of regulations is viewed as a double-edged sword, potentially increasing innovation costs for early adopters while ensuring market safety [5][6] - KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations are emphasized, requiring stablecoin issuers to retain user identity information for over five years [5][6] - Some market participants believe that stricter regulations could ultimately benefit the industry by protecting participants' rights and attracting more users [7][8] Group 3: Market Opportunities and Use Cases - Stablecoins are expected to play a significant role in cross-border payments, leveraging Hong Kong's position as a trade hub [8][9] - The potential for stablecoins extends beyond payments, with possibilities for tokenizing Real World Assets (RWA), thereby enhancing liquidity and investment opportunities [15][16] - The market for stablecoins is projected to grow significantly, with estimates suggesting a market size of $500 billion to $750 billion in the coming years [10] Group 4: Digital Currency Experiments and Innovations - Hong Kong is exploring various digital currency initiatives, including the m-CBDC Bridge project for central bank digital currencies (CBDCs) and tokenized deposits [11][12] - The interplay between stablecoins and CBDCs is seen as complementary, with stablecoins addressing retail payment needs while CBDCs focus on wholesale transactions [12][14] - HSBC has launched a tokenized deposit service, marking a significant step in the integration of blockchain technology into traditional banking [12][13] Group 5: RWA Tokenization and Future Prospects - The tokenization of RWA in Hong Kong is being pursued through a model that combines mainland assets with blockchain technology, focusing on sectors like renewable energy [17][18] - The development of RWA could facilitate the internationalization of the Renminbi (RMB), with stablecoins potentially pegged to offshore RMB [21][22] - The success of RWA initiatives will depend on the standardization of underlying assets, particularly in the context of China's manufacturing and supply chain strengths [18][22]

中国光大银行坚定践行金融工作的政治性、人民性，围绕金融"五篇大文章"，努力以特色化和有竞 争优势的境外业务服务国家高水平对外开放。 积极发挥境内外协同优势，以多元化金融服务助力高水平对外开放。光大银行将跨境金融服务与粤 港澳大湾区建设、巩固香港国际金融中心地位、人民币国际化、高质量共建"一带一路"等国家重点战略 部署深度对接：上半年，香港分行落地1亿港元贷款，用于香港北部都会区和交椅洲人工岛建设项目， 积极赋能湾区融合发展；香港分行深度参与债券通交易，连续五年获得"北向通优秀投资者"称号，助力 内地与香港金融市场互联互通；澳门、首尔、香港、卢森堡、悉尼5家分行陆续开立人民币同业往来账 户，账户开立至今累计发生额37.87亿元，有效拓展人民币跨境融通渠道，稳步助推人民币国际化进 程。 精准把握企业出海需求，全方位升级跨境金融服务方案。光大银行聚焦基础设施、能源转型、高端 制造业以及数字经济等核心领域和行业，积极支持企业国际化发展；完善"阳光易汇"8大产品体系，逐 步提升融资结构设计能力，完善境外保函、境外直贷、跨境并购、跨境银团、出口信贷等本外币融资产 品组合。此外，光大银行通过利用NRA（境外机构境内账户）、 ...