活动期间，CIPS人民币国际信用证业务在五大国有银行相关海外分行、渣打银行、汇丰银行、开泰银 行、巴西Master Bank等外资银行以及中国五矿、通用技术集团等企业见证下正式开通。信用证是国际 贸易中最常用的结算方式之一，CIPS国际信用证服务是跨境清算公司为便利市场主体以人民币为结算 币种开展国际贸易结算推出的信息服务，该业务开通对优化中国与全球各地区双边人民币贸易结算具有 重要意义。 博通咨询首席分析师王蓬博告诉记者，CIPS正面临前所未有的机遇。随着共建"一带一路"倡议的推进和 中国金融市场的持续开放，越来越多的国家和地区愿意采用人民币进行跨境交易，这为CIPS带来了广 阔的发展空间。同时，CIPS不断优化系统功能和服务体系，提升用户体验，增强了对全球金融机构的 吸引力。 21世纪经济报道记者 唐婧 边万莉 上海报道 "越来越多的国家和地区使用本币结算，促进更多货币的国际化使用，单一主权货币主导跨境支付的局 面正逐步改变。"中国人民银行行长潘功胜在2025陆家嘴论坛开幕式上表示。他还称，中国已初步建成 多渠道、广覆盖的人民币跨境支付清算网络。 同日，为期三天的人民币跨境支付系统（CIPS）跨境银企合作 ...

彭博社消息，伦敦正努力吸引更多中国公司在其证券交易所上市，因为伦敦正面临股票市场萎缩和欧洲各地交易枯竭的困境。 "我们需要在伦敦进行更多IPO，"伦敦金融城公司政策主席克里斯·海沃德在上海接受采访时表示。"我们不想失去大西洋彼岸的业务。" 2018年，伦敦与中国人民银行成立了一个工作组，负责监督伦敦的人民币市场。海沃德表示，中国人民银行一直在推动伦敦的全球资产 管理公司发行人民币新产品，以促进人民币的更广泛使用。 他淡化了英国近期对富裕的非定居居民征税以及打击移民措施可能对伦敦作为全球金融中心的吸引力产生的潜在影响，同时敦促努力解 决非定居问题。 中国于2019年与英国启动了股票市场互联互通机制，允许上市公司在对方交易所发行存托凭证。后来，该机制扩展至瑞士和德国。六年 后，只有包括华泰证券在内的少数几家中国公司在伦敦上市，融资总额达66亿美元，交易一直较为低迷。 北京和伦敦今年初承诺深化经济和金融联系，并承诺努力推动中英股市互联互通。 "你必须积极主动地去鼓励企业在你的交易所上市，"海沃德说道，他借鉴了香港今年上半年成功引发首次公开募股（IPO）热潮的经验。 海沃德本周在上海参加了中国年度陆家嘴金融论坛，本周 ...

Core Insights - DBS Bank is expanding its wealth management services in Hong Kong, planning to hire 100 wealth advisors and establish a flagship wealth center by June 2025, despite a backdrop of layoffs in international investment banks and concerns about talent and capital flight from Hong Kong [2][3] - The bank's strategy is based on the belief that the demand for cross-border asset allocation from China's new affluent class will drive the next growth phase in Asia's wealth management market [3][4] - DBS is also applying for a cryptocurrency service license in Hong Kong, aiming to provide digital asset allocation channels to local clients, highlighting the city's clear and forward-looking regulatory framework for virtual assets [2][5] Market Trends - Hong Kong's private wealth management sector saw a net inflow of HKD 341 billion in 2023, nearly doubling year-on-year, indicating a strong recovery in the asset platform's functionality [3][4] - The "New Capital Investor Entry Scheme" (CIES) has attracted over 1,200 applications in just one year, expected to bring in HKD 37 billion in direct investment, reflecting renewed interest in Hong Kong as an asset hub [3][4] - The proportion of cross-border clients in DBS's Hong Kong wealth management business has increased from 20% five years ago to nearly 40%, with expectations to exceed 50% in the next two to three years [3][4] Wealth Management Dynamics - Over one-third of new client assets in Hong Kong are sourced from mainland China, with a significant increase in cryptocurrency trading value, which grew by 85.6% in 2023, the highest in East Asia [4][8] - The demand for alternative assets is rising, with high-net-worth clients increasingly interested in integrating digital assets into their portfolios, moving away from traditional investment strategies [8][9] - The shift in client demographics is notable, with the fastest growth among "next-high-net-worth" individuals, defined as those with assets between USD 5 million and USD 10 million, indicating a broader market opportunity for wealth management firms [6][7] Strategic Positioning - DBS's internal strategy includes expanding its wealth management network in Hong Kong and enhancing its service offerings, such as real-time foreign exchange trading capabilities [4][6] - The bank's recent approval to become a member of the China Foreign Exchange Trading System allows it to participate directly in foreign currency borrowing and repurchase transactions, enhancing its role in the internationalization of the RMB [4][6] - The bank's cautious approach to cryptocurrency services aims to meet high-net-worth clients' needs for digital asset allocation while managing risk exposure [5][9] Future Outlook - The integration of stablecoins, asset tokenization, and ETFs in Hong Kong's financial infrastructure is seen as a critical development for wealth management, providing a compliant channel for digital asset allocation [9][10] - The evolving landscape suggests a shift in asset allocation strategies, with a move towards a more diversified approach that includes alternative assets alongside traditional investments [10][11] - Hong Kong's unique position as a bridge between the RMB and global markets is expected to attract more affluent clients seeking transparent and flexible asset management solutions [12][13]

Core Viewpoint - The collaboration between Shanghai and Hong Kong is a natural choice for both cities as they are complementary financial centers, enhancing their roles in the international financial landscape [1][5][10]. Group 1: Cooperation Framework - The "Shanghai-Hong Kong International Financial Center Collaborative Development Action Plan" was signed on June 18, outlining six areas of deep cooperation, including infrastructure connectivity and offshore financial strategies [1][6]. - The action plan aims to support cross-border financial services innovation and green finance development, enhancing the existing cooperation framework established since the launch of the Shanghai-Hong Kong Stock Connect in 2014 [6][7]. Group 2: Financial Market Dynamics - Shanghai serves as a key onshore financial hub, with the Shanghai Stock Exchange ranking third globally in market capitalization and leading in bond custody and gold trading volumes [2][4]. - Hong Kong, as the largest offshore RMB business center, has over 1.19 trillion RMB in deposits and has been a crucial channel for mainland enterprises to access international capital [4][5]. Group 3: Future Opportunities - The collaboration is expected to provide more financing opportunities for technology innovation enterprises and increase the demand for cross-border RMB payment settlements [8]. - The partnership will facilitate the establishment of financial centers in both cities, supporting mainland enterprises in their international expansion efforts [7][9]. Group 4: Strategic Importance - The synergy between Shanghai and Hong Kong is seen as a catalyst for the internationalization of the RMB and the integration of China's financial markets into the global system [9][10]. - The relationship is characterized by complementary strengths, with Shanghai focusing on domestic economic cycles and Hong Kong linking global capital networks [4][5].

Core Viewpoint - The article emphasizes the increasing interest of international investors in RMB assets amid global capital market volatility and the need for portfolio rebalancing [1][2]. Group 1: Global Capital Market Dynamics - The global capital market has experienced significant volatility this year, particularly affecting the status of USD assets as a "safe haven" [1]. - International investors are actively seeking to rebalance their investment portfolios in response to these market changes [1]. Group 2: China's Economic Potential - Several foreign financial institutions highlighted the unique advantages of Chinese assets in global fund diversification during the 2025 Lujiazui Forum [1]. - Howard Marks noted that despite global market fluctuations, China's economy exhibits structural advantages, summarized as "1234" characteristics [3][4]. - The "1" represents a single goal of transitioning to high-quality growth, which requires two transformations: green and digital [3]. - The "3" refers to the coordinated efforts of monetary policy, fiscal policy, and structural reform policy to guide the economy [4]. - The "4" highlights four fundamental advantages of China: a highly educated workforce, a large middle-class market, excellent infrastructure, and a comprehensive supply chain [4]. Group 3: Financial Market Internationalization - Howard Marks proposed two key suggestions for enhancing the internationalization of China's financial market: deepening the opening of investment asset categories to foreign investors and optimizing the foreign product access mechanism [6][7]. - Gokul Laroia emphasized the importance of collaboration between Shanghai and Hong Kong to attract significant capital flows, noting that even a small outflow from the US could represent a substantial amount [4][5]. - David Perez de Albeniz mentioned that 70% of the 1,500 fund companies they collaborate with are interested in the Chinese market, indicating a strong demand for investment opportunities in China [4]. Group 4: Recommendations for Attracting Foreign Investment - High Laroia highlighted the necessity of creating a conducive environment for RMB internationalization, suggesting that both Shanghai and Hong Kong play crucial roles in this process [7]. - The establishment of a globally adaptable credit rating system and a liquid secondary market are essential for attracting patient capital and facilitating foreign investment in China [7].

Group 1 - A global capital market turmoil is emerging, with the Middle East situation affecting global markets, leading to a 2% drop in the Hang Seng Index [1] - The A-share market is influenced by the Hong Kong market, which in turn is affected by the US market, creating a cycle that impacts trading volumes and market direction [3][4] - The US stock market, valued at $70 trillion, benefits from volatility, as wealthier investors are less affected by emotional trading, allowing them to profit during market fluctuations [4] Group 2 - The A-share market experienced a decline of 1.74%, with over 4,600 companies falling, although there was a brief rebound in sectors like chips and robotics before a shift towards oil and gas [5] - The Chinese market is reportedly well-protected against external shocks, with a strategic design that mitigates risks from geopolitical tensions, such as the situation in Iran [6] - The market's ability to recover and attract global capital is contingent on the performance of key indices like the Shanghai Composite and the CSI 300, which need to show strength to draw foreign investment [3][6]

Group 1 - Recent escalation of conflicts in the Middle East has significantly impacted global oil prices, leading to a substantial increase in international oil prices due to the region's status as a major oil exporter and the risk of a broader war between Israel and Iran [1] - Rising oil prices will increase production costs for industrial companies that rely on oil as a raw material and fuel, potentially affecting their profits [1] - Oil companies with existing oil inventories may benefit from the appreciation of their stock, leading to increased revenue [1] Group 2 - The ongoing U.S.-China trade negotiations have shown progress, with a joint statement released in Geneva and a temporary suspension of tariff increases for 90 days, which may be extended [2] - China's relaxation of rare earth export policies signals a positive development in trade relations, which could lead to a normalization of trade and support a recovery in global trade [2] - The U.S. stock market has seen a recent rebound, but valuations remain high, while the Hong Kong stock market is positioned for potential recovery due to lower valuations [2] Group 3 - China's economic data indicates significant growth in consumption driven by policies like the trade-in program, although fixed asset investment and industrial output growth remain low, suggesting insufficient growth momentum [3] - The Consumer Price Index (CPI) has shown negative growth for three consecutive months, indicating a need for continued policy measures to boost domestic demand [3] - The internationalization of the Chinese yuan is accelerating, with more countries adopting it for trade settlements, reflecting a clear trend towards de-dollarization [3] Group 4 - The technology sector, particularly in areas like humanoid robots and AI, is expected to lead market growth during a potential recovery, with significant growth opportunities in household applications [3] - The consumer market is experiencing a divergence, with new consumption models thriving among younger demographics, while traditional consumer goods may face short-term pressure but could recover in an upward economic cycle [3]

大伙儿都知道，金融战场的硝烟不亚于真刀真枪的战场，这两天，香港和深圳接连放出大招，政策密集落地，人民币国际化步子迈得又稳又快。 这些数字背后，是咱们的支付系统（CIPS）覆盖了178个国家和地区，香港离岸人民币存款超过8500亿元，连印度尼西亚都和咱们签了本币结算协议。但光 有这些还不够，美国动不动就拿美元当制裁工具，逼得不少国家想找条退路，人民币这时候站出来，既是机遇也是责任。 从跨境上市互通到金融合作机制升级，再到人民币全球布局的深化，中国正用一套组合拳，在金融领域向美元霸权发起强力冲击。今天咱们就掰开了揉碎了 聊聊，这些布局到底藏着什么玄机。 先说香港和深圳这对"金融双城"，最近中央出台的政策里，最扎眼的一条是允许符合条件的香港上市企业到深圳第二上市，这可不是简单的"多开个场子卖 货"，背后藏着深意。香港是国际金融中心，深圳是科技创新的"中国硅谷"，两城一联手，既能帮企业用人民币融资、降低对美元的依赖，又能把国际资本 和内地市场拧成一股绳。 举个例子，一家大湾区企业同时在港交所和深交所上市，不仅能吸引外资，还能拿到人民币资金支持，两边市场优势互补，融资成本降了，抗风险能力也强 了。这招棋，既巩固了香港的 ...

Core Viewpoint - The 2025 Lujiazui Forum emphasizes the importance of financial openness and cooperation in the context of global economic changes, focusing on high-quality development and the restructuring of the international monetary system [2][3]. Group 1: Global Financial Governance - The Governor of the People's Bank of China, Pan Gongsheng, discussed four key areas for reforming global financial governance and announced eight financial policy measures aimed at addressing the instability of the current dollar-dominated international monetary system [2]. - Proposed directions for reform include reducing reliance on a single sovereign currency and promoting a competitive environment among a few strong sovereign currencies, with the RMB recognized as the third-largest payment currency globally [2]. - Emphasis on diversifying the cross-border payment system and enhancing interoperability among payment systems, alongside the accelerated application of emerging technologies in cross-border payments [2]. Group 2: Financial Openness - The Director of the Financial Regulatory Bureau, Li Yunzhe, highlighted the vast potential for high-level financial openness in China, particularly in consumer finance, technology finance, green finance, pension finance, and wealth management [3]. - The government plans to promote high-level financial openness through institutional reforms, optimizing the business environment, and strengthening the financial safety net [3][4]. Group 3: Capital Market Reforms - The Chairman of the China Securities Regulatory Commission, Wu Qing, outlined five new measures for capital market reform aimed at enhancing the market's role in supporting technological innovation and the real economy [5]. - Key measures include deepening reforms in the Sci-Tech Innovation Board, enhancing the synergy between equity and debt markets, and fostering long-term capital [5][6]. - The focus on creating a more open and inclusive capital market ecosystem, including optimizing the Qualified Foreign Institutional Investor (QFII) system and expanding the range of products available for foreign investment [5]. Group 4: Investment Opportunities - The forum's positive policy direction is expected to enhance the resilience of the A-share market and improve the quality of listed companies, making A-shares more attractive to investors [6]. - Key investment areas identified include artificial intelligence, high-end manufacturing, and innovative pharmaceuticals, with a focus on fundamental analysis, valuation, and market sentiment [7].

Group 1 - The 2025 Lujiazui Forum concluded with a focus on "Financial Opening and Cooperation in Global Economic Changes and High-Quality Development" [1] - The People's Bank of China announced eight significant financial opening measures during the forum [1] - The forum raised questions about the advancement of RMB internationalization and the challenges that need to be addressed [1] Group 2 - A strong currency is identified as the first core element of a financial powerhouse, with internationalization being crucial for better resource utilization [3] - The current international status of the RMB does not match China's economic scale, indicating a need for further development of the currency [3] - Key challenges in RMB internationalization include balancing financial security and development, particularly regarding capital account convertibility [3] Group 3 - Offshore trade is essential for Chinese enterprises to engage in global supply chains without heavy asset investments [4] - The comprehensive reform of offshore trade financial services in Shanghai's free trade zone aims to enhance efficiency and convenience for companies involved in offshore trade [4] Group 4 - Effective risk management in financial globalization requires robust regulatory measures, including pre-emptive risk control and post-event monitoring [5] - Regulatory frameworks should align with international standards while considering local economic conditions to manage financial risks effectively [5] Group 5 - Strengthening international regulatory cooperation is emphasized as a necessity in the context of financial globalization [6] - Shanghai and Hong Kong are positioned to complement each other in the offshore RMB market, with Hong Kong offering more internationalized rules and products [8] - Shanghai's offshore market benefits from established economic cooperation in Southeast Asia, providing advantages for Chinese enterprises [8] - The People's Bank of China's regulatory approach in Shanghai's offshore market allows for stronger oversight compared to Hong Kong's offshore RMB market [8]