一、后美元时代加速，推手真不是人民币，为何美元有出路无退路？ 美元自1944年取代英镑成为世界货币以来，已经整整79年了。布雷顿森林会议于1944年达成的协议，确定了美元作为全球各国货币的标准和储备货币，而美 国也承诺以固定的价格，将各国央行手中的美元兑换为黄金。布雷顿森林体系的基础就是金汇兑本位制，也就是美元—黄金本位制。在这个体系下，美元和 黄金是等价的，美国不仅负责发行美元，还承担着按官方汇率兑换黄金的责任（35美元兑换一盎司黄金）。因此，美元才被称为美金。 在美元成为世界货币后，暴露出美国想要称霸全球的野心。美国开始积极参与朝鲜战争等军事冲突，军费支出迅速增加，同时国际收支长期处于逆差状态， 黄金储备不断流失。到1968年，美国的黄金储备比例已下降至25%，而在1971年，美国宣布停止向其他国家兑换黄金，标志着布雷顿森林体系的崩溃。 1974年，美国国务卿基辛格与沙特王室达成协议：美国为沙特提供军事保护，作为回报，沙特决定以美元作为石油结算货币，并拒绝接受其他任何货币。到 1975年，欧佩克的其他产油国也同意以美元结算石油交易。随着布雷顿森林体系的解体，美元找到了新的支柱，从此黄金—美元体系彻底被石油 ...

12月11日随着2025年中央经济工作会议的闭幕，"十五五"开局在即。 "十五五"规划建议提出，在"十五五"时期的基础上再奋斗五年，到2035年，中国人均GDP达到中等发达 国家水平。当年轻人拿捏消费"可以买贵的，不能买贵了"，当房地产"造富"神话去魅……下一个五年， 如何撬动中国经济增长新支点？如何持续推进金融改革、实现"金融强国"战略目标？ "当前，中国经济发展面临着两个至关重要的时代背景，这是我们理解一切经济政策与市场变革的逻辑 起点。"中国人民大学国家金融研究院院长、中国资本市场研究院院长、国家一级教授吴晓求就此接受 新京报贝壳财经记者专访，深入解读了"十五五"时期中国经济、金融与资本市场的发展路径。 中国人民大学国家金融研究院院长、中国资本 市场研究院院长、国家一级教授吴晓求（受访者提供） 在"过剩经济"条件下，消费是维持经济动态平衡的关键力量 新京报贝壳财经：在您看来，与"十四五"时期相比，"十五五"这一阶段我国经济将有哪些显著特点？ 吴晓求：研判"十五五"时期经济发展路径，不能仅局限于短期的政策解读，必须将其置于宏大的历史维 度与时代背景中进行深度的学理审视。当前中国面临两个关键时代背景：一是全 ...

回应多个市场关注的焦点问题。 近日，香港交易所（以下简称"港交所"）市场主管余学勤在接受证券时报记者采访时透露，港交所正在 酝酿一项有关于每手买卖单位的改革，预计很快将会开启市场咨询。同时，余学勤还向记者回应了24小 时交易以及互联互通等众多市场关注的焦点问题。 改革不会一刀切 不同于A股交易时，每一手固定就是100股，港股市场上每手买卖单位可谓是多如牛毛。 在时间表上，余学勤表示，在年底前会跟市场进行咨询，在2026年一季度收到一些回应后，后续将再进 一步推动这一改革。 谨慎对待24小时交易 近年来，有关部分海外市场宣布将在未来不久实行24小时交易，这也引发了港股市场是否要跟进的讨 论。 | 16 | 300 | 14 | 0.50% | | --- | --- | --- | --- | | 17 | 12000 | 12 | 0.40% | | 18 | 30000 | 9 | 0.30% | | 19 | 800 | 8 | 0.30% | | 20 | 20 | 7 | 0.30% | | 21 | 250 | 7 | 0.30% | | 22 | 1500 | 6 | 0.20% | | 23 | ...

Core Viewpoint - The Bank of China Beijing Branch has effectively aligned its operations with the national strategy and the capital's development needs during the "14th Five-Year Plan" period, focusing on technology finance, green finance, cross-border finance, and addressing key social demands, thereby delivering high-quality results in supporting the capital's development [1][2][6]. Group 1: Technology Finance - The Bank of China Beijing Branch has established a three-tier service system for technology finance, including 17 specialized outlets, to comprehensively cover the service needs of innovation enterprises in the capital [2][4]. - Innovative financial products such as "Innovation Star Loan," "Specialized and New Loan," and "Entrepreneur Loan" have been launched to address the unique challenges faced by technology enterprises, particularly those with asset-light characteristics [4][5]. - The branch has actively participated in major innovation forums and customized financial products to support high-quality entrepreneurial projects in Beijing [2][4]. Group 2: Green Finance - The Bank of China Beijing Branch has developed a comprehensive green finance service system, establishing a green financial working group to provide specialized services across various sectors [6][8]. - The branch has implemented targeted credit policies for industries such as hydrogen energy and new energy vehicles, ensuring that financial support reaches green industries effectively [6][8]. - By the end of Q3 2025, the balance of green upgrade projects in infrastructure exceeded 200 billion yuan, demonstrating the branch's commitment to supporting sustainable development [8]. Group 3: Cross-Border Finance - The Bank of China Beijing Branch has enhanced cross-border financial services by launching various convenient settlement products, facilitating trade and investment for enterprises [11][12]. - The branch has pioneered several industry-first initiatives, including the establishment of a cross-border dual-currency cash pool and the first full RMB capital injection for foreign financial institutions in the region [12]. - A new innovative service product, the "Mifang Card," has been developed to enhance payment convenience for foreign visitors, integrating payment, communication, and travel needs [13]. Group 4: Social Responsibility and Inclusive Finance - The Bank of China Beijing Branch has introduced diverse financial products and services to meet the needs of the public, particularly in areas like rural revitalization and individual entrepreneurship [16][17]. - The branch has successfully supported small and micro enterprises with loans exceeding 80 billion yuan by the end of September 2025, addressing their financing challenges [17]. - Initiatives in the elderly care sector have been implemented, including the launch of various age-friendly products and the organization of financial literacy events to enhance the quality of life for senior citizens [18]. Group 5: Cultural and Community Support - The Bank of China Beijing Branch has actively engaged in cultural projects, providing financial support for the renovation of cultural sites and promoting cultural enterprises through optimized processes and reduced fees [19]. - The branch has established a one-stop service system to assist cultural enterprises in securing financing and connecting with resources, thereby enhancing the cultural industry's development [19]. - The bank's efforts in supporting cultural heritage and tourism projects have contributed to enriching the spiritual and cultural needs of the capital's residents [19].

12月15日，三大股指早盘小幅低开，而黄金板块逆势上涨。截至上午9:50，黄金ETF华夏(518850)涨0.94%、黄金股ETF(159562)涨0.78%。相关成 分股赤峰黄金涨2.53%、中金黄金涨1.55%、湖南黄金涨1.23%，山东黄金、招金矿业等小幅跟涨。 消息面上，上周五金价表现出色，现货黄金上涨0.48%，收报每盎司4300美元附近。随着美联储第三次降息25个基点后，市场对宽松货币政策的 预期进一步升温。尽管美联储暗示在更多数据出炉前对进一步降息持谨慎态度，但投资者仍预期明年美联储进一步降低利率持乐观态度，这为黄 金提供了强劲的支撑。 展望后市，东方金诚首席宏观分析师王青，国新政府上台后，全球政治、经济形势出现新变化，国际金价有可能在相当长一段时间内易涨难跌。 从控制成本角度看，暂停增持黄金的必要性下降；从优化国际储备结构角度看，增持黄金的必要性上升。从优化国际储备结构、稳慎扎实推进人 民币国际化，以及应对当前国际环境变化等角度出发，未来央行增持黄金仍是大方向。 ...

本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 【12月15日数据：2025年点心债发行规模超8700亿创新高】上周，2025年点心债发行规模超8700亿元人 民币，高于2024年全年规模，刷新2007年有数据纪录以来新高。人民币融资成本低，提升全球投资者对 人民币资产需求。中国加速推进人民币国际化，提升其跨境融资功能。今年，中国互联网巨头及印尼政 府、哈萨克斯开发银行等国际发行人入场试水离岸人民币融资。渣打、美银、德意志银行等机构预测， 2026年市场规模将继续扩张，发行人结构更多元。 ...

【导读】香港交易所市场主管余学勤：力推港交所科技100指数，便利内地基金公司发行相关ETF 从落实香港《固定收益及货币市场发展路线图》（以下简称《路线图》），到推出港交所科技100指 数，再到即将推出的股票每手买卖单位改革，这一系列旨在进一步巩固香港国际金融中心地位的创新举 措，都是今年刚上任的香港交易所市场主管余学勤带领团队主推的工作。 日前，中国基金报记者专访了这位职业生涯涉及美国、中国等多个市场，以及衍生品、现货交易、投行 及研究等不同领域的"多边形战士"，他指出，多元化对香港交易所非常重要，正是这种高度的多元化， 使港交所能够更好地服务全球不同类型的机构和投资者。 便利内地机构发行ETF 据余学勤介绍，香港交易所于2018年和2023年接连推出《上市规则》18A章和18C章，为未有收入的生 物科技企业及特专科技企业开辟上市通道，并于2025年设立"科企专线"。 这一系列举措为上述两类企业上市提供了更多指导及便利，港股的科技含量与日俱增。香港交易所数据 显示，目前科技股市值占港股通股票总市值的比例约为40%；有300多家公司排队上市，当中不少是科 技企业。 余学勤告诉记者，作为香港金融基础设施的重要提供 ...

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is actively promoting the Technology 100 Index to facilitate the issuance of related ETFs by mainland fund companies, as part of a broader strategy to enhance Hong Kong's status as an international financial center [1][4]. Group 1: Development of Technology and Innovation - HKEX has introduced Listing Rules Chapter 18A and 18C in 2018 and 2023, respectively, to create listing pathways for unprofitable biotech and specialized technology companies, with plans to establish a "Tech Company Fast Track" by 2025 [4]. - The market capitalization of technology stocks currently accounts for approximately 40% of the total market capitalization of stocks eligible for the Stock Connect program, with over 300 companies, many of which are tech firms, waiting to go public [4][5]. Group 2: ETF and Index Development - The HKEX Technology 100 Index is a broad-based index that includes large and mid-sized companies, incorporating many firms listed under Chapters 18A and 18C, making it easier for mainland funds to trade without needing QDII quotas [5]. - E Fund Management has received authorization from HKEX to develop a related ETF in mainland China based on the Technology 100 Index [5]. - HKEX plans to continue developing various index products targeting different markets and themes, expanding cooperation beyond mainland China to attract a wider range of investors [5]. Group 3: Fixed Income and Commodity Markets - HKEX is committed to implementing the "Roadmap for the Development of Fixed Income and Currency Markets," focusing on the FICC (Fixed Income, Currency, and Commodity) sector as a key area for growth [7]. - The exchange aims to optimize currency-related futures products and attract more entities to issue RMB bonds in Hong Kong, alongside launching government bond futures for risk management [7]. - HKEX is also focusing on gold-related business, leveraging its 13 LME-approved warehouses to develop various risk management products, addressing the significant demand from mainland enterprises for commodity risk management tools [7]. Group 4: Connectivity and Market Integration - The northbound capital activity through the Stock Connect has increased by 70% compared to last year, with southbound capital accounting for about 25% of daily trading volume in the Hong Kong market [9]. - The ETF southbound trading mechanism has seen innovation, with two ETFs maintaining a 65% allocation to Hong Kong stocks and 35% to U.S. stocks, achieving an average daily trading volume of 20 million HKD [9]. - HKEX is actively working with mainland exchanges to include REITs in the connectivity framework, with plans for dual-currency settlement through the establishment of RMB trading counters [9]. Group 5: Trading System Optimization - HKEX plans to consult on the reform of stock trading lot sizes by the end of the year, aiming to simplify the current system which has over 40 different lot sizes [11]. - While the exchange has extended derivative trading hours to 3 AM, it remains cautious about implementing 24-hour trading for cash equities, citing the need to understand client demands and address complex operational challenges [11].

[ 当前的核心任务，是构建一个能有效支撑人民币国际使用、风险可控、定价高效且接轨国际规则的一 流金融生态系统。这一系统的竞争力直接关系到我国金融安全的韧性与国际话语权的强弱。 ] 全球货币格局正经历深刻重构，为人民币国际化提供了历史性窗口。上海作为我国国家战略定位的国际 金融中心，其发展已进入从"规模扩张"到"功能升维"的关键阶段。当前的核心任务，是构建一个能有效 支撑人民币国际使用、风险可控、定价高效且接轨国际规则的一流金融生态系统。这一系统的竞争力直 接关系到我国金融安全的韧性与国际话语权的强弱。 时代命题 上海已具备构建具有全球竞争力的金融生态系统的坚实基础，根据中国人民银行上海总部发布的《2023 年上海金融运行报告》，2023年上海金融市场年交易总量突破3600万亿元，稳居全球前列。然而也存在 关键短板，根据国际货币基金组织（IMF）2024年发布的官方外汇储备货币构成（COFER）数据，人民 币全球储备占比约2.8%，与我国经济全球占比16.61%的体量不匹配，且在市场互联互通、金融产品创 新、跨境服务便利化等方面尚有提升空间，形成"木桶效应"。 市场的"物种多样性"不足，特别是以人民币计价、面向 ...

(一)提升跨境资金流动的便利性与服务效率 当前，在维护金融稳定的大前提下，跨境资金流动的便利化程度和金融服务效率仍有提升空间。这在一 定程度上影响了外资参与中国市场的深度，也使得部分跨国企业的在华财资中心业务面临操作环节的挑 战。例如，上海相关部门于2023年对20家跨国企业的调研显示，某汽车制造巨头反馈其在上海的跨境贸 易结算需经过3次单证审核、2个系统录入，全程耗时约2个工作日，而新加坡同类业务平均仅需0.5个工 作日。因此，优化流程、提升效率，而非改变我国推进人民币国际化的根本框架，是当前可行的突破 口。 (二)深化市场功能，丰富风险管理工具 构建一个能有效支撑人民币国际使用、风险可控、定价高效且接轨国际规则的一流金融生态系统。 全球货币格局正经历深刻重构，为人民币国际化提供了历史性窗口。上海作为我国国家战略定位的国际 金融中心，其发展已进入从"规模扩张"到"功能升维"的关键阶段。当前的核心任务，是构建一个能有效 支撑人民币国际使用、风险可控、定价高效且接轨国际规则的一流金融生态系统。这一系统的竞争力直 接关系到我国金融安全的韧性与国际话语权的强弱。 时代命题：以一流金融生态定义上海国际金融中心的新高度 ...