Group 1: International Monetary System - The discussion on reforming the international monetary system has two main directions: reducing reliance on a single sovereign currency and promoting a few strong sovereign currencies to create healthy competition [2] - The second direction involves the potential for a supranational currency, such as the IMF's Special Drawing Rights (SDR), to become the international dominant currency, though it faces political consensus challenges and limited market depth [3] Group 2: Cross-Border Payment System - There is a growing demand for improvements in the cross-border payment system, with emerging payment infrastructures and settlement methods driving it towards greater efficiency, security, inclusiveness, and diversity [4] - The cross-border payment system is diversifying, with more countries using local currencies for settlement, and new payment systems emerging alongside traditional models [4] - The interoperability of payment systems is improving, with countries extending operational hours and adopting international messaging standards to enhance efficiency and reduce costs [5] Group 3: Global Financial Stability System - The global financial stability system faces new challenges, including fragmented regulatory frameworks and insufficient oversight in emerging digital finance sectors [6] - A strong IMF is essential for building a diverse and efficient global financial safety net, maintaining consistency and authority in global financial regulatory rules [6] Group 4: Governance of International Financial Organizations - The IMF plays a central role in global economic governance, with its quota system determining crisis response capabilities and member voting rights [7] - Current IMF quotas do not reflect the relative positions of member countries in the global economy, and adjusting these quotas is crucial for enhancing the IMF's governance legitimacy and representation [8]

Core Insights - The People's Bank of China (PBOC) has emphasized the growing international status of the Renminbi, which has become the second-largest trade financing currency globally and the third-largest payment currency according to all-caliber calculations [1][8] - The PBOC is committed to a supportive monetary policy stance, implementing various measures to support economic recovery and financial market stability [1][6] - The international monetary system is evolving towards a scenario where a few sovereign currencies coexist, compete, and balance each other [1][8] International Monetary System - Historical shifts in the international monetary system reflect deep changes in global dynamics and national competitiveness, with the Renminbi's rise being notable since the 2008 financial crisis [7][8] - The discussion around the international monetary system is increasingly influenced by geopolitical factors, with a focus on reducing reliance on a single sovereign currency [8][9] - The potential for a super-sovereign currency, such as the IMF's Special Drawing Rights (SDR), is being explored as a means to enhance global liquidity and crisis response capabilities [9][10] Cross-Border Payment System - The cross-border payment system is diversifying, with more countries using local currencies for settlements, moving away from a single sovereign currency dominance [12] - New payment infrastructures and systems are emerging, enhancing the efficiency and security of cross-border transactions [12] - China has established a comprehensive cross-border payment clearing network for the Renminbi, facilitating international trade and investment [12] Global Financial Stability System - The global financial stability framework has been strengthened post-2008, with a focus on enhancing crisis response mechanisms and regulatory frameworks [13][14] - The international community is addressing challenges such as fragmented regulatory frameworks and the need for better oversight of non-bank financial intermediaries [16] - Strengthening the IMF's role as a core institution in global financial governance is crucial for maintaining stability and coherence in regulatory standards [18] Governance of International Financial Organizations - The governance structures of international financial organizations like the IMF and World Bank need reform to better reflect the economic realities of emerging markets and developing countries [17][18] - Enhancing the representation and voice of these countries in global financial governance is essential for promoting true multilateralism [17][19] - The IMF's quota system requires adjustment to align with the current global economic landscape, ensuring its legitimacy and effectiveness in crisis management [18]

他谈到，过去20多年中，国际货币体系的演进有两个重要特征。一是欧元于1999年诞生，目前在全球外 汇储备中的占比约为20%，仅次于美元。二是2008年国际金融危机后，人民币国际地位稳步上升。人民 币已成为全球第二大贸易融资货币；按全口径计算，人民币已成为全球第三大支付货币；在国际货币基 金组织(IMF)特别提款权(SDR)货币篮子中的权重位列全球第三。 "未来，国际货币体系可能继续朝着少数几个主权货币并存、相互竞争、相互制衡的格局演进。无论是 单一主权货币还是少数几个主权货币作为国际主导货币，主权货币国都需要承担相应责任，强化国内财 政纪律和金融监管，推进经济结构性改革。"潘功胜表示。 此外，潘功胜谈到，理论上，SDR能够较好地克服单一主权货币作为国际主导货币的内在问题，具有更 强的稳定性，可以更好地承担全球公共品的职能，调节全球流动性并实施危机救助，具有成为超主权国 际货币的特征，但在政治层面上面临着国际共识和驱动力不足的问题，而且目前市场的规模、深度、流 动性不足，发挥的作用比较有限。他表示，在操作层面，需要优化机制安排，逐步扩大SDR的使用。在 分配和发行机制上，目前IMF分配SDR主要用于危机应对，多 ...

6月18日，2025陆家嘴论坛正式开幕。中国人民银行潘功胜行长出席论坛的开幕式，致开幕辞并作主题 演讲。 潘功胜宣布八项重磅金融开放举措 一是设立银行间市场交易报告库。高频汇集并系统分析银行间债券、货币、衍生品、黄金、票据等各金 融子市场交易数据，服务金融机构、宏观调控和金融市场监管。 二是设立数字人民币国际运营中心。推进数字人民币的国际化运营与金融市场业务发展，服务数字金融 创新。 三是设立个人征信机构。为金融机构提供多元化、差异化的个人征信产品，进一步健全社会征信体系。 四是在上海临港新片区开展离岸贸易金融服务综合改革试点。创新业务规则，支持上海发展离岸贸易。 五是发展自贸离岸债。遵循"两头在外"的原则和国际通行的规则标准，拓宽"走出去"企业及"一带一 路"共建国家和地区优质企业的融资渠道。 六是优化升级自由贸易账户功能。实现优质企业与境外资金高效融通，提升跨境贸易投资自由化便利化 水平，助力上海高水平对外开放。 七是在上海"先行先试"结构性货币政策工具创新。包括开展航贸区块链信用证再融资业务、"跨境贸易 再融资"业务、碳减排支持工具扩容等试点。积极推动上海首批运用科技创新债券风险分担工具，支持 私募股权 ...

Core Viewpoint - The international monetary system is evolving towards a multipolar structure, which will enhance the responsibilities of sovereign currency nations to strengthen domestic fiscal discipline and financial regulation [1] Group 1 - The international monetary system's shift towards multipolarity will help sovereign currency nations to reinforce policy constraints [1] - The future may see a coexistence of a few sovereign currencies that compete and balance each other [1] - Sovereign currency nations must take on corresponding responsibilities, including enhancing domestic fiscal discipline and financial regulation [1] Group 2 - There is a need for structural economic reforms in sovereign currency nations to adapt to the evolving international monetary landscape [1]

中国人民银行行长潘功胜今日在2025陆家嘴论坛上表示，国际货币体系向多极化发展，有助于推动主权 货币国强化政策约束，提升国际货币体系韧性，更有效地维护全球经济金融稳定。过去20多年中，国际 货币体系的演进有两个重要特征。一是欧元于1999年诞生，目前在全球外汇储备中的占比约为20%，仅 次于美元。二是2008年国际金融危机后，人民币国际地位稳步上升。人民币已成为全球第二大贸易融资 货币；按全口径计算，人民币已成为全球第三大支付货币；在国际货币基金组织(IMF)特别提款权 (SDR)货币篮子中的权重位列全球第三。未来，国际货币体系可能继续朝着少数几个主权货币并存、相 互竞争、相互制衡的格局演进。无论是单一主权货币还是少数几个主权货币作为国际主导货币，主权货 币国都需要承担相应责任，强化国内财政纪律和金融监管，推进经济结构性改革。(金融一线) ...

各国央行和市场投资机构将增加持有人民币，由此就会产生人民币投资需求，这就给作为全球最大的人民币投资 市场的上海国际金融中心发展带来了机遇。 一个时期以来，伴随"去美元化"发展，国际货币体系发生了深刻变革，人民币不断走向国际舞台，对上海国际金 融中心建设提出了新的更高的需求。 当前国际货币体系的性质 布雷顿森林体系建立在第二次世界大战行将结束之际，是以美元为中心即美元与黄金挂钩、世界各国货币与美元 挂钩、实行固定汇率制度和金汇兑本位制度的国际货币体系。1971年，在美国财政和贸易双赤字快速发展下，美 国推行所谓"新政"，切断了35美元兑换一盎司黄金的法定联系；导致国际货币体系具有的金汇兑本位制度基础归 于瓦解，遂进入了纯粹纸币本位制时代；美元汇率大幅波动，国际外汇市场动荡不安。 1976年，国际货币基金组织（IMF）在牙买加召开国际会议，会议确认1971年以来国际货币体系的一系列重要变 化，遂形成了所谓的牙买加国际货币体系。该体系与布雷顿国际货币体系有以下几点不同：黄金价格随行就市， 美国不再承诺按35美元一盎司给予兑换；各国货币与美元汇率自由浮动，固定汇率为浮动汇率所取代；金汇兑本 位制度为纸币本位制度所取代 ...

可借人民币汇率双向波动之机，进一步完善以市场供求为基础的、有管理的浮动汇率制度。而人民币汇率市场化 形成机制完善，将为扩大资本账户开放提供制度保障。 自2009年跨境贸易人民币计价结算试点以来，人民币逐步在政策上完成了从"非国际化"向"国际化"的转变。近年 来，人民币的国际接受和认可度不断提高，已成为国际货币基金组织（IMF）特别提款权（SDR）第三大权重货 币。当前，美国政府滥用关税武器，扰乱战后全球经济治理秩序，动摇美元国际信用基础，人民币国际化面临新 的机遇和挑战。 人民币国际化的新机遇 自2009年试点以来，人民币在贸易融资、国际支付、外汇储备、外汇交易中排名靠前，已经成为重要的国际化货 币。从中心—外围的国际货币体系结构看，美元是中心货币（即关键货币，vehicle currency），欧元、英镑、日 元等国际化货币为次中心货币，新兴市场和发展中国家的不可兑换、非国际化货币为外围货币。人民币正在实现 从外围货币到次中心货币的跃升。 尽管如此，人民币占比依然偏低。如2024年12月，作为第三大跨境贸易融资货币，人民币占比6.0%，与欧元6.5% 的份额相去不远，但远低于美元81.9%的份额；作为第四大 ...

Group 1 - The core viewpoint emphasizes the importance of EU-China cooperation, highlighting the benefits of dialogue and collaboration for both parties [1][2] - The European Central Bank (ECB) aims to maintain financial and price stability, advocating for adherence to international rules recognized by both sides, including those under the World Trade Organization framework [1] - The ECB and the People's Bank of China (PBOC) have established an annual meeting mechanism to enhance cooperation in areas such as information sharing, policy communication, and technical collaboration [2] Group 2 - The ECB President noted the significant contributions of emerging industries like robotics and artificial intelligence to China's economic transformation [1] - The recent meeting between the ECB and PBOC focused on shared challenges and the importance of a stable regulatory environment to ensure financial system stability [2] - A memorandum of understanding was signed to formalize the cooperation framework between the two central banks [2]

首席点 评 ： 夜来风雨声， " 价 " 落知多少 金十数据 6 月 13 日讯，以色列防长卡茨：在以色列对伊朗发动袭击之后，预计在不久的将来会有针对 以色列及其平民的导弹和无人机袭击。 2 ）国内新闻 商务部发布公告称，根据《中华人民共和国反倾销条例》的规定， 2024 年 6 月 17 日，商务部发布 2024 年第 23 号公告，决定对原产于欧盟的进口相关猪肉及猪副产品进行反倾销立案调查。鉴于本案情 况复杂，根据《中华人民共和国反倾销条例》第二十六条的规定，商务部决定将本案的调查期限延长至 2025 年 12 月 16 日。 3 ）行业新闻 中方愿同欧央行在国际货币体系改革等方面加强合作。美国 5 月 PPI 与核心 PPI 均环比温和增长 0.1% 、低于预期，核心 PPI 增速创近一年新低，美联储年内两次降息预期升温。贝森特首次称 "7 月 9 日关 税大限 " 可延期。美国宣布 23 日起对钢制家电加征关税，洗衣机冰箱在列。特朗普推翻加州电动车强 制令。以汽车换农业，美英谈判关键细节马上揭晓。美国上周首次申请失业救济人数略高预期，续请救 济人数飙升至 2021 年底来最高。一架印度航空波音 787 ...