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 ...

Group 1 - The article discusses the challenges to the independence of the Federal Reserve and the redefinition of safe assets in the context of geopolitical conflicts and currency wars, highlighting the historical opportunity for the renminbi to emerge as a new "safe haven" for investors [1][26]. - The traditional view of safe assets, primarily centered around US Treasury bonds and the US dollar, is evolving due to political pressures and market dynamics, leading to a more diversified asset cluster that includes various sovereign assets, gold, and high-standard institutional arrangements [1][8]. - The article emphasizes the need for China to leverage the current global financial landscape to position the renminbi as a credible and reliable asset in international portfolios, rather than aiming to replace the US dollar's dominance [26][27]. Group 2 - The historical evolution of the Federal Reserve's independence is outlined, noting its critical role in maintaining the credibility of the US dollar as a global reserve currency, particularly after the abandonment of the gold standard [2][3]. - The political pressures during the Trump administration, including public criticism of the Federal Reserve and attempts to exert influence over its decision-making processes, have raised concerns about the central bank's independence and its implications for the dollar's status [4][5]. - Market reactions to recent economic policies, including a rare simultaneous decline in stocks, bonds, and the dollar, signal a potential shift in investor confidence regarding US assets, indicating a structural break in traditional safe-haven correlations [6][7]. Group 3 - The article identifies a supply-demand imbalance in the current safe asset landscape, with increasing demand from emerging markets and aging developed economies, while the supply of high-quality sovereign bonds remains limited outside the US [9][10]. - Geopolitical events, such as the freezing of Russian foreign reserves, have altered perceptions of sovereign asset security, prompting central banks to diversify their reserves away from the dollar and increase holdings in gold and alternative currencies [10][11]. - The renminbi's role has been highlighted as it has shown resilience compared to other emerging market currencies during geopolitical tensions, with increased usage in trade settlements and a growing demand for renminbi-denominated assets [12][13]. Group 4 - The revival of gold as a key reserve asset is noted, with central banks significantly increasing their gold holdings in recent years, driven by concerns over geopolitical risks and the desire for a neutral asset that is not tied to any country's liabilities [14][15]. - The article discusses the systemic implications of a weakened Federal Reserve independence on the international monetary system, suggesting that if the Fed's decisions are increasingly influenced by political considerations, it could lead to a revaluation of US Treasury securities and a decline in their perceived safety [15][16]. - The potential for a multipolar international monetary system is explored, with the euro and other currencies gradually increasing their share in global reserves, reflecting a shift towards a more diversified asset allocation among central banks [18][19]. Group 5 - The article outlines strategic recommendations for China to enhance the internationalization of the renminbi, including strengthening the domestic bond market, improving liquidity mechanisms, and expanding the use of renminbi in cross-border transactions [20][21]. - Emphasizing the importance of central bank independence, the article suggests that China should highlight the People's Bank of China's commitment to professional neutrality and institutional stability to build investor confidence in renminbi assets [21][22]. - The need for a differentiated internationalization strategy is discussed, focusing on establishing the renminbi as a "anchor currency" for official reserves while enhancing its appeal as an investment currency for private sector entities [23][24].

对于中国来说，程恩富提出，数字经济时代，应该立足我国的基本国情，加强金融监管，确保金融安 全。 对于货币新形态的发展，他建议，借助区块链技术大力发展央行数字货币。程恩富认为，在技术层面 上，数字人民币吸收了稳定币的便捷性，通过分布式记账、智能合约等技术优化支付效率（如数字人民 币的点对点交易可降低跨境结算成本）；在交易上，数字人民币通过可控匿名、实时监控、可追溯，避 免成为洗钱工具。 数字人民币的优势也在助推人民币国际化。程恩富表示，通过大力发展数字人民币，借助数字人民币点 对点交易，以及分布式记账和智能合约等技术优势，可以大大降低跨境结算成本，提高支付效率，进一 步助推人民币国际化。 程恩富总结称，我国需秉持"加强监管、技术创新、服务实体"理念，以实体为基、以技术为器，凭借科 技进步和产业创新，大力发展数字人民币，走出一条具有中国特色的数字人民币发展道路，为数字时代 的全球货币治理提供中国方案。 "美元稳定币很难从根本上解决美债问题。"12月14日，中国社科院学部委员、世界政治经济学会会长程 恩富在由上海财经大学等联合主办的"科技—产业—金融协调发展论坛"上称。 程恩富表示，随着美国经济实力的衰退，财政长期 ...

——外网炸锅了，新闻像晚风里面飞来的纸片，竟然写着中国盈余破万亿，非洲用人民币买单，美国急 了？这不是冷笑话，也不是炒作，这是数据，是贸易的账，是一个国家在世界分工里占到的份额，但更 重要的，是结算方式在变迁。 数据显示，今年一月至十一月，中国进出口贸易出现约1.08万亿美元的顺差，这个数字并不是抽象的数 学题，而是实打实的货物从中国装上船、装进集装箱、被运到世界各地的过程，换句话说，这是全球供 应链在打钟，说一句直白的——世界离不开中国货。 记住两件事，第一，中国不仅卖廉价的袜子和玩具，机电产品占比近六成，新能源车、光伏、电池在出 口结构里变得不可或缺，第二，结算货币正在分流，人民币不是"摆设"，它在非洲、东南亚的贸易账单 里频频出现。 说人话对方缺美元不用慌，他们可以直接拿人民币付账，这事儿的神奇之处在于，它把美元短缺的问题 变成了人民币流通的机遇——货币互换、人民币贷款，这些工具不是魔术，但很管用。 有人会问，这是不是中国在"买"别人市场，是不是"输血"？不，这里关键的不是简单的支出，而是结算 体系的改变，中国通过贸易信贷和本币结算把商品卖出去，也把人民币留在流通中，形成一个闭环—— 进出口、融资、还款 ...

12月12日，中国人民银行党委书记、行长潘功胜主持召开党委会议，传达学习中央经济工作会议精 神，落实全国金融系统工作会议要求，研究部署贯彻落实举措。会议强调，继续实施适度宽松的货币政 策。灵活高效运用降准降息等多种货币政策工具，把握好政策实施的力度、节奏和时机。防范化解重点 领域的金融风险。坚定维护金融市场平稳运行，综合平衡防范金融市场的道德风险。 会议强调，做好明年人民银行工作，要继续实施适度宽松的货币政策，发挥存量政策和增量政策集 成效应，加大逆周期和跨周期调节力度，着力扩大内需、优化供给，做优增量、盘活存量，为经济稳定 增长、高质量发展和金融市场稳定运行营造良好的货币金融环境。 继续实施适度宽松的货币政策，加快推进金融供给侧结构性改革。把促进经济稳定增长、物价合理 回升作为货币政策的重要考量，灵活高效运用降准降息等多种货币政策工具，把握好政策实施的力度、 节奏和时机，保持流动性充裕，促进社会综合融资成本低位运行，加强对实体经济的金融支持。畅通货 币政策传导机制，优化结构性货币政策工具运用，加强与财政政策的协同。保持人民币汇率在合理均衡 水平上的基本稳定。 防范化解重点领域的金融风险，维护金融稳定。助力在 ...

Core Viewpoint - The People's Bank of China (PBOC) has signaled a continuation of a moderately loose monetary policy to support high-quality economic development in 2026 [1][4]. Group 1: Monetary Policy Direction - The PBOC's meeting emphasized the importance of maintaining a moderately loose monetary policy to ensure economic stability and growth [1][4]. - The central bank aims to enhance financial support for key areas such as expanding domestic demand, technological innovation, and small and medium-sized enterprises [4][6]. Group 2: Key Tasks for 2026 - The PBOC has outlined five key tasks for 2026, including: 1. Upholding the centralized leadership of the Party and ensuring the implementation of monetary policies [4][5]. 2. Improving the central bank's institutional framework and enhancing the monetary policy toolkit [5][6]. 3. Continuing to implement a moderately loose monetary policy while promoting structural reforms in the financial supply side [6][7]. 4. Preventing and mitigating financial risks in key areas to maintain financial stability [6][7]. 5. Gradually advancing high-level financial openness while ensuring national financial security [6][7]. Group 3: Operational Focus - The PBOC will closely monitor financial market conditions and ensure the stability of financial infrastructure and services to meet public financial needs [7].

继续实施适度宽松的货币政策，加快推进金融供给侧结构性改革。把促进经济稳定增长、物价合理回升 作为货币政策的重要考量，灵活高效运用降准降息等多种货币政策工具，把握好政策实施的力度、节奏 和时机，保持流动性充裕，促进社会综合融资成本低位运行，加强对实体经济的金融支持。畅通货币政 策传导机制，优化结构性货币政策工具运用，加强与财政政策的协同。保持人民币汇率在合理均衡水平 上的基本稳定。 防范化解重点领域的金融风险，维护金融稳定。助力在宏观层面把握好经济增长、经济结构调整和金融 风险防范之间的动态平衡。坚定维护金融市场平稳运行，综合平衡防范金融市场的道德风险，建立在特 定情景下向非银金融机构提供流动性的机制性安排。坚定推进金融支持融资平台债务风险化解工作。坚 持市场化、法治化原则，积极稳妥处置中小金融机构风险。做好房地产金融宏观审慎管理。 稳步推进金融高水平开放，维护国家金融安全。推进人民币国际化。持续建设和发展多渠道、广覆盖的 人民币跨境支付体系。稳步发展数字人民币。 （文章来源：证券时报） 12月12日，中国人民银行党委书记、行长潘功胜主持召开党委会议，传达学习中央经济工作会议精神， 落实全国金融系统工作会议要求 ...

三是继续实施适度宽松的货币政策，加快推进金融供给侧结构性改革。把促进经济稳定增长、物价合理 回升作为货币政策的重要考量，灵活高效运用降准降息等多种货币政策工具，把握好政策实施的力度、 节奏和时机，保持流动性充裕，促进社会综合融资成本低位运行，加强对实体经济的金融支持。畅通货 币政策传导机制，优化结构性货币政策工具运用，加强与财政政策的协同，激励和引导金融机构加力支 持扩大内需、科技创新、中小微企业等重点领域。保持人民币汇率在合理均衡水平上的基本稳定。 ● 本报记者 彭扬 12月12日，中国人民银行党委书记、行长潘功胜主持召开党委会议，传达学习中央经济工作会议精神， 落实全国金融系统工作会议要求，研究部署贯彻落实举措。就做好明年央行工作，会议明确，将继续实 施适度宽松的货币政策，发挥存量政策和增量政策集成效应，加大逆周期和跨周期调节力度。把促进经 济稳定增长、物价合理回升作为货币政策的重要考量，灵活高效运用降准降息等多种货币政策工具。 会议认为，习近平总书记在中央经济工作会议上的重要讲话，全面总结一年来和过去5年经济工作，深 化提出做好经济工作的规律性认识，深刻分析当前我国经济运行面临的国际国内形势，系统部署明 ...