此外，许正宇还正式对外表示，将于6月底正式发布第二份发展虚拟资产政策宣言。他表示，关于数字人民币 和数码港元，以前一直用"虚拟"两个字来形容类似资产，但后来发现名不正言不顺，觉得"虚拟"给人一种很 假、好像不是很实质存在的感觉。六月底香港政府将会发布第二份发展虚拟资产政策宣言，将从让数字资产 和实体经济的融合的角度出发，推出一系列措施。 6月18日，香港财经事务及库务局局长许正宇在陆家嘴金融论坛上表示，将于六月底发表第二份 发展虚拟资产政策宣言。他同时表示，稳定币的发展方向，是必须在兼顾反洗钱的同时兼顾到保 护投资者。 在发言中，许正宇表示，稳定币的发行是并非单纯追求科技的应用，也并非仅仅为了实现互通互联，而是想 回归金融的本质，要切实解决经济活动中的痛点问题。 许正宇表示，许多发展中国家面临一些困境，一方面是对本币汇率存在顾虑，另一方面是当地金融机构存在 诸多问题和挑战。在这种情况下，如果使用本币在当地金融机构进行支付，对于收款人或投资方来说可能会 存在担忧。而稳定币恰好可以提供一个有效的解决方案，作为一种支付工具，使得这些国家和地区涉及的交 易交付能够通过稳定币顺利进行。 许正宇强调，稳定币发行人并非一家 ...

6月18日，在2025年陆家嘴论坛上，中国人民银行行长潘功胜公布八项重要金融政策，其中明确提出将会同 证监会研究推进人民币外汇期货交易，推动完善外汇市场产品序列，便利金融机构和外贸企业更好管理汇 率风险，备受市场关注。 据券商中国记者了解，人民币外汇期货是学术界、企业界呼吁已久的人民币汇率风险管理工具。相较现有工具 体系，外汇期货能够承载更加多元化的交易主体，为境内外贸企业应对汇率风险带来了新的解决方案，尤其是 涉及外贸的中小企业期盼这一工具已久，同时也标志着我国外汇市场建设进入全新阶段。 中小企业汇率避险需求激增 南华期货宏观外汇创新分析师周骥表示，从深层次剖析，这一政策的出台绝非偶然，而是中国经济在全球地位 显著提升过程中，市场内生变革需求的必然结果。 随着中国 经济的快速发展 ，人民币国际化进程不断加速，跨境资本流动愈发频繁且深入，极大地提升了人民 币在国际间的兑换需求。与此同时，国际社会对人民币的关注度持续上升，人民币汇率的双向波动特征也愈发 明显。 "境内企业在这样的环境下，面临的汇率风险急剧增加，其避险需求呈现出指数级的增长态势。市场对多样 化、精准化的人民币汇率风险管理工具的需求也变得愈发迫切。 ...

Group 1: Financial Cooperation and Global Economic Stability - Strengthening global monetary policy coordination is crucial for promoting global economic recovery and maintaining financial system stability, especially in light of rising uncertainties in the international economy [2] - Central banks need to enhance communication with markets and adapt their monetary policy frameworks to address structural changes, including geopolitical shifts and environmental factors [2][3] Group 2: Capital Market Development - The capital market is essential for optimizing capital allocation, fostering innovation, and enhancing financing channels, necessitating a multi-tiered market system in China [3] - Shanghai is positioned as a leading international financial center, benefiting from a comprehensive financial market system and regional industrial advantages, which can facilitate further financial market internationalization [3][4] Group 3: Shanghai and Hong Kong Collaboration - The collaboration between Shanghai and Hong Kong is increasingly important due to fundamental changes in capital flows and the need for diversified investment opportunities [4] - Both cities can provide a favorable regulatory environment for international investors, particularly in the context of RMB internationalization, which is vital for attracting foreign capital [4][6] Group 4: Investment Opportunities - Currently, approximately 10% of Chinese company stocks are held by international investors, indicating a significant interest in entering the Chinese market, which requires more financial futures products for risk management [6] - Hong Kong serves as a platform for global investors, while Shanghai is ideal for connecting with domestic investors, enhancing capital formation through their collaboration [5][6]

Group 1 - The People's Bank of China (PBOC) and the Central Bank of Turkey have renewed a bilateral currency swap agreement with a scale of 35 billion RMB / 189 billion Turkish Lira, valid for three years and extendable by mutual consent [1] - The PBOC has signed bilateral currency swap agreements with 32 countries and regions, with a total scale of approximately 4.5 trillion RMB, which plays a positive role in maintaining global financial stability and supporting bilateral trade and investment [1] - The currency swap agreement helps promote bilateral trade development between China and its trading partners while effectively reducing exchange rate fluctuation risks [1] Group 2 - On the same day, the PBOC and the Central Bank of Turkey signed a memorandum of cooperation to establish a Renminbi clearing arrangement in Turkey, marking a new stage in financial cooperation between the two countries [2] - The Renminbi clearing arrangement is designed to facilitate cross-border settlements in local currencies for enterprises and financial institutions, further promoting trade and investment [2] - The PBOC has authorized 34 Renminbi clearing banks in 32 countries, covering major global economies, to support the development of local Renminbi business [2] Group 3 - Renminbi clearing banks provide funding clearing services for foreign financial institutions and can directly participate in domestic foreign exchange, interbank lending, and bond markets, offering Renminbi assets and liquidity [3] - These banks serve as important channels for transmitting Renminbi policies and business rules to local enterprises and financial institutions, helping them seize market opportunities and reduce business risks [3] - Renminbi clearing banks can actively participate in local foreign exchange and bond markets, issuing and innovating Renminbi-denominated financial products to enhance offshore trading [3] Group 4 - Renminbi clearing banks enhance cross-border Renminbi service capabilities and clearing efficiency, meeting the local currency settlement needs of enterprises in bilateral trade and investment activities [4] - As of the end of 2024, the number of foreign financial institutions with clearing accounts at Renminbi clearing banks has exceeded 1,000, indicating widespread acceptance and recognition [4] - The China Bank's 2025 "White Paper on Renminbi Internationalization" states that improved financial market connectivity will facilitate the cross-border circulation of Renminbi and optimize asset allocation [4]

Financial Policy Announcements - The People's Bank of China announced eight financial policies aimed at enhancing the openness and international competitiveness of China's financial markets, while also improving financial services for the real economy and cross-border trade [1] - The new policies are expected to attract more international capital inflow, boosting confidence in the stock and bond markets amid uncertain US-China trade policies [1] Key Financial Policies - Establishment of an interbank market trading report database to analyze transaction data across various financial sub-markets [2] - Creation of a digital RMB international operation center to promote the internationalization of digital RMB and support financial innovation [2] - Establishment of personal credit institutions to provide diversified credit products and improve the social credit system [2] - Pilot offshore trade financial services reform in Shanghai's Lingang New Area to support offshore trade development [2] - Development of offshore bonds to broaden financing channels for enterprises involved in the Belt and Road Initiative [2] - Optimization of free trade account functions to enhance efficient capital flow for quality enterprises [2] - Implementation of structural monetary policy tools in Shanghai to guide funds towards weak areas of the real economy [2] - Collaboration with the China Securities Regulatory Commission to promote RMB foreign exchange futures trading for better risk management [2] Support for Technology Innovation - The China Securities Regulatory Commission announced the establishment of a "growth layer" on the Sci-Tech Innovation Board to support high-quality, unprofitable technology companies [3][4] - The new growth layer aims to address the challenges faced by technology firms and enhance the capital market's support for innovation [4] - Specific requirements for investor protection and risk disclosure have been established to safeguard the interests of small and medium investors [5]

Core Viewpoint - The joint action plan by the Financial Regulatory Bureau and the Shanghai Municipal Government aims to enhance the construction of Shanghai as an international financial center through various measures, focusing on financial institution aggregation, improving financial services, expanding institutional openness, enhancing regulatory standards, and improving policy support [1][5]. Group 1: Financial Institution Aggregation - The plan emphasizes the need for commercial banks to increase support for Shanghai's international financial center by establishing dedicated institutions and authorizing local branches [1]. - It encourages foreign financial institutions to play a larger role in Shanghai's financial center development and prioritizes key foreign investment projects in Shanghai [1]. Group 2: Enhancing Financial Services - The action plan aims to improve the quality and efficiency of financial services for the real economy, particularly for technology enterprises, by exploring suitable financial service models [2]. - It promotes the development of carbon finance and aims to position Shanghai as an international hub for green finance [2]. Group 3: Expanding Institutional Openness - The plan advocates for aligning with international high-standard trade rules to explore financial institutional openness, including cross-border syndicate loans in the Shanghai Free Trade Zone [2]. - It aims to enhance the international operational capabilities of financial institutions and promote the development of Shanghai as an international reinsurance center [2]. Group 4: Enhancing Regulatory Standards - The action plan calls for improving the forward-looking risk management capabilities of financial institutions in Shanghai and promoting sound operations [4]. - It supports financial innovation pilot projects focused on serving the real economy and foreign trade, while establishing a financial risk prevention and disposal mechanism [4]. Group 5: Improving Policy Support - The plan emphasizes the integration of party building with business operations and the strengthening of legal frameworks to support the construction of Shanghai as an international financial center [4]. - It aims to enhance the technological level of financial regulation and support the establishment of a data center for the Financial Regulatory Bureau in Shanghai [4]. Group 6: Hong Kong-Shanghai Cooperation - The signing of the Hong Kong-Shanghai International Financial Center Collaborative Development Action Plan focuses on infrastructure connectivity and the strategic complementarity of offshore finance between the two cities [6][7]. - The plan includes measures to support cross-border financial services and encourages the development of financial products that meet offshore trade funding needs [8].

Core Viewpoint - The introduction of RMB foreign exchange futures is a significant step towards enhancing currency risk management for domestic enterprises, particularly small and medium-sized enterprises (SMEs), amid increasing demand for diversified and precise risk management tools [1][2][3]. Group 1: Policy Announcement and Market Demand - On June 18, during the 2025 Lujiazui Forum, the Governor of the People's Bank of China, Pan Gongsheng, announced eight important financial policies, including the promotion of RMB foreign exchange futures trading [1]. - The demand for RMB foreign exchange futures has been long-awaited by the financial and business sectors as a tool for managing exchange rate risks [1]. - The increasing complexity of exchange rate risks faced by domestic enterprises has led to an exponential growth in their hedging needs [1][2]. Group 2: Current Hedging Tools and Limitations - In the first five months of 2025, 1,295 A-share listed companies in the real economy issued announcements related to hedging, a 12% increase from the same period in 2024, with exchange rate risk being the primary concern [2]. - Current domestic foreign exchange derivative tools are limited, and existing hedging products do not fully meet the diverse needs of enterprises [2]. - SMEs particularly require more flexible, cost-effective foreign exchange risk management products, which RMB foreign exchange futures can provide due to their standardized contracts and lower barriers to entry [2]. Group 3: Impact on RMB Internationalization and Financial Institutions - The launch of RMB foreign exchange futures is expected to support RMB internationalization and facilitate capital flow, while also providing a compliant investment channel to mitigate risks associated with illegal foreign exchange margin trading [3]. - According to BIS statistics, only 2.4% of global foreign exchange transactions involve RMB, highlighting the lack of hedging tools as a key constraint [3]. - The introduction of RMB foreign exchange futures can offer strategic opportunities for financial institutions to transform their business models and enhance their capabilities [3][4]. Group 4: Business Innovation and Risk Management - The introduction of foreign exchange futures will reshape the product matrix and service models of futures operating institutions, promoting diversification and specialization [4]. - By integrating futures with the real economy, futures institutions can provide precise exchange rate risk management solutions to enterprises [4]. - Financial institutions can utilize foreign exchange futures to optimize asset-liability management, reduce exchange rate risk exposure, and improve risk management efficiency [4].

Group 1: Financial Policies and Regulations - The People's Bank of China announced 8 significant financial policies aimed at enhancing financial openness, including the establishment of a trading report database and a digital RMB international operation center [1][2] - The policies focus on financial regulation, digital finance, and cross-border finance, indicating a clear signal for promoting openness and innovation in response to complex foreign trade conditions [1] - The introduction of structural monetary policy tools in Shanghai is expected to guide funds more effectively towards the real economy, suggesting a potential increase in such tools in the future [2] Group 2: Cryptocurrency Regulation - The U.S. Senate passed a bipartisan bill to establish a regulatory framework for stablecoins, marking a significant step in cryptocurrency legislation [3] - If passed by the House and signed into law, the bill will require stablecoin issuers to back their tokens with liquid assets and disclose their reserves monthly [3][4] - The expansion of the stablecoin market is anticipated to create more demand for U.S. Treasury bonds, indicating a potential impact on the sovereign currency system [4] Group 3: Military Industry Trends - The military sector saw significant gains in the stock market, driven by ongoing geopolitical tensions and increased interest in domestic military equipment [5][6] - The National Aerospace Index, heavily weighted towards military stocks, is the largest of its kind, reflecting strong market recognition [7] - The military industry is characterized by high beta, making it sensitive to policy changes and macroeconomic sentiment, which could lead to short-term volatility [7] Group 4: Smart Glasses Market - China's smart glasses market experienced a 116.1% year-on-year increase in shipments in Q1 2025, with audio and audio-capturing glasses leading the growth [8] - The introduction of payment functionalities in smart glasses is seen as a differentiating factor for manufacturers, with global shipments expected to grow significantly in the coming years [8] - Despite the growth, smart glasses are still perceived as "tech toys," facing challenges such as limited battery life and content ecosystem [9] Group 5: JD.com's Hotel Industry Entry - JD.com announced its entry into the hotel industry, offering a three-year commission-free period for hotel operators to join its platform [10][11] - The strategy aims to optimize supply chain costs in the hotel sector, which is expected to enhance service quality and operational efficiency [10] - JD.com faces competition from established players like Ctrip and Meituan, necessitating improvements in service experience and technology to attract hotel operators [11] Group 6: IPO of Cao Cao Travel - Cao Cao Travel plans to list on the Hong Kong Stock Exchange, aiming to raise approximately HKD 1.853 billion through its IPO [14][15] - The company, part of Geely's strategy in the ride-hailing market, has shown increasing revenue projections but also faces significant operational challenges [14] - The shift towards autonomous driving taxis represents a new growth direction for Cao Cao Travel, although it encounters multiple challenges in funding and technology [15] Group 7: Cross-Border Brokerage Adjustments - Several cross-border brokers have adjusted their policies for opening accounts for mainland residents, responding to regulatory requirements [16][17] - The cancellation of the "existing proof" for account opening is aimed at preventing illegal financial activities and ensuring compliance with regulations [16][17] - The changes reflect a broader effort to maintain investor protection and market integrity in cross-border trading activities [17] Group 8: Market Overview - The stock market showed slight gains with mixed performance across sectors, highlighting ongoing geopolitical tensions and sector-specific dynamics [18] - The military equipment sector remained active, while other sectors like beauty care and rare earths faced declines [18] - The market's overall trading volume decreased, indicating a cautious sentiment among investors [18]

今日财讯要览 1 中央金融委员会印发《关于支持加快建设上海国际金融中心的意见》 创业板正式启用第三套标准 证监会主席吴清18日在2025陆家嘴论坛上表示，创业板正式启用第三套标准，支持优质未盈利创新企业上市。将继续充分发挥科创板示范效应，加力推出 进一步深化改革的1+6政策措施，重启未盈利企业适用科创板第五套标准上市。 4 国家金融监管总局：外资银行和保险机构总资产超7万亿元 2025陆家嘴论坛18日在上海举行，国家金融监督管理总局局长李云泽介绍，目前，全球前50大银行已有42家在华设有机构，40家最大的保险公司近半数已 进入中国。李云泽表示，开放合作是全球金融互利共赢的必然选择。中国的金融开放不仅惠及自身，也为全球资金提供了良好的资产配置机会。目前，外 资银行和保险机构总资产超过7万亿元，各项业务保持良好增长态势。 近日，中央金融委员会印发《关于支持加快建设上海国际金融中心的意见》，主要举措包括：深化金融市场建设、提升金融机构能级、完善金融基础设 施、扩大金融高水平双向开放、提高服务实体经济质效、有效维护开放条件下的金融安全。 2 中国人民银行行长潘功胜：人民币已成全球第二大贸易融资货币 中国人民银行行长潘 ...

2025陆家嘴论坛的一则重磅措施，让中国期货和衍生品市场的创新脉搏加速跳动。 从2011年外汇期货仿真交易开始，我国对人民币外汇期货的探索已经历了十多年的磨砺。如今，随着中 国在全球经济发展中的地位不断提升，人民币已成为全球第二大贸易融资货币、第三大支付货币。新兴 市场对多元化货币体系的需求，也在促使人民币国际地位不断提升。可以说，推出人民币外汇期货迫在 眉睫，不仅体现在利用人民币外汇期货服务实体经济、助力人民币国际化上，而且未来这一期货工具还 将在全球金融治理中发挥重要作用，为中国从"贸易大国"向"贸易强国"转型提供重要支撑。 （文章来源：期货日报网） 推出人民币外汇期货，将为外贸型企业提供一个金融"盾牌"。具体而言，相当于在期货市场购买了一 份"汇率保险"，可以实现一键锁定未来的交割价格。此外，期货保证金交易可以降低企业的外汇套保成 本，赋予中小企业更强的避险能力。期货合约的标准化特点，简化了交易流程，可以让企业更灵活地调 整对冲策略。 推出人民币外汇期货同时也有助于更多境外资本进入我国万亿级市场，并长期留下来。丰富多元的外汇 产品体系，将吸引更多国际投资者配置人民币资产。而当海量外资在我国期货市场对冲汇 ...