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 ...

据期货日报记者了解，外汇期货作为成熟的金融工具，在全球主要货币市场中广泛应用，人民币外汇期 货在国际上已是非常成熟的业务，全球已有多地上市人民币外汇期货。 "境外市场的人民币期货主要以离岸人民币为标的，交易量逐年增长。这与人民币在全球支付、贸易融 资和外汇储备中的地位不断提升有着密不可分的关系。"格林大华期货首席专家王骏说。 当下，全球面临多极化走向和秩序重构，不确定性充斥市场，全球资产价格波动加剧，海外市场政策的 不确定性叠加美国长期的债务压力，"去美元化"加速下美元指数自年初以来持续贬值，全球外汇储备中 美元的占比也持续走低，而欧元、人民币等货币储备需求上升。 "在这样的背景下，人民币汇率波动备受关注。加快推进人民币期货上市，是人民币国际化进程中具有 标志性意义的关键一步，将填补境内标准化汇率避险工具的空白。"新湖期货副总经理、研究所所长李 强表示，一方面，人民币期货的上市，有利于金融机构和外贸企业更好地管理汇率风险，降低贸易中汇 率波动的不确定性，护航国际贸易发展。另一方面，通过拓展跨境交易结算场景，进一步普及未来人民 币在国际贸易中的使用，可以在激活离岸人民币市场流动性的同时，起到强化人民币作为计价单 ...

Group 1 - The core viewpoint of the news is that the Chinese government is enhancing financial support for technological innovation through a series of new policies aimed at facilitating the listing of unprofitable innovative companies on the stock market [1][2][4] - The establishment of a "growth layer" on the Sci-Tech Innovation Board (科创板) aims to provide more precise services for high-quality tech companies with significant breakthroughs and commercial prospects [2][4] - The introduction of a third standard on the ChiNext Board (创业板) will also support the listing of high-quality unprofitable innovative enterprises [3] Group 2 - The China Securities Regulatory Commission (CSRC) is implementing a "1+6" policy framework to deepen reforms on the Sci-Tech Innovation Board, which includes the reintroduction of the fifth listing standard for unprofitable companies [2] - The new measures will enhance information disclosure, risk disclosure, and investor suitability management, while also expanding the scope of the fifth standard to include more frontier technology sectors such as artificial intelligence and commercial aerospace [2][4] - The AIC (Asset Investment Company) equity investment pilot program is being accelerated, with efforts to promote direct equity investments and mergers and acquisitions loans for tech companies [5]

【导读】陆家嘴论坛开幕，潘功胜、李云泽、吴清、朱鹤新最新发声，多家机构解读 中国基金报记者 吴君 6月18日，在2025陆家嘴论坛上，中国人民银行行长潘功胜、国家金融监管总局局长李云 泽、中国证监会主席吴清、国家外汇管理局局长朱鹤新等发表演讲。 多位接受采访的机构人士表示，此次公布的政策举措立足长远，主要针对制度建设、金融开 放等领域，为中长期金融改革锚定了方向。深化科创板改革，在科创板设置科创成长层，并 且重启未盈利企业适用科创板第五套标准上市，将进一步发挥资本市场对科技创新的支持作 用。 政策利好有利于提振市场信心，中长期来看，将吸引更多资金进入中国权益市场。 政策为中长期金融改革锚定方向 有利于提振市场信心 "从陆家嘴论坛上公布的具体政策举措来看，促进金融对外开放和支持科技创新将是后续金融 监管工作的重要抓手。"重阳投资合伙人寇志伟说，各项政策立足长远，主要针对制度建设、 金融开放等领域，将金融开放从单纯的市场准入拓展至国际金融治理话语权的构建，为中长 期金融改革锚定了方向。 寇志伟表示，对外开放方面，这些政策通过创设人民币外汇期货和便利跨境自由贸易，帮助 中国企业走出去，提高其跨境投融资的便利程度，有 ...

Core Viewpoint - The Chinese foreign exchange market is expected to maintain stability, supported by economic recovery, balanced international payments, and enhanced market resilience [1][2]. Group 1: Economic Outlook - The RMB has appreciated by 1.6% against the USD this year, with overall stability against a basket of currencies [1]. - Economic operations are projected to continue on a recovery path, contributing to a stable foreign exchange market [1]. Group 2: Policy Initiatives - The central bank aims to deepen reforms in the foreign exchange sector, focusing on creating a more convenient, open, safe, and intelligent management system [1][2]. - Efforts will be made to enhance the foreign exchange policy framework, improving services for the real economy and increasing convenience for compliant entities [1][2]. Group 3: Open Market Strategies - The plan includes promoting high-level institutional openness in the foreign exchange sector, facilitating the internationalization of the RMB, and improving the investment environment for foreign entities [2]. - Reforms will streamline foreign direct investment processes and support enterprises in international cooperation within supply chains [2]. Group 4: Risk Management - A dual management approach combining macro-prudential and micro-regulatory measures will be implemented to maintain market stability and safeguard economic security [2]. - Monitoring and early warning systems for cross-border capital flows will be strengthened to prevent external shocks [2]. Group 5: Technological Integration - The use of AI and big data will be leveraged to enhance the digital and intelligent management of foreign exchange [2]. Group 6: Cross-Border Financing - Initiatives will be introduced to facilitate cross-border investment and financing, including pilot programs for green foreign debt and streamlined management for domestic companies raising funds abroad [3]. - A series of innovative foreign exchange policies will be implemented in free trade zones to support strategic enhancements [3].