Core Viewpoint - The meeting led by the Director of the State Administration of Foreign Exchange emphasizes the importance of the "14th Five-Year Plan" period for achieving socialist modernization and enhancing the foundation for economic development [1] Group 1: Financial Services and Economic Support - The State Administration of Foreign Exchange aims to uphold the fundamental purpose of financial services for the real economy, advancing reforms in bank foreign exchange operations and cross-border trade and investment facilitation [1] - There is a focus on enhancing foreign exchange support for the real economy, particularly in promoting high-level technological self-reliance [1] Group 2: Policy and Market Development - The meeting calls for the establishment of a foreign exchange policy system that rewards integrity with convenience, aiming to improve the overall foreign exchange policy framework [1] - It emphasizes the need for a steady expansion of high-level institutional openness in the foreign exchange sector, coordinating the internationalization of the Renminbi with high-quality capital account openness [1] Group 3: Regulatory Measures and Stability - The administration plans to strengthen the dual management of the foreign exchange market through macro-prudential and micro-regulatory measures, enhancing the monitoring and early warning system for cross-border capital flows [1] - There is a commitment to maintain the basic stability of the Renminbi exchange rate at a reasonable and balanced level while ensuring comprehensive regulatory coverage in the foreign exchange sector [1]

新华财经北京10月24日电今年以来，熊猫债市场持续提质扩容，发行规模不断增长，其中跨国企业的熊 猫债发行尤为活跃。近日，汇丰中国协助巴西跨国企业书赞桉诺在中国银行间市场成功发行了人民币14 亿元熊猫债。这是书赞桉诺继2024年11月首次发行熊猫债后再次发行此类债券，汇丰也再度在发行中担 任联席主承销商及联席簿记管理人。 据了解，今年1-10月，汇丰支持拜耳、大众汽车、宝马、书赞桉诺、巴斯夫和梅赛德斯-奔驰等跨国企 业在银行间市场发行熊猫债。作为"回头客"，这些跨国企业在过去几年内已多次发行熊猫债，汇丰均参 与支持。 汇丰中国企业及机构银行业务部债务资本市场负责人叶善扬指出，跨国企业熊猫债发行规模的显著增 加，不仅体现了国际发行人对中国债市持续开放的高度认可，也反映出人民币作为融资货币的作用稳步 提升。 "在支持跨国企业熊猫债发行中，汇丰凭借对境内市场的深刻理解，准确把握投资者需求并借助双期 限、双向回拨、定价配售等发行机制优势，协助发行人拉长久期，完善资产负债结构，以更好地匹配其 在境内的长期战略性投资。"叶善扬进一步表示，我们将继续与监管机构和发行人紧密合作，共塑熊猫 债市场的广阔前景。 （文章来源：新华财 ...

Core Insights - Ethiopia has initiated negotiations with several Chinese banks, including the Export-Import Bank of China and the People's Bank of China, to swap part of its $5.38 billion loan into renminbi, which could significantly reduce its interest rates from 7.25% to 3% [1][3] - Kenya has also taken similar steps by converting $3.5 billion of its loans into renminbi, expecting to save $215 million annually in debt servicing costs [1] - Ethiopia's economic situation is dire, with a significant reduction in export income and foreign reserves due to the pandemic and a prolonged internal conflict, leading to a sovereign debt default in December 2023 [3] Economic Context - Ethiopia, despite being the second most populous country in Africa, has a weak industrial base and has faced severe financial challenges exacerbated by the COVID-19 pandemic and a two-year civil war in Tigray, resulting in food shortages and fiscal distress [3] - The country is currently negotiating to restructure approximately $15 billion in debt, with a specific request to convert some of this debt into renminbi to alleviate its financial burden [3] Trade Relations - The trade relationship between Ethiopia and China is growing, with bilateral trade reaching $3.55 billion last year, a 17.5% increase, making China Ethiopia's largest trading partner [3] - The currency swap is seen as a strategic move to mitigate dollar shortages and foreign exchange shocks, potentially facilitating broader assistance from the International Monetary Fund under the G20 framework [3] Implications for China - For China, the currency swap is viewed as a means to promote the internationalization of the renminbi and strengthen cooperation under the Belt and Road Initiative, enhancing trade relations with African nations [3] Challenges Ahead - Industry experts indicate that the currency swap may not be implemented quickly due to ongoing negotiations between the Export-Import Bank of China and Ethiopia regarding a memorandum of understanding for debt management, which could complicate agreements with bondholders [5]

10月24日，中国人民银行党委书记、行长潘功胜主持召开党委会议，传达学习习近平总书记在党的二十届 四中全会上的重要讲话和全会精神，落实主要金融单位学习贯彻党的二十届四中全会精神会议要求，研究 部署贯彻落实举措。 中国人民银行党委召开会议，传达学习党的二十届四中全会精神。 三是健全覆盖全面的宏观审慎管理体系和系统性金融风险防范处置机制。 从宏观、逆周期和防传染的视 角，强化系统性金融风险的监测、评估和预警，不断拓展宏观审慎管理覆盖范围。 拓展丰富中央银行宏观 审慎和金融稳定功能，维护股市、债市、汇市等金融市场平稳运行。 继续会同有关部门做好支持地方中小 金融机构、地方政府融资平台债务、房地产市场风险化解工作。健全金融稳定保障体系，加快推进金融立 法。 四是持续深化金融供给侧结构性改革。 做好金融"五篇大文章"，提高金融服务实体经济的适配性，支持国 民经济的重点领域和薄弱环节。健全科技金融政策框架，提升金融支持科技创新的能力、强度和水平。推 动各类金融机构在规模、结构、区域布局上更加合理。建设规范、透明、开放、有活力、有韧性的金融市 场体系。建设安全高效的金融基础设施体系。稳步推进数字人民币研发和应用。 五是稳步 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company, with a target price of 25.20 CNY [6][13]. Core Insights - The company's revenue and net profit for the first three quarters of 2025 showed significant declines, with revenue down 78.92% year-on-year to 9.41 million CNY and net profit down 1.92% to 3.51 million CNY [13]. - The report highlights that external and internal catalysts are expected to gradually materialize, driving high growth in the company's performance [2][13]. - The company has adjusted its earnings expectations for 2025-2027, with EPS revised to 0.79, 0.95, and 1.12 CNY respectively [13]. Financial Summary - Revenue for 2023 is reported at 6,247 million CNY, with a projected decline of 8.4% in 2024 and a significant drop of 55.7% in 2025, before recovering in subsequent years [4][14]. - Net profit attributable to shareholders is expected to grow from 402 million CNY in 2023 to 683 million CNY by 2027, reflecting a compound annual growth rate [4][14]. - The company’s return on equity (ROE) is projected to improve from 10.8% in 2023 to 13.4% in 2027 [4][14]. Market Context - The report notes that the company's performance has been impacted by declining domestic and international interest rates, which have pressured revenue [2][13]. - The company is planning to list on the Hong Kong Stock Exchange, which is expected to enhance its capital strength and competitive position [13]. - The ongoing internationalization of the Renminbi is anticipated to expand the company's domestic business opportunities [13].

Core Viewpoint - The People's Bank of China emphasizes the importance of advancing high-level financial openness while ensuring national financial security [1] Group 1: Financial Policy and Strategy - The meeting highlighted the need to steadily promote the internationalization of the Renminbi and expand its use in trade [1] - There is a focus on orderly deepening the two-way opening of financial markets and developing the offshore Renminbi market [1] - The aim is to facilitate trade and investment financing [1] Group 2: Financial Center Development - The construction of international financial centers in Shanghai and Hong Kong is a priority [1] - There is a commitment to building a self-controlled, multi-channel, and widely covered cross-border payment system for the Renminbi [1] Group 3: Global Financial Cooperation - The initiative includes actively practicing global governance proposals and pragmatically conducting financial diplomacy [1] - The focus is on multi-lateral and bilateral currency and financial cooperation, as well as participating in and promoting global financial governance reform [1]

此外，统筹好金融开放与安全的关系。刘斌指出，开放和便利都必须以安全为前提，尤其要加强外 汇市场"宏观审慎+微观监管"两位一体管理，切实防范跨区域、跨市场、跨境的风险传递和叠加共振。 【纠错】 【责任编辑:吴京泽】 新华社上海10月24日电（记者桑彤、刘开雄）国家外汇管理局副局长刘斌在10月23日至25日举行的 2025外滩年会上表示，目前我国债券和股票市场规模均位居全球第二，并被纳入多个主流国际指数。境 外主体持有的人民币金融资产规模已超过10万亿元，有效增强了上海国际金融中心的国际竞争力和影响 力。 一方面，稳步扩大外汇领域高水平制度型开放。"在推进过程中，我们将统筹好人民币国际化与资 本项目高水平开放，以扩大金融市场开放为重点，便利外资金融机构来华投资兴业。"刘斌表示，同 时，深化外汇市场发展，研究长期限、多品种、小币种等外汇市场发展问题，进一步支持外汇交易中心 强化金融基础设施功能与服务能力，同时推动金融机构优化汇率风险管理服务。 另一方面，促进跨境贸易和投融资便利化。根据市场需求和我国实际，持续推进外汇管理改革创 新，赋予诚信合规主体更高便利度。"我们鼓励在上海率先落地一些首创性、集成性的探索政策，包 ...

Core Viewpoint - The SWIFT report indicates that the renminbi (RMB) has become the fifth most active currency globally, with a share of 3.17% in payment transactions as of September 2025, reflecting a 15.53% increase in payment amounts compared to August 2025 [1]. Group 1: SWIFT Ranking and RMB Internationalization - The RMB's ranking fluctuates between fourth and sixth place in global payment currency rankings throughout the year, with its share decreasing from a peak of 4.74% in July 2022 to 3.17% in September 2025 [1][3]. - The SWIFT ranking is primarily based on payment functionalities and does not fully capture the RMB's internationalization progress, which is a long-term process [1][7]. - The SWIFT statistics are limited to transactions among its member institutions, excluding domestic RMB transactions and a significant portion of cross-border payments conducted through the Cross-Border Interbank Payment System (CIPS) [3][4]. Group 2: Factors Influencing RMB's SWIFT Ranking - The decline in the RMB's share from April to August 2025 is attributed to reduced offshore RMB foreign exchange trading due to low volatility in the RMB exchange rate, leading to decreased trading activity [5][6]. - The RMB's internationalization is also reflected in its growing presence in investment and financing, with overseas holdings of RMB-denominated assets reaching 10.4 trillion yuan, a year-on-year increase of 5.2% [8]. Group 3: Alternative Measures of RMB Internationalization - The Bank for International Settlements (BIS) reported that as of April 2025, the RMB accounted for 8.5% of foreign exchange market transactions, up from 7% in 2022, ranking fifth among global currencies [9]. - The RMB's share in international trade financing and payment has positioned it among the top three currencies globally, as stated by the Governor of the People's Bank of China [4].

中国手中还握有"稀土"这一重要筹码。如果荷兰继续在战略上失误，可能会面临中国进一步限制稀土出口的威胁。一旦采取这一措施，整个欧洲的高端制造 业将陷入原材料危机，从而形成更大的经济漩涡。 表面上看，安世半导体与荷兰之间的争端似乎只是商业斗争。但深入分析，这实际上标志着全球经济格局的重大转变。荷兰跟随美国打压中国高技术产业， 意图获取政治利益，最终却自掘坟墓。 在国际贸易中，美元长久以来被视为霸主，而安世中国的这一决定不仅是商业上的变化，更是一种深刻的经济反击。允许客户使用人民币结算，意味着以往 美元在此领域的金融控制将不复存在。这一战略迫使希望继续从中国市场获利的欧美企业重新审视与中国的交易方式。 特别是在全球汽车产业，芯片短缺仍然是亟待解决的问题。德国媒体报道，大众汽车因芯片供应受限，已开始停产部分车型，面对生产能力的急剧下降，品 牌巨头们感到无能为力。此外，这场危机不仅波及德国，日本和美国的汽车制造商也纷纷陷入"争夺资源"的困境。 安世中国的举措给整个欧美产业链带来了严峻挑战。德国汽车工业协会（VDA）警告，如果安世半导体的供应无法迅速恢复，整个欧洲乃至美国市场可能 面临大规模停产的风险。想象一下，欧洲汽车 ...

10月23日，环球银行金融电信协会（SWIFT）发布的人民币追踪（RMB Tracker）月度报告和数据统 计显示，2025年9月，在基于金额统计的全球支付货币排名中，人民币为全球第五大最活跃货币，占 比3.17%。与8月相比，排名上升一位，人民币支付金额总体增加了15.53%。 SWIFT公布的是月度报告，更新频率高，因此全球货币的榜单排名时常起起伏伏。今年以来，SWIFT统计 的人民币在全球支付货币中的份额排名就在第四位到第六位之间波动，占比从去年7月4.74％的高点降至 今年9月的3.17%。SWIFT统计口径下人民币排名波动有何原因？SWIFT公布的人民币排名又能在多大程度 上反映人民币国际化进展？这些问题一直受到市场关注。 受访人士表示，衡量货币的国际化程度是多维度的，SWIFT排名只是从货币的支付功能角度呈现。人民币 国际化必然是一个长期过程，不会一蹴而就。 SWIFT统计范围受限 人民币被低估 今年9月，中国人民银行行长潘功胜在国新办发布会上表示，人民币已成为全球前三大贸易融资货币和支 付货币。 离岸人民币外汇交易量减少影响排名 虽然SWIFT指标对人民币交易的统计范围不全面，但若对这一指标进行 ...