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在华外资金融机构积极拓展新业务
Zhong Guo Xin Wen Wang· 2025-06-18 12:47
Group 1 - United Overseas Bank (UOB) and its wholly-owned subsidiary in China have officially signed on as direct participants in the Cross-Border Interbank Payment System (CIPS) [1] - UOB will leverage CIPS to provide a "one-stop" cross-border RMB clearing, settlement, and payment services for domestic and foreign enterprises and financial institutions [1] - UOB's connection to CIPS allows it to interface with over 1,600 global participants, enhancing its ability to process cross-border payments and settlements efficiently [1] Group 2 - East Asia Bank (China) has opened its flagship branch in Beijing, which is the first retail demonstration outlet following its brand renewal [1] - The new branch will offer specialized wealth management and cross-border financial services, catering to personalized customer needs [1] - The opening of this branch marks a significant step in East Asia Bank's transformation journey [1] Group 3 - American Express has announced that eligible cardholders can now use contactless "tap-to-pay" functionality for tickets on the Shanghai Maglev Line and all Beijing rail transit lines, including the suburban S2 line [2] - This initiative aims to enhance convenience for both local residents and visitors traveling in China [2] - The CEO of the joint venture in China emphasized the importance of providing more choices and greater convenience for American Express card members [2]
大失所望!
Sou Hu Cai Jing· 2025-06-18 12:21
Group 1 - The core focus of the Lujiazui Financial Forum was on financial market openness and supporting the technology industry through the existing financial system [1][4] - Key measures discussed included the establishment of an international operational center for digital RMB, offshore trade financial pilots, and the issuance of offshore bonds [1][2] - The forum highlighted the potential for the RMB to play a more significant role in the international financial system, suggesting a trend towards a more stable or appreciating RMB in the near future [2][3] Group 2 - The support for technology industry upgrades is expected to increase, with innovative financial tools and a new growth tier on the Sci-Tech Innovation Board to facilitate financing for tech companies, even those that are not yet profitable [4][5] - The market reaction to the forum was relatively calm, with major indices showing slight increases, indicating that investors are looking for progress in domestic economic indicators rather than relying solely on the forum's outcomes [6][7] - External factors, such as the upcoming Federal Reserve decisions and geopolitical tensions, are seen as potential market disruptors, but the domestic market is expected to maintain its own trajectory [7][8]
央行将设立数字人民币国际运营中心,潘功胜公开演讲提及稳定币
Hua Xia Shi Bao· 2025-06-18 12:14
华夏时报(www.chinatimes.net.cn)记者 卢梦雪 北京报道 6月18日,在2025年陆家嘴论坛上,中国人民银行行长潘功胜宣布了八项金融开放举措,其中包括,将设立数字人 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。 上海金融与发展实验室首席专家、主任曾刚向《华夏时报》记者分析指出,设立数字人民币国际运营中心是增强 人民币国际化,推动跨境支付和跨境贸易发展的重要举措,对于设立地上海的金融市场发展将起到积极作用。 今年4月21日,中国人民银行、上海市人民政府等4部门联合印发的《上海国际金融中心进一步提升跨境金融服务 便利化行动方案》指出,支持在沪数字人民币运营试点银行积极参与多边央行数字货币桥项目,探索创新特色场 景;支持外汇交易中心为多边央行数字货币桥提供外汇流动性管理及兑换服务。 "中国经济已经走到了资本输出和人民币国际化的关键时点,离岸贸易看似是单一试点,实则牵动人民币国际化、 全球供应链重组、金融开放三盘大棋。"张林向《华夏时报》记者分析认为,在上海开展的离岸贸易金融服务综合 改革试点也将成为数字人民币跨境应用的良好试验田,比如在试点内探索比如用数字货 ...
2025下半年贵金属期货行情展望:黄金下半场:新区间的攻守之道
Guo Tai Jun An Qi Huo· 2025-06-18 11:28
jin 2025 年 6 月 18 日 黄金下半场:新区间的攻守之道 ---2025 下半年贵金属期货行情展望 刘雨萱 投资咨询从业资格号:Z0020329 liuyuxuan@gtht.com 报告导读: 我们认为黄金在下半年再次复刻上半年行情、迭创新高的可能性比较小,下半年的主场不在"信用",而在"增长和流 动性"。而目前基于增长边际变化尚未酝酿出大矛盾且流动性宽松,黄金行情相对较为平淡,大体处于 3150-3500 的区间震 荡之中。 节奏方面,我们倾向于三季度黄金仍有不错的上涨环境,1)在关税情绪缓和、经济动能边际放缓但没有衰退风险、以 及通胀温和回落的情况下,为美联储重启温和降息提供了较好的契机。以 9 月开启降息作为基准预期,黄金有望三季度再度 打出高点。2)财政扩张对债务的风险和担忧并不严峻,期限溢价对利率的支撑有所减弱,且通胀预期随着高频经济动能放 缓,后续利率下行可能取代美元继续利多黄金。 但同时,我们认为黄金不具备持续单边市条件,上方空间受限,1)市场已经对政策突袭反应钝化,意味着久违的"确 定性"交易令市场处于易于上风险的状态,下半年整体风险偏好会好于上半年,这已经天然限制了黄金上涨空间 ...
今天开会说了什么?有鸡血吗?
Hu Xiu· 2025-06-18 11:13
Group 1 - The core theme of the Lujiazui Financial Forum was the lack of significant stimulating measures compared to previous events, leading to disappointment among attendees [3][4] - The meeting had high-level attendance from the central bank, the China Securities Regulatory Commission, and the Financial Regulatory Bureau, focusing on two main points: financial market openness and better support for the technology industry [4] - Specific measures discussed included the establishment of an international operational center for digital RMB, offshore trade finance pilots, and the issuance of offshore bonds, indicating a strategic shift towards enhancing the role of the RMB in the international financial system [4] Group 2 - The meeting's discussions suggest a potential shift in the RMB's role in the international financial landscape, especially in light of the diminishing dominance of the US dollar [4] - The anticipation of significant outcomes from the meeting did not materialize, which may exert downward pressure on market sentiment [6]
制度型开放构建跨境金融新生态闭环
Huafu Securities· 2025-06-18 10:55
Group 1 - The report highlights a significant shift towards "institutional opening" in cross-border financial policies, moving from traditional "policy incentives" to a more integrated system that aligns China's financial market rules with international standards [2][12][10] - Key policies announced include the establishment of an interbank market transaction reporting system, a digital RMB international operation center, and personal credit institutions, which collectively aim to create a robust foundation for financial reform [10][12][11] - The report emphasizes the importance of balancing openness with risk control, utilizing tools such as offshore bonds and foreign exchange futures to enhance cross-border financial operations while ensuring risk management [2][12][10] Group 2 - Continuous deepening of capital market reforms is noted, addressing core issues such as financing difficulties for unprofitable tech companies and the lack of long-term capital [2][15][16] - The introduction of a new tier on the Sci-Tech Innovation Board aims to facilitate the listing of unprofitable companies, alongside six additional reform measures to enhance the financing environment for early-stage and hard-tech enterprises [15][16][10] - The report outlines a comprehensive approach to improve the capital market structure, increase the weight and influence of the tech sector, and provide a strong financial engine for China's technological revolution and industrial transformation [16][15][10] Group 3 - Future investment opportunities are suggested in high-growth sectors such as domestic computing power industrial mother machines and national defense industries, driven by precise policy support and global technological resonance [3][23] - The report also indicates a focus on offshore and digitalization trends within financial openness and cross-border innovation, particularly for brokerage firms and banks [3][23]
外汇衍生品,扩容!
和讯· 2025-06-18 10:23
Core Viewpoint - The People's Bank of China announced the promotion of RMB foreign exchange futures trading, indicating the maturity of the domestic market for this financial product, driven by the increasing demand for currency risk management tools due to the internationalization of the RMB and rising cross-border capital flows [1][2]. Group 1: Financial Policy and Market Development - The introduction of RMB foreign exchange futures is expected to fill the gap in the domestic market, enhancing the structure and depth of the foreign exchange market [2][3]. - The current foreign exchange derivatives market in China includes forward contracts, swaps, currency swaps, and options, which have aligned with international standards, but the addition of futures will mark a new phase in market development [2][4]. Group 2: Risk Management and Corporate Needs - There is a significant increase in the demand for currency risk hedging among enterprises, particularly small and medium-sized enterprises, highlighting the urgent need for precise risk management tools [2][3]. - Exchange rate fluctuations pose a core external variable affecting the operational performance of domestic enterprises, especially in cross-border trade, where time lags between contract signing and payment expose firms to exchange rate risks [3][4]. Group 3: Impact on Financial Market Competitiveness - The introduction of standardized, centrally traded derivatives like foreign exchange futures is expected to enhance the international competitiveness of China's foreign exchange market, attracting more international investors and increasing market liquidity [4]. - The development of a comprehensive ecosystem for currency risk management involving foreign trade enterprises, financial institutions, and futures operating institutions will accelerate as the foreign exchange futures market matures [4].
美元主导地位已不再确定无疑,国际货币体系面临变革的契机
Hua Xia Shi Bao· 2025-06-18 09:32
Core Viewpoint - The global monetary system is undergoing significant changes, with discussions on whether a single sovereign currency or a few strong currencies should dominate. The positions of the US dollar, euro, and renminbi in the global monetary system are being reevaluated [2][3]. Group 1: Perspectives from Central Bank Leaders - European Central Bank President Christine Lagarde emphasizes the opportunity for the euro to increase its global standing amid declining confidence in the dollar due to US policies [2][3]. - Lagarde notes that the euro currently holds a 20% share in global foreign exchange reserves, while the dollar accounts for 58%, suggesting that enhancing the euro's status could lead to lower borrowing costs and reduced exchange rate risks [3][6]. - People's Bank of China Governor Pan Gongsheng advocates for reducing reliance on a single sovereign currency, promoting healthy competition among a few strong currencies to enhance the resilience of the international monetary system [2][5]. Group 2: Current Trends and Market Reactions - The dollar's dominance is being challenged, with a 9.14% decline in the dollar index this year, while the euro has risen by 11.21%, the yen by 7.81%, and the renminbi by 1.56% [3]. - Gold has seen a significant increase of 27.4%, indicating a shift in market confidence away from the current monetary system [3][4]. - Lagarde points out that the rising demand for gold reflects a lack of confidence in existing currencies, presenting a unique opportunity for the euro [4]. Group 3: Characteristics of the Evolving Monetary System - The international monetary system is evolving towards a multipolar structure, which may enhance policy constraints on sovereign currency countries and improve global financial stability [5][7]. - The euro, established in 1999, has become the second-largest currency in global foreign exchange reserves, while the renminbi has steadily increased its international standing, becoming the second-largest trade financing currency [5][6]. - Lagarde highlights that the EU's strong fiscal position, with a debt-to-GDP ratio of 89% compared to the US's 124%, could bolster confidence in the euro, although the supply of high-quality safe assets remains limited [6][7].
明讯银行CEO Philip BROWN:中国债市规模全球前三,外资占比仅2.7%,开放空间广阔
Xin Lang Zheng Quan· 2025-06-18 09:30
专题:2025陆家嘴论坛召开,央行、金融监管总局、证监会等发布重磅政策 6月18日下午,在2025陆家嘴论坛"全体大会三:推动资本市场持续稳健发展"上,明讯银行有限公司首 席执行官Philip BROWN在谈及资本市场国际合作时表示,中国资本市场吸引了外资参与,虽然市场波 动性很大,但中国市场确实发展得非常快。众多中国客户已相当成熟,拥有优秀的投资策略,广泛涉足 结构性产品、私募投资,并积极运用回购融资。 就中国股市而言,上周一项调查显示,其日交易量占全球15%,是仅次于美国的全球第二大市场。从规 模看,中国股市已相当成熟,关键问题在于交易中"耐心资本"与"非耐心资本"的比例,以及如何构建更 完善的养老基金和激励机制以吸引更多长期资本。欧洲同样通过长期养老储蓄计划来支撑其股市发展。 我们看到大量全球客户投资中国,但这存在不平衡性——中国企业在海外投资相对较少。中国拥有全球 规模前三的债券市场,然而外资参与度很低:日本、美国、英国的政府债券外资占比分别为12%、 24%、32%,而中国仅为2.7%。中国在利用政府债券作为担保品以降低风险方面,有很大空间。 欧洲债券市场历史上曾发行过大量人民币债券,这有助于全球化 ...
人民银行8项金融政策齐出,业内解读来了——
其中,上海临港新片区离岸贸易金融服务综合改革试点和发展自贸离岸债的政策,反映了中国对国际贸易和离岸金融业务的重视,旨在 拓宽融资渠道,促进国际贸易和投资便利化。结构性货币政策工具创新中提到的碳减排支持工具扩容,体现了中国对绿色发展和可持续 发展的承诺,旨在通过金融工具支持环保和低碳产业。 上海金融与发展实验室首席专家、主任曾刚表示,人民银行此次推出的8项金融政策充分体现了服务实体经济、防范金融风险与深化金融 改革三大目标的有机统一。首先,通过设立银行间市场交易报告库和个人征信机构,完善金融基础数据和信用体系,强化信息透明度和 风险监测,为宏观审慎管理与精准监管奠定数据基础,有效防范系统性金融风险。 在6月18日举办的2025陆家嘴论坛上,中国人民银行行长潘功胜宣布了8项金融政策。 具体来看,8项政策分别为设立银行间市场交易报告库、设立数字人民币国际运营中心、设立个人征信机构、在上海临港新片区开展离岸 贸易金融服务综合改革试点、发展自贸离岸债、优化升级自由贸易账户功能、在上海"先行先试"结构性货币政策工具创新、会同证监会 研究推进人民币外汇期货交易。 南开大学金融学教授田利辉认为,8项金融政策与当下全球经济一体 ...