Group 1: Core Insights - Russia is set to issue its first RMB-denominated bonds, marking a significant elevation in the status of the Chinese currency [1][3] - The issuance of these bonds is part of a long-term strategy for Russia, aimed at providing new investment options for its enterprises and supporting the internationalization of the RMB [3][4] - The total trade volume between China and Russia is projected to reach $250 billion in 2024, indicating a strengthening economic relationship [3] Group 2: Market Implications - The RMB's share in global trade financing has reached 8.5%, making it the second most used currency after the USD [4] - The issuance of RMB bonds will reduce Russia's reliance on USD and EUR, while also promoting a more complete system for RMB usage, settlement, and investment [4] - The potential change in the U.S. Federal Reserve leadership could lead to a weaker USD, providing more space for other currencies, including the RMB [7][8] Group 3: Broader Trends - The trend of increasing RMB usage is not isolated to Russia; other countries like Kazakhstan and Kenya are also exploring RMB financing options [3] - The global financial landscape is undergoing significant changes, with the RMB's rising international status challenging the dominance of the USD [8]

其他热点还有：我国首部上市公司监督条例征求意见，豆包手机助手引发热议。 国务院部署新型城镇化重点任务 12月3日，国务院以"深入推进以人为本的新型城镇化，着力构建城乡融合发展新格局"为主题，进行第 十七次专题学习。国务院总理李强在主持学习时强调，坚持以人为本提高城镇化质量水平，充分释放城 乡融合发展蕴藏的巨大内需潜力，为经济社会发展提供强劲动力。 新型城镇化是个系统工程。李强提到四方面的重点任务：要因地制宜实施好新型城镇化规划；要科学有 序推进农业转移人口市民化，解决好农业转移人口的就业、社保、安居、子女教育等问题；要深入实施 城市更新行动，把城市更新和消除安全隐患、稳楼市等工作结合起来，扎实推进好房子建设和房地产高 质量发展；要着力破解城乡二元结构，推进基本公共服务均等化，促进城乡融合发展。 【点评】新型城镇化不仅能扩大有效益的投资，而且能激发有潜能的消费，是统筹投资和消费的黄金结 合点。尽管我国城镇化已经进入快速发展阶段的后期，但仍有提升空间。为此，要继续深入推进新型城 镇化，重点要解决农业转移人口的就业、社保等问题，推动城乡融合发展，同时利用REITs等创新融资 方式支持城市更新项目，这些系统性的规划与 ...

特朗普的"忠犬"即将上位，百年美联储将迎来大变局。 特朗普最近宣布，他已经决定了下一任美联储主席的人选，将于2026年年初公布。 尽管特朗普没有指名道姓，但据彭博社打探的消息，这个人就是现任白宫经济委员会主任的凯文·哈塞特。 之前媒体吵得沸沸扬扬，包括美国财长贝森特，现任美联储理事沃勒和米兰，都是热门人选，但最后，特朗普还是选择了最听话的那个。 这意味着，特朗普将正式接管美联储，他将成为罗斯福之后权力最大的美国总统，但对美联储来说，却无异于脑死亡，这个百年机构将彻底丧失独立性，全 球经济也将因此发生深刻的变革。 | 【环球时报驻美国特约记者 丁亮 环球时报记者 杜天琦】"我知道我要选谁了， | 环 | | --- | --- | | 没错。"当地时间11月30日，美国总统特朗普表示，他已确定下一任美联储主席人 | 法国 | | 选。特朗普在返回华盛顿的总统专机"空军一号"上告诉记者这一消息，但并未透露具 | 首届: | | 体人选，只是表示"我们即将宣布这一决定。"负责监督遴选过程的美国财政部长贝森 | 乌称 | | 特上周表示，特朗普可能在12月25日前宣布提名。 | 印度! | 这将会产生多大的影响呢？我 ...

俄罗斯突然抛售1234亿卢布的人民币，是国内没钱了还是给中国送来的神助攻？ 这个消息让不少人直呼看不懂。 有人说俄罗斯这个资源大国怎么说穷就穷了，甚至有人调侃这是"俄罗斯开始卖中国了"。 数据显示，俄罗斯12月的石油和天然气收入预计骤减1376亿卢布。 能源一直是俄罗斯的"钱袋子"，占财政收入的半壁江山。 但如今全球油价疲软，加上西 方制裁导致出口受阻，这头"现金牛"终于扛不住了。 另一方面，战争每天烧掉的钱像无底洞。 军费开支激增，而财政部口袋见底，只能动用老本，国家福利基金。 俄罗斯的困境在2025年变得更加严峻。 有分析警告，若油价持续低迷，俄罗斯的国家福利基金可能在2026年中期耗尽。 抛售黄金储备是俄罗斯现代金融史 上罕见的行为，这说明常规手段已无法填补财政窟窿。 为什么偏偏是人民币和黄金？ 答案很简单：因为没得选。 俄乌冲突后，西方冻结了俄罗斯约3000亿美元的外汇储备，美元、欧元都成了"死钱"。 俄罗斯早就未雨绸缪，把国家福利基金的资产换成了人民币和黄 金。 其中人民币占比最高（约60%），黄金约占40%。 所以现在急用钱，能快速变现的"硬通货"就是这两样。 俄罗斯外长曾在2023年初的记者会上 ...

Core Insights - Recent events in the global financial market have been likened to a "Pearl Harbor attack" for the financial system, with significant implications for the dominance of the US dollar [1] Group 1: US Debt and Economic Concerns - As of October 2025, the total US federal debt has reached an alarming $38 trillion, with a fiscal deficit of $1.3 trillion halfway through the fiscal year [3] - The yield on 10-year US Treasury bonds has surpassed 4.5%, leading to substantial interest payment obligations for the government [3] - Moody's has downgraded the US sovereign credit rating from the highest Aaa level, reflecting growing market concerns about the world's largest debtor nation [3] Group 2: China's Strategy and Gold Reserves - China has been reducing its holdings of US Treasury bonds, viewed as a precautionary measure, while simultaneously increasing its gold reserves, which reached 74.02 million ounces by the end of August 2025 [5] - The global central bank gold buying trend is evident, with over 90% of central banks indicating plans to continue purchasing gold [5] Group 3: Russia's Move Towards Yuan Bonds - Russia plans to issue its first sovereign bond denominated in yuan, with attractive interest rates between 6.25% and 6.5%, as a response to being excluded from the SWIFT system [7] - The issuance of yuan-denominated bonds serves dual purposes: providing necessary funding for the Russian government and utilizing excess yuan held by exporters [7] Group 4: Implications for Currency Dynamics - Russia's actions symbolize a significant shift away from dollar reliance, showcasing the potential for other currencies, like the yuan, to be used for sovereign financing [9] - The internationalization of the yuan is gaining momentum, with countries like Hungary, Indonesia, and the UAE issuing yuan bonds, indicating a growing presence of the yuan in global finance [9] Group 5: Market Reactions and Currency Strength - China's sovereign bonds have been well-received in Europe, with a recent issuance in Luxembourg attracting over 26 times the subscription amount, highlighting a preference for different credit foundations [11] - The yuan has strengthened against the dollar, with the exchange rate surpassing 7.07, driven by improvements in China's economic fundamentals [11] Group 6: Strategic Implications of China's Debt Holdings - China's gradual reduction of its US Treasury holdings is seen as a strategic move, maintaining leverage while minimizing risks associated with a sudden sell-off [13] - The current holdings of over $700 billion in US debt act as a financial deterrent, potentially impacting US financing costs if liquidated abruptly [13] Group 7: Future Currency Landscape - Morgan Stanley's 2025 report predicts a future where the global currency landscape will feature a tripartite system of dollar dominance, euro stability, and yuan diversification [14] - The issuance of yuan-denominated bonds by Russia marks a critical milestone in this evolving trend towards a multipolar currency system [14]

12 月 5 日，中国人民银行官网显示，中国人民银行与澳门金融管理局签署常备互换协议并扩大规模。 | | র | | 中国人民银行 THE PEOPLE'S BANK OF CHINA | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 信息公开 | 新闻发布 | 法律法规 | 货币政策 | 宏观审慎 | 信贷政策 | 金融市场 | 金融稳定 | 调查统计 | 银行会计 | 支付体系 | | | 金融科技 | 人民币 | 经理国库 | 国际交往 | 人员招录 | 学术交流 | 征信管理 | 反洗钱 | 党建工作 | | | 服务互动 | 政务公开 | 政策解读 | 公告信息 | 图文直播 | 央行研究 | 音频视频 | 市场动态 | 网上展厅 | 报告下载 | 报刊年鉴 | | | 网送文告 | 办事大厅 | 在线申报 | 下载中心 | 网上调查 | 意见征集 | 金融知识 | 关于我们 | | | | | | 2025年12月5日 星期五 我的位置:首页 > 沟通交流 > 新闻 | | | ...

Core Viewpoint - The article highlights Beijing Bank's rapid response and innovative approach in securing a significant cross-border merger loan, showcasing its evolution into a key player in facilitating international business for Chinese enterprises [2][12]. Group 1: Achievements and Milestones - In 2025, Beijing Bank's Shanghai Free Trade Zone (FTZ) Business Management Center became the first bank to secure approval for a cross-border loan, amounting to 1.395 billion RMB, amidst intense competition [2]. - The establishment of the FTZ center marked a decade of growth, transforming Beijing Bank into a pioneer in supporting enterprises' cross-border development [4]. - The bank's journey began in 2013 with the launch of the Shanghai FTZ, where it aimed to explore new financial services and management systems [6][7]. Group 2: Strategic Initiatives and Innovations - The bank undertook a comprehensive system overhaul to obtain FT business qualifications, involving the modification of over 100 core systems to ensure compliance and security in cross-border transactions [8]. - In 2016, the Shanghai FTZ center was officially established, creating a specialized team that gained valuable experience in financial service innovation and risk management [8]. - Beijing Bank's innovative "internal memory FT loan" model allowed clients to secure cross-border loans by depositing RMB, enabling it to stand out in a competitive market [12]. Group 3: Global Expansion and Support - The bank aims to be an essential "outbound port" for Chinese enterprises seeking to enter global markets, aligning its strategy with national initiatives for high-level openness [13]. - Beijing Bank has expanded its service network in line with the Belt and Road Initiative, providing significant financial support for key projects in countries like Pakistan and Indonesia [13][14]. - The bank has established stable partnerships with over 60 international financial institutions, facilitating comprehensive cross-border financial services for enterprises [14].

【导读】中国人民银行与澳门金融管理局签署常备互换协议并扩大规模 中国基金报记者 晨曦 经国务院批准，近日中国人民银行与澳门金融管理局续签双边货币互换协议并升级为常备互 换安排，协议长期有效。互换规模由原来的 300 亿元人民币 /340 亿澳门元扩大至 500 亿 元人民币 /570 亿澳门元，以进一步维护两地金融稳定，更好支持双边经贸往来，推动澳门 离岸人民币市场稳健发展。 回顾来看，中国人民银行于 2019 年 12 月 5 日首次与澳门金融管理局签署双边货币互换协 议，互换规模为 300 亿元人民币 /340 亿澳门元，有效期为 3 年。协议在 2022 年 12 月 5 日续签，直至此次升级为常备互换。 澳门金融管理局称，此次协议的续签及优化，将为澳门金融市场提供更加坚实的人民币流动 性支持，有利于澳门金融机构拓展人民币业务。澳门金融管理局将持续推动澳门金融机构善 用货币互换机制和人民币清算优势，吸引葡语国家的政府和企业来澳进行投融资，进一步巩 固澳门特区作为 " 中国 — 葡语国家金融服务平台 " 的作用。 据了解， " 常备 " 主要指协议长期有效，无需定期续签，同时互换流程也会进一步优化，资 金 ...

Core Viewpoint - The development of the offshore RMB market is a crucial pillar for the internationalization of the RMB, with future efforts aimed at better serving the real economy and supporting the construction of the offshore market [1] Group 1 - The seminar titled "Gathering Macao and Connecting Portuguese and Spanish-speaking Countries: Deepening the Application of the Offshore RMB Market and Multilateral Financial Cooperation" was held in the Hengqin Guangdong-Macao Deep Cooperation Zone [1] - The seminar was co-hosted by the Bank of China Macao Branch and the China-Portuguese (Spanish-speaking) Countries Economic and Trade Service Center [1] - The Deputy Director of the Macro-Prudential Management Bureau of the People's Bank of China, Xi Yu, delivered a video speech emphasizing the importance of the offshore RMB market [1]

Group 1 - China is significantly increasing its gold reserves, with a projected 25-fold increase by 2025, indicating a strategic move to detach from US hegemony and the dollar trade system [1][3] - The accumulation of gold serves multiple purposes: optimizing reserve structure to hedge against dollar risks, enhancing financial risk management amid global uncertainties, and solidifying the credit foundation of the renminbi [3][4][6] - The issuance of Russia's first renminbi-denominated sovereign bond is a response to its financing challenges and a step towards de-dollarization, reflecting a high level of trust in the renminbi's credit [6][8] Group 2 - The combined actions of China and Russia signal a deepening global trend of de-dollarization, challenging the dominance of the US dollar and indicating a shift towards a multipolar international monetary system [8][10] - These moves provide a reference for other countries facing Western sanctions or seeking to reduce dollar dependency, potentially expanding the use of the renminbi in global financial markets [8][10] - The essence of these initiatives is a pursuit of financial "deweaponization," demonstrating that strengthening local currency cooperation and increasing gold reserves can reduce reliance on hegemonic currencies [8][10]