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 ...

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 ...

在上海"先行先试"结构性货币政策工具创新 在上海设立银行间市场交易报告库 * 在上海设立数字人民币国际运营中心 米 在上海设立个人征信机构 米 在上海临港新片区开展离岸贸易金融服务综合改革试点 米 在上海发展自贸离岸债 米 在上海优化升级自由贸易账户功能 米 在上海"先行先试"结构性货币政策工具创新 米 会同证监会研究推进人民币外汇期货交易 * Reaffers is to 新媒体 实验室 日式 时报图说 LUJIVAZUI E- BRUM 2025 陆家 嘴论坛 第497胜、 朱智新 李云淮、吴清、 重磅发声 中国人民银行行长 潜力加生 2025陆家嘴论坛6月18日召开,中国人民银行行长潘 功胜、国家金融监督管理总局局长李云泽、中国证券 监督管理委员会主席吴清、国家外汇管理局局长朱鹤 新出席会议并发表主题演讲。 图读览! 推动上海国际金融中心建设,发布八项举措 主要国际金融组织应主要强化经济的监督职能 积极 引导各国坚定支持经济的全球化 人民银行已与30多个国家和地区央行或货币当局签 订双边本币互换协议 维护全球金融监管规则的一致性和权威性是应该继续 坚持的方向 货币政策框架的转型是渐进、持续的过程 未来将 ...

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the importance of macro policy adjustments to maintain stability in the foreign exchange market amidst external shocks, while also promoting reforms and modernization in foreign exchange management to support high-quality economic development [1][2]. Group 1: Policy Directions - The PBOC aims to create a more convenient foreign exchange policy system that enhances services for the real economy, focusing on improving cross-border trade and investment facilitation [1]. - There is a commitment to high-level institutional openness in the foreign exchange sector, promoting the internationalization of the Renminbi and high-quality capital account openness [1][2]. - The PBOC plans to strengthen macro-prudential and micro-regulatory management to ensure the stability of the foreign exchange market and national economic security [2]. Group 2: Technological Integration - The PBOC intends to leverage artificial intelligence and big data to enhance the digital and intelligent level of foreign exchange management, providing smarter and more efficient services [2]. Group 3: Supportive Measures for Trade and Investment - Multiple supportive policies will be introduced to aid foreign trade enterprises, including reforms in trade foreign exchange management and facilitating new trade business models [3]. - The PBOC will promote cross-border investment and financing facilitation, including policies to attract foreign investment and support international economic cooperation [3]. - A package of innovative foreign exchange policies will be implemented in free trade pilot zones to enhance international trade settlement and expand pilot programs for qualified foreign limited partners [3][4]. Group 4: Enhancing Shanghai's Financial Competitiveness - Recent approvals for upgrading the functions of free trade accounts in Shanghai and comprehensive reform pilot programs for offshore trade finance services indicate a focus on enhancing the competitiveness and influence of Shanghai as an international financial center [4].

Core Viewpoint - The People's Bank of China announced eight policy measures aimed at enhancing Shanghai's status as an international financial center, focusing on financial innovation, internationalization, and improved capital allocation capabilities [1][7]. Group 1: Policy Measures - Establishment of an interbank market trading report database to enhance data transparency and risk monitoring, supporting macro-prudential management [2]. - Creation of a digital RMB international operation center to facilitate cross-border payments and enhance the international influence of the RMB [3]. - Setting up a personal credit institution to diversify credit products and improve the social credit system [4]. Group 2: Financial Innovation and Capital Allocation - Launching a pilot program for offshore trade finance services in the Lingang New Area to support innovative business rules [6]. - Development of free trade offshore bonds to broaden financing channels for enterprises involved in the Belt and Road Initiative [6]. - Upgrading the functions of free trade accounts to enhance the efficiency of capital flow between domestic and foreign entities [6]. Group 3: Structural Monetary Policy Tools - Implementation of innovative structural monetary policy tools in Shanghai, including blockchain credit refinancing and carbon reduction support tools [8]. - Introduction of credit protection tools to support the issuance and trading of technology innovation bonds, thereby reducing investment risks [9]. Group 4: Currency and Exchange Rate Management - Collaboration with the China Securities Regulatory Commission to promote RMB foreign exchange futures trading, enhancing Shanghai's role in global foreign exchange pricing [10].

Core Viewpoint - The global cross-border payment system is at a critical juncture, with traditional models showing significant drawbacks, while China has established a multi-channel, widely covered RMB cross-border payment clearing network over the past decade, marking a significant achievement in the financial sector on the global stage [1][5]. Group 1: Global Economic Context - The traditional cross-border payment system has increasingly shown shortcomings in efficiency, cost, and security, which hampers smooth cross-border economic activities amid rising international trade and investment [3]. - Issues such as payment delays, high fees, and lack of transparency have led to a global call for upgrading the cross-border payment system, resulting in the emergence of new payment infrastructures and settlement methods [3]. Group 2: China's RMB Cross-Border Payment Network - China's RMB cross-border payment clearing network has effectively connected domestic financial institutions with global partners, facilitating the international flow of RMB [5]. - The network has expanded its coverage to include major trading partner countries and regions, as well as emerging markets, providing convenient RMB cross-border payment services [5]. - The network has improved payment processing efficiency, significantly reduced transaction costs, and enhanced the attractiveness of RMB in cross-border trade and investment [5]. Group 3: Implications for Trade and Investment - The establishment of the RMB cross-border payment network has greatly facilitated trade and investment, allowing domestic companies to conduct cross-border business more conveniently and mitigate exchange rate risks [5]. - The network's development has also advanced the internationalization of RMB, with increasing numbers of countries willing to include RMB in their foreign exchange reserves, thereby enhancing its influence in the international monetary system [5]. Group 4: Future Outlook - China is expected to continue enhancing the RMB cross-border payment clearing network by optimizing its layout, strengthening financial cooperation with countries along the Belt and Road Initiative, and expanding its coverage [6]. - The use of advanced technologies such as blockchain and big data will be prioritized to improve the network's security and processing capabilities [6]. - Active participation in the formulation of global cross-border payment rules is anticipated, allowing China to contribute to the optimization of the global payment system and assert its voice in international financial governance [6].

值得一提的是，在去年的陆家嘴论坛上，潘功胜介绍了中国的货币政策立场和未来货币政策 框架的演进。一年来，中国人民银行坚持支持性的货币政策立场，从数量、价格、结构等方 面，出台了多项货币政策措施，有效支持了经济持续回升向好和金融市场的稳定。 "同时，我们完善货币政策框架，优化货币政策中间变量，培育政策利率，提升货币政策传导 效率，丰富货币政策工具箱，做好政策沟通和预期引导。货币政策框架的转型是一个渐进、 持续的过程，未来我们还将不断地做好评估和完善。"潘功胜如是说。（详情→ 潘功胜：单一 主权货币主导跨境支付局面正在改变 ） 作 者丨唐婧 崔文静 杨坪 余纪昕 编 辑丨周炎炎 李新江 张伟贤 杨希 黎雨桐 6月18日，2025陆家嘴论坛在上海开幕，本届论坛以"全球经济变局中的金融开放合作与高质 量发展"为主题。中国人民银行行长潘功胜、金融监管总局局长李云泽、中国证监会主席吴 清、国家外汇局局长朱鹤新出席会议并发表主题演讲，以下为要点汇总： 潘功胜：单一主权货币主导跨境支付局面正在改变 中国人民银行行长潘功胜宣布了设立银行间市场交易报告库、数字人民币国际运营中心、个 人征信机构等八项金融开放举措。 21视频（编辑柳 ...

6月18日，2025陆家嘴论坛召开，潘功胜、李云泽、吴清、朱鹤新等在陆家嘴论坛发表主题演讲， 以下为主要内容： ①央行行长潘功胜： -宣布8项重磅金融政策，设立银行间市场交易报告库、发展自贸离岸债； -中国已初步建成多渠道、广覆盖的人民币跨境支付清算网络； -人民币已成为全球第二大贸易融资货币； -一年来央行货币政策框架转型有效推进； -区块链和分布式账本等新兴技术，推动央行数字货币稳定币蓬勃发展； -未来国际货币体系可能继续朝着少数几个主权货币并存、相互竞争、相互制衡的格局演进； -维护全球金融监管规则的一致性和权威性是应该继续坚持的方向； -人民银行已与30多个国家和地区央行或货币当局签订双边本币互换协议； ②金融监管总局局长李云泽： -开放合作是中国金融改革发展的强大动力； -外资机构是中国现代金融体系建设的重要参与者和积极贡献者； -经济全球化势不可挡 扩大金融开放势在必行； -中国正加速成为全球最大的消费市场 深耕中国市场必将更有作为； -正在大力推进金融资产投资公司股权投资、科技企业并购贷款等试点； -养老金融大有可为 2035年银发经济规模有望达到30万亿； -主要国际金融组织应主要强化经济的监 ...

Core Viewpoint - The People's Bank of China and the State Administration of Foreign Exchange are committed to advancing deep reforms and high-level opening in the foreign exchange sector to support high-quality economic development in China [1][2]. Group 1: Current Economic Situation - The foreign exchange market has been operating smoothly despite complex challenges, with the RMB appreciating by 1.6% against the USD and maintaining stability against a basket of currencies [1]. - China's foreign trade shows strong resilience, with a reasonable balance in the current account and increased foreign investment in domestic bonds and stocks [1]. Group 2: Future Policy Directions - The focus will be on developing a more convenient, open, secure, and intelligent foreign exchange management system to support high-quality economic development [2]. - Specific measures include enhancing foreign exchange services for the real economy, particularly for technology and small enterprises, and improving the evaluation mechanisms for foreign exchange policies [2]. Group 3: Policy Initiatives - A series of trade facilitation policies will be introduced, including expanding cross-border trade pilot programs and optimizing foreign exchange fund settlement for foreign trade service enterprises [4]. - Cross-border investment and financing policies will be implemented to support research institutions in attracting foreign investment and facilitating cross-border financing for technology companies [4]. - A package of innovative foreign exchange policies will be rolled out in free trade pilot zones, including optimizing international trade settlement and expanding pilot programs for qualified foreign limited partners [4]. Group 4: Support for Shanghai International Financial Center - Continuous support will be provided for the construction of the Shanghai International Financial Center, enhancing its competitiveness and influence in international cooperation [5][6].

贝森特"化债"的招靠谱吗？（二） [Table_Author] 分析师：陶川 分析师：邵翔 分析师：林彦 执业证号：S0100524060005 执业证号：S0100524080007 执业证号：S0100525030001 邮箱：taochuan@mszq.com 邮箱：shaoxiang@mszq.com 邮箱：linyan@mszq.com ➢ 在解决美元信用问题上美国确实玩出了"新花样"。如果说我们在上一篇中 讨论的修改监管规则、释放商业银行需求的还属于常规操作，那么深度捆绑稳定 币则是另辟蹊径的一笔——是解不了"近渴"的"远水"，但所谋甚大。 ➢ 利用加密货币这个与传统资产相对独立的新资金池来化债确实称得上 GENIUS（天才，恰巧是稳定币法案的名字） ，不得不承认在金融创新方面美国 确实走在前列。 ➢ 稳定币能不能解决美债的问题？我们认为这背后有两个维度：一个是短期内 比较直接的逻辑，除了在监管上最直接的要求外，还有把自己和"对手"绑在一 起的意味；另一个则是偏中长期、且更间接，通过巩固全球美元体系来支撑美元 信用，进而稳定美债，同时应对人民币国际化的挑战。 ➢ 对于第一个维度，市面上讨论的已经比 ...