【环球网财经综合报道】环球银行金融电信协会（SWIFT）日前发布报告显示，2025年9月，在基于金额统计的全球 支付货币排名中，人民币全球支付占比为3.17%，位列全球第五大活跃货币，前值为2.93%。 联合新闻网近日发文称，第138届中国进出口商品交易会（广交会）正在广州举行，众多海外客户，尤其是来自东南 亚、中亚和非洲的新兴市场客户主动要求使用人民币进行贸易结算，推动了人民币结算量的增长。 香港文汇报也报导，此次广交会掀起"人民币结算热"，许多企业主动"去美元化"。 报道还提到，今年中国人民银行已与八家外国央行签署（含续签）了双边本币互换协议，促进了人民币国际结算趋 势，有助于解决像南美客户缺美元支付货款的问题，显示了人民币国际化和去美元化的进展。 ...

Core Insights - The global attractiveness of RMB assets has significantly increased, with overseas entities holding over 10 trillion RMB in domestic financial assets, and RMB bonds and stocks being included in major global asset indices [1][2] Group 1: RMB Internationalization Progress - The internationalization of RMB is progressing through three stages: trade settlement currency, investment currency, and reserve currency, with trade advantages being crucial for becoming a settlement currency [1] - As of mid-2025, the total cross-border RMB payment amount reached 35 trillion RMB, a year-on-year increase of 14%, with goods trade accounting for 6.4 trillion RMB, representing 28% of total cross-border payments [1] - The "14th Five-Year Plan" emphasizes a market-driven approach to RMB internationalization, promoting a new type of mutually beneficial cooperation based on the free use of RMB [2] Group 2: Growth in Foreign Investment - The scale of foreign investment in RMB assets continues to expand, with overseas institutions and individuals holding 10.4 trillion RMB in domestic financial assets as of June this year, including 3.1 trillion RMB in stocks and 4.3 trillion RMB in bonds [2] - RMB stocks and bonds have been included in major global asset indices, enhancing their international profile [2] - Over 80 countries and regions have included RMB in their foreign exchange reserves, with 30% of surveyed central banks indicating plans to increase RMB asset allocations [2] Group 3: Benefits for Domestic Entities - The increased global attractiveness of RMB assets directly benefits Chinese enterprises by allowing them to engage in "local currency financing," significantly reducing exchange rate risks and enhancing bargaining power in global trade [3] - As RMB becomes the second-largest trade financing currency, Chinese companies can settle trade with countries involved in the Belt and Road Initiative directly in RMB, reducing reliance on the US dollar [3] Group 4: Strategies for Enhancing RMB Attractiveness - Strengthening the economic fundamentals is essential to solidify the "value anchor" of RMB assets, which includes promoting domestic demand and addressing potential risks in sectors like real estate and local debt [4] - Deepening financial market openness is crucial for attracting international capital, which involves expanding market access and developing innovative RMB-denominated financial products [5] - Improving financial infrastructure is necessary to enhance the liquidity and convenience of RMB assets, including upgrading cross-border payment systems and expanding investment channels [6] - Strengthening international cooperation can broaden the usage scenarios for RMB assets, such as through currency swaps and pricing commodities in RMB [7]

人民币国际化进程再迈出关键一步。国际清算银行（BIS）近期发布的三年一度的调查显示，人民币全 球交易量已飙升至每日8170亿美元，在全球汇市交易中占比升至8.5%。这一进展显现出人民币国际化 的稳健势头。近年来，人民币国际化在多层次推进，实现了在贸易结算、投融资领域等方面的新突破。 业内认为，随着国际货币体系多极化趋势明朗，人民币或许迎来向国际化推进的重要机遇窗口。（上证 报） ...

Core Viewpoint - The company, Youbo Xun, is actively involved in digital payment solutions and has established partnerships with major e-commerce and logistics firms, including potential collaborations with JD.com for blockchain technology and digital currency solutions [2]. Group 1: Company Developments - As of October 23, 2025, Youbo Xun's stock closed at 18.06 yuan, with a slight increase of 0.06% and a trading volume of 56,700 shares, amounting to a turnover of 101 million yuan [1]. - The company has developed smart financial POS systems that support real-time settlement and data traceability for stablecoin transactions, having passed the Hong Kong Monetary Authority's sandbox testing [2]. - Youbo Xun has accumulated extensive technical expertise in digital currency, collaborating with several banks on digital RMB technology development [2]. Group 2: Market Position and Strategy - The internationalization of the RMB is seen as beneficial for the company, as it may reduce foreign exchange risk and enhance financial stability while providing new business opportunities, particularly in emerging markets [2]. - The company is focused on optimizing risk control and resource allocation to enhance its international operations in response to the evolving global financial landscape [2]. Group 3: Financial Flows - On October 23, 2025, the net outflow of funds from major investors was 1.4236 million yuan, while retail investors experienced a net outflow of 2.1602 million yuan, indicating varied investor sentiment [3]. - Conversely, speculative funds saw a net inflow of 3.5839 million yuan, suggesting interest from short-term traders [3].

Core Insights - The internationalization of the Renminbi (RMB) has made significant progress, with daily global trading volume reaching $817 billion, accounting for 8.5% of the global foreign exchange market [1] - The RMB is now the fifth most traded currency globally, with its share rapidly closing in on the British Pound, which has decreased from 12.9% to 10.2% [1] - The RMB's status as a settlement and investment currency has improved, with cross-border RMB payments reaching 35 trillion yuan, a 14% year-on-year increase [2] Dimension 1: Settlement Currency - The RMB has become the largest settlement currency for China's external payments and the second-largest trade financing currency globally [2] - In the first half of 2025, RMB cross-border payment amounts reached 6.4 trillion yuan, representing 28% of total cross-border payments, marking a historical high [2] Dimension 2: Investment Currency - As of July 2023, foreign entities held over 10 trillion yuan in domestic RMB financial assets, with RMB bonds and stocks included in major global asset indices [2] - Offshore RMB deposits reached 1.6 trillion yuan, with offshore RMB bonds and Panda bonds issued by foreign institutions totaling approximately 2 trillion yuan [2] Dimension 3: Reserve Currency - Over 80 foreign central banks have included the RMB in their foreign exchange reserves, with its share in global reserves rising to 2.88% in Q1 2025, up from 1.08% in 2016, reflecting a growth of over 270% [2] New Opportunities for RMB Internationalization - The current trend towards a multipolar international monetary system presents new opportunities for RMB internationalization [3] - The decline of the US dollar's dominance in global reserves and payments is paving the way for non-USD currencies like the RMB to gain traction [3] - China's economic stability and financial market openness provide a solid foundation for RMB internationalization [3] Expansion of RMB's Network - As of September 30, 2023, the People's Bank of China has signed bilateral currency swap agreements with 32 countries, totaling approximately 4.5 trillion yuan, enhancing RMB liquidity globally [4] Unique Path for RMB Internationalization - The RMB internationalization process is market-driven, focusing on facilitating trade and investment while removing barriers to RMB usage [5] - The offshore RMB market is expected to become a key arena for RMB internationalization, particularly in direct foreign investment [5] Offshore RMB Market Development - Recommendations include increasing the supply of offshore RMB safe assets and expanding onshore markets to enhance the availability of RMB as a reserve currency [6] - The digital RMB is anticipated to create new pathways for RMB internationalization, optimizing resource allocation and reducing transaction costs [6] Conclusion - With ongoing economic development, financial market openness, and international cooperation, the RMB is poised to play a more significant role in the global monetary system, contributing to the diversification of the global financial landscape [7]

Core Insights - The State Administration of Foreign Exchange (SAFE) is encouraging innovative and integrated exploratory policies in Shanghai, focusing on the application of technologies like artificial intelligence and big data to enhance foreign exchange services [1] - Shanghai has become a hub for various financial markets, and the SAFE has been enhancing the interconnectivity of domestic and foreign financial markets, which has increased the attractiveness and activity of foreign investment in China [1] - The SAFE aims to improve the cross-border financial service capabilities in Shanghai by establishing a more convenient, open, secure, and intelligent foreign exchange management system [1] Group 1 - The SAFE plans to steadily expand high-level institutional openness in the foreign exchange sector, focusing on the integration of RMB internationalization and high-quality capital account opening [2] - There will be a push for the development of the foreign exchange market, addressing issues related to long-term, multi-variety, and small currency markets, while enhancing the capabilities of foreign exchange trading centers [2] - The SAFE will promote the convenience of cross-border trade and investment financing, encouraging innovative policies to be implemented in Shanghai [2] Group 2 - The relationship between financial openness and security will be carefully managed, ensuring that all openness and convenience measures are predicated on safety [2] - The SAFE will implement a dual management approach of "macro-prudential + micro-regulation" to prevent risks from spreading across regions, markets, and borders [2]

Core Viewpoint - Standard Chartered Bank aims to enhance its role as a bridge in cross-border financial innovation and exploration in Shanghai, leveraging the city's advanced financial market and regulatory environment [1][2]. Group 1: Company Initiatives - Standard Chartered Bank has successfully completed a ten-year USD-RMB currency swap for a major state-owned enterprise based in Shanghai, addressing the challenges of high USD financing costs and exchange rate risks associated with long-term financing for overseas mining projects [1]. - The bank's tailored long-term foreign exchange derivative solutions utilize the cross-border RMB flow facilitation provided by the Shanghai Free Trade Zone, helping clients reduce project financing costs and manage long-term exchange rate risks effectively [1]. Group 2: Industry Impact - The recent transaction promotes the use of RMB in cross-border trade and investment, enhancing its liquidity and recognition in offshore markets, particularly as Shanghai connects with other international financial centers like Hong Kong, London, New York, Singapore, and Dubai [2].

Core Viewpoint - The State Administration of Foreign Exchange (SAFE) plans to enhance the development of the foreign exchange market in Shanghai, focusing on long-term, multi-currency, and small currency issues to support the city's international financial center construction [1][2]. Group 1: Foreign Exchange Market Development - SAFE will deepen the development of the foreign exchange market by researching long-term, multi-currency, and small currency issues [1]. - The administration aims to create a more convenient, open, secure, and intelligent foreign exchange management system, aligning with Shanghai's development needs [1]. Group 2: Financial Infrastructure and Risk Management - SAFE will strengthen the financial infrastructure and service capabilities of the foreign exchange trading center, enhancing the management of exchange rate risk for financial institutions [1]. - The administration emphasizes the importance of integrating macro-prudential and micro-regulatory management to prevent risk transmission across regions, markets, and borders [2]. Group 3: Innovation and Technology - SAFE encourages the implementation of innovative and integrated exploratory policies in Shanghai, utilizing technologies such as artificial intelligence and big data to provide smarter and more efficient foreign exchange services [2].

Core Viewpoint - The National Foreign Exchange Administration aims to enhance Shanghai's cross-border financial services by establishing a more convenient, open, secure, and intelligent foreign exchange management system, supporting the city's development as an international financial center [1][2]. Group 1: Expansion of Foreign Exchange System - The administration plans to steadily expand high-level institutional openness in the foreign exchange sector, focusing on the integration of RMB internationalization and high-quality capital account opening [1]. - There will be an emphasis on facilitating foreign financial institutions' investment in China while deepening the development of the foreign exchange market [1]. - The administration will explore issues related to long-term, multi-variety, and small currency foreign exchange market development, enhancing the financial infrastructure and services of the foreign exchange trading center [1]. Group 2: Promotion of Cross-Border Trade and Investment - The administration will continue to innovate foreign exchange management reforms based on market demand and national conditions, providing higher convenience for compliant entities [1]. - There is encouragement for Shanghai to implement pioneering and integrated exploratory policies, utilizing technologies such as artificial intelligence and big data to offer smarter, more efficient, and secure foreign exchange services [1]. Group 3: Balancing Financial Openness and Security - The relationship between financial openness and security will be carefully managed, ensuring that convenience and openness are predicated on safety [2]. - The administration will strengthen the dual management of macro-prudential and micro-regulation in the foreign exchange market to prevent risks across regions, markets, and borders [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company reported a revenue of 4.068 billion yuan for the first nine months of 2025, a year-on-year decrease of 7.32%. The net profit attributable to shareholders was 339 million yuan, down 33.90% year-on-year. The net profit excluding non-recurring items was 241 million yuan, a decline of 53.32% year-on-year. In Q3 2025, the company achieved a revenue of 1.418 billion yuan, an increase of 0.72% year-on-year, and a net profit of 110 million yuan, up 17.46% year-on-year [4][11][12] Summary by Sections Financial Performance - For 9M2025, the company’s revenue was 40.68 billion yuan, down 7.32% year-on-year, primarily due to pressure on card payments affecting digital payment revenue. The payment transaction amount was 2.92 trillion yuan, a decrease of 8.29% year-on-year, with card transactions down 13.72% and scan transactions up 3.50% [12] - The net profit attributable to shareholders for 9M2025 was 3.39 billion yuan, down 33.90% year-on-year, while the net profit excluding non-recurring items was 2.41 billion yuan, down 53.32% year-on-year. The Q3 2025 net profit showed a significant increase, mainly due to the consolidation of Tian Cai Shang Long, which boosted technology business revenue and profit [12][14] Business Growth - The company’s cross-border business continued to grow significantly, with transaction amounts and customer numbers increasing by 77.56% and 71.91% year-on-year, respectively. The company has also accelerated its global expansion by actively pursuing overseas licenses and business opportunities [13] - The introduction of AI-integrated services, including the launch of an AI wallet, has positioned the company as a leader in innovation within the industry, with nearly 8 million registered users and 1.5 million monthly active users by the end of September 2025 [13] Future Outlook - The company is expected to benefit from the ongoing recovery in domestic consumption and the high growth of its cross-border business. Projections for net profit attributable to shareholders for 2025-2027 are 407 million, 412 million, and 424 million yuan, reflecting growth rates of 15.9%, 1.2%, and 2.9%, respectively [14]