Core Viewpoint - The Lujiazui Forum is seen as a significant event, but it is more about signaling future policies rather than immediate market stimulus [3][4]. Group 1: Financial Market Reforms - The forum highlighted major financial reforms, including the establishment of a "Science and Technology Growth Layer" on the STAR Market, aimed at allowing unprofitable tech companies to list [6][4]. - This reform addresses the issue of tech companies needing funding during their development phase, which often leads them to list abroad instead of in A-shares [6][4]. - Companies that meet certain criteria in hard tech can list in this new layer, even if they are not yet profitable [6][7]. Group 2: Investment Guidelines - Investors will be informed about unprofitable companies through a specific designation (letter U) in their names, indicating higher risk [7]. - Companies can "graduate" from the growth layer to the main board after achieving profits exceeding 50 million within two years [8]. Group 3: Supporting Measures - The accompanying measures (1+6) include attracting experienced institutional investors and implementing pre-review processes for applications to ensure quality [10]. - New financial products like ETFs and options will be introduced to mitigate market volatility [10]. Group 4: Broader Economic Context - The forum's discussions align with a broader strategy to enhance Shanghai's status as an international financial center and support high-quality development of the stock market [13]. - The emphasis on financial openness and the internationalization of the RMB is seen as a response to global economic shifts, particularly in light of U.S. policies [14][22]. Group 5: Historical Context and Future Outlook - Historical patterns show that RMB appreciation cycles have previously correlated with bullish trends in A-shares [15][16]. - The current global economic environment, including the decline of the dollar's dominance, is viewed as an opportunity for the RMB to establish itself as a stable alternative [20][22].

全媒体记者/王占全 （上海，2025年6月18日） 在全球经济格局深度调整、金融治理面临多重挑战的背景下，以"全球经济变局中的金融开放合作与高质量发展"为主 题的2025陆家嘴论坛于今日在上海开幕。中国人民银行、国家金融监督管理总局、中国证监会、国家外汇管理局等中 央金融管理部门负责人齐聚黄浦江畔，密集发布多项重磅政策，全面展现中国以高水平开放推动金融高质量发展的决 心，为上海国际金融中心建设注入新动能。 一、金融开放：制度型突破与工具创新双轮驱动 1. 央行八项举措构建开放新框架 中国人民银行行长潘功胜在开幕式上宣布八项金融开放举措，涵盖金融基础设施、数字金融、跨境贸易等关键领域。 其中，银行间市场交易报告库的设立尤为瞩目，通过高频汇集债券、货币、衍生品等多市场数据，将有效打破信息壁 垒，提升跨市场风险监测能力，为宏观审慎管理提供支撑。此举回应了当前商业银行多元化资产配置带来的风险传导 隐忧，标志着中国金融监管从分业监管向穿透式监管的重要跨越。 在数字金融领域，数字人民币国际运营中心的落地将加速人民币国际化进程。该中心将推动数字人民币在跨境支付、 贸易融资等场景的应用，尤其联动香港、东盟等区域，探索"数字人 ...

Core Viewpoint - The People's Bank of China announced eight policy measures aimed at enhancing Shanghai's status as a global financial center, focusing on the internationalization of the Renminbi and financial innovation [2]. Group 1: Policy Measures - Establishment of an interbank market trading report database [2] - Creation of a digital Renminbi international operation center [2] - Formation of a personal credit institution [2] - Launch of offshore trade finance service reform pilot in Shanghai's Lingang New Area [2] - Development of offshore bonds in the free trade zone [2] - Optimization of free trade account functions [2] - Innovation of structural monetary policy tools in Shanghai [2] - Collaboration with the China Securities Regulatory Commission to promote Renminbi foreign exchange futures trading [2][3] Group 2: Implications for Renminbi Internationalization - The introduction of Renminbi foreign exchange futures is a significant step towards the internationalization of the Renminbi, enhancing its global pricing power and reducing foreign market influence [3][5]. - The current lack of foreign exchange products in China's futures market highlights the need for this development, as other markets like Singapore and Hong Kong have already established active trading in Renminbi futures [3][5]. Group 3: Market Demand and Supply - Increased volatility in the Renminbi's exchange rate has heightened the demand for effective risk management tools, particularly among small and medium-sized enterprises [4]. - Existing tools for managing exchange rate risk are limited and often costly, making the introduction of standardized and transparent foreign exchange futures particularly beneficial [4]. Group 4: Benefits for Enterprises - Renminbi foreign exchange futures will help enterprises manage exchange rate risks by locking in costs and providing a comprehensive product chain for different risk preferences [5]. - The new tools will lower the barriers for small and medium-sized enterprises to participate in the foreign exchange derivatives market, which has previously favored larger companies [5]. Group 5: Future Considerations - The policy must balance marketization with risk prevention to avoid exacerbating exchange rate volatility through speculative trading [6]. - The introduction of these futures is expected to enhance the competitiveness of Chinese foreign trade enterprises and provide a more robust infrastructure for exchange rate risk management in the context of the Belt and Road Initiative [6].

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]

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]

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 ...

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 ...

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]

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]

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].