Core Insights - The Hong Kong IPO market has seen significant growth in 2023, with total IPO financing reaching HKD 182.9 billion by the end of September, more than doubling compared to the same period in 2024 [1] - The Hong Kong Stock Exchange (HKEX) is focused on optimizing listing systems and expanding connectivity mechanisms to enhance market efficiency and promote the development of capital markets [1][2] - There is a notable increase in overseas investor participation in new stock subscriptions, particularly from Europe, the Middle East, and emerging markets, indicating a shift in global asset allocation [2] - The A+H listing model has developed further, with nearly half of the new IPO financing in the first nine months coming from A+H listed companies [2] - The secondary market in Hong Kong has also performed well, with average daily trading volume reaching HKD 256.4 billion, a 126% year-on-year increase [2] Market Developments - As of September 30, 2023, the total amount raised through refinancing in the Hong Kong stock market reached HKD 456.1 billion, more than double the amount raised through new IPOs during the same period [2] - The ETF market has expanded, with 17 southbound and 273 northbound ETFs included by the end of September, and average daily trading volumes of HKD 4.2 billion and RMB 3.2 billion, respectively [3] - The Bond Connect program has maintained growth, with average daily trading volume reaching RMB 44 billion as of August 2023 [3] Strategic Initiatives - HKEX plans to launch the Hang Seng Biotechnology Index futures to meet the growing demand for risk management tools in the biotechnology sector [3] - Ongoing preparations for optimizing connectivity measures are in progress, including collaboration with the Shanghai and Shenzhen stock exchanges to incorporate REITs and introduce block trading mechanisms [3] - The company aims to enhance its international competitiveness and cater to the diverse investment needs of global investors, including those from mainland China [3][4]

Core Viewpoint - The use of the Chinese yuan for settling iron ore transactions in Australia signifies a shift in pricing power towards China, indicating a growing trend of international transactions being conducted in yuan rather than US dollars [1][9]. Group 1: Implications of Yuan Settlement - The move to settle transactions in yuan allows China to gradually reclaim pricing power in global trade, which is crucial for its economic strategy [1][9]. - Countries like Iran, Russia, and Brazil have already begun using yuan for trade, reflecting a broader trend of nations seeking alternatives to the US dollar [1][9]. - The recent geopolitical events, such as conflicts in the Middle East, have prompted countries to reconsider their reliance on the dollar, creating an opportunity for the yuan to gain traction [1][9]. Group 2: China's Economic Strategy - China aims to use the yuan as a "shopping card" for global trade, focusing on practical transactions rather than seeking to establish the yuan as a global reserve currency like the dollar [7][9]. - The strategy emphasizes maintaining a strong industrial base while avoiding the pitfalls of financial speculation that have led to economic issues in other countries [5][11]. - The goal is to create a closed-loop system where China can purchase essential resources using its currency, thereby enhancing its economic sovereignty [3][9]. Group 3: Comparison with the US Dollar - The yuan does not yet possess the three key attributes of the dollar: universal acceptance for purchases, extensive investment channels, and unrestricted flow [5][11]. - China's approach to currency internationalization is fundamentally different from the US, focusing on stability and cooperation rather than dominance and capital maximization [11][13]. - The yuan's internationalization is seen as a strategic move to enhance China's economic position without directly challenging the dollar's supremacy [9][13]. Group 4: Future Prospects - The increasing use of the yuan in global commodity transactions, such as iron ore and oil, suggests a potential shift in the global trading landscape [9][13]. - As more countries adopt the yuan for trade, it could lead to a significant reduction in the dollar's influence, particularly in commodity markets [9][13]. - The ongoing developments indicate that the yuan's role in international trade is likely to expand, with the recent Australian iron ore transaction being just the beginning [9][13].

Core Insights - The "Overseas Asset Management Institutions Investment Guide to Shanghai (2025 Edition)" serves as an official reference for foreign asset management institutions looking to invest in Shanghai, detailing the investment environment, industry dynamics, and regulatory policies in China and Shanghai [1][3][13]. Group 1: Economic Overview - China is a significant engine of global economic growth, with a projected GDP of 134.91 trillion yuan in 2024, contributing approximately 30% to global economic growth [1][21]. - The asset management market in China is expected to reach 154 trillion yuan in 2024, reflecting a robust demand for wealth management services among high-net-worth individuals [1][24][26]. Group 2: Shanghai's Financial Landscape - Shanghai, as a leading financial hub, boasts a GDP of 5.39 trillion yuan in 2024 and a high per capita disposable income, supported by a comprehensive financial market system and a favorable business environment [2][12]. - The city has 75 public fund management institutions managing 12.74 trillion yuan, accounting for nearly 40% of the national total, and 3,701 private fund managers with a management scale of 5.10 trillion yuan [2][12]. Group 3: Regulatory Framework and Support - The guide outlines the legal and regulatory framework for fund operations, including application processes for various fund types, tax policies, and resources for fund service providers, facilitating a comprehensive understanding for foreign asset managers [3][13][20]. - Recent policy updates include the expansion of investment scopes for Qualified Foreign Institutional Investors (QFII/RQFII) and the optimization of pilot programs for Qualified Foreign Limited Partners (QFLP) [13][30][40]. Group 4: Investment Opportunities - The guide emphasizes the growing wealth management needs in China, with the private banking sector's asset management scale exceeding 24 trillion yuan by the end of 2023, indicating a strong market for asset management services [1][24][26]. - The continuous improvement of cross-border investment mechanisms, such as the Stock Connect programs and the Bond Connect, enhances the accessibility of Chinese markets for foreign investors [30][36][39].

Wind数据显示，2023年和2024年，熊猫债发行规模先后迈上1500亿元和1900亿元台阶，接连创历史新高。截至10月21日， 今年以来已发行熊猫债93只，发行规模1511.5亿元。值得一提的是，截至今年7月末，熊猫债累计发行规模突破1万亿元，成为 我国债券市场对外开放进程中具有标志性意义的里程碑。 中信证券首席经济学家明明在接受《证券日报》记者采访时认为，熊猫债市场的扩容缘于多方面因素：政策支持增强，流 程优化，发行便利度提升；人民币国际化进程加快，境外主体人民币融资需求上升，推动熊猫债发行活跃；境内利率环境友 好，利率下行降低融资成本，提高发债意愿；投资者结构多元化，机构投资积极性提升，市场流动性增强；中外经贸合作深 化，共建"一带一路"等国际合作推动境外企业在华融资需求上升。 本报记者 刘琪 10月17日，全球大型商品浆生产商书赞桉诺成功在中国银行间债券市场发行第二期熊猫债，规模为14亿元人民币。 熊猫债券是指境外机构在我国境内发行的以人民币计价的债券。近年来，越来越多的境外主体发行熊猫债，尤其是2023年 以来，熊猫债市场加速扩容。 国盛证券研报认为，当前，熊猫债市场凭借高信用资质底色、人民币资产 ...

Core Insights - The 138th Canton Fair in Guangzhou highlights a growing trend among overseas clients, particularly from emerging markets in Southeast Asia, Central Asia, and Africa, to request trade settlements in Renminbi [1][3] - A diesel generator manufacturer reported a significant increase in Renminbi settlements, with such orders now accounting for 10% to 20% of their total exports, up from single digits last year [3] - A report from China Construction Bank indicates that emerging markets are gradually reducing their reliance on the US dollar for international transactions, opting instead for local currencies, which has increased the frequency of Renminbi usage in cross-border trade [3] Industry Trends - The International Monetary Fund reported that the share of the US dollar in foreign exchange reserves of global southern economies fell to 58%, a 7 percentage point decrease from 2020, marking a 20-year low [3] - Emerging market economies are strengthening cooperation in trade and investment to reduce dollar usage, with a notable shift towards Renminbi pricing in trade [3] - Demand for Chinese manufactured sensors is rising in India and Russia, as these countries shift from sourcing from Europe and the US to purchasing from China due to advancements in industrial automation and smart manufacturing [5] Renminbi Internationalization - According to a report by Bank of China, the total cross-border Renminbi settlement reached approximately 64.1 trillion Renminbi (about 8.99 trillion USD) last year, reflecting a year-on-year growth of 22.5% [5] - In 2024, the Renminbi settlement for the current account is projected to be 6.3 trillion Renminbi (88 billion USD), a 15.7% increase year-on-year, with goods trade settlements amounting to 12.4 trillion Renminbi (1.7 trillion USD), up 15.9% [5]

Core Viewpoint - The article discusses the gradual decline of the US dollar's dominance in global trade as more countries begin to use the Chinese yuan for transactions, indicating a significant shift in the global financial landscape [1][19]. Group 1: Historical Context - The relationship between China and the US has evolved since China's entry into the WTO in 2001, marking a period of mutual benefit where China provided manufacturing while the US offered a consumer market and dollar-based transactions [3][5]. - The US has benefited from this relationship through financial mechanisms, but has also faced challenges such as industrial decline and increasing social issues due to its focus on financial speculation rather than manufacturing [5][11]. Group 2: Dollar's Role and Challenges - The US dollar has historically served as the "lubricant" for global trade, but recent actions by the US, such as the weaponization of the dollar through sanctions, have led to a growing distrust among other nations [7][9]. - The rise of China's manufacturing capabilities has diminished the necessity for global trade to rely solely on the US dollar, as countries seek alternative currencies for transactions [9][19]. Group 3: Future Outlook - The article suggests that the future of international currency may shift towards the yuan, contingent on China's ability to maintain its manufacturing base and avoid the pitfalls of financialization that have affected the US [13][19]. - The ongoing trend of de-dollarization is seen as a response to the US's failure to fulfill its international responsibilities, leading to a search for new monetary anchors among emerging economies [19][21].

从那以后，中国开始布局。2010年代，推进铁矿石来源多样化，几内亚的西芒杜铁矿是重点，这是全球 最大未开发铁矿，品位高，年产能1.2亿吨。中国企业参与开发，2025年9月14日试生产，11月首批货发 运。这直接威胁澳大利亚的垄断地位。中国铝业还成了力拓的最大单一股东，福蒂斯丘金属集团从中国 银团贷了142亿元人民币，用铁矿石还款。这些绑住利益，让矿企不敢太嚣张。2022年，中国矿产资源 集团成立，把40%的进口采购权集中起来。以前钢厂像散沙，现在有统一谈判平台，国家发展改革委和 市场监管总局也介入，协调期货市场参与国际对话。 这九天，必和必拓评估风险。中国需求占它出口60%，暂停直接打现金流。它试着硬扛，但其他矿企不 站队，像力拓和淡水河谷已跟中国签人民币订单。集团整合采购，禁令执行严，钢厂没乱。10月9日， 协议签了，必和必拓同意第四季度30%现货用人民币结算，价格接近中方要的。首批覆盖30%交易量， 避免汇率额外损失。双方还约好2026年评估全面转向人民币定价。 2003年，中国加入世贸组织，基建和城市化启动，钢铁需求爆棚。粗钢产量从那年的2.7亿吨，五年内 窜到5.1亿吨。铁矿石价格跟着水涨船高，从每吨 ...

澳大利亚和中国的铁矿石恩怨，最近是闹得沸沸扬扬，一边是每年从中国赚得盆满钵满，赚的钱比美国、欧洲加起来还多。 一边是跟着美国处处针对中国，制裁、抹黑样样来，尤其是在铁矿石贸易上，仗着垄断地位漫天要价，为啥澳大利亚总喜欢针对咱们？ 不过最近这事儿有了大反转，中国直接暂停了澳大利亚最大铁矿石企业必和必拓所有以美元计价的交易，这一下可把澳大利亚给整懵了。 要知道，铁矿石是澳大利亚的第一大出口商品，中国常年要吸纳它近70%的铁矿石，以前都是澳大利亚摆架子，动不动就威胁断供，现在轮到中国 主动说"停"，它能不慌吗？ 后来中国终于想明白了，要打破垄断，首先得团结起来，2022年，中国矿产资源集团成立了，所有铁矿石采购都由它统一负责。 这一下就不一样了，再也没有内部竞价的内耗，还能把零散的小订单整合成长大单，跟国外矿企谈判的时候，腰杆都硬了不少，议价能力直接翻 倍。 光靠内部整合还不够，还得从外部突破，中国开始在全球范围内收购矿业巨头的股份，这招叫"以资本换话语权"。 比如说，中国花1000块钱买铁矿石，矿企能赚800块，要是我们持有这家矿企50%的股份，那相当于实际只花了600块，这就是"权益矿"的好处。 更关键的是，中 ...

人民网伦敦10月20日电（徐量）中国银行于20号在伦敦举办"人民币国际化路演（伦敦站）"活动,吸引了来自中国人民银行、英国政府机构、伦敦金融 城、国际金融同业、跨国企业及智库代表等近百位嘉宾出席，共同探讨人民币国际化进程与跨境金融合作新机遇。 中国银行伦敦分行行长方文建致欢迎辞。主办方供图 本次活动是中国银行2025年人民币国际化全球系列推广活动的重要一站，旨在进一步推动人民币在跨境贸易与国际投融资中的使用，深化中英及欧洲地 区金融合作。活动现场，与会代表围绕人民币在跨境支付清算、贸易结算、投融资服务、外汇交易与风险管理、债券融资等领域的应用展开深入交流，并分 享人民币市场发展趋势、金融基础设施合作与产品创新最新进展。 与会嘉宾围绕人民币国际化进程与跨境金融合作展开热烈讨论。主办方供图 活动当天还举行了"人民币产品与项目奖"颁奖仪式，对在跨境人民币业务创新、服务推广及市场培育方面表现突出的八家合作机构给予表彰，进一步凝 聚市场合力，推动构建开放协同的人民币生态圈。 据了解，作为中国现代金融业在国际金融中心设立的第一家分支机构，中国银行伦敦分行自2011年在伦敦启动建设离岸人民币市场以来，稳步推进人民 币相关业 ...

与中国矿产资源集团签署协议，接受人民币结算部分铁矿石贸易。这一突破标志着中国首次在铁矿石这一战略资源领域打破美元定价的垄断。 铁矿石作为 全球最庞大的实物贸易商品之一，年交易额超过1.2万亿美元，此前约80%以美元结算。 中国作为全球最大铁矿石进口国，占全球海运铁矿石贸易总量的75%，却长期在定价方面受制于人。 过去几十年，中国购买全球约七成的海运铁矿石，但 价格一直由国际矿商决定。 必和必拓、力拓和淡水河谷三大国际矿商通过操控现货溢价，曾让中国钢厂多支付超过200亿美元。 2021年，每吨铁矿石的溢价高达30美元，相当于中国钢 厂每生产一吨钢材就要多花200元人民币。 转机出现在2022年中国矿产资源集团的成立。 这家央企整合了国内钢铁厂的采购权，代表全国四成铁矿石进口量进行谈判，彻底改变了以往国内钢企分散 采购、被"逐个击破"的局面。 今年8月，中方在谈判中向必和必拓提出两个核心要求：用人民币结算，以及以80美元/吨的现货价格为基准锁定季度价格。 在澳方最初拒绝后，中国矿产 资源集团于9月30日发出暂停采购通知，导致谈判僵局公开化。 华东师范大学澳大利亚研究中心主任陈弘教授指出，这一举措撼动了美元主导的全 ...