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 ...

External Environment Trends - The global political and economic landscape is experiencing deep adjustments, with increasing polarization and geopolitical conflicts, leading to a more complex international environment [2][19][20] - The rise of "global south" countries is weakening the US-led unipolar system, resulting in a shift towards a multipolar world where developing countries seek strategic autonomy [2][19][24] - The global governance system is undergoing reconstruction, with traditional multilateral institutions losing effectiveness and the emergence of "mini-lateralism" and flexible alliances [2][20][21] Technological Competition - The technology sector is becoming the core battleground for global competition, with increasing "techno-nationalism" leading to technology blockades and export controls, particularly against China [3][22][23] - China's long-term investment in technological innovation is expected to yield results, potentially entering a period of technological explosion, especially in green, digital, and AI sectors [3][22][23] Economic Growth and Trade - Global economic growth is projected to slow down, with an average annual growth rate of 3.1% over the next five years, lower than the previous five years [2][23][24] - Trade protectionism is on the rise, with global trade growth expected to average 3% annually, below the economic growth rate, indicating a significant adjustment in global trade dynamics [2][26][27] Investment Focus - Investment during the "15th Five-Year Plan" period will prioritize human-centered development, focusing on improving living standards and future industries [10][11] - Key investment areas include infrastructure for public health, elderly care, and digital transformation, with a strong emphasis on green and smart technologies [11][12][13] Financial Market Dynamics - The international financial market is characterized by divergence, with major economies adopting different monetary policies, leading to increased volatility in currency exchange rates [4][32][33] - The dominance of the US dollar is declining, with a growing trend towards a multi-currency system, where the euro and renminbi are gaining prominence [5][34] Consumer Trends - Domestic consumption is expected to grow steadily, with a shift towards more personalized and diversified consumer demands driven by technological advancements [7][8][9] - The aging population is creating a burgeoning silver economy, with significant growth in demand for elderly care products and services [9][10]

Core Insights - The issuance of offshore RMB local government bonds by the Bank of China in Hong Kong aims to fund qualified green, blue projects, and major infrastructure projects in Nansha District, Guangzhou [1][2] - The bond issuance scale is RMB 7.5 billion, with different maturities and interest rates, indicating strong investor interest with an order book peak of RMB 20 billion and a subscription multiple of 2.7 times [1] Group 1 - The Bank of China served as the joint global coordinator, joint lead underwriter, and settlement agent for the bond issuance, providing comprehensive services including underwriting, cross-border clearing, and market research [1] - The bonds consist of three tranches: a 3-year green bond of RMB 3.5 billion at 1.72%, a 5-year Nansha-themed bond of RMB 2.5 billion at 1.80%, and a 10-year blue bond of RMB 1.5 billion at 2.09% [1] - The issuance is part of Guangdong Province's strategy to enhance cooperation within the Guangdong-Hong Kong-Macao Greater Bay Area and support the internationalization of the RMB [2] Group 2 - Guangdong Province is the first in China to issue local government bonds in both Hong Kong and Macau, aiming to attract international investors and enhance cross-border financial cooperation [2] - The Bank of China has facilitated the issuance of RMB 10 billion in offshore local government bonds for Guangdong Province this year, reinforcing financial market connectivity in the Greater Bay Area [2]

Group 1 - The core viewpoint of the articles highlights the significant growth and global dominance of China's manufacturing sector, which has seen its value-added manufacturing increase from 26.6 trillion yuan to 33.6 trillion yuan from 2020 to 2024, contributing over 30% to global manufacturing growth during the 14th Five-Year Plan period [2][3][4] - China's manufacturing value-added accounted for approximately 30% of the global total, maintaining the largest share for 15 consecutive years, with projections indicating it could rise to 45% by 2030 [6][9] - The manufacturing sector's output is primarily driven by domestic demand, with less than 30% of production being exported, indicating a strong internal market [14][15] Group 2 - The automotive and semiconductor industries are identified as key areas for growth, with China's automotive production expected to reach 31.28 million units in 2024, accounting for 33.8% of global output [10][11] - Despite the strong performance in manufacturing, challenges remain in specific sectors such as semiconductors, where China faces significant trade deficits, highlighting the need for improvement in these critical areas [12][18] - The articles emphasize the importance of China's manufacturing capabilities in supporting various sectors, including agriculture and services, and the potential for further development in the third industry [58][59] Group 3 - The articles discuss the implications of China's manufacturing strength on global trade dynamics, noting that China's trade surplus has reached unprecedented levels, significantly impacting the global economy [17][30] - The manufacturing sector's ability to adapt and respond to global demands is underscored, with the potential for continued expansion in international markets, particularly in developing regions [22][25] - The articles also highlight the increasing internationalization of the renminbi, driven by China's manufacturing exports, which is reshaping global payment systems [31][33] Group 4 - The articles point out the internal challenges within China's manufacturing sector, including issues related to overcapacity and the need for regulatory oversight to ensure fair competition [54][56] - The manufacturing industry's employment impact is significant, with approximately 1.3 billion people employed in this sector, underscoring its role in the broader economy [56] - The articles conclude that while China's manufacturing sector has achieved remarkable growth, it must navigate both domestic and international challenges to sustain its competitive edge [58][59]

Group 1: Trade Relations and Tariffs - The U.S. has increased tariffs on Chinese imports to 20%, affecting a wide range of products from electronics to machinery, while China retaliated with a 15% tariff on U.S. agricultural products like soybeans and corn [2] - The trade war has disrupted global supply chains, increased costs for businesses, and led to higher prices for U.S. consumers, exacerbating inflationary pressures [2] - The U.S. aims to protect its industries through tariffs, but this strategy has resulted in negative consequences for both American farmers and consumers [2] Group 2: Semiconductor and Technology Restrictions - The U.S. has expanded export controls on AI chips and semiconductor equipment, making it increasingly difficult for Chinese companies to access advanced technologies [4] - This strategy has led to significant losses in the German automotive sector due to chip shortages, highlighting the interconnectedness of global supply chains [4] - The U.S. approach is seen as a zero-sum game that may deplete its diplomatic resources and create a "China trap" [4] Group 3: Rare Earth Elements and Broader Trade Dynamics - The U.S. plans to impose an additional 100% tariff on Chinese goods and expand software export controls, prompting China to strengthen its rare earth export controls [6] - Rare earth elements are critical for various industries, and the U.S. military is particularly vulnerable due to its reliance on these materials [6] - The trade conflict is evolving from purely economic to a broader trade struggle, affecting not only the U.S. and China but also European countries [6] Group 4: Economic Outlook and Trade Volumes - The U.S. GDP growth forecast for the first half of 2025 has been revised down to 2.1%, with inflation remaining around 3.5% [8] - In contrast, China's economy is showing resilience with diversified exports and increasing trade volumes with EU countries, which rose by 8% in the first half of 2025 [8] - The U.S. strategy to contain China is inadvertently strengthening economic ties between China and its allies [8] Group 5: Public Sentiment and Political Dynamics - A growing number of Americans are expressing fatigue over the trade war, with 56% feeling economic difficulties are increasing [10] - There is a notable decline in trust towards U.S. leadership among allies, with only 45% of Australians considering the U.S. reliable [10] - The American public is increasingly focused on domestic issues rather than viewing China as the primary threat [16] Group 6: International Relations and Cooperation - The U.S. continues to use Taiwan as a bargaining chip, which may escalate tensions rather than foster cooperation [12] - Despite the tensions, there are indications of ongoing communication between the U.S. and China, suggesting a willingness to negotiate [20] - The Belt and Road Initiative is expanding, with significant investments and partnerships that enhance China's global economic influence [22] Group 7: Currency and Financial Systems - The internationalization of the Renminbi is progressing, with over 85 central banks incorporating it into their reserves, totaling over $350 billion [22] - The establishment of a currency swap network is enhancing financial security and facilitating trade, signaling China's intent for cooperative economic relations [24] - The U.S. is facing challenges as its "America First" policy loses appeal in the global market [26] Group 8: Future Outlook - While conflicts may persist, the risk of a direct confrontation between the U.S. and China remains low, as both nations recognize the need for stability [26] - The emphasis on cooperation in addressing global challenges like climate change and pandemic recovery is becoming more prominent [27] - The overarching narrative suggests that peace and development are the prevailing trends, with zero-sum thinking likely to be abandoned in favor of mutual benefits [27]

Core Viewpoint - The global shipping industry is facing significant challenges due to geopolitical changes and supply chain instability, yet there are opportunities for growth and innovation in the sector [1][2]. Current "Weather" - The international shipping industry is described as being in a "stormy" situation, influenced by four main factors: global economic growth, energy transition, new ship orders, and trade friction [2][3]. - The International Monetary Fund (IMF) projects global economic growth rates of 3.2% for this year and 3.1% for next year, indicating ongoing trade growth despite challenges [2]. - The shipping industry may face pressure in container shipping and potential losses by 2026 due to new ship order ratios and overcapacity issues [2][3]. China's "Path" - China's shipping industry has shown growth in key metrics, with a projected 9.5% increase in fixed asset investment and significant increases in cargo throughput and container volume [4]. - The focus on green and intelligent development is evident, with a growing number of new energy vessels and automated terminals [4][5]. - The introduction of the first methanol dual-fuel container ship and advancements in green fuel supply systems highlight China's commitment to sustainable shipping practices [6][7]. Future "Direction" - The global shipping industry remains a critical pillar of the economy, with China accounting for approximately 31% of global shipping volume [8]. - Despite a slight slowdown in global trade growth, there are signs of recovery, particularly in the oil tanker market [8][9]. - China is expected to deliver 52% of the world's new ships this year, reinforcing its importance in the global shipping market [8]. Strategic Recommendations - Suggestions for enhancing shipping productivity include strengthening supply chain collaboration, promoting data connectivity, and integrating AI technology into shipping operations [5][10]. - The need for a resilient supply chain system that incorporates technology, safety, and sustainability is emphasized [10][11]. - Financial support for the shipping industry's low-carbon transition and digital integration is crucial for future growth [12].

Core Viewpoint - The forum emphasizes the importance of enhancing Sino-European asset management cooperation amidst a complex international economic landscape, aiming to establish a resilient and forward-looking cross-border investment cooperation system [1][2]. Group 1: Current Economic Environment - The international political and economic environment is complex, with weakening global economic growth, yet China's economy demonstrates strong resilience and potential for long-term stability [2]. - Frequent high-level interactions between China and Europe have deepened financial cooperation, with the People's Bank of China signing currency swap agreements with several European central banks, laying a solid foundation for asset management openness [2]. Group 2: Shanghai's Financial Market Development - Shanghai's financial market is increasingly open, with the RMB gaining global attention as an investment and reserve currency, attracting European sovereign institutions and asset managers to the Chinese stock and bond markets [3]. - In the first half of 2025, Shanghai's GDP reached 2.6 trillion yuan, growing by 5.1%, with the financial sector contributing 250 billion yuan, an 8.8% increase, highlighting the city's economic strength and its role as an international financial center [3]. Group 3: Policy and Institutional Support - Shanghai is promoting the aggregation of financial institutions and enhancing financial service functions, currently hosting over one-third of foreign banks and nearly half of foreign insurance institutions in China [4]. - The Shanghai Stock Exchange has signed a cooperation memorandum with the Swiss Exchange to advance cross-border openness, while the city continues to optimize cross-border financial services and improve the internationalization of financial institutions [4]. Group 4: Global Investment Trends - International institutions are increasingly allocating assets to China, with market liquidity, low interest rates, and trends towards technological competition and de-dollarization driving this interest [6]. - As of June, foreign investments in stocks, bonds, deposits, and loans have seen synchronized growth, with net inflows exceeding 60% of the total for 2024 [6]. Group 5: Sector Performance and Opportunities - From 2022 to 2024, energy and financial sectors have shown resilience, while 2025 is expected to highlight sectors related to artificial intelligence, pharmaceuticals, and materials, attracting European investors [8]. - China is leading in innovative drug development, with clinical-stage innovations accounting for 50% of global totals, and companies like BYD dominating the electric vehicle and autonomous driving sectors [8]. Group 6: Sino-European Financial Cooperation - The cooperation between China and Europe is characterized by accelerated infrastructure connectivity and deepening policy communication, with the use of RMB in bilateral cooperation becoming increasingly diverse [10]. - The London Stock Exchange is implementing financial market reforms to enhance its competitiveness, while also developing more RMB-denominated financial instruments to meet the growing demand in Sino-European markets [11]. Group 7: Future Outlook - China Bank aims to leverage its global operations to strengthen connections between Chinese and European financial markets, focusing on green finance, technological empowerment, product innovation, and risk management [15]. - The signing of a strategic cooperation memorandum between the Shanghai Asset Management Association and the German Investment Fund Association marks a significant step in Sino-European asset management collaboration [15].

Core Insights - The share of the Chinese yuan in global transactions has reached 8.5%, an increase of 1.5 percentage points over the past three years, marking the largest growth among all currencies [1][2][5] Market Dynamics - The rise of the yuan is attributed to accelerated internationalization, with more countries and enterprises opting for yuan in cross-border transactions, moving from a dollar-centric approach to a more diversified currency usage [2][5] - China's push for local currency settlements and bilateral swap agreements has facilitated the normalization of yuan settlements in major commodity transactions [2][5] Global Environment - The global reliance on the US dollar is gradually diminishing due to its increased volatility and concerns over the US financial system, creating an opportunity for the yuan to emerge as a viable alternative [5][9] - Despite US attempts to limit the yuan's international use through financial restrictions, the yuan's acceptance and usage have continued to grow, indicating a market shift that is not solely dictated by US interests [7][9] Structural Changes - The global monetary system is undergoing a significant transformation, moving from a dollar-dominated structure to a dual-track system where multiple currencies coexist [11][14] - The yuan is transitioning from a supplementary role to a primary pathway in international transactions, particularly in regions like Asia, Africa, and Latin America [11][13] Future Outlook - The rise of the yuan signals a deeper structural change in the global financial landscape, with a potential shift towards a more balanced international monetary system where multiple currencies play significant roles [16][17] - The ongoing development of digital yuan is enhancing the convenience of cross-border payments, contributing to the gradual normalization of yuan-denominated financial products in international markets [13][16]

Core Insights - Bloomberg is the first global index provider to include Chinese bonds in mainstream global indices, offering a unique perspective on the Chinese bond market through its flagship Bloomberg China Fixed Income Index series [3] - The Bloomberg China Aggregate Index recorded a return of -0.36% in September, with a year-to-date return of 0.06%, while the 30-day volatility showed a downward trend [5][7] - The China Treasury and Policy Bank Index also reported a return of -0.32% in September, while the China USD Credit (Kungfu) Index achieved a return of 0.86% for the month and 6.67% year-to-date [5][7] Index Performance Summary - The China Aggregate Index (I08271CN) had a month-to-date return of -0.36% and a year-to-date return of 0.06%, with an index level of 243.09 [7] - The China Treasury Index (I08273CN) recorded a month-to-date return of -0.44% and a year-to-date return of -0.15%, with an index level of 232.73 [7] - The China USD Credit (Kungfu) Index (I29380US) had a month-to-date return of 0.86% and a year-to-date return of 6.67%, with an index level of 202.13 [7] Market Developments - On September 26, China announced the opening of its domestic bond repurchase market to foreign investors, aligning with international practices and potentially accelerating the internationalization of Chinese bonds and the renminbi [13] - This reform aims to attract long-term capital inflows and may help mitigate short-term capital outflows, with the cross-border repurchase settlement volume through the Bond Connect expected to increase significantly [13] - Strong current account surpluses and high savings rates indicate China's robust domestic financial strength, which can act as a buffer in the event of mismatches in the dollar financial market [13]