Core Insights - The People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange jointly issued an announcement to support foreign institutional investors in conducting bond repurchase transactions in the Chinese bond market [1][2] - The new business initiative aims to further open up the interbank bond market and enrich the investment trading mechanisms for RMB assets [1][2] Group 1: Market Participation - Major institutions such as CITIC Securities and China International Capital Corporation have been selected as the first batch of cross-border repurchase market makers, successfully executing initial repurchase transactions [1][2] - Other banks, including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, and Shanghai Pudong Development Bank, are also actively participating in the cross-border bond repurchase market [2] Group 2: Transaction Mechanism - The announcement allows all types of foreign institutional investors to participate in bond repurchase transactions, significantly increasing market activity [2][3] - The new trading mechanism enables foreign investors to conduct repurchase transactions using mainstream international bond transfer models, enhancing transaction convenience and risk management capabilities [2] Group 3: Benefits for Foreign Investors - The bond repurchase business provides foreign investors with an efficient and convenient short-term financing channel, helping to reduce transaction costs and improve capital utilization [3] - It serves as an important tool for foreign institutions to achieve stable returns and diversify investment strategies, allowing deeper participation in the Chinese bond market [3]

格隆汇10月13日｜渣打集团行政总裁温拓思(Bill Winters)近日再次重申对中国市场的重视与信心。温拓 思表示，中国展现的创新活力与快速发展令人振奋，并认为中国政府提振市场信心、促进消费的措施行 之有效，经济韧性十足，今年实现5%左右增长目标"很有底气"。他特别关注中国向高品质发展转型的 路径，从世界工厂升级为150多个国家的主要贸易伙伴、清洁技术领导者，再到创新驱动释放新质生产 力，每一步都蕴含巨大机遇。人民币国际化、居民财富增长、企业跨境拓展，还有双碳目标下的绿色转 型，都是渣打想参与的赛道。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com ...

Core Insights - The People's Bank of China (PBOC) has been actively deepening foreign currency financial cooperation by signing bilateral currency swap agreements with multiple foreign central banks, enhancing the international use of the Renminbi [1][3] Group 1: Currency Swap Agreements - In 2023, the PBOC has signed or renewed bilateral currency swap agreements with eight foreign central banks, including the European Central Bank, the Swiss National Bank, and the Bank of Thailand [1] - As of September 30, 2023, the PBOC has established effective bilateral currency swap agreements with 32 countries and regions, covering major economies across Asia, Europe, Africa, the Americas, and Oceania [3] Group 2: Benefits of Currency Swaps - Currency swaps facilitate cross-border trade and investment, significantly promoting international economic development [4] - For example, the renewed currency swap agreement between the PBOC and the Central Bank of Brazil, which started in 2013, has helped deepen trade relations and maintain financial stability in the region [4] Group 3: Impact on Enterprises - Companies engaged in overseas operations can apply for local currency funding under the swap agreements, allowing them to quote and settle transactions in Renminbi or the counterpart's currency, thus stabilizing costs and profits [5] - This mechanism enables businesses to achieve more precise pricing and enhances their competitiveness in international markets [5] Group 4: Implications for the Renminbi - The expanding scale and scope of currency swaps indicate a growing willingness among countries to hold and use the Renminbi, reflecting an increase in its international recognition [6] - Currency swaps have become an essential part of the global financial safety net, enhancing financial autonomy and stability for participating countries [6]

Core Viewpoint - China has successfully gained pricing power over iron ore, marking a significant shift in the global iron ore market dynamics [1][3][18] Group 1: Background and Context - The struggle for iron ore pricing power between China and Australia has been ongoing for four years, with China being the largest iron ore importer globally [3][5] - Historically, Australia has dominated iron ore pricing, leading to perceived unfairness in international trade, especially given the significant dollar-denominated transactions [3][5] Group 2: Recent Developments - In August 2023, a major disagreement arose between Chinese and Australian companies regarding the pricing and currency for iron ore transactions, with China demanding RMB settlement and a price benchmark of $80 per ton [5][12] - Following the breakdown of negotiations, China announced a suspension of all iron ore imports from Australia's BHP, marking a significant escalation in the trade conflict [6][9] Group 3: China's Strategic Position - China's current high inventory levels and reduced domestic demand for iron ore provide it with leverage, allowing it to pause imports without immediate concern [9][11] - Other suppliers, such as Brazil's Vale and Australia's Fortescue Metals Group, are willing to accept RMB for transactions, further strengthening China's position [11][12] Group 4: Outcome and Implications - BHP has since agreed to settle iron ore trades in RMB starting from the fourth quarter, indicating a significant concession [12][14] - This shift means that approximately 70% of global iron ore trade will now be conducted in RMB, effectively granting China greater control over pricing [14][18] - The establishment of the China Mineral Resources Group has facilitated a unified procurement strategy, allowing China to negotiate from a position of strength [15][17] Group 5: Future Outlook - The successful negotiation is seen as a precursor to China potentially reclaiming pricing power over other commodities, challenging the dominance of the U.S. in global commodity pricing [18][20]

Core Viewpoint - The People's Bank of China (PBOC) has been actively deepening foreign currency cooperation and steadily advancing bilateral currency swap agreements, which enhance financial stability and facilitate trade and investment [1][2][3]. Group 1: Bilateral Currency Swap Agreements - In 2023, the PBOC has signed or renewed bilateral currency swap agreements with eight foreign central banks, including the European Central Bank and the Bank of Thailand [1]. - As of September 30, 2023, the PBOC has established effective bilateral currency swap agreements with 32 countries and regions, covering major economies across Asia, Europe, Africa, the Americas, and Oceania [3]. - The total scale of these currency swap agreements is approximately 4.5 trillion RMB, providing stable RMB liquidity globally [3]. Group 2: Economic Impact - Bilateral currency swaps facilitate cross-border trade and investment, significantly promoting international economic development [4]. - For example, the renewed currency swap agreement between China and Brazil, which started in 2013 with a scale of 190 billion RMB, enhances trade relations and market confidence, contributing to regional and global financial stability [4]. - Companies engaged in international trade can utilize local currency funds obtained through swaps, allowing them to quote and settle transactions in RMB or the counterpart's currency, thus stabilizing costs and profits [5]. Group 3: Implications for the RMB - The expanding scale and scope of currency swaps indicate a growing willingness among countries to hold and use RMB, reflecting an increase in the international recognition of the currency [6]. - Currency swaps have become an essential part of the global financial safety net, enhancing financial autonomy and stability for participating countries [6]. - The ongoing cooperation and trust-building between the PBOC and other central banks will further advance the internationalization of the RMB [7].

Core Insights - The People's Bank of China (PBOC) has been actively deepening foreign currency financial cooperation by signing bilateral currency swap agreements with multiple foreign central banks, enhancing the international use of the Renminbi [1][3] Group 1: Bilateral Currency Swap Agreements - In 2023, the PBOC has signed or renewed bilateral currency swap agreements with eight foreign central banks, including the European Central Bank and the Bank of Thailand [1] - As of September 30, 2023, the PBOC has established effective bilateral currency swap agreements with 32 countries and regions, covering major economies across Asia, Europe, Africa, the Americas, and Oceania [3] Group 2: Benefits of Currency Swaps - Bilateral currency swaps facilitate cross-border trade and investment, allowing businesses to settle transactions directly in their local currencies, thus avoiding the complexities and costs associated with converting currencies through the US dollar [2][4] - For companies operating overseas, currency swaps enable them to secure local currency funding, allowing for direct pricing and settlement in Renminbi or the local currency, which stabilizes costs and profits [5] Group 3: Economic Impact - The expansion of currency swap agreements is expected to enhance the international recognition of the Renminbi, contributing to its acceptance in global markets [6] - The ongoing development of these agreements is seen as a crucial part of the global financial safety net, promoting financial autonomy and stability among participating countries [6]

10月9日，上海，有色行业资讯平台发布消息：澳大利亚矿商必和必拓，已接受中国客户部分铁矿石用人民币结算。就在前后，彭博社还提到，国庆前夕中 国买家一度收紧了澳洲矿的采购。这两条放在一起说明买卖双方都在调打法。一步一步试，先从"部分货物、部分时间段"开口。 先说事实：中国这十几年一直是全球最大的铁矿石买家，年进口过10亿吨，多在海上运输。但过去大多用美元结算，定价也常跟着海外发布的价格走。结果 是，买得多，却总像是被牵着走。现在改用人民币结算，第一步是把汇率那道坎降下去。 再看澳大利亚这边。按澳统计局公开数据，2023年澳对华出口里，铁矿石金额超过千亿澳元，是绝对的大头。必和必拓、力拓这些企业的中国客户占比都很 高。这说明一个道理：谁的票子多，谁的话就重。用什么钱结，谈起来就有空间。 中国铁矿石进口占全球海运的七成多，这个体量不小。同样道理，体量大，并不等于立刻能拍板。核心是把来源多样化，把手里牌凑齐。用人民币结算，是 把"钱的牌"先亮了出来。 来源的变化，近两年很明显。巴西的淡水河谷已多次尝试用人民币完成铁矿交易，公开可查。几内亚的西芒杜项目全线推进，中国企业修铁路、建港口，争 取2025—2026年出第一船 ...

Core Viewpoint - The People's Bank of China (PBOC) has signed bilateral currency swap agreements with 32 countries and regions, enhancing international monetary cooperation and promoting economic development through increased liquidity and trade facilitation [1][3]. Group 1: Currency Swap Agreements - The PBOC has renewed bilateral currency swap agreements with the European Central Bank, Swiss National Bank, Hungarian National Bank, and Bank of Thailand in 2023, among others [1]. - As of September 30, 2023, the total scale of currency swap agreements reached approximately 4.5 trillion RMB, providing stable RMB liquidity globally [3]. Group 2: Benefits of Currency Swaps - Currency swaps facilitate cross-border trade and investment, allowing businesses to settle transactions directly in their local currencies, thus avoiding the complexities and costs associated with converting currencies through the US dollar [2][4]. - For example, the renewed currency swap agreement between China and Brazil, which started in 2013 with a scale of 190 billion RMB, has strengthened trade relations, making China Brazil's largest trading partner for 15 consecutive years [4]. Group 3: Impact on Enterprises - Companies engaged in international trade can apply for local currency funding under the swap agreements, enabling them to quote and settle transactions in RMB or the counterpart's currency, thus stabilizing costs and profits [5]. - This mechanism allows for more precise pricing and long-term planning, enhancing competitiveness in international markets [5]. Group 4: Implications for RMB Internationalization - The expansion of currency swap agreements indicates a growing willingness among countries to hold and use RMB, reflecting an increase in the international recognition of the currency [6]. - Currency swaps have become a crucial part of the global financial safety net, enhancing financial autonomy and stability for participating countries [7].

Core Insights - The CEO of Standard Chartered, Bill Winters, expressed strong confidence in the Chinese market after his recent visit, highlighting the impressive innovation and rapid development of China's new economy [1][2]. Group 1: Economic Growth and Opportunities - China's new economy demonstrates significant innovation and rapid growth, attracting global attention due to its high-level opening-up policies [3]. - The Chinese government is implementing effective measures to boost market confidence and promote consumption growth, with an expected GDP growth of around 5% for the year [3]. - China is transitioning towards high-quality development through innovation-driven models, becoming a global leader in clean technology and a major trading partner for over 150 countries [3][4]. Group 2: Financial Services and Market Participation - Standard Chartered is actively participating in the internationalization of the Renminbi and the opening of China's capital markets, positioning itself as a leading player in cross-border payment markets [4]. - The bank is involved in various cross-border connectivity mechanisms, such as Bond Connect and Stock Connect, which facilitate international investment and cooperation [4]. Group 3: Innovation in New Economy Sectors - Winters was particularly impressed by China's advancements in sectors like advanced chips, quantum computing, robotics, and artificial intelligence, noting that Chinese companies have established a global competitive edge in AI applications [5]. - The electric vehicle, battery technology, and clean energy sectors are areas where China maintains a leading position globally, contributing to healthier competition and better products for consumers [5]. Group 4: Regional Trade Dynamics - The ASEAN region has surpassed Europe to become China's largest trading partner, indicating a rapid expansion of intra-Asian trade relationships [6]. - Standard Chartered aims to leverage its global network to facilitate trade, capital, and wealth flows amid ongoing global uncertainties [6]. Group 5: Technological Investments - Standard Chartered is investing heavily in cutting-edge technologies, including artificial intelligence, to enhance cross-border financial services [7]. - The bank has signed a strategic cooperation memorandum with Alibaba Group to integrate AI technology into financial services, showcasing its commitment to innovation [7][8].

Core Viewpoint - The CEO of Standard Chartered, Bill Winters, emphasizes the strong innovation and rapid development of China's new economy, reinforcing the bank's commitment to deepening its presence in the Chinese market [2][4]. Group 1: China's Economic Resilience and Opportunities - China's economy is expected to achieve a growth target of around 5% this year, showcasing strong resilience [4]. - The Chinese government is implementing effective measures to boost market confidence and promote consumption growth [4]. - The transition towards high-quality development is supported by innovation-driven models, releasing new productive forces [4]. Group 2: China's Global Trade Position - China is not only the world's second-largest economy but also a major trading partner for over 150 countries, leading in clean technology [4]. - The ongoing high-level opening-up policies in China present significant opportunities in areas such as RMB internationalization and cross-border trade [4][5]. Group 3: Innovation in New Economic Sectors - Bill Winters is impressed by China's advancements in sectors like advanced chips, quantum computing, robotics, and artificial intelligence, establishing a global competitive edge [6]. - The electric vehicle and clean energy sectors are highlighted as areas where China maintains a leading position globally [6]. Group 4: Strategic Partnerships and Technological Investment - Standard Chartered is actively participating in RMB internationalization and the opening of China's capital markets, positioning itself as a leading player in cross-border payment markets [5]. - The bank is investing heavily in cutting-edge technologies, including AI, and has formed strategic partnerships, such as with Alibaba, to enhance financial services [8][9]. Group 5: Trade Dynamics in Asia - ASEAN has surpassed Europe to become China's largest trading partner, indicating a rapid expansion of intra-Asian trade [7]. - Standard Chartered aims to leverage its global network as a "super connector" to facilitate trade, capital, and wealth flow amid global uncertainties [7][8].