俄罗斯总理米舒斯京这次来中国，表面上带着笑容，心里却有着明确的任务——如何将俄罗斯账面上 的"巨额收入"变成真正能花得上的现金。这项任务非常艰巨，因为虽然俄罗斯从向中国和印度等国出售 石油和天然气中获得了丰厚的收入，但这些收入很多只是纸面上的数字，无法真正使用。 俄罗斯目前面临着严峻的经济问题，卢布的汇率不稳定，物价飞涨，国内经济困难。它虽然有很多收 入，却无法用这些钱购买国外的高科技产品和先进设备，因为西方对它实施了制裁。所以，俄罗斯面临 的是"看着有钱，花不了"的困境。米舒斯京这次访华的目的，就是要亲自谈判，解决这个"钱不能用"的 大问题。 中俄的经贸合作越来越紧密，去年两国的贸易额超过了2000亿美元，增长速度非常快。中国主要购买俄 罗斯的石油和天然气，而俄罗斯则从中国购买机械设备和日常用品。表面上看，双方合作愉快，但实际 情况更复杂，双方各有各的考虑。因此，尽管合作有需求，但其中的矛盾也不容忽视。 在这场谈判中，双方各有优势和劣势。俄罗斯的优势是，它有中国所需要的能源，尤其是在冬季即将来 临时，中国对天然气的需求很大。但俄罗斯的劣势是，它非常急需把能源转化为实际能用的钱，时间对 它不利。中国的优势是有 ...

Core Viewpoint - The suspension of RMB futures trading by the London Metal Exchange (LME) is perceived as a disconnect from market realities, as trading volumes for RMB-denominated copper contracts have significantly increased, contradicting LME's justification of low liquidity [1][2]. Group 1: Market Dynamics - The daily trading volume of RMB-denominated copper contracts reached 357,000 lots at the beginning of 2024, increasing to 482,000 lots by mid-2025, representing a growth of over 35% [1]. - The LME's decision coincides with a period of increasing international activity of the RMB in settlements, highlighting China's dominant position as the largest consumer of copper (53%), aluminum (57%), and rare earths (68%) [2]. Group 2: Global Trade Shifts - More mineral-exporting countries are shifting towards RMB settlements, as rejecting the RMB equates to rejecting the market [2]. - The rise in RMB settlements is not limited to minerals; it is also observed in sectors like iron ore from Australia and soybeans from Brazil, with Japanese companies leveraging RMB transactions to boost sales in China [4]. Group 3: Geopolitical Implications - The U.S. aims to monopolize mineral pricing through a "critical minerals alliance," reminiscent of the "petrodollar" system, but the rules of the game have changed in the era of renewable energy [4]. - The emergence of a buyer's market is reshaping global trade dynamics, with China's position as the largest buyer providing a natural advantage for the RMB [4]. - The internationalization of the RMB is progressing along the trajectory of trade flows, indicating an unstoppable momentum in the market [4].

中国央行的操作更具战略耐心。 2025年1月增持16万盎司，而10月仅增持3万盎司，呈现"低量多次"的特点。 这种节奏与金价波动形成微妙平衡：既避免推 高成本，又持续优化外汇储备结构。 目前黄金占中国外汇储备比重升至8.89%，仍远低于全球央行15%的平均水平，未来增持空间充足。 黄金储备与人民币国际化直接挂钩。 中国人民银行行长潘功胜在2025年陆家嘴论坛指出，人民币已成为全球第三大支付货币。 中国与30多个国家开设人民 币-黄金兑换通道，推动贸易结算去美元化。 柬埔寨甚至计划将黄金储备存放于深圳保税区金库，这可能引发连锁效应，加速黄金定价权东移。 2025年11月14日，国内黄金市场出现罕见分化：投资金条价格低于970元/克，而周大福足金饰品高达1333元/克，价差超300元。 这种分层源于黄金属性的分 裂，既是避险资产，又是社交货币。 清晨6点，北京某金店的销售员打开系统，看到周大福的金饰标价已跃至1333元/克。 柜台前，一位年轻顾客反复比对着两款古法金手镯的工费标签，最终 刷卡买下了单价更高的那件"攒金不如攒钱？ 现在得反过来了。 "与此同时，中国央行最新数据显示，截至2025年10月末，黄金储备已 ...

Core Viewpoint - The People's Bank of China emphasizes the need for financial reform to adapt to new tasks and challenges during the 14th Five-Year Plan period, focusing on enhancing the central bank system, improving financial services, and promoting a sustainable financial ecosystem [1][2]. Group 1: Central Bank System - The central bank's role is crucial in maintaining currency stability while enhancing macro-prudential management to ensure overall financial stability [1]. - A scientific and robust monetary policy system is to be constructed, balancing short-term tasks with long-term goals, and coordinating policies to improve macroeconomic governance [1]. Group 2: Financial Institutions - Financial institutions are encouraged to enhance the adaptability of their products and services, focusing on effectively serving the real economy and addressing major strategic areas and weak links [1][2]. - There is a need to balance profitability with functionality, expand inclusive finance, and improve support for economic structural adjustments and high-quality development [1]. Group 3: Financial Markets - Development of a comprehensive financial market is essential, focusing on direct financing through equity and bonds, improving market infrastructure, and enhancing investor protection [2]. - The aim is to promote orderly development of various markets, including currency, foreign exchange, gold, and derivatives, to facilitate effective resource allocation and risk management [2]. Group 4: Open Financial System - A higher level of open financial system is to be established, promoting trade and investment facilitation while expanding access to China's financial markets [2]. - The internationalization of the Renminbi and the enhancement of capital account openness are key objectives, alongside strengthening financial support for the Belt and Road Initiative [2]. Group 5: Sustainable Financial Ecosystem - The importance of a sustainable financial ecosystem is highlighted, focusing on clear property rights, fair competition rules, effective contract enforcement, and reasonable financing costs [2]. - Measures are to be taken to curb excessive competition within the financial industry and maintain a reasonable profit margin [2].

特朗普在高调宣扬美国实力逼中国让步之际，人民币国际化正悄然迈出关键一步，而西芒杜铁矿的投产正在静悄悄改变着中美实力对比的底层逻辑。 "我们和中国关系很好，但那是因为他们知道我强硬。 "特朗普在最近接受美媒采访时，再次展现了他标志性的自信。 他骄傲地认为，中国之所以愿意在贸 易谈判中达成协议，完全是因为美国实力太强，中国不敢招惹美国。 就在特朗普吹嘘美国实力的同一天，国际航空运输协会宣布正式将人民币纳入其清算所结算货币体系。 这一决定看似与经济无关，却深刻影响着中美实力 对比的底层逻辑。 特朗普的自信言论很快遭到了事实的打脸。 就在他夸耀"中国怕美国"的同时，美国政府却悄悄撤销了多项对华限制措施。 特朗普在福克斯新闻的采访中详细阐述了他的逻辑：美国的强大实力体现在两个方面，一是关税手段，二是军事实力。 他声称，正是这两大支柱让中国不 得不妥协。 但现实情况却大相径庭。 截至11月9日，美国政府已经停摆40多天，公共服务陷入瘫痪，甚至驻外军人的工资都需要盟友垫付。 这种国内困境迫使特朗普急 需一个"外交突破口"来转移视线。 与特朗普的"口头强国"形成鲜明对比的是，中国正在扎实推进人民币国际化进程。 11月5日，国 ...

Core Points - The Vice Governor of the People's Bank of China, Tao Ling, outlined five key directions for deepening financial reform [1][2] - Emphasis on developing a scientific and robust monetary policy system alongside a comprehensive macro-prudential policy framework [1] - The importance of enhancing the adaptability of financial institutions, products, and services to meet diverse investment and financing needs [1] Group 1 - The five key directions for financial reform include: 1. Accelerating the improvement of the central bank system 2. Enhancing the adaptability of financial institutions, products, and services 3. Establishing a well-functioning financial market 4. Building a higher-level open financial system 5. Creating a sustainable financial ecosystem [1] Group 2 - The need to balance development and security while promoting trade and investment facilitation, expanding the openness of China's financial market, and advancing the internationalization of the Renminbi [2] - The goal of constructing the Shanghai International Financial Center and consolidating Hong Kong's status as an international financial center [2] - The call to regulate "involutionary" competition in the financial industry to maintain reasonable profit margins and to encourage a healthy economic-financial cycle [2]

Core Insights - The Chinese economy is undergoing a significant structural transformation, transitioning from an export-driven model to a more balanced focus on domestic demand [1] - The future of high-quality development should not solely rely on replacing old industries but rather on the collaboration of new and old driving forces [1] - A fundamental reform of the social security system is essential to unlock true domestic consumption potential [3] Group 1: Economic Transition - The transition period is characterized by a notable rise in China's position within the value chain, providing strong support for the economy [1] - Emerging industries, particularly in artificial intelligence and automotive sectors, are showing unexpected performance, with China becoming the largest producer and exporter of vehicles [1][2] - The shipbuilding industry secured 75% of global orders last year, and over 50% of robots globally are now produced in China [2] Group 2: Importance of Traditional Industries - There is a need to avoid the misconception that only new economies matter, as traditional sectors remain crucial for economic stability [2] - Real estate plays a vital role in household wealth, accounting for over 50% of many families' assets, which is significantly higher than the stock market [2] - The urbanization rate in China is approximately 68%, indicating substantial unmet demand in housing and transportation [2] Group 3: Consumer Spending and Policy - Consumer spending is seen as a key variable in the "14th Five-Year Plan," with the government implementing substantial consumption policies [3] - Long-term reforms in the social security system are deemed more effective than short-term cash incentives for stimulating consumer spending [3] Group 4: Capital Market Development - The capital market is expected to play a more significant role in the national economy, with a focus on enhancing the financial weight of Chinese assets [4] - Key directions include promoting the internationalization of the RMB, nurturing truly global enterprises, and protecting investors to ensure healthy industrial development [4] - Achieving these goals will require patience and sustained efforts in the right direction [4]

智通财经记者 | 杨志锦 智通财经编辑 | 王姝 中国人民银行11月13日公布的金融统计数据显示，10月末流通中货币(M0)余额13.55万亿元，同比增长10.6%。 官方数据还显示，自从2022年以来，M0增速几乎一直保持10%以上，大多数时间也高于广义货币M2增速，而同期狭义货币M1增速非常低，一度出现负增 长。 智通财经记者根据同花顺 ifind、央行数据制图 M0代表流通中的现金，M0同比持续高增，说明社会上的现金越来越多，这跟很多人的直觉是相反的——在扫码支付非常普遍的中国，很多人可能一年到头 几乎不用现金进行支付，"现金消失论"一度甚嚣尘上。 按照10月末13.55万亿元的M0余额、14亿人口计算，意味着当前人均持有现金约1万元，而在2012年末M0余额为5.5万亿，人均持有现金仅仅0.4万元。换言 之，随着移动支付渗透率越来越高，人们持有的现金反而增加了。 智通财经记者采访了解到，近年来M0持续高增的原因可能有：持有现金成本下降、防御性储备需求增加、人民币国际化带来的境外现金需求增长、一些非 法活动的现金需求增长等。值得注意的是，过去10年中国积极发展数字人民币，数字人民币也定位于M0，但数字人 ...

Core Viewpoint - The London Metal Exchange (LME) has decided to stop all non-USD settled futures trading, effectively sidelining currencies like the RMB and Euro, which reflects a deeper political maneuver to maintain USD dominance in global markets [3][5][9]. Group 1: Impact on Currencies - The LME's decision primarily affects non-USD currencies, particularly the RMB and Euro, reinforcing the USD's position in international trade [5][9]. - This move is seen as a defense of USD hegemony amid a global trend towards "de-dollarization," with China pushing for greater international pricing power for the RMB [7][13]. Group 2: Market Dynamics - By excluding non-USD transactions, the LME risks driving trading volume away to other markets, such as the Shanghai Futures Exchange, which allows RMB pricing [11][19]. - The LME's actions may inadvertently accelerate the RMB's push towards financial autonomy and increase its presence in global commodity pricing [13][21]. Group 3: Future Outlook - In the short term, the RMB may face challenges in international metal trading, but this could stimulate a shift towards platforms that are more accommodating to RMB transactions [17][19]. - The LME's authority and relevance in the global market may decline as the trend of de-dollarization continues, potentially leading to a loss of market share to Asian exchanges [19][21].

CIPS系统这个被西方媒体刻意低调处理的金融基础设施，如今已经成为连接全球近5000家金融机构 的"金融丝绸之路"。185个国家几乎覆盖了全球绝大多数经济体。这些银行选择接入CIPS，不是因为政 治压力，而是基于最朴素的商业逻辑——谁都不想把自己的钱袋子交到别人手里任人宰割。 美元霸权的根基正在崩塌，这恐怕是华盛顿那些政客们始料未及的。中俄之间高达90%以上的本币结 算，以及中国CIPS系统连接185个国家近5000家银行的壮举，都在无声地宣告：去美元化已经从政治口 号变成了市场现实。 【人民币清算行进入俄罗斯已经8年了】 而这种局面的出现，与美国政府3年前的决定有关。2022年俄乌冲突爆发后，美国及其盟友对俄罗斯实 施的金融制裁，当时西方世界一片叫好，认为这记重拳足以让俄罗斯经济崩溃。可谁曾想，这记重拳最 终打在了美元霸权上，且效果显著。 当时，美国直接冻结了俄罗斯存放在欧美银行的3000亿美元外汇储备。欧洲银行还用这笔钱产生的利 息，给乌克兰提供军事援助，简直就是"明抢"。 就像那句话说的"欲使其灭亡，必先使其疯狂"。美国现在的做法，就像是在透支美元的最后一点信用。 当全球投资者意识到美国可能永远都还不清 ...