全球黄金储备的牌桌上，美国甩出8133吨的"王炸"，俄罗斯捏着2350吨的"对子"，中国手里攥着2264吨的底牌。这局牌打得比华尔街股市还刺激——美国用 黄金撑起美元霸权，俄罗斯拿黄金硬刚西方制裁，中国却闷声攒家底，暗地里把民间藏金堆到全球第一。黄金这玩意儿，咋就成了大国较劲的"硬通货"？ 美国这8133吨黄金，可不是天上掉下来的。当年二战打得热火朝天，欧洲国家忙着互扔炸弹，美国蹲在后方卖军火收黄金。1944年布雷顿森林会议一开，美 元直接挂钩黄金，全球75%的黄金都进了美联储的地下金库。您瞅瞅现在，这些金砖摞起来能填满整个篮球场，老美光靠吃利息就能养活华尔街那帮西装革 履的精英。 但黄金太多也是个包袱。美元霸权绑着黄金，就像骑虎难下——既要靠黄金撑场面，又怕别人掀桌子不用美元。特朗普最近关税调得比过山车还猛，还不是 仗着家里金库够厚实？不过话说回来，要是哪天全球集体抛美元换黄金，美联储的地下室怕是要被掏空。 但咱的黄金战略可不止攒家底。人民币国际化这盘大棋，黄金就是关键棋子。您看现在中俄贸易用本币结算，中东土豪买石油收人民币，背后没点黄金撑腰 谁敢接盘？更绝的是中国黄金产量全球第一，自家金矿每年挖出300多 ...

Core Viewpoint - The event "Yaji·Huangpu" roundtable salon aims to explore new opportunities and challenges for enterprises going abroad, promoting collaboration between Huangpu's outbound enterprises and professional service institutions [1] Group 1: Opportunities and Challenges - The global landscape is undergoing profound changes, making high-quality outbound expansion crucial for enterprise development and Huangpu's mission to support national strategies and enhance regional capabilities [5] - Outbound development is an effective way for enterprises to expand market space, optimize resource allocation, and enhance brand influence [6] - Huangpu's support for enterprises going abroad will help establish a key support point for the "dual circulation" strategy, enhance industrial capabilities, and increase international influence [6] Group 2: Huangpu's Strategic Advantages - Huangpu aims to leverage its financial, trade, professional services, and cultural advantages to create new pathways for capital going abroad and expand its global market presence [6] - The government is committed to improving public service platforms, building a global service network, and enhancing talent cultivation to support enterprises in their outbound journeys [6] Group 3: Financial and Professional Services - Huangpu will focus on the financial, professional, and technological service needs of outbound enterprises, providing comprehensive, efficient, and precise services to enhance compliance and optimize resource allocation [8] - The cross-border clearing company emphasizes its role as a main channel for cross-border RMB clearing, supporting the internationalization of the RMB and enhancing global service capabilities [10] Group 4: Event Highlights - The event featured a keynote speech on the "Shanghai International Financial Center's Action Plan for Enhancing Cross-Border Financial Service Convenience" and discussions on RMB settlement services for outbound enterprises [12] - Representatives from outbound enterprises and professional service institutions shared their experiences and case studies related to going abroad [13]

Core Insights - The "Swap Connect" has seen significant growth in trading volume, with daily transaction amounts increasing from approximately 3 billion RMB to over 22 billion RMB, marking a nearly sevenfold increase since its launch [1] - As of April 2025, 20 domestic quoting institutions and 79 foreign investors have participated, with over 12,000 transactions totaling a nominal principal amount of about 6.5 trillion RMB [1] - The People's Bank of China (PBOC) has introduced further optimization measures, including extending the interest rate swap contract duration to 30 years and expanding the product range to include swaps based on loan market quoted interest rates [1][2] Group 1 - The "Swap Connect" was officially launched on May 15, 2023, providing an efficient tool for managing RMB interest rate risks for domestic and foreign investors [1] - The extension of the interest rate swap contract duration is significant, as previous contracts rarely exceeded 5 years, aligning with the active trading characteristics of 10-year and 30-year government bonds [1] - The optimization measures are expected to enhance liquidity in the market and attract more institutions to participate, catering to diverse trading strategies of foreign investors [1] Group 2 - Previous optimization measures were implemented in May 2024, which included contract compression services and the introduction of swaps with international currency market settlement dates [2] - The ongoing optimization of the "Swap Connect" mechanism is anticipated to promote collaborative development between the financial derivative markets of mainland China and Hong Kong, reinforcing Hong Kong's position as a preferred offshore RMB market for international investors [2] - The PBOC aims to continuously improve related mechanisms to steadily advance the opening of China's financial markets and support the prosperity of Hong Kong as an international financial center [2]

数据是个宝 数据宝 投资少烦恼 宏观新闻 央行：拟进一步丰富"互换通"产品类型 据中国人民银行消息，为进一步促进内地与香港金融衍生品市场协同发展，推动金融高水平对外开放， 中国人民银行、香港证券及期货事务监察委员会、香港金融管理局在充分总结"互换通"运行经验、认真 听取境内外投资者意见建议的基础上，拟进一步丰富"互换通"产品类型。一是延长合约期限，延长利率 互换合约期限至30年，满足市场机构多样化风险管理需求；二是扩充产品谱系，推出以贷款市场报价利 率（LPR）为参考利率的利率互换合约。两地金融市场基础设施机构将陆续上线以上优化措施。下一 步，内地与香港金融管理部门将继续指导两地金融市场基础设施机构，根据"互换通"的运行情况，持续 完善相关机制安排，稳步推动中国金融市场进一步对外开放，稳慎扎实推进人民币国际化，支持香港国 际金融中心繁荣发展。 最高法、证监会：对于"小作文"损害他人权益且构成犯罪的，依法追究刑事责任 最高人民法院、证监会联合发布的《关于严格公正执法司法 服务保障资本市场高质量发展的指导意 见》提到，依法打击编传虚假信息、"维权黑产"、发行上市环节不正当竞争等干扰市场正常运行、扰乱 资本市场秩序 ...

熊猫债募集资金用途广泛，既可用于境内项目建设及业务发展，也可用于海外运作。中国债券市场利率 近年来相对较低，熊猫债融资成本优势持续强化，不少发行人将熊猫债作为境外直接获取人民币的重要 融资渠道。与此同时，中国人民银行持续推动优化熊猫债发行管理，在发行机制、信息披露、可持续发 展、资金使用等方面不断为境外发行人提供便利，市场创新持续深化，进一步巩固了熊猫债的吸引力。 本报北京5月15日电 （记者吴秋余）记者从中国人民银行获悉：在有利的政策及市场环境下，熊猫债市 场不断提质扩容，规模屡创新高，展现出全球资本对人民币资产的信心与青睐。2024年，银行间市场熊 猫债年度发行量约1858亿元，市场规模近3000亿元；今年前4月，熊猫债累计发行规模622亿元，继续保 持快速增长势头。 熊猫债是境外机构在中国境内发行的以人民币计价的债券，既是推动我国债券市场开放的重要举措，也 是拓宽人民币跨境融资渠道，助力人民币国际化进程的重要工具。 "中国金融高水平开放不断深化，熊猫债市场创新日益活跃，制度安排愈加国际化，资金使用更加便 利。"中国人民银行行长潘功胜介绍，熊猫债吸引越来越多的国际投资者，反映他们参与中国金融市场 的坚定信 ...

Group 1 - The People's Bank of China, the Hong Kong Securities and Futures Commission, and the Hong Kong Monetary Authority announced enhancements to the "Swap Connect" product types, which were welcomed by the Hong Kong industry [1] - The optimization measures include extending the interest rate swap contract duration to 30 years and introducing interest rate swap contracts referencing the Loan Prime Rate (LPR) [1] - The Hong Kong government supports the continuous optimization of the "Swap Connect" mechanism, aiming to promote the coordinated development of financial derivative markets between mainland China and Hong Kong [1] Group 2 - Bank of China (Hong Kong) stated that the optimization measures will provide greater operational space and diverse options for overseas investors in managing RMB interest rate risks [2] - The Hong Kong Stock Exchange plans to collaborate with the China Foreign Exchange Trade System and the Interbank Market Clearing House to further enrich the product duration and types under "Swap Connect" [2] - The initiatives are expected to enhance the attractiveness of the domestic RMB interest rate derivatives and RMB bond markets [1][2]

Core Viewpoint - The article discusses the launch and ongoing development of the "Swap Connect" initiative between mainland China and Hong Kong, aimed at enhancing financial market connectivity and promoting the internationalization of the Renminbi [1][2]. Group 1: Launch and Initial Performance - The "Swap Connect" officially launched on May 15, 2023, as part of China's strategy to gradually open its financial markets [1]. - Since its launch, the trading volume of "Swap Connect" has been steadily increasing, with over 12,000 transactions and a total nominal principal amount of approximately 6.5 trillion RMB by the end of April 2025 [1]. Group 2: Future Developments - In May 2024, further optimizations to the "Swap Connect" mechanism will be implemented, including new contract types and features to facilitate risk management for foreign institutions [1]. - Planned enhancements include extending the contract duration for interest rate swaps to 30 years and introducing swaps based on the Loan Prime Rate (LPR) [1]. Group 3: Regulatory Support - The People's Bank of China, along with Hong Kong's financial regulatory bodies, will continue to guide the development of financial market infrastructure to support the ongoing opening of China's financial markets [2].

Core Insights - The "Swap Connect" initiative between mainland China and Hong Kong was officially launched on May 15, 2023, to enhance the financial market's openness and facilitate cross-border RMB interest rate risk management [1] - Since its launch, the trading volume of the "Swap Connect" has been steadily increasing, with over 12,000 RMB interest rate swap transactions completed by 20 domestic quoting firms and 79 overseas investors, totaling a nominal principal amount of approximately 6.5 trillion RMB by the end of April 2025 [1] - Future enhancements to the "Swap Connect" will include extending the contract duration to 30 years and introducing interest rate swap contracts based on the Loan Prime Rate (LPR), aimed at meeting diverse risk management needs of market participants [1] Summary by Categories Market Development - The "Swap Connect" is part of a broader strategy to promote the high-level opening of China's financial market and support the internationalization of the RMB [1] - The initiative aims to improve the willingness of overseas investors to allocate RMB assets by providing more convenient tools for managing RMB interest rate risks [1] Product Innovation - Upcoming optimizations will introduce new product types, including longer-term contracts and swaps referencing the LPR, to cater to the evolving needs of market institutions [1] - Financial market infrastructure institutions in both regions will gradually implement these enhancements [1] Regulatory Collaboration - The People's Bank of China, the Hong Kong Securities and Futures Commission, and the Hong Kong Monetary Authority are collaborating to refine the "Swap Connect" framework based on operational experiences and feedback from domestic and international investors [1]

Core Viewpoint - The "Swap Connect" mechanism has successfully operated for two years, providing a convenient tool for foreign investors to manage interest rate risks, enhancing the value of RMB assets and promoting the internationalization of China's bond market [1][3]. Group 1: Market Performance - The "Northbound Swap Connect" was launched to facilitate transactions between foreign investors and mainland financial institutions, with significant initial participation [2]. - On the first day of operation, 20 quote providers and 27 foreign investors executed 162 RMB interest rate swap transactions, totaling a nominal principal of 8.259 billion RMB [2]. - In 2024, the total number of transactions reached 6,328, with a nominal principal of 36,595.99 billion RMB, and 74 foreign investors participated [2]. - As of March 2025, there were 2,636 transactions with a nominal principal of approximately 14,124.16 billion RMB, involving 79 foreign investors [2]. Group 2: Investor Diversity - The number of foreign investors participating in "Swap Connect" has been steadily increasing, with a diverse geographical distribution including investors from Hong Kong, Singapore, the Middle East, and South Korea [2][3]. Group 3: Mechanism Optimization - The "Swap Connect" mechanism has undergone continuous optimization, with significant enhancements made in May 2024, including the introduction of new product types and improved functionalities [4]. - The Hong Kong Stock Exchange announced that starting January 13, 2025, offshore investors can use onshore government bonds and policy financial bonds as collateral for "Northbound Swap Connect" transactions, increasing flexibility and efficiency [4]. Group 4: Future Outlook - The Chinese bond market, being the second largest globally, is expected to attract more foreign capital due to its vast investment opportunities and inclusion in major international bond indices [5]. - Factors such as stable economic growth, ongoing market opening, and improved access for foreign institutions are enhancing the international appeal of the Chinese bond market [5].