"今年的广交会更加火爆了！"一位参展商如是感叹道。 广交会是中国对外贸易的重要平台，也是外籍客商大规模来穗的重要时间节点。当前，美国关税风暴席 卷全球，而正在举办的第137届广交会不仅未受其影响，反而愈加昌盛，目前已吸引了近17万名境外采 购商、超3万家全球展商预约参展，再度成为全球经贸焦点。 为服务好境外采购商、全球展商，广东金融监管部门、金融机构组成合力，进一步优化产品和服务，为 稳外贸和高水平对外开放注入金融动能。 便利海外客商金融需求 广交会期间，外籍人士密集来华，并衍生了大量金融需求，诸如换汇、支付等。 第一财经从外汇局广东省分局获悉，该局采取多项举措确保满足外籍客商入境第一站的兑换需求。 包括编制《外籍来穗人员兑换服务指南》，标注广州兑换设施地址和联系方式，联合中国对外贸易中心 以邮件形式发送至每一位参展客商，并通过机场到达区的显示屏、公众号等多途径多方式进行宣传，扩 大辐射面和影响面。 同时，支持在白云机场到达厅新设兑换特许机构网点，无缝衔接广交会期间来穗外商货币兑换需求。 数据显示，4月13日至19日，在广州白云机场办理结汇的外籍人士6131人，结汇金额1290万元，较去年 广交会同期分别大幅 ...

Investment Rating - The investment rating for the computer industry is "Strongly Outperform the Market" and is maintained [1]. Core Viewpoints - The report highlights a significant increase of 43% in CIPS transactions, indicating an acceleration in the internationalization of the Renminbi [1][22]. - The cross-border digital payment industry is experiencing continuous growth, with the market size reaching 7.5 trillion RMB in 2024 [22][24]. - The integration of CIPS and digital RMB is transforming the cross-border payment landscape, with digital RMB trials expanding to 129 countries and regions [22][24]. Summary by Sections Section 1: Cross-Border Payment System - CIPS + Digital RMB - CIPS is a wholesale payment system dedicated to Renminbi cross-border payment and settlement, aimed at enhancing efficiency and security in cross-border transactions [7][9]. - Digital RMB, issued by the People's Bank of China, is a legal digital currency that supports various payment scenarios and is equivalent to physical cash [11]. Section 2: CIPS Growth and Globalization of Renminbi - The cross-border digital payment industry is projected to grow significantly, with CIPS processing 821.69 million transactions worth 175.49 trillion RMB in 2024, marking a year-on-year increase of 42.60% [22][24]. - The demand for cross-border payments is surging due to the rise of e-commerce platforms and the "Belt and Road" initiative, which enhances payment needs in emerging markets [24][26]. Section 3: Investment Opportunities in Technology and Applications - Investment opportunities are identified in the underlying technologies for digital RMB, including blockchain and smart contracts, which are crucial for its implementation [36]. - The report emphasizes the need for hardware upgrades to support digital RMB transactions, with companies like Guangdian Yuntong and Lakala poised to benefit from this demand [36][39]. - The digital RMB's programmability offers innovative solutions for supply chain finance and cross-border trade, with companies like Yuxin Technology and Changliang Technology expected to take on more customized projects [36][39]. Section 4: Target Identification - The report outlines potential investment targets related to digital RMB and CIPS, focusing on companies that are positioned to benefit from the growth of cross-border payment systems and digital currency applications [48].

Core Viewpoint - The upgrade of the CIPS system marks a significant advancement in the financial management capabilities of state-owned enterprises (SOEs) in China, enhancing their cross-border fund management and operational efficiency [1][4]. Group 1: CIPS System Implementation - The CIPS (Cross-border Interbank Payment System) has been identified as a key solution for the challenges faced by SOEs in managing funds across multiple bank accounts [2]. - The successful launch of the "CIPS cross-bank account centralized visibility" feature allows SOEs to directly access subsidiary financial information, significantly improving fund utilization efficiency [2][3]. Group 2: Technological Advancements - The "2.0" version of the SOE treasury service has upgraded the frequency of cross-bank account queries from once a day to real-time, enabling precise monitoring of fund flows [3]. - The new system automates fund allocation, reducing reliance on manual processes and minimizing operational risks while enhancing efficiency and accuracy [3]. Group 3: Strategic Implications - The upgrade aligns with the State-owned Assets Supervision and Administration Commission's (SASAC) goals for building a robust treasury information system that ensures visibility and control over all subsidiary accounts [3]. - The real-time visibility feature allows SOEs to monitor overseas subsidiary funds effectively, enhancing their ability to manage global capital efficiently [3].

著名经济学家宋清辉表示，方案出台与服务共建「一带一路」倡议紧密相关，他建议内地可从四方面发力，以更好推动人民币在共建「一带一 路」国家，及中东等新兴市场的使用。一是与更多共建「一带一路」国家和中东地区国家央行签署货币互换协议，积极推动「以本币或人民币结 算」的双边贸易和投资；二是在重点国家设立人民币清算行，或指定当地银行作为人民币结算机构，便利当地企业、居民获得人民币服务；三 是，大力鼓励中资金融机构在上述地区提供更具吸引力的人民币贸易融资和出口信用保险服务，降低企业使用人民币的风险；四是，建议在亚洲 基础设施投资银行、新开发银行等国际金融机构中，积极推广使用人民币开展投融资。 | | | | 中国人民银行 THE PEOPLE'S BANK OF CHINA | | | | --- | --- | --- | --- | --- | --- | | 信息公开 | 新闻发布 | 法律法规 | 货币政策 | 宏观审慎 | 信贷政策 | | | 金融科技 | 人民币 | 经理国库 | 国际交往 | 人员招录 | | 服务互动 | 政务公开 | 政策解读 | 公告信息 | 图文直播 | 央行研究 | | | 网送文 ...

Core Insights - The continuous advancement of the "Belt and Road" initiative has significantly enhanced economic and financial cooperation between China and partner countries, particularly in cross-border RMB transactions [2][3] Group 1: Cross-Border RMB Transactions - In Q1 of this year, the cross-border RMB transaction amount between China and Malaysia reached 102 billion yuan, a year-on-year increase of 27% [2] - The cross-border RMB transaction amount with Cambodia was 5 billion yuan, growing by 45% year-on-year, with goods trade transactions amounting to 1.3 billion yuan, up 23% [2] - In the previous year, the total cross-border RMB transaction amount between China and Malaysia exceeded 300 billion yuan, ranking second among ASEAN countries, with a year-on-year growth rate of 29% [3] Group 2: Policy and Institutional Support - The People's Bank of China and Bank Negara Malaysia have closely collaborated to create a favorable policy environment for bilateral currency settlement, including signing a bilateral currency swap agreement in 2009 [2][3] - In 2023, a memorandum was signed to establish RMB clearing arrangements in Cambodia, with the Bank of China in Phnom Penh designated as the clearing bank [3][4] Group 3: Financial Services and Product Development - Bank of China (Malaysia) has expanded its service offerings, providing a comprehensive range of financial services, including credit, international settlement, trade financing, and cash management, to support Chinese enterprises in market expansion [3] - The Bank of China in Phnom Penh has launched new products, including direct exchange between RMB and Cambodian riel, enhancing settlement options and reducing currency exchange costs [4][5] Group 4: Future Outlook - The use of RMB in cross-border trade and investment is expected to broaden and deepen as China's foreign trade becomes increasingly diversified [5] - The People's Bank of China plans to continue improving policies for cross-border RMB usage, facilitating a more favorable environment for businesses engaging in cross-border trade and investment [5]

4月23日，中国人民银行举行新闻发布会，介绍《上海国际金融中心进一 步提升跨境金融服务便利化行动方案》（以下简称《行动方案》）有关情 况。此前，4月2 1日，中国人民银行、国家金融监督管理总局、国家外汇 局和上海市人民政府联合印发了《行动方案》。 中国人民银行党委委员、副行长陆磊在发布会上表示，《行动方案》有两 个核心要点，一是突出上海国际金融中心建设，二是聚焦提升跨境金融服 务便利化。以这两方面为出发点和落脚点，《行动方案》着眼于更好发挥 上海国际金融中心在服务构建新发展格局中的特殊作用，支持各类主体更 加安全、便捷、高效参与国际竞争与合作，从提高跨境结算效率、优化汇 率避险服务、强化融资服务、加强保险保障、完善综合金融服务等五方面 提出了18条重点举措，对上海加快建设国际金融中心，更好服务企业"走 出去"具有重要意义。 近期，中国人民银行、金融监管总局、国家外汇局、上海市人民政府联合印发了《上海国际金融中心进一步提升跨境金融服务便利化行动方案》。这个 《行动方案》有两个核心要点，一是突出上海国际金融中心建设，二是聚焦提升跨境金融服务便利化。 《行动方案》有力支持企业"走出去"，促进经济高质量发展。 大家都 ...

中国驻老挝大使方虹致辞表示，当前人民币国际化趋势向好，老挝作为东盟重要成员，凭借独特区位优 势与合作潜力，成为人民币国际化的有力推动者和重要受益者。希望中老双方把握历史机遇，深化金融 合作，扩大人民币在双边经贸中的应用。 据中银香港副总裁王化斌介绍，中银香港在离岸人民币市场建设中扮演关键角色，全球约80%的人民币 支付通过香港结算，绝大部分由中银香港担任结算机构的香港人民币实时支付结算系统完成。中老两国 金融合作将进一步促进双边贸易规模扩大，为老挝的重点项目提供资金等全方位金融支持，同时便利两 国企业和个人开展各种各样的活动。中银香港和万象分行将继续服务于中老经贸往来，推动老挝实体经 济和社会发展。 研讨会上，中银香港人民币专家主旨分享了人民币国际化历程、中国—东盟经济金融合作形势、人民币 在东盟国家的使用情况与展望、数字货币发展情况及启示等内容。在提问互动环节，参会人员积极交 流，现场气氛热烈。 新华财经万象4月26日电 由中国银行万象分行主办的人民币国际化研讨会25日在老挝首都万象举行，来 自老挝政府相关部门、金融行业以及中老两国企业代表约250人与会，共同探讨人民币国际化背景下中 老经贸合作新机遇与新发 ...

Core Viewpoint - The company reported a decline in net profit and revenue for 2024, but showed a significant recovery in Q1 2025, indicating potential for growth despite challenges in the payment industry [1][2]. Financial Performance - In 2024, the company achieved a net profit of 350 million, down 23.3% year-on-year, and a revenue of 5.76 billion, down 3.0% year-on-year [1]. - For Q1 2025, the company reported a net profit of 100 million, a significant increase of 51.7% year-on-year, with revenue of 1.3 billion, also up 13.0% year-on-year [1]. Business Segments - Payment business revenue for 2024 was 5.17 billion, down 0.3% year-on-year, while technology services and other businesses saw declines of 18.4% and 24.0%, respectively [2]. - The company experienced a net loss of 160 million in Q4 2024, primarily due to losses from the disposal of equity in a financial institution [2]. Market Position and Growth - The company's payment transaction volume reached 4.2 trillion in 2024, a 6.4% increase year-on-year, with a market share in card and QR code transactions continuing to rise [3]. - The gross profit margin for the payment business improved to 27.7%, up 0.92 percentage points year-on-year, with an average net fee rate of 0.122%, an increase of 0.76 basis points [3]. Technology Services - Revenue from technology services was 280 million in 2024, down 18% year-on-year, largely due to a 78% decline in credit card marketing services [4]. - The company made significant progress in its SaaS business, adding 10,000 retail service stores and achieving a 65% increase in transaction volume [4]. Cross-Border Payment - The cross-border payment business grew steadily, with a GPV of 49.2 billion, up 14% year-on-year, and the number of cross-border merchants served increased by 80% [5]. - The company expanded its foreign card acceptance, covering 285 cities and doubling the number of active foreign card merchants [5]. Investment Outlook - The company is projected to achieve net profits of 380 million, 450 million, and 500 million for 2025E-2027E, representing year-on-year growth of 9%, 18%, and 11% respectively [5].

Core Viewpoint - The article emphasizes the importance of high-quality capital project openings for enterprises seeking to expand globally, highlighting the shift from single-market strategies to multi-regional collaboration in response to market competition and external challenges [1] Group 1: Cross-Border Financial Services - The demand for cross-border financial services is expected to accelerate due to increasing international market competition and the restructuring of global trade patterns caused by tariff wars [2] - The "Action Plan" introduces 18 measures aimed at improving cross-border settlement efficiency, optimizing exchange rate hedging services, enhancing financing services, strengthening insurance protection, and refining comprehensive financial services [2] - Specific measures include supporting RMB cross-border trade refinancing through rediscount windows and promoting full-function corporate group cross-border cash pool services to reduce time and funding costs for enterprises [2] Group 2: Financial System Reform - The "Action Plan" is designed to optimize practical operations within the existing institutional framework, enhancing the sensitivity and adaptability of China's financial system to international economic and trade conditions [3] - The article discusses the need for proactive preparations by the People's Bank of China to address challenges posed by the U.S. in the international financial system, particularly in light of the ongoing tariff wars and the implications for the RMB [3][4] - Recommendations for reform include establishing an endogenous stability anchor for the RMB, improving the market-based RMB exchange rate formation mechanism, and accelerating the opening of the foreign exchange market [4] Group 3: Support for Enterprises - The article stresses the necessity of reducing costs and improving efficiency through the "Action Plan" to support enterprises in their global expansion efforts [5] - It highlights the importance of believing in the capabilities of enterprises to explore international markets, suggesting that confidence is essential for achieving remarkable outcomes [5]

Core Viewpoint - The article discusses the recent positive signals from the U.S. regarding tariffs on China, indicating a potential easing of trade tensions and a shift in U.S. policy towards a more favorable stance on tariffs [2][3][4]. Group 1: U.S. Tariff Policy Changes - U.S. Treasury Secretary Mnuchin stated that the current trade conflict with China is unsustainable, suggesting a possible easing of tensions [3]. - The Trump administration is considering a tiered tariff system, imposing 35% tariffs on goods not deemed a national security threat and at least 100% on those considered strategic, with a gradual reduction planned [6][7]. - The financial markets reacted positively to these developments, with U.S. stock indices rising for two consecutive days [9]. Group 2: Financial Market Reactions - The article notes that the recent tariff discussions have led to a significant sell-off in U.S. Treasury bonds, indicating a loss of confidence in U.S. credit [15][18]. - The yield on the 10-year U.S. Treasury bond rose sharply from 3.86% to 4.59% within a short period, reflecting increased selling pressure [18]. - The U.S. dollar index has also declined significantly, dropping below 100 points, which signals weakening confidence in the dollar [21]. Group 3: China's Response and Currency Internationalization - In response to the evolving situation, China has made strides in internationalizing the renminbi, with a new action plan aimed at enhancing cross-border financial services [27][28]. - The CIPS system, China's version of SWIFT, is expanding, with coverage now reaching 119 countries and a projected settlement amount of 175.49 trillion yuan for 2024, a 42.6% increase year-on-year [30]. - The article emphasizes the importance of promoting the use of the renminbi in international trade to reduce reliance on the U.S. dollar and enhance China's financial stability [33][34]. Group 4: Long-term Implications and Strategies - The article suggests that the ongoing tariff negotiations will be a protracted process, with U.S. officials indicating that discussions will be challenging [38]. - It highlights the need for China to continue pushing for renminbi internationalization as a strategic response to potential financial conflicts with the U.S. [43][49]. - The article concludes that while the path to replacing the dollar as the world's primary currency is fraught with challenges, the current U.S. policies may provide a unique opportunity for China to strengthen its financial position [49][51].