Core Viewpoint - The launch of the Cross-Border Payment System, set to go live on June 22, 2025, aims to facilitate easy and instant small remittances between residents of mainland China and Hong Kong through mobile phones, enhancing financial cooperation between the two regions [2][3]. Group 1: System Overview - The Cross-Border Payment System connects the rapid payment systems of mainland China and Hong Kong, providing efficient, convenient, and secure cross-border payment services for residents [2][3]. - The system is designed to support real-time transactions, allowing users to initiate remittances using mobile numbers or bank accounts, significantly improving the efficiency of cross-border payments compared to traditional methods [4][5]. Group 2: Benefits and Features - The system offers three main advantages over traditional cross-border remittances: reduced transaction chains, real-time processing for certain amounts, and lower costs due to fewer intermediaries [4][5]. - It supports small, convenient remittances for personal use without the need for extensive documentation, catering to the growing demand for efficient cross-border financial services [5][6]. Group 3: Institutional Participation - Initial participating institutions include major banks from both mainland China and Hong Kong, with plans to gradually expand the range of participating entities [3][4]. - The system will facilitate various payment scenarios, including tuition fees, medical payments, and salary disbursements, enhancing the financial services available to residents [5][6]. Group 4: Strategic Importance - The Cross-Border Payment System is a significant step in strengthening financial cooperation between mainland China and Hong Kong, supporting Hong Kong's status as an international financial center and enhancing the use of the Renminbi in cross-border transactions [7][8]. - The initiative reflects the central government's commitment to Hong Kong's long-term prosperity and stability, aiming to integrate the region more closely into national development strategies [8].

只需要一个电话号码，两地居民就可以随时随地实现跨境转账实时到账。 6月20日上午，中国人民银行与香港金融管理局联合举办内地与香港快速支付系统互联互通（以下简称"跨境支付通"）启动仪式，中国人民银行行长潘功胜，中央 港澳工作办公室副主任、国务院港澳事务办公室副主任王灵桂，香港金融管理局总裁余伟文出席并致辞，中国人民银行副行长陆磊主持。 跨境支付通是中央政府支持香港发展和便利民生、推动内地与香港合作的又一项重要举措，通过内地网上支付跨行清算系统与香港快速支付系统"转数快"直接连 接，在遵守两地法律法规的前提下，支持参与机构为两地居民提供高效、便捷、安全的跨境支付服务。跨境支付通将于2025年6月22日上线运行。 潘功胜在启动仪式上表示，近年来，内地和香港的经贸合作、人员往来更加紧密，两地金融管理部门顺应内地和香港加快融合发展的趋势，相继推出了沪港通、债 券通、跨境理财通、互换通等金融合作举措。在此基础上，中国人民银行与香港金管局聚焦提升两地支付服务的便利性，进一步推出跨境支付通，这是内地和香港 深化金融合作的又一个重要里程碑，充分体现了中央政府对巩固和提升香港国际金融中心地位的高度重视，体现了中央政府支持香港长期 ...

Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [2][29]. Core Insights - The 2025 Lujiazui Forum indicates a direction for future financial reforms, emphasizing structural adjustments in investment and financing over mere quantitative stimulus. The forum highlighted eight financial opening measures announced by the central bank, suggesting that the market may have underestimated the implications of these measures on financial market openness and structural reforms [3][4]. - The forum reinforced the core function of financial services to support the real economy, particularly in technology innovation, while also deepening high-level financial openness. The international monetary system and cross-border payment systems are evolving towards diversification, with the renminbi becoming the third-largest payment currency globally [4][5][6]. Summary by Sections Financial Asset Investment Companies - The regulatory support for financial asset investment companies is increasing, allowing national banks to establish these companies to engage in equity direct investment and support technology innovation enterprises. As of now, five financial asset investment companies have been established, with significant capital commitments exceeding 350 billion yuan [8][10][24]. - The expansion of financial asset investment companies is expected to enhance the competitiveness of national banks, particularly state-owned banks and China Merchants Bank [25]. Capital Market Developments - The establishment of a "Growth Layer" in the Sci-Tech Innovation Board aims to better support high-quality technology enterprises in obtaining financing for innovation. The introduction of the "1+6" policy measures will facilitate the integration of technology innovation and industrial innovation [12][11]. - In 2025, the IPO landscape has been dominated by the Sci-Tech Innovation Board and the Growth Enterprise Market, with significant fundraising activities indicating strong market support for technology enterprises [11][12]. Insurance Sector - The long-term stock investment pilot program is progressing, expected to bring stable medium- to long-term incremental funds to the capital market. The total scale of the pilot program has reached 2.22 billion yuan, with major insurance companies participating [21][22]. - The long-term investment strategy is aimed at enhancing the equity investment scale and proportion of insurance companies, focusing on high-quality equity assets for long-term investment opportunities [25].

来源：中国人民银行 中国人民银行 香港金融管理局联合公告 为深化内地与 香港 金融合作，满足两地居民安全、高效、便捷的跨境汇款需求，中国人 民银行 、 香港金融管理局 共同推动并支持由 中国人民银行清算总中心和香港银行同业结算 有限公司开展内地与 香港 快速支付系统互联互通合作（ 以下简称 跨境支付通）。 现就有关 事宜公告如下： 问： 什么 是跨 境支付通 ？ 答： 跨境支付通，是指将中国内地快速支付系统与其他货币当局 的快速支付系统连接，制定配套政策安排，为中国内地居民与境外 居民间提供高效、便捷、安全的跨境支付服务。快速支付系统是为 用户快速支付进行清结算的零售类金融基础设施，与传统支付系统 相比，其具有运行时间长以及收款人资金实时到账的特点。2010 年，中国人民银行指导清算总中心建成我国快速支付系统-网上支 付跨行清算系统，支持用户通过网上银行、手机银行随时、随地办 理跨行转账，资金实时到账。 一、 跨境支付通 是指 通过内地网上支付跨行清算系统与 香港 快速支付系统 " 转数快 " 连接，在遵从两地 相关 法律法规的前提下，为两地居民提供实时跨境支付服务。 二、 跨境支付通 支持两地快速支付系统参 ...

Core Viewpoint - The People's Bank of China and the Hong Kong Monetary Authority are jointly promoting and supporting the interconnection cooperation between the China Payment Clearing Corporation and Hong Kong Interbank Clearing Limited for rapid payment systems between the mainland and Hong Kong [1] Group 1: Cross-Border Payment System - The cross-border payment system refers to the connection between the mainland online payment interbank clearing system and Hong Kong's rapid payment system "Faster Payment System" [1] - This system aims to provide real-time cross-border payment services for residents of both regions while complying with relevant laws and regulations of both areas [1]

只需要一个电话号码，内地和香港居民便可以随时随地实时跨境转账；孩子留学缴费、个人小额汇款、 生活杂费，轻松一转，立即到账……将于6月22日上线运行的跨境支付通，让两地居民跨境支付体验 更"丝滑"。 跨境支付通是指通过内地网上支付跨行清算系统与香港快速支付系统"转数快"连接，在遵从两地相关法 律法规的前提下，为两地居民提供实时跨境支付服务。这一机制安排支持两地快速支付系统参与机构为 两地居民提供经常项下人民币、港币便利化汇款服务，支持两地参与机构在落实相关政策的基础上，为 薪酬发放、留学缴费、医疗缴费等惠及两地民生融合的业务场景提供快速汇款服务。 6月20日上午，中国人民银行与香港金融管理局联合举办内地与香港快速支付系统互联互通(以下简 称"跨境支付通")启动仪式。中国人民银行行长潘功胜在启动仪式的致辞中表示，跨境支付通以两地货 币当局基础设施直接互联的方式，为两地居民提供线上快速的双边本币及双边人民币的汇款，将进一步 提升跨境支付的效率和体验，便利两地经贸合作和人员往来，为香港发展注入新的活力，也将进一步促 进人民币跨境使用，推动高水平对外开放。 通过手机号码、银行账户 即可跨境汇款 跨境支付通上线后，内地与 ...

IT之家 6 月 20 日消息，今天上午，中国人民银行与香港金融管理局联合举办内地与香港快速支付系统 互联互通（以下简称跨境支付通）启动仪式。 据介绍，跨境支付通是中央政府支持香港发展和便利民生、推动内地与香港合作的又一项重要举措，通 过内地网上支付跨行清算系统与香港快速支付系统"转数快"直接连接，在遵守两地法律法规的前提下， 支持参与机构为两地居民提供高效、便捷、安全的跨境支付服务。 跨境支付通将于 2025 年 6 月 22 日上线运行。跨境支付通的推出，有利于提升两地跨境支付效率和服务 水平，便利两地经贸活动和人员往来，巩固和提升香港国际金融中心地位。 下一步，中国人民银行将与香港金融管理局加强监管合作，保障跨境支付通平稳有序运行。会同两地快 速支付系统运营机构和各参与机构，根据跨境支付通运行情况，进一步完善相关制度安排，推动我国跨 境支付体系高质量发展，服务高水平对外开放。 IT之家附官方公告如下： 中国人民银行香港金融管理局联合公告 为深化内地与香港金融合作，满足两地居民安全、高效、便捷的跨境汇款需求，中国人民银 行、香港金融管理局共同推动并支持由中国人民银行清算总中心和香港银行同业结算有限公 司开 ...

Core Points - The cross-border payment system between mainland China and Hong Kong is designed to facilitate small-scale remittances for residents of both regions [1] - The system allows for convenient remittances without the need for business background documentation for individual residents [1] - It supports various financial services including tuition payments, medical fees, and salary disbursements [1] Group 1 - The cross-border payment system supports remittances for residents holding specific identification documents from both regions [1] - Mainland residents can remit funds to Hong Kong accounts, while Hong Kong residents can transfer funds to mainland accounts [1] - Participating institutions can set transaction limits based on risk management considerations [1] Group 2 - Initial participating institutions from mainland China include major banks such as ICBC, Agricultural Bank of China, Bank of China, and others [2] - Hong Kong institutions involved include Bank of China Hong Kong, East Asia Bank, and HSBC among others [2] - The range of participating institutions is expected to expand over time [2]

Core Viewpoint - The launch of the Cross-Border Payment System, a collaboration between the People's Bank of China and the Hong Kong Monetary Authority, aims to enhance cross-border payment efficiency and service levels between mainland China and Hong Kong, reinforcing Hong Kong's status as an international financial center [1]. Group 1 - The Cross-Border Payment System connects the mainland's online payment interbank clearing system with Hong Kong's Fast Payment System, facilitating efficient, convenient, and secure cross-border payment services for residents of both regions [1]. - The system is set to go live on June 22, 2025, marking a significant step in promoting cooperation between mainland China and Hong Kong [1]. - The initiative is part of the central government's support for Hong Kong's development and aims to facilitate economic and trade activities as well as the movement of people between the two regions [1]. Group 2 - The People's Bank of China plans to strengthen regulatory cooperation with the Hong Kong Monetary Authority to ensure the smooth operation of the Cross-Border Payment System [1]. - There will be ongoing collaboration with the operators of the two regions' fast payment systems and participating institutions to refine relevant institutional arrangements based on the system's operational status [1]. - The initiative is expected to contribute to the high-quality development of China's cross-border payment system and support a high level of opening up [1].

Group 1: China-Brazil Relations and Investments - The relationship between China and Brazil has reached unprecedented heights, with Brazil being China's largest trading partner and investment destination in Latin America [2] - In May, Chinese companies committed over 27 billion Brazilian Reais (approximately 30 billion RMB) in investments across various sectors in Brazil, including food delivery, dining, semiconductors, automotive, and renewable energy [2] - Notable investments include 3.2 billion Reais by Mixue Group for procurement and store openings, 5.6 billion Reais by Meituan for introducing Keeta, 6 billion Reais by Great Wall Motors for expanding factories, and 3 billion Reais by CGN Group for a renewable energy center [2] Group 2: Payment System Challenges in Brazil - Brazil's payment system is highly fragmented, with only 46% of the population owning credit cards and a mere 30% actively using them, making cross-border payments challenging for businesses [4][5] - The traditional payment method, boleto, is widely used but poses integration challenges for foreign companies due to its reliance on multiple banks and financial institutions [5] - The introduction of Pix instant payment by the Central Bank of Brazil has significantly improved the payment landscape, covering 91% of adults in Brazil and expected to replace credit cards in e-commerce by 2025 [8][9] Group 3: Competitive Landscape in Digital Payments - The digital payment market in Brazil is projected to reach $311.48 billion by 2025, with a compound annual growth rate of 23.63% until 2030 [12] - Local fintech companies, international payment firms, digital banks, and embedded finance platforms are competing in this rapidly growing market [12] - Major players include traditional acquirers like Cielo and StoneCo, digital banks like Nubank, and international companies like Visa and Mastercard, alongside Chinese payment firms like UnionPay and dLocal [12][13] Group 4: Future Trends and Opportunities - The upcoming features of Pix, such as automatic and installment payments, are expected to reshape digital commerce in Brazil, enhancing the payment experience for consumers [10] - By 2027, Brazil's online retail market is anticipated to exceed $586 billion, indicating a mature digital economy with intense competition [11] - The complexity of Brazil's payment system presents both challenges and opportunities for companies that can strategically navigate the landscape [7]