Core Viewpoint - The People's Bank of China (PBOC) has signed bilateral currency swap agreements with 32 countries and regions, totaling approximately 4.5 trillion yuan, with the recent renewal of the agreement with Brazil being a significant step in deepening financial cooperation between the two nations [1][2]. Group 1: Bilateral Currency Swap Agreements - The PBOC and the Central Bank of Brazil renewed their bilateral currency swap agreement, amounting to 190 billion yuan (157 billion Brazilian reais), valid for five years and extendable by mutual consent [1]. - Since the 2008 global financial crisis, the PBOC has been actively signing bilateral currency swap agreements with foreign central banks, covering major economies across six continents [1]. Group 2: Economic and Trade Relations - China has been Brazil's largest trading partner for 15 consecutive years, and Brazil is China's top trading partner in Latin America, indicating a strong economic relationship [2]. - The renewal of the currency swap agreement is expected to further enhance trade between China and Brazil and promote the use of the yuan in Brazil and the broader Latin American region [2]. Group 3: Financial Stability and Cooperation - The bilateral currency swap agreement is viewed as a crucial component of the global financial safety net, especially in the context of current tariff impacts, signaling a commitment to cooperation and market confidence [2]. - The agreement is part of a broader strategy to strengthen the financial partnership between China and Brazil, contributing to a more equitable and sustainable global community [2].

Group 1: Domestic Policy Developments - President Xi Jinping's state visit to Russia and participation in the 80th anniversary of the victory in the Great Patriotic War emphasized the deepening of strategic cooperation between China and Russia [10][11] - The State Council meeting led by Premier Li Qiang focused on planning key economic and social development tasks for the 14th Five-Year Plan period, aligning with the central government's strategic intentions [12][13] - The People's Bank of China announced a series of monetary easing measures, including a reduction in the reserve requirement ratio and interest rates, aimed at stabilizing the economy [14][22] Group 2: International Trade and Economic Relations - The high-level economic talks between China and the U.S. in Geneva resulted in a significant reduction of bilateral tariffs, marking a constructive step in trade relations [19][20] - The G20 Trade and Investment Working Group meeting highlighted China's commitment to expanding high-level opening-up and promoting inclusive economic globalization [15][21] - The recent easing of tariff pressures between China and the U.S. is expected to positively impact global economic stability and development [20][21] Group 3: Equity Market Analysis - The A-share market rebounded significantly due to the easing of tariff pressures and economic stabilization measures, with the ChiNext and Shenzhen Composite Index rising by 3.27% and 2.88% respectively [23] - Southbound capital flows turned positive, with a total inflow of 6.775 billion yuan from May 6 to May 9, indicating renewed investor confidence [23] - The MSCI China A-share Index experienced a slight rebound of 1.94% following the positive developments in trade relations [23] Group 4: Fixed Income and Monetary Policy - The People's Bank of China implemented a series of ten monetary policy measures to enhance liquidity and support economic recovery, including a 0.5 percentage point reduction in the reserve requirement ratio [24][27] - The central bank's first-quarter monetary policy report indicated a GDP growth of 5.4% year-on-year, reflecting a solid economic recovery [25][26] - The report emphasized the need for a balanced approach in monetary policy to support the real economy while maintaining financial stability [26]

央行：启动2025年度系统重要性金融机构评估工作 稳步拓宽附加监管覆盖范围至非银领域 智通财经5月9日电，央行发布2025年第一季度中国货币政策执行报告。其中提到，下一阶段，积极稳妥 防范化解金融风险。探索拓展中央银行宏观审慎与金融稳定功能，创新金融工具，维护金融市场稳定。 进一步完善宏观审慎政策框架，提高系统性风险监测、评估与预警能力，丰富宏观审慎政策工具箱。强 化系统重要性金融机构宏观审慎管理，督促系统重要性银行落实附加资本和杠杆率要求，持续提升恢复 与处置计划的操作性和有效性，加强全球系统重要性银行跨境危机管理合作。启动2025年度系统重要性 金融机构评估工作，稳步拓宽附加监管覆盖范围至非银领域。稳妥有序推进重点风险项目和重点领域风 险处置，按照市场化、法治化原则，支持中小银行风险处置。加强金融风险监测、预警和评估，强化系 统性金融风险研判。夯实金融稳定机制保障，推动扩大存款保险基金和金融稳定保障基金积累，强化存 款保险专业化金融风险处置职能。 ...

金十数据5月8日讯，加拿大央行周四表示，旷日持久的贸易战可能会损害银行和其他机构，使家庭和企 业更难偿还债务，从而增加加拿大金融稳定面临的风险。加拿大央行在其年度《金融稳定报告》中表 示，金融体系具有弹性。但是，美国总统特朗普对加拿大征收的关税以及渥太华随后的反制关税的影响 可能会损害金融稳定，特别是如果这种情况持续很长一段时间的话。"长期的贸易战对加拿大经济构成 了最大的威胁。这也增加了金融稳定的风险。"加拿大央行表示，在短期内，美国贸易政策的不可预测 性可能会导致市场进一步波动和流动性紧张。在极端情况下，市场波动可能演变为市场功能失调。从中 长期来看，一场旷日持久的全球贸易战将产生严重的经济后果。加拿大央行行长麦克勒姆表示，不确定 性如此之大，以至于"我们的分析不是预测，而是对脆弱性的评估"。 加拿大央行：加拿大金融体系稳定，但贸易战带来巨大风险 ...

英国央行行长贝利：金融稳定与经济增长之间不存在权衡。 ...

新西兰联储金融稳定报告：金融体系面临的风险已增加。 ...

新西兰联储金融稳定报告：近期的保险业压力测试凸显行业韧性增强。 ...

新西兰联储金融稳定报告：一般保险公司正经历更为稳定的环境。 ...

新西兰联储金融稳定报告：银行仍然保持盈利，随着抵押贷款利率下调，坏账预计将会减少。 ...

新西兰储备银行金融稳定报告：银行拥有强大的资本和流动性缓冲，即使条件进一步恶化，也能维持信 贷流动。 ...