"总之，债券通优化扩容将有助于推动境内外金融市场实现更深层次的互联互通，扩大境内外资本的双向 流动规模，助推境内债券市场基础设施与国际市场接轨，长期来看将通过'市场活力—制度升级—货币竞争 力'正循环，助力中国金融开放从'政策型开放'走向'制度型开放'。"董希淼表示。 田利辉同时强调，需通过穿透式监管协作防范参与主体多元化带来的套利及波动风险：建立跨境质押品实 时追踪系统，对再质押链条超3层的交易启动熔断；实施动态配额管理，为非银机构首年设置南向通额度 上限，严防监管套利；推动压力测试制度化，要求保险、理财机构按季度测试离岸持仓对利率、汇率双冲 击的承受力，守住区域性金融风险底线。 值得关注的是，此次南向通扩容首次将非银金融机构纳入合资格投资者范围。南开大学金融学教授田利辉 在接受南都·湾财社记者采访时指出，这标志着中国资本账户开放进入新阶段。非银机构管理着超26万亿元 资产，其专业投研能力不仅能提升离岸资产配置效率，打破银行主导的同质化交易格局，还能带动多元化 策略，推动离岸人民币债券定价市场化，为人民币国际化注入真实需求支撑。 从具体影响来看，非银机构可借助境外债券、人民币股票柜台等工具分散单一市场风险， ...

Core Viewpoint - The ongoing deepening of China's financial opening policies is creating new development opportunities for the internationalization of the Renminbi (RMB) [1] Group 1: Financial Opening and RMB Internationalization - China's financial opening policies have been continuously strengthened, with measures such as free trade zone reforms and cross-border connectivity mechanisms providing significant support for RMB internationalization [4] - Standard Chartered Bank has actively participated in China's financial opening and has benefited from it, launching various new products under the new policies, including free trade accounts in free trade zones [4] - The bank's client base includes not only corporate clients but also a large number of investors, such as sovereign funds, asset management institutions, banks, and brokerages [4] - There is an expectation for more open measures to be introduced, such as cross-currency repos, to enhance the convenience for international investors [4] Group 2: Trade Settlement to Investment Financing - The internationalization of the RMB is progressing from trade settlement to deeper investment financing [5] - Over the past three years, the transaction volume of RMB in international trade settlement and payment has doubled, with expanding applications in markets such as ASEAN, the Middle East, and Africa [5] - There is an increasing willingness among foreign enterprises to use RMB for trade financing, particularly in Southeast Asia, where Chinese enterprises are financing overseas projects in RMB [6] Group 3: Growing Interest in RMB - There is a notable increase in interest in the RMB in the African market, with local central banks and sovereign wealth funds showing greater interest in its application [7] - Non-Chinese enterprises in Africa are also expressing a desire to use RMB, indicating a growing recognition of the currency as a trade and financing medium [8] - The continuous implementation of financial opening policies and the acceleration of RMB internationalization are fostering confidence among foreign institutions regarding potential business opportunities [8]