最近央行又更了黄金储备的数，9月末是7406万盎司，比8月多了4万盎司，这都已经是连续11个月买黄 金了。 可能有人会纳闷，不就是买点黄金吗？至于月月不落，坚持这么久？其实真不是随便调调资产，这里面 藏着咱们应对全球金融变化的心思，今天就跟大家捋捋这事儿。 而且这事儿真不是咱们独一份，全球央行都在干。从2010年开始，各国央行就没停过净买黄金，2023年 的购买量说不定还能破纪录。 先说说咱们自己的情况吧，咱们的外汇储备规模一直是世界第一，但有个挺尴尬的点，含金量太低。 截至9月底，黄金只占外汇储备总额的3.8%左右，你跟别人比就知道差距了，德国、美国这些发达国 家，黄金占比都超60%，连俄罗斯都有20%以上。 就算看绝对吨数，咱们官方储备是1948吨，排全球第六，可跟美国的8133吨比，那还差得远呢。 为啥会这样？其实是过去几十年的思路问题。以前咱们外汇储备主要买美债这些美元资产，核心是保流 动性，毕竟美元是全球贸易主要用的货币，手里有美债，跨境付钱的时候能快些。 但这些年美元越来越不稳了，你看2020年美债收益率倒挂，2022年美联储又猛加息，美债价格跌了不 少，咱们的储备也跟着面临缩水风险。 现在每月慢 ...

发布了哪些重要政策、通知？ 这周有哪些大事要闻？ 一起来快速回顾一下吧！ 领导关心 1.更好发挥试验田和增长极作用！陈吉宁用一整天时间调研临港新片区并主持召开座谈会 9月18日，上海市委书记陈吉宁用一整天时间在中国（上海）自由贸易试验区临港新片区调研并主持召 开座谈会。 调研期间，陈吉宁实地听取了上海国际再保险登记交易中心建设运营情况介绍，与入驻机构代表互动交 流，了解业务开展和产品开发情况，就强化法治保障、支持业务创新、完善监管体系等听取意见建议。 座谈会上，陈吉宁讲话指出，要更好发挥改革开放试验田作用，持续抓好改革任务的扩围放量，在风险 可控前提下推动扩大试点领域、适用范围和覆盖区域，让更多企业受益。聚焦离岸金融、数据跨境流动 等重点领域开展更大程度的先行先试，研究提出配套措施、监管规则和管理机制，做到整体设计、多点 突破、项目任务化落地。 上海市委副书记、市长龚正出席座谈会并讲话，指出要深化制度型开放，在探索发展离岸金融、推动数 据跨境流动等重点领域形成一批标志性、引领性的成果。 机关动态 4.上海市委金融办、市金融工作党委举办2025年宣传思想文化工作专题研讨班 9月17日至19日，上海市委金融办、市 ...

Domestic Market Overview - The domestic market experienced a sideways trend with a slight increase on September 16, 2023, with the Shanghai Composite Index closing at 3861.87 points, up 0.04%, and the Shenzhen Component Index closing at 13063.97 points, up 0.45% [1][4][8] - Among the 30 sectors tracked, 20 sectors saw gains, with textiles, computers, and comprehensive finance leading the increases, while agriculture, banking, and non-ferrous metals faced significant declines [1][4][8] - The total trading volume for the A-share market reached 236.71 billion yuan, showing an increase compared to the previous day [1][4][8] Overseas Market Overview - On the same day, the three major U.S. stock indices experienced slight declines, with the Dow Jones falling by 0.27%, the S&P 500 down by 0.13%, and the Nasdaq decreasing by 0.07% [2][4] - Notably, Tesla's stock rose nearly 3%, while major companies like UnitedHealth and Nvidia saw declines of over 1% [2][4] Policy Measures - The Ministry of Commerce and nine other departments jointly issued policies aimed at expanding service consumption, proposing 19 specific measures to stimulate consumption and support economic growth [9][10] - The measures include initiatives to enhance high-quality service supply, promote new consumption models, and improve financial support for service consumption [9][10][11] Digital Transformation Guidelines - The Ministry of Industry and Information Technology released guidelines for the digital transformation of key industries, applicable to manufacturing enterprises and digital transformation service providers [12][13] - The guidelines include a reference for 14 industry scenarios, aiming to support the development of digital transformation across various sectors [12][13] Economic Data - Recent data indicates that China's trade with ASEAN countries grew by 9.7% in the first eight months of the year, maintaining ASEAN's position as China's largest trading partner [19] - In the U.S., retail sales rose by 0.6% in August, marking the third consecutive month of exceeding expectations, with consumer spending remaining robust [19]

Core Viewpoint - The article emphasizes the need for reform in global financial governance, focusing on the international monetary system, cross-border payment systems, global financial stability, and governance of international financial organizations [1][3][4] Group 1: International Monetary System - The article discusses the direction for a new round of international monetary system reform, highlighting the need to reduce over-reliance on a single sovereign currency and its negative impacts, promoting healthy competition among a few strong sovereign currencies [1] - It suggests that the future international monetary system may evolve towards a coexistence of a few sovereign currencies that compete and balance each other [1] Group 2: Cross-Border Payment Systems - The article reviews the improvement of the global cross-border payment system, noting that traditional systems face increasing challenges, leading to a global call for enhancements [1] - It states that the cross-border payment system is developing towards greater efficiency, security, inclusiveness, and diversity, with a trend expected to continue [1] - The article highlights the establishment of a multi-channel, widely covered RMB cross-border payment clearing network in China over the past decade [1] Group 3: Global Financial Stability - The article outlines the strengthening of financial regulatory rules post-global financial crisis, emphasizing the importance of a multi-layered financial safety net [3] - It mentions that China has signed bilateral currency swap agreements with over 30 countries and regions, contributing to the global financial safety net [3] - The article notes that China has actively participated in the formulation and implementation of international financial regulatory standards, being one of the few economies to fully implement Basel III [3] Group 4: Governance of International Financial Organizations - The article points out that the current shareholding structure of the International Monetary Fund (IMF) does not reflect the relative positions of member countries in the global economy [4] - It stresses the urgency of adjusting the shareholding ratios to enhance the legitimacy and representation of the IMF [4] - The article calls for major international financial organizations to strengthen their economic and financial oversight functions and to coordinate macroeconomic policies to maintain stability in the international financial system [4]

Core Viewpoint - The article emphasizes the need for dialogue and cooperation among all parties to improve global financial governance, guided by Xi Jinping's thoughts on socialism with Chinese characteristics for a new era [1][2]. Group 1: Global Governance Initiative - The global governance initiative proposed by Xi Jinping includes five core concepts: sovereign equality, adherence to international law, practice of multilateralism, human-centered approach, and action-oriented focus [2]. - The initiative aims to address the increasing global governance deficit and offers a Chinese solution to the question of who governs, how to govern, and for whom to govern [2]. Group 2: International Monetary System Reform - The international monetary system has evolved historically, with the dominance of currencies reflecting changes in global power dynamics [4]. - The reliance on a single sovereign currency poses inherent instability, as national interests may conflict with global public goods provision [5]. - Discussions on reforming the international monetary system are increasingly driven by geopolitical factors, focusing on reducing dependence on a single currency and promoting a competitive environment among multiple strong currencies [6]. - The potential for a super-sovereign currency, such as the IMF's Special Drawing Rights (SDR), is discussed, although practical challenges remain in achieving political consensus and expanding its use [7]. Group 3: Cross-Border Payment System Improvement - The cross-border payment system is crucial for international trade and financial stability, but faces challenges such as inefficiency and high costs [9]. - There is a trend towards diversification in the cross-border payment system, with more countries using local currencies and new payment systems emerging [10]. - The interoperability of payment systems is improving, and new technologies like blockchain are reshaping traditional payment methods [10]. Group 4: Global Financial Stability System - Post-2008 financial crisis, the global financial safety net has been strengthened, with various regional and bilateral mechanisms established [12]. - Regulatory frameworks have been enhanced to prevent crises, but challenges remain, including fragmented regulations and insufficient oversight of non-bank intermediaries [14]. - A robust international monetary fund is essential for maintaining a diverse and effective global financial safety net [14]. Group 5: Governance of International Financial Organizations - The governance of international financial organizations like the IMF and World Bank needs reform to better reflect the economic realities of emerging markets and developing countries [16][17]. - There is a call for adjustments in voting rights and representation within these organizations to enhance their legitimacy and efficiency [17]. - Strengthening the supervisory role of international financial organizations is crucial for maintaining global economic stability and promoting multilateralism [17].

坚定践行全球治理倡议 持续推进全球金融治理改革完善 潘功胜 2025年9月1日，习近平总书记在"上海合作组织+"会议上首次提出全球治理倡议，这是继全球发展倡议、全球安全倡议、全球文明倡议 后，中国向世界贡献的又一重要公共产品。习近平总书记系统阐述了全球治理倡议"奉行主权平等、遵守国际法治、践行多边主义、倡导以 人为本、注重行动导向"五个方面核心理念，深刻回答了全球治理赤字不断加剧时代背景下由谁治理、如何治理、为谁治理的重大命题，为 加强和完善全球治理进一步贡献中国智慧、提出中国方案。 全球金融治理是全球治理的重要组成部分。 当前，全球地缘冲突持续演进，单边主义、逆全球化抬头，全球金融治理体系加速变革，习近 平总书记关于全球治理倡议的重要讲话精神为推动完善全球金融治理指明了前进方向。全球金融治理内容十分广泛，这里主要聚焦国际货币 体系、跨境支付体系、全球金融稳定体系、国际金融组织治理四个问题，就深入学习贯彻习近平总书记关于全球治理倡议的重要讲话精神谈 一些思考和体会。 一、推动新一轮国际货币体系变革 从历史看，国际货币体系始终处于演进之中，国际主导货币的更替反映了国际格局的深刻变化，本质上是国家竞争力的迭代。1 ...

Group 1: Global Financial Governance - The core message emphasizes the need for dialogue and cooperation among all parties to improve global financial governance, advocating for reform, openness, and multilateralism [1] - The discussion on the international monetary system has evolved, with current debates focusing on reducing reliance on a single sovereign currency and exploring the role of a supranational currency like the IMF's Special Drawing Rights (SDR) [2][3] Group 2: Cross-Border Payment Systems - There is a growing demand for improvements in the traditional cross-border payment systems, with emerging payment infrastructures and settlement methods driving the evolution towards more efficient, secure, and inclusive systems [3] - Three major trends in cross-border payments are identified: diversification of payment systems, enhanced interoperability, and accelerated application of new technologies [3] Group 3: Global Financial Stability - Post-2008 financial crisis, the global financial safety net has been strengthened, with the IMF enhancing its crisis response capabilities and various regional financial stability mechanisms being established [4] - China has signed bilateral currency swap agreements with over 30 countries, contributing to the global financial safety net [4] Group 4: Challenges in Financial Stability - The current regulatory framework is fragmented, with risks of regulatory arbitrage and insufficient oversight in emerging areas like digital finance [5] Group 5: Governance of International Financial Organizations - The governance of international financial organizations like the IMF and World Bank needs reform to better reflect the actual economic standing of emerging markets and developing countries [6][7] - The IMF's quota system, which determines its crisis response capacity and member voting rights, requires adjustments to enhance its legitimacy and representation [7]

Core Viewpoint - The People's Bank of China (PBOC) announced eight policy measures to be implemented in Shanghai, aimed at supporting economic recovery and enhancing financial market stability [1][2]. Group 1: Policy Measures - Establishment of an interbank market trading report database to collect and analyze trading data across various financial sub-markets [1]. - Creation of a digital RMB international operation center to promote the internationalization of digital currency and financial market development [1]. - Establishment of a personal credit institution to provide diversified credit products for financial institutions, enhancing the social credit system [1]. - Launch of a comprehensive reform pilot for offshore trade finance services in the Shanghai Lingang New Area to support offshore trade development [2]. - Development of offshore bonds in the free trade zone to expand financing channels for enterprises involved in the Belt and Road Initiative [2]. - Optimization of free trade account functions to facilitate efficient capital flow between quality enterprises and foreign funds [2]. - Innovation in structural monetary policy tools in Shanghai, including pilot projects for blockchain letters of credit refinancing and cross-border trade refinancing [2]. - Collaboration with the China Securities Regulatory Commission to promote RMB foreign exchange futures trading, enhancing the foreign exchange market product series [2]. Group 2: Global Financial Governance - The international monetary system is expected to evolve towards a structure with a few sovereign currencies coexisting and competing, requiring responsible fiscal discipline and financial regulation from sovereign currency countries [3]. - There is a growing global demand for improvements in the cross-border payment system, with emerging payment infrastructures and settlement methods driving efficiency and inclusivity [3]. - International financial organizations need to enhance their governance structures and economic supervision roles to better assess global risks and support economic globalization and multilateral trade [3][4].

Core Insights - The International Financial Youth Leaders Training Camp and the simulated IMF 2025 will take place from June 8 to July 27, 2025, featuring a comprehensive upgrade in AI empowerment, faculty strength, and event design [1] - The program, initiated by the School of Finance and Economics at Renmin University of China, aims to cultivate global financial governance talents with professional competence and a sense of global mission [1] Group 1 - The training camp attracted participants from 36 countries, with 80 selected candidates from 28 countries undergoing rigorous training in international financial governance [2] - Participants learned about the historical evolution, core issues, decision-making mechanisms, and key competencies required for financial diplomats, while engaging in challenging simulated financial diplomacy scenarios [2] - The camp included visits to international economic organizations in Beijing, enhancing participants' understanding of global governance through interactions with experts from institutions like the World Bank and Asian Development Bank [2] Group 2 - Cultural activities were organized, including visits to significant cultural sites and exhibitions, enriching participants' understanding of Chinese culture and technological advancements [3] - The training camp not only improved participants' comprehensive abilities but also fostered deep friendships and built a knowledge framework for international financial multilateral governance [3] - The efforts of experts and participants are expected to contribute to making finance a tool for global development and security, promoting multilateralism and the construction of a community with a shared future for humanity [3]

Core Points - The People's Bank of China announced eight policy measures to enhance the construction of Shanghai as an international financial center [1][2] - Emphasis on global financial governance and the need for a diversified and efficient global financial safety net [1][4] Group 1: Policy Measures - Establishment of an interbank market trading report database to analyze trading data across various financial sub-markets [1] - Creation of an international operation center for digital RMB to promote its internationalization and financial market development [1] - Establishment of personal credit institutions to provide diversified credit products and improve the social credit system [1] - Pilot offshore trade finance services in the Lingang New Area to support offshore trade development [1] - Development of offshore bonds in the free trade zone to expand financing channels for enterprises involved in the Belt and Road Initiative [1] - Optimization of free trade account functions to enhance cross-border trade and investment facilitation [1] - Innovation in structural monetary policy tools in Shanghai, including blockchain credit refinancing and carbon reduction support tools [2] - Collaboration with the CSRC to promote RMB foreign exchange futures trading to improve foreign exchange market product offerings [2] Group 2: Global Financial Governance - Discussion on the need to reduce reliance on a single sovereign currency and promote a multi-polar international monetary system [3] - The potential for Special Drawing Rights (SDR) to serve as a super-sovereign international currency, though facing political and market challenges [3] - The evolution of cross-border payment systems towards diversification, with emerging technologies reshaping traditional payment systems [3] - Current challenges in global financial stability, including fragmented regulatory frameworks and insufficient regulation of non-bank intermediaries [4] - The importance of a strong IMF in maintaining global financial regulatory consistency and authority [4]