Group 1 - Deutsche Bank's Chief Economist for China predicts a strengthening of the RMB against the USD, forecasting an exchange rate of 7.0 by the end of 2025 and 6.7 by the end of 2026 [3][6] - The improvement in the RMB exchange rate is attributed to better-than-expected export performance and a decrease in the market's expectation of RMB depreciation, leading to increased foreign exchange inflows [5][6] - The People's Bank of China has renewed bilateral currency swap agreements with the European Central Bank, Swiss National Bank, and Hungarian National Bank, which will enhance bilateral trade and investment facilitation [7][8] Group 2 - The bilateral currency swap agreements include a scale of 350 billion RMB/45 billion Euros with the EU, 150 billion RMB/17 billion Swiss Francs with Switzerland, and 40 billion RMB/190 billion Hungarian Forints with Hungary, with varying effective periods [7] - The seasonal characteristics of exports and the strong demand for profit recovery at year-end are expected to drive a concentrated foreign exchange settlement by exporters in the fourth quarter [6] - The current low level of short positions against the offshore RMB provides room for further strengthening of the RMB exchange rate [6]

（原标题：欧洲央行与中国人民银行延长中欧双边本币互换协议 共同维护全球金融稳定） 欧洲央行认为，从欧元体系的角度来看，中欧双边贸易投资规模庞大，双边互换协议作为流动性支 持工具，能有效解决欧元区银行的突发性人民币短缺，应对市场波动，共同维护全球金融稳定。 欧洲央行官网9月8日报道，欧洲央行与中国人民银行决定将欧元与人民币互换协议延长三年至2028 年10月8日，互换规模与协议条件均保持不变。 2013年10月8日，欧洲央行与中国人民银行签署了首个中欧双边本币互换协议，最高规模为3500亿 元人民币和450亿欧元。协定随后在2016年、2019年和2022年分别延长三年。 ...

Core Viewpoint - The People's Bank of China and Bank Indonesia have jointly launched a bilateral local currency settlement (LCT) framework and a cross-border QR code interoperability project, marking a significant advancement in financial cooperation between the two countries [1][4]. Group 1: Bilateral Cooperation Framework - The LCT framework was officially announced by the central bank governors of both countries, expanding the scope of local currency settlement to cover all items in the balance of payments, facilitating the use of local currencies in bilateral trade and investment [4][6]. - The LCT framework aims to enhance financial system connectivity and security, reflecting the deepening political trust and economic ties between China and Indonesia [6][8]. Group 2: Financial Statistics and Future Plans - From January to July 2025, the local currency settlement scale under the LCT framework reached $6.23 billion, accounting for 45% of Indonesia's total local currency settlements with all trade partners [8]. - A joint working mechanism between the two central banks will be established to further institutionalize bilateral cooperation and promote financial collaboration [8][10]. Group 3: Previous Agreements and Developments - The recent memorandum of understanding expands the previous agreement signed in 2020, broadening local currency settlement cooperation from current account and direct investment to include capital and financial accounts [10]. - A bilateral currency swap agreement was renewed with a scale of 400 billion RMB / 878 trillion Indonesian Rupiah, effective for five years, aimed at enhancing monetary cooperation and facilitating bilateral trade [10].

Group 1 - The People's Bank of China (PBOC) signed bilateral currency swap agreements with the European Central Bank, Swiss National Bank, and Hungarian National Bank during the International Bank for Settlements meeting [1][3][5][7] - The bilateral currency swap with the European Central Bank is valued at 350 billion RMB / 45 billion EUR, with a validity of three years [1] - The bilateral currency swap with the Swiss National Bank is valued at 150 billion RMB / 17 billion CHF, with a validity of five years [1] - The bilateral currency swap with the Hungarian National Bank is valued at 40 billion RMB / 1.9 trillion HUF, with a validity of five years [1] - These agreements aim to deepen bilateral monetary and financial cooperation, facilitate trade and investment, and maintain financial market stability [1]

Domestic News - The Ministry of Commerce announced that starting from August 29, 2025, anti-dumping duties will continue to be imposed on imported phenol originating from the United States, European Union, South Korea, Japan, and Thailand for a period of five years [1] - The "2025 China Top 500 Private Enterprises" list was released, with JD Group, Alibaba (China) Co., Ltd., and Hengli Group Co., Ltd. ranking in the top three [3] - The People's Bank of China and the Reserve Bank of New Zealand have renewed a bilateral currency swap agreement with a scale of 250 billion yuan, effective for five years [2] Economic Data - In the first seven months of this year, China's imports from the least developed countries in Africa reached $39.66 billion, a year-on-year increase of 10.2% [2] - In July 2025, the total issuance of new local government bonds reached 1.2135 trillion yuan, including 344.9 billion yuan of general bonds and 868.6 billion yuan of special bonds [2] - The data industry in China shows a significant regional distribution, with the eastern region accounting for nearly 70% of the total industry scale, amounting to 40,819 billion yuan [3]

Core Viewpoint - The People's Bank of China and the Reserve Bank of New Zealand have renewed their bilateral currency swap agreement, with a scale of 25 billion RMB, effective for five years, with the possibility of extension [1] Group 1: Agreement Details - The renewed currency swap agreement is valued at 25 billion RMB [1] - The agreement is valid for five years and can be extended upon mutual consent [1] Group 2: Implications - The renewal of the agreement aims to deepen monetary and financial cooperation between China and New Zealand [1] - It is expected to facilitate bilateral trade and investment [1] - The agreement also contributes to maintaining stability in financial markets [1]

Core Viewpoint - The People's Bank of China and the Reserve Bank of New Zealand have renewed their bilateral currency swap agreement, with a scale of 25 billion RMB, effective for five years, which can be extended by mutual consent [1]. Group 1 - The renewal of the bilateral currency swap agreement aims to deepen monetary and financial cooperation between China and New Zealand [1]. - The agreement is expected to facilitate bilateral trade and investment [1]. - The initiative is also intended to maintain stability in the financial markets [1].

Core Viewpoint - The People's Bank of China and the Reserve Bank of New Zealand have renewed a bilateral currency swap agreement, with a scale of 25 billion RMB, effective for five years, which can be extended by mutual consent [1] Group 1: Agreement Details - The renewed currency swap agreement aims to deepen monetary and financial cooperation between China and New Zealand [1] - The agreement is expected to facilitate bilateral trade and investment [1] - It contributes to maintaining stability in the financial markets of both countries [1]

双方再次续签双边本币互换协议，有助于进一步深化两国货币金融合作，促进双边贸易和投资便利化， 维护金融市场稳定。 人民财讯8月28日电，据中国人民银行网站消息，经国务院批准，近日中国人民银行与新西兰储备银行 续签双边本币互换协议，互换规模为250亿元人民币，协议有效期五年，经双方同意可以展期。 ...

Core Viewpoint - The People's Bank of China and the Bank of Thailand have renewed a bilateral currency swap agreement, enhancing financial cooperation and trade facilitation between the two countries [1] Group 1: Agreement Details - The renewed currency swap agreement has a scale of 700 billion RMB (approximately 370 billion THB) [1] - The agreement is valid for five years and can be extended upon mutual consent [1] Group 2: Implications - The agreement aims to deepen monetary and financial cooperation between China and Thailand [1] - It is expected to promote bilateral trade and investment facilitation [1] - The agreement also contributes to maintaining stability in the financial markets [1]