内容提要 9月，离岸（CNH）人民币兑美元即期汇率贬值，在岸（CNY）人民币兑美元即期汇率升值；日均平均价差（CNY-CNH的绝对值）为67BP，较上月减少 13BP；CFETS人民币汇率指数、参考BIS货币篮子、参考SDR货币篮子的人民币汇率指数分别较上月末上升0.21%、上升0.20%、不变。离岸人民币债券发 行额较上月增加。CNH HIBOR隔夜、7天、3个月和1年期较上月末分别上升22BP、上升5BP、下降3BP和上升5BP。 1、中国香港和台湾地区境外人民币存款 2025年8月，香港和台湾地区离岸市场人民币存款规模较上月增加。其中，香港地区人民币存款规模为9679.56亿元，较上月增加3.2%，台湾地区人民币存款 规模为1205.91亿元，较上月减少3.0%。香港跨境贸易结算金额为9968.82亿元，较上月减少19.2%。 2、离岸人民币外汇市场 9月，离岸（CNH）人民币兑美元即期汇率贬值，在岸（CNY）人民币兑美元即期汇率升值。 即期市场：9月30日，CNH兑美元即期汇率收于7.1287，较上月末贬值0.09%；CNY兑美元即期汇率收于7.1186，较上月末升值0.20%；日均平均价差（CNY- ...

Core Insights - The offshore (CNH) and onshore (CNY) RMB exchange rates depreciated in July, with the average daily price difference decreasing by 4 basis points from the previous month [3][4] - The CFETS RMB exchange rate index and indices based on BIS and SDR currency baskets increased compared to the end of the previous month [3] - The issuance of offshore RMB bonds decreased compared to the previous month [5] Group 1: Offshore RMB Deposits in Hong Kong and Taiwan - As of June 2025, offshore RMB deposits in Hong Kong decreased by 9.6% to 8820.61 billion, while Taiwan's deposits increased by 1.6% to 1192.66 billion [2] - Cross-border trade settlement in Hong Kong rose by 8.9% to 12235.18 billion [2] Group 2: Offshore RMB Foreign Exchange Market - On July 31, the CNH/USD exchange rate was 7.2096, down 0.72%, and the CNY/USD exchange rate was 7.1930, down 0.38% [3] - The CFETS RMB exchange rate index rose by 1.48% to 96.76, the BIS index rose by 1.85% to 102.57, and the SDR index rose by 1.49% to 91.49 [3] Group 3: Offshore RMB Derivatives Market - The 1-year CNH swap points were at -1756 basis points, down 9 basis points, while CNY 1-year swap points were at -1815 basis points, up 51 basis points [4] - The average daily swap point spread between CNH and CNY decreased by 121 basis points to 64 basis points [4] - The Hong Kong Exchange's USD/CNH futures volume decreased by 11.8% to 2.2285 million contracts, while the options volume increased by 583.3% to 82 contracts [4] Group 4: Offshore RMB Bond Market - In July, 110 offshore RMB bonds were issued, an increase of 10 from the previous month, but the issuance amount decreased by 24.4% to 589.77 billion [5] Group 5: Offshore RMB Money Market - By the end of July, CNH HIBOR rates for overnight, 7-day, 3-month, and 1-year terms decreased by 87, 56, 18, and 17 basis points respectively [6] - The average interest rate spread between offshore and onshore borrowing rates decreased for overnight and 7-day terms, while it increased for the 3-month term [6] Group 6: Foreign Institutions in Domestic Interbank Market - As of the end of July, the number of foreign institutions participating in the domestic interbank foreign exchange market increased to 233 [7] - The total number of foreign institutions and their products in the domestic currency market decreased to 5739 [7] Group 7: Foreign Institutions' Transaction Volume - In July, foreign institutions' total transaction volume in the domestic interbank foreign exchange market was 40117.62 billion, an increase of 16.0% [8] - The transaction volume in the domestic interbank bond market increased by 9.8% to 14687.13 billion [8]

Group 1: Offshore Renminbi Market - In June, both offshore (CNH) and onshore (CNY) Renminbi appreciated against the US dollar, with CNH closing at 7.1575 and CNY at 7.1656, representing increases of 0.68% and 0.41% respectively compared to the previous month [3][4] - The average daily spread between CNY and CNH increased by 5 basis points to 66 basis points [3] - The CFETS Renminbi exchange rate index and indices based on BIS and SDR currency baskets decreased by 0.64%, 0.86%, and 0.86% respectively [3] Group 2: Offshore Renminbi Bond Market - In June, the offshore Renminbi bond market issued 100 bonds, an increase of 12 bonds from the previous month, with a total issuance amount of 779.71 billion, reflecting a 124.8% increase [5] Group 3: Offshore Renminbi Currency Market - As of the end of June, the CNH HIBOR rates for overnight, 7-day, 3-month, and 1-year were 1.9454%, 1.8341%, 1.9045%, and 1.9882% respectively, showing a mixed trend with overnight rates decreasing by 10 basis points while the others increased [6] - The average interest rate spread between offshore and onshore borrowing rates increased for overnight, 7-day, and 3-month terms, while the 1-year term remained unchanged [6] Group 4: Cross-Border Trade and Deposits - In May 2025, offshore Renminbi deposits in Hong Kong decreased by 5.4% to 9756.08 billion, while Taiwan saw a 4.2% increase to 1174.34 billion [2] - Cross-border trade settlement in Hong Kong amounted to 11235.7 billion, a decrease of 17.5% from the previous month [2] Group 5: Offshore Derivatives Market - In June, the 1-year CNH swap points rose by 99 basis points to -1746 basis points, while CNY swap points increased by 194 basis points to -1866 basis points [4] - The trading volume for USD/CNH futures contracts on the Hong Kong Stock Exchange increased by 14.68% to 2.527 million contracts, while the open interest decreased by 14.68% to 33,600 contracts [4]

Core Insights - The offshore (CNH) and onshore (CNY) RMB appreciated against the USD in May, with the average daily price difference (absolute value of CNY-CNH) decreasing by 108 basis points to 62 basis points [1][3] - The CFETS RMB exchange rate index and the indices referencing the BIS and SDR currency baskets showed mixed results, with the former two declining and the latter increasing [1][3] - The issuance of offshore RMB bonds decreased, with 88 bonds issued amounting to 34.682 billion, a 3.8% decrease from the previous month [5] Offshore RMB Deposits in Hong Kong and Taiwan - As of April 2025, offshore RMB deposits in Hong Kong increased by 7.4% to 1,030.895 billion, while Taiwan's deposits rose by 1.6% to 112.725 billion [2] Offshore RMB Foreign Exchange Market - On May 30, the CNH/USD exchange rate closed at 7.2065, appreciating by 0.87%, while the CNY/USD rate closed at 7.1953, appreciating by 0.94% [3] - The CFETS RMB exchange rate index stood at 95.96, down 0.25%, with the BIS index at 101.58, down 0.50%, and the SDR index at 90.93, up 0.54% [3] Offshore RMB Derivatives Market - The 1-year CNH swap points settled at -1846 basis points, down 163 basis points, while the CNY 1-year swap points were at -2060 basis points, down 107 basis points [4] - The trading volume for USD/CNH futures on the Hong Kong Stock Exchange reached 2.4909 million contracts, a 13.0% increase, while the open interest decreased by 21.0% to 31,000 contracts [4] Offshore RMB Bond Market - The offshore RMB bond market saw a total of 88 bonds issued in May, a decrease of 7 from the previous month, with a total issuance amount of 34.682 billion [5] Offshore RMB Money Market - As of the end of May, the CNH HIBOR rates for overnight, 7-day, 3-month, and 1-year were 2.0442%, 1.7946%, 1.7697%, and 1.9403%, reflecting mixed changes [6] - The average interest rate differentials between offshore and onshore borrowing rates increased for overnight and 7-day terms, while decreasing for 3-month and 1-year terms [6] Dynamics of Foreign Institutions in Domestic Interbank Market - By the end of May, the number of foreign institutions participating in the domestic interbank foreign exchange market reached 232, an increase of 1 from the previous month [7] - The total number of foreign institutions and their products in the domestic interbank currency market rose to 5723, with various categories showing slight increases [7] Trading Volume in Domestic Interbank Market - In May, the total trading volume of foreign institutions in the domestic interbank foreign exchange market was 27,551.68 billion, a decrease of 17.1% [8] - The trading volume in the domestic interbank money market increased by 18.1% to 8,680.54 billion [8]

Summary of Key Points Core Viewpoint - In April, both offshore (CNH) and onshore (CNY) RMB depreciated against the USD, with a notable increase in the average price difference between the two, indicating a shift in the currency market dynamics [1][3]. Group 1: Offshore RMB Market - The average daily price difference between CNY and CNH increased by 82 basis points (BP) to 170 BP compared to the previous month [1][3]. - The offshore RMB bond issuance decreased to 360.34 billion CNY, a decline of 13.1% from the previous month, with 95 bonds issued, an increase of 3 bonds [4]. - The CNH HIBOR rates for overnight and 7-day terms rose, while the 3-month and 1-year rates fell, indicating mixed trends in the offshore money market [5]. Group 2: RMB Deposits in Hong Kong and Taiwan - As of March 2025, offshore RMB deposits in Hong Kong decreased by 7.3% to 959.84 billion CNY, while Taiwan's deposits fell by 2.1% to 110.97 billion CNY [2]. - Cross-border trade settlement in Hong Kong increased by 11.3% to 11,839.76 billion CNY, suggesting a rise in trade activity despite the drop in deposits [2]. Group 3: Foreign Participation in Domestic Markets - As of the end of April, the number of foreign institutions participating in the domestic interbank foreign exchange market remained stable at 231, with no changes in the number of foreign clearing banks and participating banks [6]. - The total transaction volume of foreign institutions in the domestic interbank foreign exchange market was 33,233.29 billion CNY, a decrease of 18.5% compared to the previous month [7].