Core Viewpoint - The international enthusiasm for the use of the Renminbi (RMB) has significantly increased following the implementation of "reciprocal tariffs" by the United States, with a notable rise in demand for RMB in cross-border investments and trade financing [2][3][4]. Group 1: RMB in Cross-Border Trade and Investment - After the U.S. introduced "reciprocal tariffs," more Chinese enterprises are willing to use RMB for overseas direct investment (ODI), leading to increased demand for RMB in cross-border investments [3]. - The RMB is evolving from a popular trade settlement currency to a multi-functional role, including trade financing and reserve currency [4][6]. - As of the end of 2024, RMB is projected to become the third-largest trade financing currency globally, with cross-border payment amounts reaching 64.1 trillion yuan, a 23% increase year-on-year [4]. Group 2: Central Bank and Reserve Currency Trends - More emerging market central banks are incorporating RMB into their foreign exchange reserves, reflecting a trend towards diversification away from the U.S. dollar [4][9]. - Currently, RMB accounts for less than 3% of global foreign exchange reserves, indicating significant potential for growth in this area [9]. Group 3: RMB Liquidity and Financing - The liquidity of RMB in overseas markets is increasing, which is encouraging foreign enterprises to use RMB for trade financing, thereby reducing their financing costs [8][11]. - The Hong Kong Monetary Authority has introduced measures to support RMB trade financing liquidity, which will further meet the financing needs of foreign enterprises [7][8]. Group 4: Challenges and Future Outlook - The internationalization of RMB faces challenges in meeting the diverse needs of foreign enterprises for RMB settlement, investment, and reserve management [11][12]. - Enhancing RMB liquidity in overseas markets is crucial for encouraging foreign institutions to hold RMB assets, which requires the development of a diverse range of RMB financial products [12].

由于4月初美国出台对等关税举措引发美债市场剧烈波动，当月全球投资者的美债配置策略是否发生明 显变化，备受金融市场关注。 6月18日，美国财政部公布国际资本流动报告(TIC)显示，4月外国持有的美国国债规模达到9.01万亿美 元，比3月仅仅减少360亿美元。但是，多个美债持有大国仍采取增持美债策略。 作为前两大美债持有国，日本与英国在4月分别增持37亿美元与284亿美元的美国国债。不过，中国大陆 在4月继续减持82亿美元，至7570亿美元，创下2009年以来的最低点。 CreditSights宏观策略主管Zachary Griffiths表示，原先市场猜测海外官方资本会在4月大规模抛售美国国 债，但最新TIC数据显示这种猜测存在偏差。整体而言，4月海外资本抛售美国国债的力度相对温和。 一位华尔街宏观经济型对冲基金经理张刚向记者透露，这背后，是美国国债的避险属性发挥了明显作 用。由于美国对等关税举措令全球资本担心美国经济衰退风险加大，纷纷将资金转入美国国债避险，无 形间对冲了4月美国多次发生股债汇"三杀"所带来的美债抛售压力。 作为从业逾20年的宏观经济策略基金经理，他长期配置美国国债，并跟踪全球资本的"美债进出 ...