而在肯尼亚，矿主奥马里向深圳采购一台7000美元的锂矿设备，需先将280万肯尼亚先令兑换为美 元（汇兑损失1.2%），再经纽约梅隆银行代理转账（耗时3天，手续费45美元）。最终因汇率波动，实 际多支付200多美元。 这两笔支付的强烈反差，揭示了全球金融治理的"百年变局"：金融强国的标准，已从"谁掌握主权 货币"转向"谁能提供更安全、低成本、普惠的跨境支付方案"。 2025年9月27日清晨，两笔跨越半球的支付同时发生： 在杭州，来自泰国的留学生阿珍用数字人民币App支付7元购买珍珠奶茶。后台依托"多边央行数字 货币桥"，31.28泰铢直接兑换为人民币，全程耗时4.2秒、手续费为0，未经过SWIFT（国际资金清算系 统）和美元中转。 这场"去美元化"暖流中，争议不断：美国彼得森研究所称"人民币缺乏完全可兑换性与深度离岸市 场"；而巴西央行指出，人民币已助其年省15亿美元汇兑成本。 中国能否将这股"暖流"转化为未来的主流？关键在于用好"五把钥匙"；而每把钥匙的背后，都有数 据支撑、现实可行的破局路径。 钥匙一：贸易场景"双向奔赴"——把每笔订单变成人民币需求 核心逻辑：不追求全球替代，优先实现区域主导，通过"便利化 ...

5月份，中国人民银行、金融监管总局、中国证监会、国家外汇局、广东省人民政府联合印发的《关于 金融支持广州南沙深化面向世界的粤港澳全面合作的意见》提出，推动跨境支付服务便利化。支持银行 与非银行支付机构、清算机构合作依法合规开展跨境支付业务。稳步推动数字人民币创新应用，鼓励金 融机构参与多边央行数字货币桥建设。 4月份，中国人民银行、金融监管总局、国家外汇局、上海市人民政府联合印发的《上海国际金融中心 进一步提升跨境金融服务便利化行动方案》提出，支持在沪数字人民币运营试点银行积极参与多边央行 数字货币桥项目，探索创新特色场景。支持外汇交易中心为多边央行数字货币桥提供外汇流动性管理及 兑换服务。 中国银行研究院研究员杜阳对《证券日报》记者表示，鼓励金融机构探索使用数字人民币等新型支付方 式开展跨境支付及参与多边央行数字桥建设，对金融机构而言是战略机遇，有助于提高国际竞争力。金 融机构应主动加强顶层设计，成立专门工作小组，统筹推进跨境数字金融业务的机制建设，积极探索数 字人民币在跨境领域的应用。 日前，国家互联网信息办公室发布关于《促进和规范电子单证应用规定（征求意见稿）》公开征求意见 的通知。其中提到，鼓励金融机 ...

Core Viewpoint - The digital renminbi is rapidly integrating into various sectors of the Chinese economy, enhancing payment systems and transaction efficiency, thereby injecting new momentum into the real economy [1]. Group 1: Progress and Achievements - In the first half of 2025, significant progress was made in the digital renminbi pilot program across various provinces, with notable increases in transaction volume, wallet openings, and application scenarios [3][5]. - Suzhou has emerged as a leading city in the digital renminbi pilot, with 31.04 million personal wallets and 1.041 million corporate wallets opened, and a transaction amount of 2.15 trillion yuan, marking a 67.07% increase year-on-year [3]. - By the end of June 2025, Guangdong province had opened 44.9 million personal wallets, with a total transaction volume of 157.6 billion yuan, leading the nation in transaction counts [5]. Group 2: Application Innovations - The digital renminbi is witnessing continuous innovation in application scenarios, particularly in cross-border payments, with various banks actively participating in the "central bank digital currency bridge" projects [6][7]. - Notable transactions include a 68 million yuan cross-border trade payment in Shenzhen, showcasing the efficiency of real-time settlement compared to traditional systems [7]. - As of June 2025, Chongqing has issued over 100 million yuan in digital renminbi consumption red packets, covering over 20 sectors, indicating the growing acceptance and application of digital currency [7]. Group 3: Future Directions - The focus for the second half of 2025 will be on deepening pilot programs and enriching application scenarios, with a consensus among various central bank branches to enhance infrastructure and promote digital renminbi applications [8]. - The People's Bank of China emphasizes the need for a strategic shift from expanding scenarios to deepening applications in key areas such as cross-border payments and smart contracts [2][8].

Core Viewpoint - The digital RMB is rapidly integrating into various sectors of the Chinese economy, enhancing payment systems and transaction efficiency, while becoming a focal point for future applications and pilot programs [1] Group 1: Digital RMB Pilot Progress - By mid-2025, significant progress has been made in the digital RMB pilot across various provinces, with Jiangsu and Guangdong leading in transaction volume and wallet openings [2][3] - Suzhou has opened 3,104.63 million personal wallets and 104.11 million corporate wallets, with a transaction amount of 2.15 trillion yuan in the first half of the year, marking a 67.07% increase year-on-year [2] - As of July, Suzhou's digital RMB balance reached 77.3 billion yuan, accounting for 30% of the national total [2] Group 2: Application Innovations - The digital RMB is seeing innovative applications, particularly in cross-border payments, with banks like Bank of Communications and Industrial and Commercial Bank of China actively participating [4][5] - In Shenzhen, a significant cross-border trade payment of 68 million yuan was completed using the digital RMB, showcasing real-time settlement capabilities [5] - Chongqing has issued over 100 million yuan in digital RMB consumption red envelopes, covering various sectors [5] Group 3: Future Directions and Consensus - Industry analysts emphasize the need to combine the authority of legal currency with the flexibility of application scenarios to maximize the value of digital RMB [6] - The People's Bank of China is focusing on deepening pilot programs and expanding application scenarios, with various local branches outlining plans for infrastructure and cross-border applications [6][7] - Recent government initiatives in Shanghai and Shandong aim to enhance cross-border financial services and promote the use of digital RMB in consumer subsidies [7]

Core Insights - The digital RMB is rapidly integrating into various sectors of the Chinese economy, enhancing payment systems and transaction efficiency, thereby injecting new momentum into the real economy [1] Group 1: Central Bank and Regional Initiatives - The People's Bank of China (PBOC) and its branches are focusing on expanding the pilot programs for digital RMB in the second half of 2025, emphasizing infrastructure development and application promotion [2][7] - Various regional branches, such as those in Beijing, Chongqing, and Wuxi, are committed to deepening pilot construction and expanding application scenarios for digital RMB [1][7] Group 2: Performance Metrics and Adoption - By mid-2025, significant growth in digital RMB usage has been reported, with Suzhou leading in wallet openings and transaction volumes, totaling 2.15 trillion yuan, a 67.07% increase year-on-year [3] - In Nanjing, 575.6 million personal wallets and 31.8 million corporate wallets have been opened, with nearly 180,000 merchants supporting digital RMB payments [4] - Guangdong province has opened 44.9 million personal wallets, with 1.576 billion yuan transacted across 620,000 merchants, ranking first in transaction volume [4] Group 3: Innovation in Application Scenarios - The digital RMB is seeing innovative applications in cross-border payments, with banks like Bank of Communications and Agricultural Bank of China facilitating transactions through the mBridge platform [5][6] - Notable transactions include a 68 million yuan cross-border trade settlement in Shenzhen, showcasing the efficiency of real-time transactions compared to traditional systems [6] Group 4: Future Directions and Challenges - Analysts suggest that the focus will shift from expanding scenarios to deepening applications in key areas such as cross-border payments and smart contracts [2][7] - Despite challenges like user habit formation and cross-border interoperability, the integration of digital RMB with flexible application scenarios is seen as crucial for maximizing its value [7]

Core Insights - Digital RMB is rapidly integrating into various sectors of the Chinese economy, enhancing payment systems and transaction efficiency [1] - The People's Bank of China (PBOC) is prioritizing the expansion of digital RMB trials and applications in its 2025 work plan [1] - The shift from infrastructure development to deep application and ecosystem building marks a new phase for digital RMB [1] Group 1: Pilot Progress and Statistics - By mid-2025, significant progress has been made in the digital RMB pilot across various provinces, with Jiangsu and Guangdong leading in transaction volume and wallet openings [2][3] - Suzhou has opened 31.05 million personal wallets and 1.041 million corporate wallets, with a transaction amount of 2.15 trillion yuan in the first half of 2025, a 67.07% increase year-on-year [2] - As of late July, Suzhou's digital RMB balance reached 7.73 billion yuan, accounting for 30% of the national total [2] Group 2: Application Innovations - The digital RMB's application in cross-border payments is gaining traction, with banks like Bank of Communications and Hangzhou Bank actively participating [4][5] - The Bank of Communications in Shanghai has completed cross-border remittance services using digital RMB, with a cumulative transaction amount of 4.962 billion yuan by August 2025 [4] - In Shenzhen, a significant cross-border trade payment of 68 million yuan was settled using the digital RMB, showcasing real-time transaction capabilities [5] Group 3: Future Directions and Challenges - Industry analysts emphasize the need to combine the authority of legal currency with the flexibility of application scenarios to maximize the value of digital RMB [6] - The consensus among central bank branches is to deepen pilot projects and enrich application scenarios for digital RMB [6] - Recent government initiatives in Shanghai and Shandong highlight the push for expanding digital RMB applications in various sectors, including consumer subsidies [7]

Group 1 - The core viewpoint of the news is that the Industrial and Commercial Bank of China (ICBC) Xinjiang Branch successfully executed the first cross-border payment of dividends in Hong Kong dollars using the multi-central bank digital currency bridge platform, enhancing the application scenarios of digital currency in Xinjiang [1] - The multi-central bank digital currency bridge platform was jointly established by several financial institutions, including the Bank for International Settlements (Hong Kong), the Central Bank of Thailand, the Central Bank of the UAE, the Digital Currency Research Institute of the People's Bank of China, and the Hong Kong Monetary Authority, facilitating cross-border payments in multiple currencies with advantages such as fast settlement, low costs, and enhanced security [1] - To meet the growing demand for diversified and efficient cross-border payment services from enterprises in Xinjiang, ICBC Xinjiang Branch formed a dedicated digital currency bridge service team in April last year, which tailored service plans for clients and established a comprehensive service system covering the entire business process [1] Group 2 - The continuous promotion of the multi-central bank digital currency bridge business is an important measure for ICBC Xinjiang Branch to serve the real economy and support the development of Xinjiang's outward-oriented economy [2] - ICBC Xinjiang Branch plans to increase resource investment in the cross-border financial sector, explore the application potential of the digital currency bridge business, and expand more diverse business scenarios to provide more efficient and comprehensive cross-border financial services for "going out" enterprises [2]

Core Viewpoint - The U.S. has officially regulated stablecoins through the "Genius Act," while China continues to promote its central bank digital currency (CBDC) initiative, highlighting differing approaches to digital currency regulation and innovation [1][2]. Group 1: Stablecoins and Regulation - The "Genius Act" signed by President Trump incorporates stablecoins into regulatory frameworks, reflecting a growing focus on stablecoins in the market [1]. - Stablecoins are defined as cryptocurrencies pegged to fiat currencies or assets, which aim to enhance cross-border payment efficiency and user experience [1]. - According to the Bank for International Settlements, stablecoins have not met the key requirements for a robust international monetary system, suggesting their future role may be limited to a supportive function [1]. Group 2: China's Digital Currency Initiatives - As of July 2024, the digital yuan has been implemented in 26 pilot areas across 17 provinces, with 180 million personal wallets opened and a total transaction volume of 7.3 trillion yuan [2]. - China is a founding member of the "Multi-Central Bank Digital Currency Bridge" project, which aims to enhance cross-border payment scenarios using blockchain technology [2]. - The project has transitioned from sandbox testing to formal operations, involving multiple central banks and commercial banks across various jurisdictions [2]. Group 3: Cross-Border Payment Innovations - Third-party payment institutions in China have made significant advancements in cross-border payments since the pilot program began in September 2013, enabling 24/7 rapid transactions [2]. - The "Cross-Border Payment Link" launched in June 2023 connects mainland China's online payment systems with Hong Kong's rapid payment system, improving transaction efficiency and reducing costs [4]. - There is an openness to exploring stablecoin payment tools, with a focus on leveraging their advantages while ensuring compliance and fostering competition in the cross-border payment sector [4].

Core Insights - As of June 2025, the total balance of various deposits in Shenzhen reached 14.16 trillion yuan, an increase of nearly 600 billion yuan since the beginning of the year [1] - The balance of various loans in Shenzhen reached 9.85 trillion yuan, with an increase of over 350 billion yuan since the beginning of the year [1] - The balance of loans to the private economy in Shenzhen reached 4.26 trillion yuan, with a new addition of 849.75 billion yuan [1] Financial Innovations - The scale of technology innovation bonds (referred to as "科创债") reached 20.75 billion yuan, with 14 bonds issued by 9 enterprises including major tech firms [3] - The People's Bank of China Shenzhen Branch has facilitated the issuance of technology innovation bonds, providing a model for financial support in the tech sector [3] - In the first half of 2025, 102 enterprises signed agreements for "腾飞贷" totaling 3.6 billion yuan, while "科技初创通" helped 3,761 enterprises secure loans amounting to 4.84 billion yuan [3] Cross-Border Transactions - In the first half of 2025, the number of foreign card transactions via WeChat Pay increased by 1.6 times, with nearly 2 million foreign users binding their cards [5] - Foreign personnel in Shenzhen conducted 85.8754 million non-cash payment transactions totaling 11.81 billion yuan, marking increases of 29% and 35% respectively [5] - The cross-border RMB payment amount reached 27.6328 trillion yuan, a year-on-year increase of 24.3%, with goods trade accounting for 5.5128 trillion yuan of this total [6] Digital Finance Development - The Shenzhen local credit platform launched over 50 credit products, enabling enterprises to secure financing of 574.4 billion yuan [8] - The digital RMB pilot program has seen nearly 30 million digital wallets opened, with pre-paid funds management reaching nearly 3.1 billion yuan [8] - Shenzhen is advancing the application of a multi-central bank digital currency bridge in cross-border transactions, successfully executing the first transaction involving "bulk commodity trading + multi-central bank digital currency bridge" [8]

Core Insights - The development of digital RMB has accelerated significantly this year, with the recent expansion of the "tap and go" trial in Shanghai's entire metro network, allowing passengers to use various forms of digital RMB wallets for quick access [1][2] - Multiple cities, including Beijing, Guangzhou, and Shanghai, have released development plans for digital RMB trials, enhancing application scenarios and optimizing the ecosystem [1][4] Group 1: Application Expansion - The application scenarios for digital RMB have expanded from retail payments to include government services, public transportation, and financial services, creating a comprehensive and multi-layered application landscape [4] - In the first half of the year, various local governments actively promoted the expansion of digital RMB application scenarios and technological innovation [4][5] - Digital RMB consumption red envelopes have been issued to stimulate consumption and support economic growth [4] Group 2: Cross-Border Payment and Future Prospects - Cross-border payment has emerged as a highlight in the development of digital RMB, with pilot banks participating in the multilateral central bank digital currency bridge project [6] - The digital RMB is expected to become a new channel for global digital trade settlement, reducing cross-border transaction costs and improving settlement efficiency [6][7] - Experts predict that digital RMB will play a larger role in cross-border payments, green finance, and smart economy, contributing to a more efficient and secure digital economic ecosystem [7]