第一，在市场关注度较高的额度管理方面，《征求意见稿》首次把散落在各类试点中的人民币跨境同业 融资统一监管，并针对中资银行与外资银行制定了差异化计算方式，同时引入了逆周期调节机制。 具体来看，对于境内中资银行，人民币跨境同业融资净融出余额上限＝一级资本净额×风险管理因子× 宏观审慎调节参数；对于境内外资银行，人民币跨境同业融资净融出余额上限=一级资本净额（外国银 行境内分行运营资本）或人民币各项存款上年末余额×风险管理因子×宏观审慎调节参数。（因境内外 资银行资本普遍不高，故境内外资银行可在"一级资本净额（外国银行境内分行运营资本）"与"人民币 各项存款上年末余额"中选择较高值） 21世纪经济报道记者 郭聪聪9月12日，中国人民银行发布了《中国人民银行关于银行业金融机构人民币 跨境同业融资业务有关事宜的通知（征求意见稿）》（以下简称《征求意见稿》），向社会公开征求意 见。 中国人民银行表示，本次《征求意见稿》是为进一步支持境内银行业金融机构开展人民币跨境同业融资 业务，发展人民币离岸市场，完善跨境资本流动宏观审慎管理而制定。 《征求意见稿》的主要内容包含四个方面： 第三，明确人民币跨境同业融资业务期限不超过一年 ...

Core Viewpoint - The People's Bank of China (PBOC) has drafted a notice to enhance the framework for cross-border interbank financing in Renminbi, aiming to support the development of the offshore Renminbi market and improve policy transparency and consistency [1][2][3]. Group 1: Policy Development - The notice aims to unify the management of cross-border interbank financing, which includes various forms of Renminbi liquidity provision between domestic and foreign banks [1][3]. - Since 2009, various cross-border interbank financing products have been introduced, but the previous management lacked clarity and transparency, necessitating a more structured approach [3][4]. - The notice reflects a balance between fostering innovation in cross-border financing and ensuring regulatory compliance [4][5]. Group 2: Market Demand and Stability - The demand for Renminbi liquidity in the offshore market has increased, with the cross-border payment amount expected to reach 64 trillion yuan in 2024 [2]. - The notice is designed to stimulate domestic banks' willingness to engage in cross-border financing by providing clearer rules and reducing operational uncertainties [4][5]. - By linking the net outflow limits to banks' capital levels, the notice encourages a risk-neutral approach among financial institutions, promoting stable and healthy business development [5][6]. Group 3: Macro-Prudential Management - The notice introduces a macro-prudential management framework for cross-border interbank financing, allowing the PBOC to adjust parameters to manage liquidity flow effectively [6]. - This framework is intended to provide a stable and orderly outflow of Renminbi to foreign markets while maintaining risk control [6].

Core Viewpoint - The People's Bank of China (PBOC) has announced adjustments to the evaluation criteria for primary dealers in the open market, emphasizing the importance of stability during market fluctuations and enhancing the transmission of monetary policy [1][2][7]. Group 1: Evaluation Criteria Adjustments - The revised evaluation criteria will be implemented starting in 2025, with the list of primary dealers remaining unchanged for that year [1][7]. - The new criteria simplify the evaluation indicators from seven to four dimensions: "monetary market transmission," "bond market making," "research and innovation," and "compliance and sound operation" [6][7]. - New indicators focus on performance during periods of market tension, highlighting the need for primary dealers to maintain stability in the bond market [2][6]. Group 2: Role of Primary Dealers - Primary dealers are defined as financial institutions that can directly engage in open market operations with the PBOC, playing a crucial role in the transmission of monetary policy [2][5]. - Being designated as a primary dealer signifies both recognition from the PBOC and the responsibility to facilitate monetary policy transmission and market stability [3][4]. - The PBOC's selection of primary dealers is based on their market influence and capability, ensuring effective communication and liquidity support [4][5]. Group 3: Implications for Financial Institutions - The adjustments in evaluation criteria are expected to enhance the scientific and fair assessment of various types of institutions, promoting diversity among primary dealers [7]. - Financial institutions that achieve primary dealer status can directly participate in PBOC operations, which is seen as a mark of credibility and market influence [3][5]. - The new evaluation framework reflects the PBOC's increased sensitivity to market fluctuations and the importance of risk management among financial institutions [6][7].

有多大能力，做多大业务。 为进一步支持境内银行开展人民币跨境同业融资业务，支持人民币离岸市场发展，央行近日起草了《银 行业金融机构人民币跨境同业融资业务有关事宜的通知（征求意见稿）》（下称《通知》），并对外公 开征求意见。 人民币跨境同业融资是境内银行与境外银行等金融机构间开展账户融资、债券回购等人民币资金融入、 融出业务的统称，其中融出方向是在岸向离岸市场提供人民币流动性的关键渠道。 近年来，我国人民币国际化进程稳步推进，成效显著——人民币已成为我国对外收支第一大结算货币、 全球第二大贸易融资货币，2024年人民币跨境收付金额达64万亿元，境外主体持有和使用人民币的意愿 持续提升，直接推动离岸市场对人民币流动性的需求显著增强。 二十届三中全会明确提出"发展人民币离岸市场"。记者采访获悉，为满足市场合理需求，提升跨境同业 融资政策透明度与规则性，稳定政策预期以激发境内银行展业积极性，为离岸市场提供稳定流动性，成 为此次新规起草的重要动因。 新规出台也是为平衡好发展和安全的关系，也要对跨境资金双向流动进行宏观审慎管理，引导在岸人民 币有序流出，在风险可控的前提下满足境内外主体跨境使用人民币的合理需求。 从管理层 ...

一是覆盖人民币跨境同业融资各类业务。按照实质重于形式的原则，纳入境内银行与境外机构（不含清算行）之间存在实 质债权债务关系的各类人民币资金融入和融出业务（不包括境内银行与境外机构之间投资或买入同业存单、债券等债务工具业 务），支持规范发展。 二是明确人民币跨境同业融资业务期限不超过一年，与境内同业业务期限不超过一年的要求相衔接。 本报记者 刘琪 9月12日，中国人民银行发布消息，为进一步支持境内银行业金融机构与境外机构开展人民币跨境同业融资业务，发展人 民币离岸市场，完善跨境资本流动宏观审慎管理，中国人民银行起草了《中国人民银行关于银行业金融机构人民币跨境同业融 资业务有关事宜的通知（征求意见稿）》（以下简称《通知》），现向社会公开征求意见，意见反馈截止时间为2025年9月27 日。 从《通知》主要内容来看： 四是支持境内银行顺应市场需求、依法合规开展业务。《通知》明确展业银行应具备较强的国际结算业务能力，建立健全 风险管理和内控机制，由银行总行或外国银行境内分行归口管理，定期向中国人民银行报送信息。中国人民银行总行对27家境 内主要银行进行宏观审慎管理，中国人民银行副省级以上分支机构按照属地原则，对其他境内 ...

智通财经APP获悉，9月12日，中国人民银行就《中国人民银行关于银行业金融机构人民币跨境同业融 资业务有关事宜的通知》公开征求意见。其中提到，支持境内银行顺应市场需求，按照依法合规、风险 可控的原则开展人民币跨境同业融资业务。境内中资银行、外商独资银行、中外合资银行开展相关业务 应由银行总行统一管理，并按照实质重于形式的原则，将全部人民币跨境同业融资业务纳入管理范围， 建立健全风险管理和内部控制机制。 《通知》明确展业银行应具备较强的国际结算业务能力，建立健全风险管理和内控机制，由银行总行或 外国银行境内分行归口管理，定期向中国人民银行报送信息。中国人民银行总行对27家境内主要银行进 行宏观审慎管理，中国人民银行副省级以上分支机构按照属地原则，对其他境内银行的人民币跨境同业 融资业务进行管理。 全文如下： 二、本通知所称境内银行是指境内依法设立的具备国际结算业务能力的银行，包括中资银行、外商独资 银行、中外合资银行、外国银行境内分行；境外机构是指境外央行或货币当局、国际金融组织、主权财 富基金，境外依法设立的商业银行（包括境内银行在境外设立的分行、子行，但不包括境外人民币业务 清算行）、保险公司、证券公司、基 ...

Group 1 - The People's Bank of China (PBOC) Beijing Branch emphasizes the implementation of a moderately loose monetary policy to ensure reasonable growth in regional monetary credit [1] - The meeting highlights the importance of financial support for key areas of the real economy, including technology innovation, consumption stimulation, small and micro enterprises, and stabilizing foreign trade [1] - The PBOC plans to enhance liquidity risk monitoring and management of deposit reserves, while also promoting financial services for the capital's "five major articles" [1] Group 2 - The focus is on strengthening macro-prudential management and preventing financial risks in key areas, including real estate and shadow banking [2] - The PBOC aims to promote the internationalization of the Renminbi and enhance cross-border financing capabilities [2] - Continuous improvement of financial management and service levels is prioritized, including optimizing the financial business environment in Beijing and expanding the application of digital Renminbi [2]

Group 1 - The People's Bank of China (PBOC) in Beijing emphasizes the implementation of a moderately loose monetary policy to ensure reasonable growth in regional monetary credit [1][2] - Financial support will focus on key areas of the real economy, including technological innovation, consumption stimulation, support for small and micro enterprises, and stabilizing foreign trade [1][2] - The meeting highlighted the importance of enhancing liquidity risk monitoring and managing deposit reserve requirements [1] Group 2 - There is a strong emphasis on macro-prudential management and the prevention of financial risks in key areas, including real estate and shadow banking [2] - The PBOC aims to deepen financial reforms and promote high-level openness, including the internationalization of the Renminbi and cross-border financing [2] - Continuous improvement of financial management and service levels is prioritized, including optimizing the financial business environment in Beijing and promoting digital currency applications [2]

Summary of Conference Call Records Industry or Company Involved - The discussion primarily revolves around the Chinese stock market, macroeconomic policies, and the impact of U.S.-China relations on investment strategies. Core Points and Arguments 1. **Market Confidence and Economic Transition** - China adopts a non-concessional strategy while the U.S. gradually concedes, leading to a gradual establishment of market confidence. The economy is transitioning away from real estate dependency towards manufacturing and high-tech industries, fostering optimism about future economic growth models [1][2] 2. **Stock Market Outlook** - The current stock market is characterized as a structural slow bull market, driven by two macro factors: U.S.-China relations and economic restructuring. The focus should be on dividend assets in the context of U.S.-China confrontation and technology assets in the context of cooperation [2][10] 3. **Bond Market Characteristics** - The bond market does not exhibit bear market characteristics despite stock market gains. A phase adjustment is normal due to prior accumulated gains, with interest rates at low levels and a long-term downward trend expected [3] 4. **Monetary Policy Direction** - The central bank's second-quarter monetary policy report emphasizes stabilizing employment, maintaining economic growth, and promoting reasonable price recovery, indicating a loosening monetary policy direction [4] 5. **Macro-Prudential Management** - Focus on financial stability and prevention of systemic financial risks is crucial. Non-bank institutions are now included in the assessment of systemically important financial institutions, enhancing oversight [5] 6. **Central Bank Re-lending Support** - The central bank's re-lending support focuses on inclusive finance, green projects, and technology, with a balance of 3.8 trillion yuan. The loan growth rate for the elderly care industry is the highest, reflecting changes in credit allocation due to economic restructuring [6] 7. **Financial Support for Technological Innovation** - Financial support for technology innovation is vital, involving various stakeholders such as financial institutions and private equity firms, which help leverage more equity capital for future fundraising [7][8] 8. **Financial Stability Risk Prevention Tools** - Various tools for assessing financial stability risks include equity pledge financing and liquidity management for public funds, which help mitigate systemic risks [9] 9. **U.S.-China Trade Relations** - Recent developments in U.S.-China trade relations include a 90-day extension of a 24% reciprocal tariff suspension, with expectations for a meeting between leaders at the APEC conference. This has improved market risk appetite [11][12] 10. **Potential Risks in U.S.-China Negotiations** - China faces risks from U.S. negotiation tactics, particularly regarding secondary tariffs on energy, which could extend to other countries, including China [14] 11. **U.S. Tariff Policy Changes** - The U.S. has announced significant tariffs on copper and semiconductors, with potential expansions to other industries, which could impact market dynamics [15][16] 12. **Potential Sanction Risks in Financial Sector** - Risks of sanctions primarily affect Chinese concept stocks, although the actual impact is expected to be limited due to preparations for domestic companies to return [17] 13. **Federal Reserve Decision-Making Adjustments** - The Federal Reserve is expected to announce the cancellation of the average inflation target at the 2025 Jackson Hole meeting, although the marginal impact is considered minimal [18] 14. **U.S. Treasury Financing Report Highlights** - The U.S. Treasury plans to replenish the TGA account to $850 billion, which may lead to a liquidity siphoning effect and increased volatility in overseas markets, affecting A-share risk appetite [19] 15. **Importance of Bank Reserves** - The U.S. banking system's reserve ratio must maintain at least 9% of GDP. A potential drop in reserves due to TGA withdrawals could impact market stability, necessitating close monitoring of liquidity conditions [20] Other Important but Possibly Overlooked Content - The emphasis on macro-prudential management and the inclusion of non-bank institutions in systemic risk assessments highlight a shift towards a more comprehensive approach to financial stability [5] - The ongoing transition in credit allocation towards sectors like elderly care and green finance reflects broader economic restructuring trends [6]

Group 1 - The core viewpoint is that China's monetary policy can maintain a "self-directed" approach despite uncertainties in major developed economies' monetary policies [1][2][3] - Experts believe that the adjustment of overseas monetary policies will have limited impact on China's monetary policy autonomy in the second half of the year [3][4] - The People's Bank of China emphasizes that domestic economic conditions will primarily dictate monetary policy, rather than external capital flows or foreign monetary policies [3][4] Group 2 - The macroeconomic policy aimed at stabilizing growth will be a key factor in supporting the stability of the exchange rate [5][6] - The Chinese yuan has shown resilience and stability against external pressures, with a solid foundation due to the improving domestic economic fundamentals [5][6] - The PBOC's stance on exchange rate policy is clear, focusing on maintaining market-driven exchange rate formation while preventing excessive fluctuations [5][6] Group 3 - Experts suggest that China should continue to strengthen macro-prudential management of cross-border capital flows and guide expectations [7] - The potential for international capital to flow back to China due to easing monetary policies in the US and Europe could support the Chinese capital market [7] - Monitoring cross-border capital flows and balancing higher levels of foreign exchange openness with risk prevention is crucial for China in the face of external uncertainties [7]