从宏观视角来看，《通知》的落地实施将有助于拓展离岸市场的深度与广度。离岸市场的健康发展，本 质上高度依赖于能否获得稳定、可预期且规模适度的流动性支持。支持境内银行向境外机构提供人民币 融资，实质上构建起一条连接在岸与离岸市场的规范化资金通道。这将优化人民币资金在全球范围内的 循环配置，强化人民币资产的计价、交易与储备功能。随着供给渠道的持续畅通，人民币资产的全球吸 引力将稳步提升，增强国际投资者的持有信心。 2月26日，中国人民银行发布《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》（下称 《通知》），明确支持境内银行业金融机构与境外机构规范开展人民币跨境同业融资业务。通过制度化 的安排，支持和规范银行相关业务发展，将更好服务实体经济、满足境外人民币资金需求。这不仅能提 升跨境融资管理的规则性与透明度，更为人民币国际化行稳致远、离岸市场健康发展提供制度保障。 党的二十届三中全会和四中全会提出，要稳慎扎实推进人民币国际化，提升资本项目开放水平，并大力 发展人民币离岸市场，这为新时期金融高水平开放指明了方向。此次《通知》的出台，正是贯彻落实上 述全会精神，主动提升资本项目开放水平的关键举措。通过支持境内 ...

Core Viewpoint - The Hong Kong Financial Secretary, Paul Chan, announced initiatives in the 2026-27 fiscal budget to enhance connectivity with the mainland, including the introduction of government bond futures and the inclusion of Real Estate Investment Trusts (REITs) in the mutual market access programs [1][2] Group 1: Initiatives for Connectivity - Hong Kong will actively collaborate with the mainland to expedite the launch of government bond futures [1] - The inclusion of REITs in mutual market access is planned to enhance investment opportunities [1] - The establishment of a Renminbi trading counter under the Stock Connect program is being explored [1] Group 2: Renminbi Business Enhancements - The total quota for Renminbi business arrangements has doubled to 200 billion Renminbi, facilitating broader use of Renminbi in trade and cross-border transactions [2] - Efforts are being made to enable more convenient foreign exchange quotations and transactions for Renminbi with other regional currencies, thereby reducing transaction costs [2] - Regular issuance of Renminbi bonds with varying maturities is planned to enrich the offshore Renminbi market and improve the yield curve [2] Group 3: Market Development Strategies - Collaboration with the industry to expand the offshore Renminbi interest rate curve is underway, focusing on enhancing the price discovery function for short to medium-term rates [2] - There is a push to attract high-quality issuers to increase the issuance of Renminbi bonds in Hong Kong, aiming to tap into emerging markets and promote more cross-border Renminbi transactions [2]

Group 1 - The first meeting of the China-UK Financial Working Group was held in Beijing, featuring a roundtable discussion with financial institutions [1] - The Chairman of Bank of China, Ge Haijiao, emphasized the commitment to implement the important consensus reached by the leaders of both countries [1] - The focus will be on continuously developing the offshore RMB market in London, exploring innovations in settlement, financing, trading, and investment [1] Group 2 - There is a strong emphasis on promoting global green finance development, leveraging cooperation opportunities in green bonds and transition finance between China and the UK [1] - The initiative aims to provide more "China-UK solutions" for global sustainable development [1] - The goal is to enhance financial market connectivity between the two countries, creating a multi-layered and multi-market cross-border financial service system [1]

Core Viewpoint - The Hong Kong SAR government has signed a cooperation agreement with the Shanghai Gold Exchange, marking a new milestone in the deepening collaboration between the gold markets of Hong Kong and Shanghai [1] Group 1: Cooperation Agreement - The agreement establishes a high-level governance structure for the Hong Kong Gold Central Clearing System, with the Financial Secretary of Hong Kong serving as the chairman and a representative from the Shanghai Gold Exchange as the vice-chairman [1] - The system is expected to begin trial operations within the year, aiming to enhance the efficiency of the clearing platform and align it with international standards [1] Group 2: Infrastructure and Market Connectivity - The agreement includes plans to explore physical infrastructure collaboration and market connectivity, leveraging the Shanghai Gold Exchange's physical warehousing management system to provide storage services for local and international market participants [2] - Hong Kong plans to establish gold storage facilities at the airport, with an expected capacity exceeding 2,000 tons within three years, surpassing the storage capacity of most central banks [2] Group 3: Investment Encouragement - The Hong Kong government aims to encourage more investors to hold gold, leveraging its status as a financial center, with over 2,700 family offices, nearly 900 of which have wealth exceeding $100 million [2] - Legislative proposals will be submitted to include precious metals in the tax incentive investment scope for relevant funds and family offices [2] Group 4: Central Bank Support - The central bank has announced support for the development of the Hong Kong gold market, enhancing the functionality of the offshore RMB market [3] - Hong Kong, as the largest offshore RMB business center, handles over 75% of global offshore RMB payment settlements, with RMB deposits around 1 trillion yuan [3]

Core Viewpoint - Hong Kong needs to upgrade and amend its capital markets to maintain competitiveness, resilience, and a strong positioning in the next phase [1] Group 1: Enhancing Competitiveness - The first priority is to enhance competitiveness by improving the stock market, which has been a focus over the past year, supporting emerging markets [1] - Efforts are being made to improve the issuance framework for structured products and explore local collaboration opportunities [1] - Hong Kong is enhancing trading efficiency and risk management, with a strategic collaboration between the Hong Kong Monetary Authority and the Hong Kong Stock Exchange to operate the debt instrument central settlement system [1] Group 2: Strengthening Other Capital Market Segments - The second priority involves strengthening other segments of the capital market with two strategic directions: reinforcing traditional advantages such as asset and wealth management, fixed income, and money markets [1] - There is also a focus on developing new growth areas, such as commodities, highlighted by a recent cooperation agreement with the Shanghai Gold Exchange to promote high-quality development of the Hong Kong gold market [1] Group 3: Developing Offshore RMB Market - The third priority is to establish a more vibrant offshore RMB market, enhancing RMB liquidity and enriching investment and risk management in the RMB space [1] - This initiative aims to support the internationalization of the RMB [1]

Group 1 - The Ministry of Commerce will initiate the construction of a national digital trade demonstration zone and develop relevant standards for digital trade [1] - In 2026, the Ministry of Commerce plans to expand market access and open fields, focusing on the service industry, including telecommunications and education [1] - The People's Bank of China will increase the issuance scale of offshore RMB bonds to enhance pricing capabilities and market liquidity [3][5] Group 2 - The Ministry of Commerce aims to accelerate the cultivation of international consumption center cities and promote new consumption scenarios [3] - There will be a strong push for the development of service trade, including the establishment of a national service trade innovation development demonstration zone [3] - The Ministry of Commerce will deepen the opening of fields such as cloud computing and guide foreign investment towards service consumption [6] Group 3 - The global hedge fund industry has reached a record high of nearly $5.2 trillion in assets, with significant inflows expected in 2026 [10]

Core Viewpoint - The People's Bank of China (PBOC) is committed to supporting the development of Hong Kong as a major offshore RMB business hub, with several initiatives aimed at enhancing liquidity and market infrastructure for offshore RMB transactions [1][2]. Group 1: Liquidity Support - The PBOC supports the Hong Kong Monetary Authority in increasing the RMB business funding arrangement from 100 billion to 200 billion, providing more liquidity for the offshore market [2]. - The PBOC encourages Hong Kong RMB clearing banks to obtain RMB liquidity through various means, including issuing interbank certificates of deposit and account financing [2]. Group 2: Financial Market Connectivity - The PBOC aims to enhance financial market connectivity, enriching liquidity management and risk hedging tools for overseas investors by improving mechanisms like Bond Connect and Swap Connect [2]. - The PBOC plans to explore the use of RMB bonds as offshore eligible collateral and to promote the listing of RMB government bond futures in Hong Kong [2]. Group 3: Offshore RMB Government Bonds - The PBOC will work with relevant departments to increase the annual issuance of offshore RMB government bonds to meet the demand from foreign investors for quality RMB assets [2][3]. - A market-making mechanism for the offshore market will be established to enhance trading activity and improve RMB pricing capabilities [2]. Group 4: Gold Market Development - The PBOC supports the Shanghai Gold Exchange in participating in the construction of Hong Kong's gold clearing system, aiming to strengthen Hong Kong's position as an international gold trading center [3]. - The establishment of a delivery warehouse by the Shanghai Gold Exchange in Hong Kong has enriched the offshore RMB asset allocation tools [4]. Group 5: Cross-Border Use of RMB - The RMB's status as the second-largest trade financing currency and the third-largest payment currency globally has been further solidified, with its weight in the IMF Special Drawing Rights (SDR) basket ranking third [4]. - The Bond Connect has significantly enhanced Hong Kong's global hub function, with over 800 foreign institutions investing in the mainland bond market through the "Northbound" channel, holding a total of 810 billion RMB [3].

Group 1 - The People's Bank of China (PBOC) announced an increase in the offshore RMB funding arrangement for Hong Kong from 100 billion to 200 billion RMB to enhance liquidity [2] - The RMB has become the second largest trade financing currency and the third largest payment currency globally, with its weight in the IMF's Special Drawing Rights (SDR) basket ranking third [2] - The PBOC and the Hong Kong Monetary Authority (HKMA) will promote offshore RMB bond repurchase and cross-border repurchase operations in Hong Kong in 2024, with participation from 34 offshore institutional investors totaling 119.1 billion RMB [3] Group 2 - The PBOC plans to increase the supply of offshore RMB government bonds to meet the demand for quality RMB assets from foreign investors [4] - A cooperation agreement was signed between Hong Kong and the Shanghai Gold Exchange to enhance the offshore RMB market and support the establishment of a gold delivery warehouse in Hong Kong [4] - The PBOC will continue to improve financial market connectivity and enhance risk management tools for offshore investors, including the steady promotion of RMB government bond futures listings in Hong Kong [3][4]

1. Report Summary - On November 18, the capital market remained tight, the bond market fluctuated narrowly, the main indices of the convertible bond market declined collectively, most convertible bond individual securities fell, the yields of US Treasury bonds of various maturities generally declined, and the yields of 10-year government bonds in major European economies showed divergent trends [2] 2. Bond Market News 2.1 Domestic News - The National Bureau of Statistics released the unemployment rate data by age group for October. The unemployment rate of the 16 - 24 age group (excluding students) was 17.3%, 7.2% for the 25 - 29 age group, and 3.8% for the 30 - 59 age group [4] - Multiple "two - major" construction projects started recently. The State Council executive meeting proposed to plan and promote "two - major" construction in the overall situation of the 15th Five - Year Plan [4] - 12 departments including the Beijing Branch of the central bank issued an implementation plan to encourage eligible science and technology innovation enterprises to raise funds through the bond market and support the bond issuance of consumer - related enterprises [5] - The Fourth China - Germany High - level Financial and Economic Dialogue reached consensus on deepening offshore RMB market cooperation and welcoming German institutions to issue panda bonds in China [6] 2.2 International News - For the week ending October 18, the initial jobless claims in the US were 232,000, and the continuing claims rose to 1.957 million. The government shutdown affected the release of key economic data [8] 2.3 Commodities - On November 18, WTI December crude oil futures rose 1.39% to $60.74 per barrel, Brent January crude oil futures rose 1.07% to $64.89 per barrel, COMEX December gold futures fell 0.2% to $4066.5 per ounce, and NYMEX natural gas prices rose 0.29% to $4.370 per ounce [9] 3. Capital Situation 3.1 Open Market Operations - On November 18, the central bank conducted 407.5 billion yuan of 7 - day reverse repurchase operations at a fixed - rate and quantity - tender method, with an operating rate of 1.40%. The net investment of funds on the day was 3.7 billion yuan [11] 3.2 Capital Interest Rates - On November 18, the capital market remained tight. DR001 rose 1.66bp to 1.529%, and DR007 rose 0.03bp to 1.524% [12] 4. Bond Market Dynamics 4.1 Interest - rate Bonds - The yields of interest - rate bonds changed slightly. The yield of the 10 - year treasury bond active bond 250016 rose 0.15bp to 1.8040%, and the yield of the 10 - year CDB active bond 250215 fell 0.05bp to 1.8675% [15] - Several bonds were tendered, with different issuance scales, winning yields, and multiples [16] 4.2 Credit Bonds - Two industrial bonds had trading price deviations of over 10%. "23 Vanke 01" rose over 11%, and "H0 Baolong 04" rose over 37% [16] - There were multiple credit - related events such as debt reduction, companies being included in the list of dishonest executors, warnings from the trading association, rating adjustments, and ineffective bondholder meetings [18] 4.3 Convertible Bonds - The three major A - share indices fell 0.81%, 0.92%, and 1.16% respectively. The main indices of the convertible bond market also declined, with the CSI Convertible Bond, Shanghai Convertible Bond, and Shenzhen Convertible Bond indices falling 0.55%, 0.31%, and 0.78% respectively [18][19] - There were multiple convertible - bond - related events such as issuance approvals, conversion price adjustments, and early redemption announcements [23] 4.4 Overseas Bond Markets - In the US bond market, the yields of US Treasury bonds of various maturities generally declined. The 2 - year yield fell 2bp to 3.58%, and the 10 - year yield fell 1bp to 4.12%. The inflation - protected 10 - year Treasury bond's break - even inflation rate fell 1bp to 2.27% [22][25] - In the European bond market, the yields of 10 - year government bonds in major European economies showed divergent trends. The yields of German bonds remained unchanged, while those of France, Italy, and the UK rose [26] - The daily price changes of Chinese - funded US dollar bonds showed different trends for different credit entities [28]

Core Viewpoint - China Bank has successfully coordinated the issuance of dim sum bonds for leading technology companies such as Alibaba, Baidu, Tencent, and Meituan in the Hong Kong market, with a total issuance amount exceeding 47 billion yuan, reflecting strong demand in the offshore RMB financing market [1] Group 1: Issuance Details - The total issuance amount of dim sum bonds exceeded 47 billion yuan, with subscription amounts close to 150 billion yuan, which is 3.2 times the issuance amount [1] - Dim sum bonds, also known as offshore RMB bonds, are issued outside of China and denominated in RMB, providing a diversified financing channel for enterprises in mainland China and Hong Kong [1] Group 2: Market Impact - The issuance of these bonds enhances the circulation efficiency and international usage of the RMB [1] - China Bank leverages its global advantages and comprehensive features to assist technology leaders in their first issuance of dim sum bonds, achieving innovative breakthroughs in terms of maturity structure, issuing entities, and market capacity [1] - This initiative enriches the issuing entities and improves the market ecosystem, injecting new momentum into the offshore RMB market and expanding new channels for technology finance [1]