Core Insights - The People's Bank of China Kaifeng Branch has established a four-dimensional mechanism to promote cross-border RMB business, focusing on enhancing the city's cross-border RMB settlement ratio [1] - The bank aims to activate market dynamics by setting differentiated development goals and ensuring policy alignment with market needs [1] - A comprehensive policy promotion network has been created, involving collaboration with various government departments and banks to enhance awareness and implementation of cross-border RMB policies [2] Group 1: Policy Implementation - The bank has developed a policy promotion system that includes online and offline training to ensure timely policy transmission [2] - A series of policy promotion events have been held, covering 128 foreign trade enterprises and over 380 participants, effectively increasing the awareness and reach of cross-border RMB business [2] Group 2: Business Expansion - The bank has identified key enterprises and sectors for targeted expansion of cross-border RMB business, focusing on head enterprises and small to medium-sized enterprises in specific industries [3] - A dynamic list of priority enterprises for cross-border RMB business has been created, leading to 19 new enterprises achieving their first cross-border RMB transactions [3] Group 3: Risk Management and Service Enhancement - The bank emphasizes both development and compliance, implementing a closed-loop management system for monitoring cross-border RMB transactions [3] - Service quality has improved significantly, with rapid responses to policy inquiries and technical issues, enhancing the overall effectiveness of cross-border RMB services [3] Group 4: Business Metrics - As of the end of July, Kaifeng's cross-border RMB business has expanded to cover 51 countries and regions, with 121 enterprises involved and a transaction volume of 2.432 billion yuan, accounting for 21.05% of foreign-related income and expenditure [4] - The volume of goods trade settlements reached 2.103 billion yuan, representing 85.74% of the total, with 54 new cross-border RMB "first-time" enterprises established, a year-on-year increase of 145% [4]

Market Performance - The Asia-Pacific stock market continues to show a warming trend, with most indices recording gains last week [1] - The Jakarta Composite Index in Indonesia rose by 2.05% to 6815.73 points, while the Singapore Straits Index increased by 0.56% to 3845.14 points [1] - Other notable gains include Malaysia's Kuala Lumpur Composite Index up 2.21% to 1542.49 points, and Thailand's SET Index up 3.45% to 1198.98 points [1] - Japan's Nikkei 225 Index led the gains with a 3.15% increase to 36830.69 points [1] Economic Outlook - The International Monetary Fund (IMF) forecasts that the growth rates for developed economies in the Asia-Pacific region will be 1.2% and 1.4% for the next two years, while emerging markets are expected to grow at 4.5% and 4.6% [3] - Thailand's central bank has lowered its benchmark interest rate from 2.00% to 1.75% to support the economy amid slowing inflation and growth [3][4] - Moody's has downgraded Thailand's economic outlook from stable to negative, citing significant impacts from global trade and economic growth [3] Monetary Policy - Thailand's recent interest rate cuts are seen as a preventive easing measure, reflecting a consensus among Southeast Asian monetary authorities to act proactively rather than waiting for U.S. rate cuts [4] - Experts predict that other Southeast Asian countries, such as Malaysia, the Philippines, and Vietnam, may follow suit with monetary policy easing in the second quarter [4] Cross-Border RMB Business - The cross-border RMB business has seen significant growth, with transactions between China and Malaysia reaching 102 billion yuan, a 27% increase year-on-year [6] - The increase in cross-border RMB usage is attributed to deepening monetary sovereignty and industrial trust between China and its trade partners [6] - The RMB is forming a new model of trade dominance within the RCEP framework, enhancing trade efficiency and local asset reserve attributes in the Asia-Pacific region [6]