Core Points - The People's Bank of China announced eight policy measures to enhance the construction of Shanghai as an international financial center [1][2] - Emphasis on global financial governance and the need for a diversified and efficient global financial safety net [1][4] Group 1: Policy Measures - Establishment of an interbank market trading report database to analyze trading data across various financial sub-markets [1] - Creation of an international operation center for digital RMB to promote its internationalization and financial market development [1] - Establishment of personal credit institutions to provide diversified credit products and improve the social credit system [1] - Pilot offshore trade finance services in the Lingang New Area to support offshore trade development [1] - Development of offshore bonds in the free trade zone to expand financing channels for enterprises involved in the Belt and Road Initiative [1] - Optimization of free trade account functions to enhance cross-border trade and investment facilitation [1] - Innovation in structural monetary policy tools in Shanghai, including blockchain credit refinancing and carbon reduction support tools [2] - Collaboration with the CSRC to promote RMB foreign exchange futures trading to improve foreign exchange market product offerings [2] Group 2: Global Financial Governance - Discussion on the need to reduce reliance on a single sovereign currency and promote a multi-polar international monetary system [3] - The potential for Special Drawing Rights (SDR) to serve as a super-sovereign international currency, though facing political and market challenges [3] - The evolution of cross-border payment systems towards diversification, with emerging technologies reshaping traditional payment systems [3] - Current challenges in global financial stability, including fragmented regulatory frameworks and insufficient regulation of non-bank intermediaries [4] - The importance of a strong IMF in maintaining global financial regulatory consistency and authority [4]

Core Insights - The "2025 China Enterprises Going Global Summit" was held in Shenzhen, focusing on creating a high-end platform for Chinese companies to address challenges in globalization and explore win-win transformation paths [1] Group 1: Economic Analysis - The former president of the Bank of China, Li Lihui, analyzed the structural contradictions in the U.S. financial situation, highlighting a significant trade imbalance with annual trade deficits exceeding $500 billion and a decline in manufacturing's contribution to GDP from 28.1% to 9.96% by Q3 2024 [4] - Li pointed out the severe fiscal imbalance in the U.S., with national debt reaching $36 trillion and annual interest payments exceeding $1 trillion [4] Group 2: U.S. Financial Strategy - To address its fiscal deficits, the U.S. relies on its international monetary hegemony, issuing dollars to purchase global goods, which is essential for maintaining its dominant position in the global financial system [4] - The recent introduction of a stablecoin initiative by the U.S. aims to tie stablecoins to the dollar, expanding the U.S. Treasury market and promoting dollarization in global financial markets, intensifying competition with China in the monetary and financial sectors [4] Group 3: Recommendations for Financial Development - Recommendations include improving the monetary policy framework and financial market structure to enhance policy transmission efficiency and increase direct financing [5] - Emphasis on financial technology and institutional innovation to reconstruct financial services and management processes, thereby improving the capacity to serve the real economy and enhancing regulatory efficiency [5] - Advocating for a multipolar international monetary system to reduce reliance on a single sovereign currency and enhance the resilience of the global financial system [5] Group 4: Cross-Border Payment and Currency Internationalization - The need for a diversified cross-border payment system is highlighted, with a focus on establishing digital payment infrastructure and multilateral payment systems to prevent the politicization of payment tools [6] - The push for the internationalization of the Renminbi is emphasized, with the currency already being the third-largest payment currency globally, aiming to expand its functions in international payments, financing, and reserves [6]

Macro and Strategy - The bond market experienced a rebound in the first half of 2025, with credit spreads narrowing. The yield changes for 1-year and 10-year government bonds were +27 basis points and -3 basis points respectively, while credit spreads for AAA and AA-rated bonds decreased by 15 basis points and 22 basis points respectively [7][8]. - The government debt net financing reached 25,594 million in week 25 and is projected to be 67,140 million in week 26, with a cumulative total of 7 trillion, exceeding the previous year's total by 3.7 trillion [9][10]. Banking Industry - The stablecoin ecosystem in Hong Kong is analyzed, highlighting its operational mechanisms and the various participants involved, including issuers, asset management companies, and virtual asset trading platforms. The report emphasizes that stablecoins can enhance the efficiency and security of cross-border payments, although they may disrupt traditional banking operations [11][12]. - The launch of the cross-border payment system in China represents a diversification of the RMB cross-border payment framework, exploring various systems and pilot projects for stablecoin issuance [12]. Electric New Energy Industry - The solid-state battery industry is gaining traction due to policy support and technological advancements. The report notes that solid-state batteries offer high energy density and safety but face challenges such as high manufacturing costs and shorter lifespans. Major automotive companies are planning to scale up production by 2030 [13][14]. - The AIDC power equipment sector is highlighted, with high-voltage direct current (HVDC) technology presenting significant market opportunities for domestic manufacturers. The demand for power supply equipment in data centers is expected to grow substantially, with a projected market size of 108.7 billion by 2030 [15][16]. Automotive Industry - The trend towards steer-by-wire technology is accelerating, with the report indicating that the penetration rate for electronic brake systems (EHB) is nearing 60%. The market for steer-by-wire systems is expected to grow significantly, with projections of over 30% penetration by 2030 [17][19]. - The report discusses the transition from mechanical steering to electronic and steer-by-wire systems, with the current market for electronic power steering (EPS) valued at approximately 38 billion. The market is dominated by foreign joint ventures, but domestic companies are rapidly increasing their market share [18][20]. Company Analysis - The report on Tabo (06110.HK) indicates a mid-single-digit decline in total sales for Q1 2026, with online sales channels showing positive growth. The company is managing inventory effectively, with a focus on improving profitability amid a challenging consumer environment [21][23].

June 20, 2025 10:42 AM GMT 中国思考 | Asia Pacific 人民币与稳定币，谁稳定谁？ 北京担忧，美国稳定币立法或将巩固美元霸主地位。因此愿 探索破局，先以香港试点，最终期冀强化人民币跨境支付。 然而，代币化仅是"术"，真要推动人民币国际 化，"道"乃根源，打破通缩、监管透明、资本流动的三个 硬骨头改革不可或缺。 为什么中国开始关注稳定币？一个重要的转折点是，美国参议院近期通过了稳定 币（GENIUS）法案，要求美元稳定币的发行需有百分百储备资产支撑。 若该法案 之后在众议院通过，其实质上意味着目前占据99%市场份额的美元稳定币将正式 成为美金代币。其可被接入国际支付系统，并大幅推升市场对美国国债的需求。 央行的转变⸺从拒绝到接纳：出于对金融风险的担忧，央行从2021年9月开始就 全面了禁止境内虚拟货币的交易与结算。 而本周潘行长在陆家嘴论坛的讲话标志 着央行对虚拟货币态度的转变： 他提出， 国际货币体系应向多极化发展， 并强调 跨境支付体系的多元化发展。潘行长特别提到， 传统跨境支付体系面临的问题逐 渐凸显，包括低效、易受地缘政治影响等。 而在区块链和分布式账本等新兴技术 ...

Group 1: Global Financial Governance - The People's Bank of China emphasizes active participation in improving global financial governance amid challenges to the US dollar's dominance[1] - The report identifies four key issues: international monetary system, cross-border payment system, global financial stability system, and governance of international financial organizations[2] - The international monetary system may evolve towards a few competing sovereign currencies due to inherent instability in a single sovereign currency system[2] Group 2: Financial Regulation and Policy - Challenges in global financial stability include fragmented regulatory frameworks and insufficient oversight in emerging areas like digital finance[2] - The report advocates for a robust global financial safety net centered around the International Monetary Fund to maintain regulatory consistency[2] - Future monetary policy will focus on gradual transformation and innovation in structural monetary policy tools in Shanghai[3] Group 3: Capital Market Development - The financial regulatory authority plans to replicate successful practices from free trade zones to enhance foreign investment participation in financial services[5] - Emphasis on improving the capital market's inclusivity and adaptability to support technological and industrial innovation[6] - Five measures proposed to deepen capital market reforms include enhancing the role of the Sci-Tech Innovation Board and fostering long-term capital[6] Group 4: Foreign Exchange Management - The report highlights the importance of a stable foreign exchange market for high-quality economic development, with measures to monitor cross-border capital flows[7] - Policies to support high-quality development include enhancing foreign exchange services for key sectors and establishing evaluation mechanisms for foreign exchange management[8]

Core Viewpoint - The People's Bank of China announced eight policy measures to further advance the construction of Shanghai as an international financial center, emphasizing the need for a diversified and efficient global financial safety net and the consistency and authority of global financial regulatory rules [1][5]. Group 1: Policy Measures - Establishment of an interbank market trading report database to collect and analyze trading data across various financial sub-markets [2]. - Creation of a digital RMB international operation center to promote the internationalization of digital RMB and support financial market innovation [2]. - Establishment of personal credit institutions to provide diversified credit products and enhance the social credit system [3]. - Launch of offshore trade finance service reform pilot in the Lingang New Area to support the development of offshore trade [4]. - Development of offshore bonds in the free trade zone to broaden financing channels for enterprises involved in the Belt and Road Initiative [4]. - Optimization of free trade account functions to enhance the efficiency of cross-border trade and investment [4]. - Implementation of innovative structural monetary policy tools in Shanghai, including blockchain credit refinancing and carbon reduction support tools [4]. - Collaboration with the China Securities Regulatory Commission to promote RMB foreign exchange futures trading to improve the foreign exchange market product series [4]. Group 2: Global Financial Governance - Discussion on the need to reduce reliance on a single sovereign currency and promote a competitive environment among a few strong sovereign currencies to enhance the resilience of the international monetary system [5]. - The potential for Special Drawing Rights (SDR) to serve as a super-sovereign international currency, though facing challenges in political consensus and market depth [5]. - Emphasis on the importance of a diversified global cross-border payment system and the role of emerging technologies in reshaping traditional payment systems [6][7]. - Recognition of the challenges facing the global financial stability framework, including fragmented regulatory frameworks and insufficient regulation of non-bank intermediaries [7]. - The need for a strong IMF to build a diversified and efficient global financial safety net and to adjust the quota shares to reflect member countries' positions in the global economy [7].

值得一提的是，在去年的陆家嘴论坛上，潘功胜介绍了中国的货币政策立场和未来货币政策 框架的演进。一年来，中国人民银行坚持支持性的货币政策立场，从数量、价格、结构等方 面，出台了多项货币政策措施，有效支持了经济持续回升向好和金融市场的稳定。 "同时，我们完善货币政策框架，优化货币政策中间变量，培育政策利率，提升货币政策传导 效率，丰富货币政策工具箱，做好政策沟通和预期引导。货币政策框架的转型是一个渐进、 持续的过程，未来我们还将不断地做好评估和完善。"潘功胜如是说。（详情→ 潘功胜：单一 主权货币主导跨境支付局面正在改变 ） 作 者丨唐婧 崔文静 杨坪 余纪昕 编 辑丨周炎炎 李新江 张伟贤 杨希 黎雨桐 6月18日，2025陆家嘴论坛在上海开幕，本届论坛以"全球经济变局中的金融开放合作与高质 量发展"为主题。中国人民银行行长潘功胜、金融监管总局局长李云泽、中国证监会主席吴 清、国家外汇局局长朱鹤新出席会议并发表主题演讲，以下为要点汇总： 潘功胜：单一主权货币主导跨境支付局面正在改变 中国人民银行行长潘功胜宣布了设立银行间市场交易报告库、数字人民币国际运营中心、个 人征信机构等八项金融开放举措。 21视频（编辑柳 ...