Group 1: Open Market Operations - The central bank announced a 7-day reverse repurchase operation of 253 billion yuan at a fixed rate of 1.40% on August 21, with a total bid amount of 253 billion yuan and a successful bid amount of 253 billion yuan. The net injection for the day was calculated to be 124.3 billion yuan after accounting for 128.7 billion yuan of reverse repos maturing on the same day [1][2]. Group 2: Funding Conditions - The interbank market showed an overall easing of funding conditions, with a decline in overnight and 7-day repo weighted rates. The overnight rate was around 1.45%, while the latest overnight quotes for non-bank institutions were approximately 1.53%. The DR001 weighted rate decreased by about 1 basis point to 1.46%, and the DR007 weighted rate fell by over 5 basis points [3]. Group 3: Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit was around 1.67%, showing little change from the previous day [9]. Group 4: Government Bond Futures - Most government bond futures closed higher, with the 30-year main contract rising by 0.34%, the 10-year main contract increasing by 0.06%, and the 5-year main contract also up by 0.06%. The 2-year main contract remained flat [13]. Group 5: Key News and Developments - The State Administration of Foreign Exchange decided to pilot green foreign debt business in 16 provinces and cities, encouraging non-financial enterprises to use cross-border financing for green or low-carbon transformation projects [14]. - The Ministry of Finance indicated that about 70% of existing PPP projects have entered the operational phase, suggesting that there is room for reasonable interest rate reductions and extensions for existing project loans [14]. - The Hainan Free Trade Port's cross-border asset management pilot has been launched, focusing on supporting foreign investors in investing in financial products issued by financial institutions in Hainan [14].

Core Viewpoint - The implementation of the "Implementation Rules for Cross-Border Asset Management Pilot Business in Hainan Free Trade Port" aims to facilitate foreign investment in financial products issued by financial institutions in Hainan Free Trade Port, effective from August 21 [1][3]. Group 1: Investment Opportunities - The pilot program is open to global foreign institutions and qualified foreign individual investors, allowing for a diversified range of investment entities [5]. - The investment products include private asset management products from securities, funds, and futures institutions with risk levels ranging from R1 to R4, publicly raised securities investment funds, and insurance asset management products [5]. - Foreign investors can open RMB settlement accounts and free trade accounts in Hainan Free Trade Port banks to purchase pilot asset management products, with an encouragement for transactions to be denominated and settled in RMB [5]. Group 2: Investment Scale and Flexibility - The initial pilot program has set a net inflow cap of 10 billion RMB for foreign investors purchasing pilot asset management products, with the potential for dynamic adjustments based on economic and financial developments in Hainan Free Trade Port, international balance of payments, and market demand [7]. - The pilot opens a new channel for foreign investors to invest in Chinese financial products, enriching their asset allocation options [9]. - For domestic asset management institutions, the pilot can expand their client base and business growth opportunities [9].

Core Points - The implementation of the "Implementation Rules for Cross-Border Asset Management Pilot Business in Hainan Free Trade Port" aims to enhance cross-border securities investment and foreign exchange convenience [1] - The pilot business supports foreign investors in investing in various financial products issued by financial institutions in Hainan Free Trade Port [1] - The rules provide specific arrangements regarding pilot institution conditions, product scope, investor suitability management, account opening, fund transfer, scale management, investor protection, and monitoring [1] Summary by Sections - **Pilot Business Overview** - The pilot business allows foreign investors to invest in wealth management products, private asset management products, publicly raised securities investment funds, and insurance asset management products issued by Hainan financial institutions [1] - **Implementation Details** - The "Implementation Rules" detail conditions for pilot institutions, reporting procedures, product range, investor suitability management, account opening, fund transfer and exchange, scale management, investor protection, dispute resolution, and monitoring [1] - **Future Actions** - The People's Bank of China Hainan Branch and other departments will enhance policy promotion and guidance for eligible pilot institutions to ensure smooth implementation of the rules and promote healthy development of cross-border asset management [2]

Core Viewpoint - The cross-border asset management pilot program in Hainan Free Trade Port is set to launch, with major banks actively preparing to participate. The implementation details will take effect on August 21, marking a significant step in financial openness [1]. Group 1: Pilot Program Overview - The pilot program will use RMB for settlement, with an initial total scale limit of 10 billion RMB, providing a new channel for foreign investors to access the domestic market [1]. - Banks in Hainan, including Hainan Bank, are preparing to apply for participation in the cross-border asset management business, aiming to obtain relevant qualifications at the program's launch [3]. Group 2: Institutional Roles and Responsibilities - The pilot program involves three main entities: pilot banks, issuing institutions, and sales institutions. Pilot banks will open investment accounts for foreign investors and provide services such as fund transfer and settlement [4]. - Regulatory responsibilities are clearly defined, with the People's Bank of China overseeing the management of issuing institutions' pilot scale, while local financial regulatory bodies handle daily supervision [4]. Group 3: Investment Products and Mechanism - Foreign investors can open RMB bank settlement accounts and free trade accounts in Hainan to purchase pilot asset management products, which include a range of investment products with risk levels from R1 to R4 [4]. - All pilot asset management products must be settled in RMB, with raised funds directed towards the domestic market, creating a complete fund management system [4].

Core Viewpoint - Guosen Securities announced the approval of its acquisition of Wanhe Securities by the Shenzhen Stock Exchange's merger and reorganization review committee, pending completion of registration and other procedures [2] Group 1: Acquisition Details - The acquisition of Wanhe Securities is expected to leverage its first-mover advantage in cross-border asset management pilot business in Hainan Free Trade Port [2] - The completion of the transaction will enable collaboration in product strategy, fundraising, and compliance risk management [2] Group 2: Strategic Implications - The company aims to achieve breakthroughs in international business and innovative services, particularly in cross-border asset management [2]

Core Points - Guosen Securities announced on August 1 that the acquisition of Wanhe Securities has been approved by the Shenzhen Stock Exchange's merger and reorganization review committee, pending completion of registration and other procedures [2] - Upon completion of the transaction, the company aims to leverage Wanhe Securities' first-mover advantage in cross-border asset management pilot business in Hainan Free Trade Port, while integrating its comprehensive financial service advantages [2] - The company plans to collaborate in product strategy, fundraising, and compliance risk management to achieve breakthroughs in international business and innovative services related to cross-border asset management [2]

Group 1 - The Hong Kong "Stablecoin Regulation" will take effect on August 1 [1] - The "Government Data Sharing Regulation" will be implemented [1] - The 2025 22nd ChinaJoy will take place [1] Group 2 - The Bank of Japan released the minutes from the June monetary policy meeting [2] - DJI launched its first robotic vacuum cleaner [2] - The Bank of England announced its interest rate decision [2] Group 3 - The International Energy Agency (IEA) published its monthly oil market report [3] - Tencent Holdings disclosed its interim performance report [3] - Xiaomi Group released its interim performance report [3] Group 4 - The Hang Seng Index Company announced the results of its second-quarter review [4] - The Jackson Hole Global Central Bank Conference will be held [4] - The 2025 China International Big Data Industry Expo will take place [4] Group 5 - OpenAI plans to launch the new flagship model GPT-5 [5]

Core Viewpoint - The company, Haima Automobile, is responding to investor inquiries regarding its involvement with Hainan Bank in the context of the newly released guidelines for cross-border asset management in Hainan Free Trade Port [1] Group 1: Company Response - Haima Automobile acknowledges the investor's question and expresses gratitude for the inquiry [1] - The company clarifies that Hainan Bank, in which it holds a stake, is planning to apply for the status of "pilot bank" and "sales institution" to participate in cross-border asset management business [1] - Hainan Bank is currently preparing the necessary application materials to meet the requirements set forth in the guidelines [1]

Core Viewpoint - The introduction of the "RMB-denominated settlement" is a significant institutional design that directly supports the internationalization of the RMB and the financial opening goals of the Hainan Free Trade Port [1]. Summary by Sections Hainan Free Trade Port Timeline - The specific date for the closure of Hainan Free Trade Port is set for December 18, 2025, as approved by the Central Committee [2]. - The "Implementation Rules for Cross-Border Asset Management Pilot Business" were published on July 21, 2023, and will take effect on August 21, 2025 [2][3]. Key Innovations in the Implementation Rules - The rules allow global investors to participate without geographical restrictions, facilitating easier access for foreign capital into the domestic financial market [5]. - Foreign individual investors can now directly invest in pilot asset management products using proof of residence in Hainan and RMB income, enhancing investment convenience [5]. - All transactions for pilot asset management products must be settled in RMB, creating a closed-loop management system [5][6]. - The funds raised by pilot asset management products must be directed towards the domestic market, ensuring that the underlying assets are RMB-denominated [6]. - Issuing institutions can offer products to both domestic and foreign investors, increasing participation incentives [7]. - The range of pilot products covers various risk levels (R1 to R4), providing a wide selection for investors [7]. Importance of RMB-Denominated Settlement - The emphasis on RMB-denominated settlement is crucial as it fosters a closed-loop for cross-border asset management, cultivates the offshore RMB market, and positions Hainan as a key hub for RMB asset allocation [7]. Initial Pilot Scale and Future Adjustments - The initial pilot scale is capped at 10 billion RMB, with provisions for dynamic adjustments based on economic and market conditions [8]. - In the initial phase, only licensed foreign financial institutions or legitimate Chinese enterprises abroad can participate, with gradual opening to other foreign investors thereafter [8].

Core Viewpoint - The National Development and Reform Commission (NDRC) plans to gradually establish financial policies and systems that align with the development of the Hainan Free Trade Port after its closure operation, focusing on enhancing financial openness and cross-border asset management [1] Financial Policy and System Development - The NDRC will collaborate with relevant departments to create a financial policy system that supports the open development of the Hainan Free Trade Port [1] - There will be a focus on improving the multi-functional free trade account system to facilitate financial operations [1] Financial Industry Opening - The initiative aims to systematically expand the financial industry's openness both domestically and internationally [1] - Active exploration of pilot projects for cross-border asset management will be undertaken as part of this effort [1]