证券日报网讯 2月25日，工商银行（601398）在互动平台回答投资者提问时表示，我行借助全球服务网 络优势和跨境综合服务能力，积极支持中国金融市场高水平开放。2016年以来，累计协助近70家机构发 行熊猫债，承销规模超1600亿元，位居市场前列。未来，我行将继续积极推动熊猫债市场发展和产品创 新，持续服务全球客户多元化融资需求。 ...

中原证券指出，债市方面，10年期与30年期国债收益率预计区间震荡，需等待降准或降息等实质性宽松 政策落地。在利率走势方面，2026年1月国债期货市场迎来小幅反弹，十年期主力合约上涨0.45%，超 长端的30年期国债期货涨幅略高，达0.48%。货币政策态度仍然比较中性，在呵护银行净息差以及汇率 稳健升值的目标下，对债市保持合理区间的导向较强。总体而言，今年债市或仍有利于偏稳健的配置型 策略。 2026年2月6日午后，截至13:55，30年国债ETF(511090)上涨0.23%。流动性方面，30年国债ETF盘中换 手17%，成交36.77亿元，市场交投活跃。拉长时间看，截至2月5日，30年国债ETF近1年日均成交82.71 亿元。 消息面上，在1月举行的第三十届（2026年度）中国资本市场论坛上，摩根大通银行（中国）有限公司 行长提到，从存量规模来看，中国债市规模位居全球第二，具有重要影响力。她认为，中国债市也是人 民币国际化与金融市场开放的前沿阵地。2025年，随着美元进入降息通道以及国际投资者资产配置多元 化需求上升，中国债券吸引力进一步增强。 国债期货早盘收盘，30年期主力合约涨0.35%，10年期主力合 ...

Core Insights - The "Swap Connect" trading clearing scale has significantly increased, with a total clearing volume of 5.3 trillion yuan in 2025, marking a 45% year-on-year growth [1] - The initiative has become a key tool for foreign investors to manage RMB interest rate risks since its launch in May 2023, contributing to the ongoing high-level opening of China's financial market [1] Group 1: Market Performance - In Q4 2025, the cumulative clearing volume of "Swap Connect" reached 1.33 trillion yuan, with a total of 9.9 trillion yuan cleared since its inception [1] - The clearing volume accounted for 12.05% of the total clearing volume in the interbank interest rate swap market during the same period [1] Group 2: Participant Dynamics - By the end of 2025, 110 domestic and foreign investors participated in the "Swap Connect" business, covering regions including China (including Hong Kong, Macau, and Taiwan), Europe, the United States, Australia, Southeast Asia, South Korea, and Japan [1] - The participant base has expanded, with domestic banks and securities firms remaining the primary domestic quoting entities, while foreign participants have diversified, particularly with a notable increase in U.S. institutions [2] Group 3: Product Development - In 2025, the types of "Swap Connect" products have been enriched, with new measures introduced to enhance financial openness and efficiency [3] - The clearing period for "Swap Connect" contracts was extended to 30 years, and new interest rate swaps linked to the LPR1Y were included in centralized clearing, attracting active trading from domestic and foreign institutions [3]

Core Insights - China's foreign exchange market achieved a remarkable milestone in 2025, with a total transaction volume surpassing 300 trillion yuan, reaching 304.57 trillion yuan (approximately 42.64 trillion USD), showcasing strong market vitality and depth [1] Group 1: Market Performance - In December 2025, the total transaction volume in the foreign exchange market was 28.17 trillion yuan (approximately 3.99 trillion USD), marking a strong conclusion to the year [3] - The derivatives market performed exceptionally well in December, with a cumulative transaction volume of 17.73 trillion yuan, accounting for over 60% of the total monthly transaction volume [3] - The spot market recorded a transaction volume of 10.44 trillion yuan, indicating a significant shift towards risk management tools among enterprises and financial institutions [3] Group 2: Market Structure and Participants - The interbank market remained the dominant trading force, with a transaction volume of 23.39 trillion yuan in December, representing 83% of the total market volume [3] - The bank-to-customer market had a transaction volume of 4.78 trillion yuan, reflecting the real foreign exchange supply and demand from the实体经济 [3] Group 3: Driving Forces Behind Growth - The resilience of China's foreign trade supported the increase in foreign exchange transaction volume under real demand [5] - The attractiveness of RMB assets remained strong, with active cross-border capital flows contributing to foreign exchange buying and selling demand [5] - Regulatory authorities continued to promote the dual opening of financial markets, facilitating greater participation from foreign investors in the domestic foreign exchange market [5]

Core Insights - The People's Bank of China (PBOC) Shanghai Headquarters reported a significant increase in social financing and direct financing in Shanghai for 2025, indicating a robust financial environment and support for the real economy [1][3]. Financing Environment - In 2025, Shanghai's social financing scale increased by 11,632 billion yuan, with a year-on-year increase of 1,021 billion yuan, effectively meeting the financing needs of the real economy [3]. - The structure of financing improved, with RMB loans to the real economy increasing by 6,589 billion yuan, accounting for 56.6% of the total financing increase. Direct financing rose by 3,419 billion yuan, making up 29.4% of the total, which is a 15 percentage point increase year-on-year [3]. Credit Growth and Structure - By the end of December, the balance of RMB and foreign currency loans in Shanghai reached 13.07 trillion yuan, a year-on-year growth of 6.5%, which is 0.3 percentage points higher than the national average [4]. - The total loan increase for the year was 7,967 billion yuan, with household loans growing by 8.1% and non-financial enterprise loans by 4.5% [4]. - The weighted average interest rate for newly issued corporate loans in December was 2.64%, down 38 basis points from the previous year, indicating a favorable borrowing environment [4]. Deposit Growth - The balance of RMB and foreign currency deposits in Shanghai reached 24.5 trillion yuan, growing by 11.3% year-on-year, which is 2.3 percentage points higher than the national average [5]. - The increase in deposits for the year was 2,490 billion yuan, with household deposits growing by 9.1% and non-financial enterprise deposits by 5.3% [5]. Cross-Border RMB Business - In 2025, the cross-border RMB payment volume in Shanghai reached 32.4 trillion yuan, a year-on-year increase of 9%, maintaining a 46% share of the national total [8]. - The RMB cross-border payments related to the real economy increased by 14%, indicating a growing willingness among businesses to use RMB for cross-border transactions [8]. - Key sectors such as shipping, foreign trade, and large commodity transactions saw significant growth in cross-border RMB settlements, with increases of 48%, 16%, and 2.6% respectively [8]. Future Outlook - In 2026, the PBOC Shanghai Headquarters plans to continue promoting offshore financial services and expand the pilot reforms for offshore trade finance in the Lingang New Area, further advancing RMB internationalization [9][10].

Core Viewpoint - The visit of UK Prime Minister Starmer to China from January 28 to 31 aims to expand cooperation, promote trade in goods and services, and enhance bilateral investment between the two countries [1] Group 1: Economic Cooperation - The UK and China have highly complementary economic structures, and both countries support free trade and multilateral trade systems [1] - The ongoing economic and financial dialogue mechanisms between China and the UK have strengthened policy communication and market trust, creating a stable and predictable environment for bilateral trade, investment, and financial cooperation [1] Group 2: Standard Chartered's Role - Standard Chartered, with 168 years of continuous operation in China, remains optimistic about the long-term development prospects of the Chinese economy and continues to invest in the Chinese market [1] - The bank acts as a "connector," assisting UK enterprises in entering the Chinese market and supporting Chinese companies in expanding into the UK and globally [1] - Examples of Standard Chartered's initiatives include helping a UK multinational company establish a cross-border integrated fund pool in China and financing a green project for a Chinese renewable energy company to build a battery super factory in the UK [1] Group 3: Future Collaboration Areas - Standard Chartered plans to continue promoting deep economic and financial cooperation between China and the UK in areas such as new economy sectors, Belt and Road projects, Greater Bay Area development, Yangtze River Delta integration, RMB internationalization, financial market opening, and cross-border trade [2]

Core Viewpoint - The People's Bank of China (PBOC) aims to balance domestic growth while promoting global financial governance reform and international financial cooperation by 2026, alongside advancing the internationalization of the Renminbi [1] Group 1 - The PBOC will continue to enhance the high-level opening of the financial services industry and financial markets [1] - The focus will be on orderly progress in the internationalization of the Renminbi [1]

Group 1 - The core viewpoint emphasizes the need for a moderately loose monetary policy to support domestic growth while promoting international financial cooperation and the internationalization of the Renminbi by 2026 [1] - The People's Bank of China (PBOC) aims to build a multi-channel, comprehensive, secure, and efficient cross-border payment system for the Renminbi, enhancing international cooperation in cross-border payments [1] - The PBOC will focus on maintaining currency stability and financial stability as dual objectives, which are foundational tools for macroeconomic management [2] Group 2 - The PBOC plans to optimize its monetary policy target system during the 14th Five-Year Plan, shifting focus from quantitative targets to more observational and reference indicators, thereby enhancing the role of interest rate adjustments [4] - There will be improvements in the market-oriented interest rate formation, adjustment, and transmission mechanisms to ensure effective transmission from central bank policy rates to market benchmark rates [6] - A comprehensive macro-prudential management system will be established, expanding coverage to include financial markets, non-bank financial institutions, financial infrastructure, and internet finance [8]

Core Viewpoint - iShares MSCI Saudi ETF has seen a pre-market increase of nearly 3% as Saudi Arabia plans to open its financial market to all categories of foreign investors next month [1] Group 1 - The decision to open the financial market is expected to attract a wider range of foreign investments into Saudi Arabia [1] - The move aligns with Saudi Arabia's broader economic diversification strategy, aiming to reduce dependence on oil revenues [1] - Increased foreign investment could enhance market liquidity and provide more opportunities for local companies [1]

Group 1 - The core viewpoint of the article highlights the successful completion of the first QFI commodity futures transaction in China using government bonds as margin, facilitated by HSBC China [1] - HSBC China provided comprehensive services including account management, collateral business application, and settlement processes for the foreign asset management institution [1] - This transaction marks a significant step in the interconnectivity of bond and futures markets, offering a replicable path for more foreign investors to participate in China's commodity futures market [1] Group 2 - Regulatory bodies such as the People's Bank of China and the China Securities Regulatory Commission have been promoting high-level institutional opening of financial markets, enhancing capital flow efficiency [2] - Since 2020, the CSRC has allowed QFI to participate in commodity futures options trading, with 91 commodity futures options contracts opened to QFI by various exchanges [2]