11月18日，中华人民共和国财政部代表中央政府在卢森堡成功发行40亿欧元主权债券。其中，4年期20 亿欧元，发行利率为2.401%；7年期20亿欧元，发行利率为2.702%。 记者了解到，这是我国首次在卢森堡发行欧元主权债券，受到市场热烈欢迎，国际投资者认购踊跃，总 认购金额1001亿欧元，是发行金额的25倍。其中，7年期认购倍数26.5倍。 渣打银行金融机构业务全球联席总裁张晓蕾表示："财政部本次欧元债的成功发行显示了国际投资者对 中国经济强大韧性和活力的信心，并再次彰显了中国进一步促进金融市场开放、加强与国际金融市场互 联互通的承诺，并为中资机构的后续发行奠定了坚实的收益率基准。渣打银行将一如既往地发挥中国与 全球市场'超级连接器'的独特作用，全方位支持中国金融的持续对外开放和蓬勃发展。" "此次发行适逢第四次中德高级别财金对话在北京成功举行，再次见证全球投资者对中国主权信用和宏 观经济基本面的高度信任，进一步提升了中国资产在全球资本市场的影响力与配置权重。"德意志银行 中国债务资本市场主管方中睿表示，此次成功发行不仅巩固了中国主权债券在国际资本市场的基准地 位，更为后续中资发行人的欧元融资活动树立了新的 ...

11月18日，中华人民共和国财政部代表中央政府在卢森堡成功发行了40亿欧元主权债券。其中，4年期20亿欧元，发行利率为2.401%；7年期20亿欧 元，发行利率为2.702%。这是我国首次在卢森堡发行欧元主权债券，受到市场热烈欢迎，国际投资者认购踊跃，总认购金额1001亿欧元，是发行金额的25 倍。其中，7年期认购倍数26.5倍。 此次欧元主权债券投资者类型丰富，地域分布广泛。欧洲、亚洲、中东、美国离岸投资者分别占比51%、35%、8%、6%，主权类、基金资管、银行和 保险、交易商等类型投资者分别占比26%、39%、32%、3%。此次发行的债券全部托管在香港金管局债务工具中央结算系统（CMU），随后将在香港联合 交易所和卢森堡证券交易所上市。 作为联席主承销商及账簿管理人以及结算交割行，渣打银行大中华及北亚地区资本市场主管、董事总经理严守敬表示，本次发行是财政部第五次进入国 际欧元债券市场，此外债券在卢森堡上市进一步彰显了中卢金融合作的坚韧实力。本次发行开始簿记建档后即获得全球投资者的踊跃认购，吸引了超过1000 家机构参与，且最终订单规模逾1000亿欧元。 "值得一提的是，本期债券获得了多元化的全球投资者青 ...

自2023年5月上线以来，"互换通"通过境内与香港金融基础设施的连接机制，允许境外投资者直接参与 境内利率衍生品市场，为境外投资者提供了高效便捷的人民币利率风险管理工具。当前，随着市场深度 与广度同步拓展，境外投资者跨境风险管理需求呈现出精细化特征。 "'互换通'业务保持稳健运行态势，持续发挥重要作用。与此同时，创新机制赋能全球投资者，产品体 系进一步丰富，新增LPR利率互换合约，精准对接贷款市场风险管理需求。"市场分析人士表示。 上海清算所发布的数据显示，自上线以来，截至2025年三季度末，"互换通"业务累计清算8.58万亿元， 参与者已覆盖15个国家和地区的103家金融机构。其中，三季度"互换通"业务累计清算1.41万亿元，环 比、同比分别增长22.6%、45.7%。 9月25日，为进一步支持市场发展，中国人民银行宣布，将扩充"互换通"报价商队伍并优化管理机制， 同时将每日交易净限额从200亿元提升至450亿元，为满足境外投资者日益增长的风险管理需求提供了坚 实的制度保障；10月底，"互换通"新增华泰证券、上海银行（601229）、星展银行(中国)3家报价商。 值得一提的是，除制度优化与产品创新外，今年三 ...

Core Insights - Asia is increasingly becoming a key pillar of the global financial system, contributing over half of global economic growth despite external demand uncertainties [1] - The region's economies show resilience, with moderate inflation pressures allowing for greater monetary policy flexibility compared to other regions [1] Financial Market Developments - The Asian market has significantly deepened, with expanding domestic currency bond and stock markets, and increasing liquidity [1] - International investor activity in the region continues to rise [1] Non-Bank Financial Institutions - Although the Asian financial system is still bank-dominated, non-bank financial institutions have developed rapidly over the past decade [1] China's Financial Market Reforms - China exemplifies regional trends with initiatives like Bond Connect, interbank bond market access mechanisms, and the recent launch of Swap Connect, enhancing market depth and liquidity [1] - These reforms have significantly improved market efficiency and openness, providing broader access channels for international investors [1]

Core Viewpoint - The National Foreign Exchange Administration aims to enhance Shanghai's cross-border financial services by establishing a more convenient, open, secure, and intelligent foreign exchange management system, supporting the city's development as an international financial center [1][2]. Group 1: Expansion of Foreign Exchange System - The administration plans to steadily expand high-level institutional openness in the foreign exchange sector, focusing on the integration of RMB internationalization and high-quality capital account opening [1]. - There will be an emphasis on facilitating foreign financial institutions' investment in China while deepening the development of the foreign exchange market [1]. - The administration will explore issues related to long-term, multi-variety, and small currency foreign exchange market development, enhancing the financial infrastructure and services of the foreign exchange trading center [1]. Group 2: Promotion of Cross-Border Trade and Investment - The administration will continue to innovate foreign exchange management reforms based on market demand and national conditions, providing higher convenience for compliant entities [1]. - There is encouragement for Shanghai to implement pioneering and integrated exploratory policies, utilizing technologies such as artificial intelligence and big data to offer smarter, more efficient, and secure foreign exchange services [1]. Group 3: Balancing Financial Openness and Security - The relationship between financial openness and security will be carefully managed, ensuring that convenience and openness are predicated on safety [2]. - The administration will strengthen the dual management of macro-prudential and micro-regulation in the foreign exchange market to prevent risks across regions, markets, and borders [2].

Core Insights - The "Overseas Asset Management Institutions Investment Guide to Shanghai (2025 Edition)" serves as an official reference for foreign asset management institutions looking to invest in Shanghai, detailing the investment environment, industry dynamics, and regulatory policies in China and Shanghai [1][3][13]. Group 1: Economic Overview - China is a significant engine of global economic growth, with a projected GDP of 134.91 trillion yuan in 2024, contributing approximately 30% to global economic growth [1][21]. - The asset management market in China is expected to reach 154 trillion yuan in 2024, reflecting a robust demand for wealth management services among high-net-worth individuals [1][24][26]. Group 2: Shanghai's Financial Landscape - Shanghai, as a leading financial hub, boasts a GDP of 5.39 trillion yuan in 2024 and a high per capita disposable income, supported by a comprehensive financial market system and a favorable business environment [2][12]. - The city has 75 public fund management institutions managing 12.74 trillion yuan, accounting for nearly 40% of the national total, and 3,701 private fund managers with a management scale of 5.10 trillion yuan [2][12]. Group 3: Regulatory Framework and Support - The guide outlines the legal and regulatory framework for fund operations, including application processes for various fund types, tax policies, and resources for fund service providers, facilitating a comprehensive understanding for foreign asset managers [3][13][20]. - Recent policy updates include the expansion of investment scopes for Qualified Foreign Institutional Investors (QFII/RQFII) and the optimization of pilot programs for Qualified Foreign Limited Partners (QFLP) [13][30][40]. Group 4: Investment Opportunities - The guide emphasizes the growing wealth management needs in China, with the private banking sector's asset management scale exceeding 24 trillion yuan by the end of 2023, indicating a strong market for asset management services [1][24][26]. - The continuous improvement of cross-border investment mechanisms, such as the Stock Connect programs and the Bond Connect, enhances the accessibility of Chinese markets for foreign investors [30][36][39].

Core Viewpoint - The People's Bank of China (PBOC) aims to create a favorable environment for domestic and foreign entities to hold and use the Renminbi, focusing on enhancing services for the real economy, deepening the currency's financing functions, and promoting high-level financial market openness [1][2]. Group 1: Enhancing Services for the Real Economy - The PBOC plans to better serve the real economy by facilitating trade and investment, optimizing cross-border trade policies, and improving the management of funds for companies listed abroad [1]. - There will be an emphasis on enhancing the cross-border financial service capabilities of commercial banks, including streamlining processes and improving the efficiency of Renminbi fund transactions [1]. Group 2: Deepening Renminbi Financing Functions - The PBOC will continue to refine Renminbi financing support policies and tools, leveraging the central bank's currency swap mechanisms to support cross-border use of the Renminbi [1]. - Encouragement will be given to more eligible foreign institutions to issue Panda bonds in China, enhancing the currency's international financing capabilities [1]. Group 3: Promoting High-Level Financial Market Openness - The PBOC aims to enhance the transparency, regulatory framework, and predictability of financial markets to improve trading efficiency and liquidity [1]. - There will be efforts to attract more foreign institutions to invest in domestic markets, supporting the development of Shanghai as an international financial center and a hub for Renminbi asset allocation and risk management [1]. Group 4: Supporting Offshore Renminbi Market Development - The PBOC will improve cross-border Renminbi liquidity arrangements and optimize the layout of clearing banks, providing ongoing support for liquidity policies [2]. - There will be a focus on supporting various institutions to issue and trade Renminbi assets abroad, including regular issuance of central bank bills to enhance liquidity management and risk management tools [2].

Core Insights - China's foreign exchange reserves reached $3,338.7 billion by the end of September, increasing by $16.5 billion or 0.5% from August, marking the 22nd consecutive month above $3.2 trillion and demonstrating a stable performance above $3.3 trillion [2][4] Group 1: Foreign Exchange Reserves - The growth in foreign reserves in September was influenced by global monetary policy adjustments and asset price fluctuations, with the U.S. Federal Reserve's interest rate cuts leading to a more accommodative global liquidity environment [4] - The U.S. dollar index slightly decreased by 0.03% in September, contrasting with previous significant depreciation, which reduced the impact of currency conversion effects on reserve growth [4] - The sustained high level of foreign reserves reflects China's strong external payment capacity and resilience against external shocks, providing a buffer for macroeconomic stability [4] Group 2: Gold Reserves - The central bank has increased its gold holdings for 11 consecutive months, viewing gold as a hedge against inflation and currency devaluation amid rising geopolitical risks [6] - The strategy of increasing gold reserves aims to diversify risks associated with a high proportion of dollar assets and to prepare for potential long-term risks from loose global monetary policies [6] Group 3: Economic Fundamentals - The stability of foreign reserves is supported by a solid macroeconomic foundation, with a focus on trade and financial market openness [6][7] - The international trade environment has become less uncertain, and China's strategy of diversifying trade partners and optimizing export structures has strengthened the inflow of foreign exchange [7] - The attractiveness of China's financial markets has increased due to the gradual opening up of these markets, enhancing the long-term confidence of foreign investors in Chinese assets [7]

Core Points - The People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange have announced measures to support foreign institutional investors in the Chinese bond market, specifically regarding bond repurchase transactions [1][2] - Starting from September 29, the China Foreign Exchange Trade System and National Interbank Funding Center expanded the channels and scope for foreign institutional investors to conduct bond repurchase transactions [1] - On the first day of trading, 18 foreign institutional investors completed 44 buyout repurchase transactions totaling 3.95 billion yuan, while 12 foreign institutional investors engaged in 12 buyout repurchase transactions totaling 1.87 billion yuan [1] Summary by Sections Expansion of Services - The trading center has broadened the service channels for foreign institutional investors to include all types of investors under the settlement agency channel for bond repurchase transactions [1] - Collaboration with foreign third-party platforms like Bloomberg has been established to facilitate participation in bond repurchase transactions under the Bond Connect program [1] Initial Trading Activity - The first day of trading saw participation from various types of foreign institutions, including offshore RMB clearing banks, foreign banks, and offshore asset management products [1] - The types of bonds involved in the transactions included government bonds, policy financial bonds, interbank certificates of deposit, and ordinary financial bonds from commercial banks [1] Future Developments - The trading center plans to continue building a high-quality service system and enhance cooperation with domestic and foreign financial infrastructures and electronic trading platforms [2] - Ongoing improvements to trading tools and mechanisms for foreign institutions are aimed at supporting the high-quality development and high-level opening of the Chinese financial market [2]

Core Viewpoint - The optimization of the "Swap Connect" mechanism aims to enhance market vitality and better meet the demand of foreign investors for managing RMB interest rate risks [1][2]. Group 1: Mechanism Optimization - The establishment of a dynamic adjustment mechanism for quote providers and the expansion of the quote provider team will lead to more diversified financial institutions offering competitive quotes, improving pricing efficiency and fairness [1]. - The daily net limit will be raised to 45 billion RMB starting from October 13, 2025, directly addressing the growing demand from foreign investors for RMB interest rate risk hedging [1][2]. Group 2: Market Impact - The increase in the daily net limit not only expands the participation space for foreign investors in the RMB interest rate swap market but also enhances market liquidity and promotes the internationalization of China's domestic financial market [2]. - Since its launch on May 15, 2023, the "Swap Connect" has become an important channel for foreign institutional investors to manage RMB interest rate risks, with over 15 countries and regions participating and completing more than 15,000 transactions totaling a notional principal of 8.15 trillion RMB by the end of August 2025 [2]. Group 3: Future Outlook - There is significant potential for further expansion in product range, continuous optimization of mechanisms and processes, and strengthening of risk prevention and regulatory cooperation within the "Swap Connect" framework [3].