本文源自：金融界AI电报 iShares MSCI沙特ETF美股盘前涨近3%，沙特将于下个月向所有类别外国投资者开放金融市场。 ...

汇丰中国副行长兼资本市场及证券服务部联席总监张劲秋表示，境外投资者首次通过QFI渠道以国 债作为商品期货保证金开展交易，是债市与期市基础设施"互联互通"的最新实践，为更多境外投资者参 与境内商品期货市场提供了可复制的路径。国债作为商品期货保证金，不仅为境外投资者提供了更高效 的资金运用渠道，还能通过跨市场协同进一步丰富国债的使用场景。随着构建多层次资本市场体系的不 断加速，中国资本市场的吸引力和影响力持续提升，将吸引更多优质外资深度参与其中。 近年来，中国人民银行、证监会等监管机构持续推进金融市场高水平制度型开放，推动资本高效流 动，期货市场向境外机构开放的步伐也在稳步提速。记者了解到，自2020年证监会允许QFI参与商品期 货期权交易以来，各商品期货交易所已向QFI陆续开放91个商品期货期权品种合约。 境外投资者参与中国商品期货市场迎来新进展。 12月9日，汇丰银行（中国）有限公司（下称"汇丰中国"）宣布，作为合格境外投资者（QFI）托管 行，已成功协助一家境外资管机构完成境内市场首笔以国债作为保证金的QFI商品期货交易。 本次交易中，汇丰中国为该机构提供了涵盖账户管理、担保品业务申请、国债交存及结算交收的 ...

Core Insights - Bank of China (Hong Kong) has become the first overseas clearing member of Shanghai Clearing House, successfully launching RMB interest rate swaps, standard bond forwards, and standard interest rate swap self-clearing services [1][2] - This initiative marks a historic step in the internationalization process of Shanghai Clearing House, enhancing the offshore RMB market and providing more risk hedging tools for overseas institutions [2][3] Group 1 - The introduction of overseas clearing members for interest rate derivatives self-clearing is a significant milestone for Shanghai Clearing House [2] - The initiative aims to create a new offshore RMB asset pool and leverage Bank of China (Hong Kong)'s strategic advantages as a global custodian and RMB clearing bank [2] - The new model allows direct trading and clearing, enabling overseas institutions to manage interest rate risks effectively [1][2] Group 2 - Shanghai Clearing House plans to accelerate its international development and expand its network of overseas clearing members [3] - The goal is to establish itself as a key hub for connecting to international financial markets during the 14th Five-Year Plan period [3] - This initiative is expected to enhance the competitiveness and influence of Shanghai as an international financial center [3]

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 ...

Core Viewpoint - The successful issuance of €4 billion sovereign bonds by the Ministry of Finance of the People's Republic of China in Luxembourg demonstrates strong international investor confidence in China's economic resilience and commitment to financial market openness [1][5]. Group 1: Bond Issuance Details - The issuance included €2 billion in 4-year bonds at an interest rate of 2.401% and €2 billion in 7-year bonds at an interest rate of 2.702% [1]. - The total subscription amount reached €100.1 billion, which is 25 times the issuance amount, with the 7-year bonds having a subscription multiple of 26.5 times [1][4]. Group 2: Investor Composition and Distribution - The investor base was diverse, with geographical distribution as follows: Europe (51%), Asia (35%), the Middle East (8%), and offshore investors from the United States (6%) [4]. - The types of investors included sovereign entities (26%), fund management (39%), banks and insurance companies (32%), and trading firms (3%) [4]. Group 3: Market Implications and Future Outlook - The issuance is seen as a benchmark for future euro financing by Chinese entities, reinforcing international market confidence in China's sovereign credit and economic outlook [5][6]. - The bonds will be listed on the Hong Kong Stock Exchange and the Luxembourg Stock Exchange, further enhancing financial cooperation between China and Luxembourg [4].

Core Insights - The "Swap Connect" business has accumulated a clearing volume of 8.58 trillion yuan since its launch, with 1.41 trillion yuan cleared in Q3 2025, reflecting a quarter-on-quarter growth of 22.6% and a year-on-year growth of 45.7% [1] - The product offerings have expanded to include LPR interest rate swap contracts, addressing the risk management needs of the loan market [1][2] - The mechanism allows foreign investors to directly participate in the domestic interest rate derivatives market, providing efficient tools for managing RMB interest rate risks [1][2] Group 1 - The "Swap Connect" business has seen a significant increase in participation, with 103 financial institutions from 15 countries and regions involved [1] - The clearing volume of "Swap Connect" accounted for 11.64% of the total clearing volume in the interbank interest rate swap market in Q3 2025 [1] - The trading structure shows a dominance of the 7-day repo rate (FR007), with a growing diversification in investors' term choices towards medium to long-term products [1] Group 2 - The demand for interest rate risk management among foreign investors is becoming more diversified and refined [2] - Recent enhancements to the "Swap Connect" mechanism include extending the interest rate swap contract duration to 30 years and introducing LPR-based interest rate swap contracts [2][3] - The addition of new market makers and an increase in daily trading limits from 20 billion yuan to 45 billion yuan aims to meet the growing risk management needs of foreign investors [3] Group 3 - The Shanghai Clearing House emphasizes the importance of a robust central counterparty (CCP) clearing mechanism, which has ensured the safe and stable operation of "Swap Connect" amid market volatility [3] - The continuous optimization of the "Swap Connect" business is expected to enhance the international appeal of RMB assets and signify a higher level of financial market openness in China [4] - The ongoing expansion of the RMB interest rate derivatives market is seen as a key driver for the internationalization of the RMB and the establishment of a high-level financial openness framework [4]

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].