Core Insights - The bank confirmation blockchain service platform has successfully processed over 1.075 million confirmations, with an average processing time of just 1 day and 15 hours [1][4] - The platform has officially onboarded 864 institutions, including 124 banking financial institutions and 740 accounting firms, achieving a large-scale application scenario [1][4] - Digitalization has significantly improved the efficiency of bank confirmation processes, reducing the time from 1-2 weeks to as little as a few minutes, with efficiency gains exceeding 80% [1][3] Expansion of Scale - The bank confirmation process is crucial for auditors to identify errors and fraud in financial statements, with the digital platform addressing previous manual processing inefficiencies [3] - The platform's blockchain technology ensures traceability and reduces the risk of document forgery, enhancing the integrity of the confirmation process [3][4] - The integration of digital confirmation services is becoming a consensus among financial institutions, with ongoing efforts to break down data silos and expand the application range [5][6] Addressing Challenges - Despite progress, challenges remain in system compatibility and data integration, particularly for small and medium-sized enterprises [6][7] - The government has issued guidelines to improve the digitalization of bank confirmations, focusing on standardization and data governance [6][8] - Financial institutions are actively working to streamline data management and enhance the quality of confirmation data through collaborative mechanisms [7] Promoting Application - The ecosystem for digital confirmations is expanding, with various financial institutions, including securities and asset evaluation companies, seeking to join the platform [8] - Financial institutions are exploring innovative services and fee reduction policies to encourage the use of digital confirmation services [8][9] - The future of digital bank confirmations is expected to enhance audit quality and regulatory effectiveness, with ongoing efforts to overcome existing bottlenecks [9]

Group 1 - The People's Bank of China conducted a 135 billion yuan 7-day reverse repurchase operation at an interest rate of 1.40%, maintaining the previous rate, resulting in a net injection of 92 billion yuan after 43 billion yuan of reverse repos matured on the same day [1] - The overnight Shanghai Interbank Offered Rate (Shibor) fell by 11.7 basis points to 1.5370%, while the 7-day Shibor rose by 1.70 basis points to 1.5620% [1][2] - The 14-day Shibor increased by 5.30 basis points to 1.6540% [1][2] Group 2 - In the interbank pledged repo market, the 14-day rate saw a slight increase, with the weighted average rates for DR001 and R001 decreasing by 9.4 basis points and 7.0 basis points, respectively, while the rates for DR007 and R007 showed mixed movements [4] - The transaction volume for DR001 increased by 53.3 billion yuan, while R001's transaction volume decreased by 128.8 billion yuan [4] - The weighted average rates for DR014 and R014 rose by 2.3 basis points and 8.0 basis points, respectively, with transaction volumes showing a decrease for DR014 and an increase for R014 [4] Group 3 - As of May 19, 46 interbank certificates of deposit were issued, with an actual issuance amount of 41.24 billion yuan [8] - The primary market for certificates of deposit remained balanced, with trading volumes concentrated in the 3-month and 6-month maturities [9] - The yield on 1-month and 9-month certificates remained stable, while the 3-month and 6-month yields showed slight declines [9] Group 4 - In April 2025, banks settled 1.5408 trillion yuan and sold 1.5715 trillion yuan in foreign exchange, with cumulative figures from January to April showing settlements of 5.3373 trillion yuan and sales of 5.7815 trillion yuan [11] - The Ministry of Finance and the Financial Regulatory Bureau issued a notice to accelerate the digital development of bank confirmations, emphasizing the need for improved platform construction and operational security [11]

Core Viewpoint - The notification emphasizes the acceleration of digitalization in bank confirmation processes to enhance audit quality and efficiency, aligning with central government directives [1] Group 1: Overall Requirements - The focus is on building a secure, convenient, efficient, and economical bank confirmation system, prioritizing safety and effectiveness while increasing the number of entities accessing the digital confirmation platform [1] Group 2: Strengthening Development Foundation - Continuous enhancement of the bank confirmation platform is necessary, including optimizing workflows and improving accessibility for accounting firms and banks [2] - The security of the bank confirmation platform must be elevated through the establishment of information security standards and third-party evaluations [2] - A standardized digital bank confirmation framework should be developed, with industry associations promoting effective standards to national levels [2] Group 3: Improving Work Efficiency - Financial institutions should enhance data governance for digital bank confirmations, breaking down information silos and increasing automation [4] - Efforts should be made to streamline the confirmation process, reducing response times and improving the quality of information collection [4] - A differentiated pricing strategy for digital and paper confirmations is encouraged to promote the use of digital services [4] Group 4: Innovative Methods - Financial institutions are encouraged to provide diverse information formats and explore value-added services through the confirmation platform [5] - Simplifying authorization processes for enterprises regarding digital confirmations is essential to increase awareness and acceptance [5] - Expanding the application scope of digital confirmations to include inter-bank confirmations and other related services is recommended [5] Group 5: Organizational Implementation - Fiscal departments are tasked with guiding and supervising the digitalization efforts of accounting firms in bank confirmations [6] - Industry associations should enhance self-regulation and promote the digitalization of bank confirmation processes among firms [6] - Establishing effective communication mechanisms between financial institutions and accounting firms is crucial for addressing operational issues [7]

Core Viewpoint - The Ministry of Finance and the Financial Regulatory Administration issued a notice to accelerate the digital development of bank confirmation processes, aiming to enhance the quality and efficiency of bank confirmation work and improve audit quality [1] Group 1: Digital Development Requirements - The notice emphasizes the need to strengthen the foundation for development by continuously enhancing the construction of bank confirmation platforms, improving platform security, and refining the digital standard system [1] - It calls for improving work efficiency by enhancing the data governance system and scientifically formulating fee standards for receiving and returning confirmations [1] Group 2: Innovation and Application - The notice encourages innovation in methods and means, promoting digital value-added services for audits, facilitating enterprises' authorization of digital bank confirmations, and encouraging the expansion of application scope [1] Group 3: Organizational Leadership - Financial regulatory departments are tasked with strengthening business guidance for banking financial institutions, while relevant industry associations are to promote the digitalization of bank confirmation work among accounting firms and banks [1] - The notice also aims to guide accounting firms to accelerate their integration into the bank confirmation platform, thereby increasing the proportion of digital bank confirmations issued [1]

Core Viewpoint - The Ministry of Finance and the Financial Regulatory Administration have issued a notice to accelerate the digital development of bank confirmations, emphasizing the establishment of a secure, convenient, efficient, and economical bank confirmation system [1] Group 1: Digital Development of Bank Confirmations - The notice aims to enhance the digitalization ratio of bank confirmations and promote large-scale application scenarios [1] - It emphasizes the importance of safety first and efficiency as a priority in the development process [1] - The initiative includes strengthening the construction of bank confirmation platforms and improving their security [1] Group 2: Standards and Participation - The notice calls for the improvement of the digital standard system for bank confirmations [1] - It encourages increasing the number of entities accessing the bank confirmation platform [1]