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摩根士丹利:中国经济-二季度表现稳健,增长动能趋缓,秋季或推刺激政策
摩根· 2025-07-01 02:24
June 30, 2025 01:16 AM GMT Investor Presentation | Asia Pacific M Foundation China Economics: Solid 2Q, Softening Momentum, Fall Stimulus Likely Related Reports: Solid 2Q, Softening Momentum, Fall Stimulus Likely (26 June 2025) Morgan Stanley Asia Limited Robin Xing Chief China Economist Robin.Xing@morganstanley.com +852 2848-6511 Zhipeng Cai Economist Zhipeng.Cai@morganstanley.com +852 2239-7820 For important disclosures, refer to the Disclosure Section, located at the end of this report. M Fall Stimulus S ...
汇丰:中国宏观追踪_国内消费前景愈发光明
汇丰· 2025-07-01 00:40
25 June 2025 China Macro Tracker Economics Domestic consumption becoming brighter Middle East tensions: Assessing the potential of oil price shocks on China The global price of Brent crude oil spiked on the back of increased tensions in the Middle East, but has since declined (under USD70/b). While there is still a risk of oil price volatility, our Oil team expects oil prices to settle back down to USD65/b by Q4 if de-escalation is sustained as a base case (see Oil market flash, 23 June). 18% of China's ene ...
瑞银:中国银行_专家电话会议要点_稳定币兴起的影响
瑞银· 2025-07-01 00:40
Global Research ab 27 June 2025 China Banks Expert call takeaways: Implications of rising stablecoins Stablecoins gain traction, leading to increasing legislative efforts Recently, stablecoins have garnered great attention, as several jurisdictions (incl. Hong Kong, US, UK, EU etc.) actively work to implement stablecoin regulations. We spoke with an expert, a former senior banker with 25+ years of SOE bank experience, to discuss drivers behind stablecoins' proliferation, regulatory changes, as well as the i ...
扎实推进金融强国建设
Jin Rong Shi Bao· 2025-06-30 03:15
(三)建设金融强国要为经济社会发展提供高质量金融服务。《文选》刊登的习近平总书记在2023年中央 金融工作会议上关于为经济社会发展提供高质量金融服务的讲话中强调,为了提供高质量金融服务,金 融系统要着力做好科技金融、绿色金融、普惠金融、养老金融、数字金融"五篇大文章"。建设金融强国 重在推动高质量金融服务,促进经济结构调整和转型升级。通过金融资源的精准配置,引导资金流向战 略性新兴产业、先进制造业、绿色经济等领域,推动发展新质生产力,推动产业结构优化升级,培育新 的经济增长点。高质量金融服务重在服务民生。帮助小微企业、农民等解决融资难、融资贵问题,促进 社会公平与包容发展。在养老、医疗、教育等领域能够有效满足人民美好生活需要的金融需求。 建设金融强国必须具备核心金融要素 (一)打造全球高效率金融市场,培育具有国际竞争力的金融机构。金融市场与金融机构都是建设金融强 国的核心金融要素。发展金融市场重在建设强大的国际金融中心,促进全球资本向国际金融中心集聚, 打造全球资本配置的枢纽。发展金融机构重在提升金融核心竞争力,推动金融机构全球布局,提高国际 金融机构在全球金融体系中的话语权和影响力。《文选》刊登的习近平总书 ...
摩根士丹利:稳定币与人民币国际化:一场持久战(PPT)
摩根· 2025-06-23 02:30
June 22, 2025 08:14 PM GMT Morgan Stanley Asia Limited Robin Xing Chief China Economist Robin.Xing@morganstanley.com +852 2848-6511 Jenny Zheng, CFA Economist Jenny.L.Zheng@morganstanley.com +852 3963-4015 Investor Presentation | Asia Pacific M Foundation Stablecoins and RMB Internationalization? A Long Game Related Reports: Stablecoins and RMB Internationalization? A Long Game (19 June 2025) Pan's Plan for RMB in A Multipolar Monetary World (18 June 2025) For important disclosures, refer to the Disclosure ...
摩根士丹利:中国观察-稳定币与人民币国际化:一场持久战
摩根· 2025-06-23 02:09
Why is Beijing paying attention to stablecoins now? The US Senate's passage of the GENIUS Act, which mandates fully backed dollar stablecoins, marks a turning point. If passed by the House, the Act would effectively transform USD-pegged stablecoins into synthetic dollars (currently accounting for 99% of the stablecoin market), hardwiring them into global payment rails and boosting demand for US Treasuries. In our view, this is not a challenge to dollar dominance – it's a reinforcement of it. Stablecoins are ...
摩根士丹利:中国经济-在多极货币世界中的人民币规划
摩根· 2025-06-19 09:46
June 18, 2025 07:37 AM GMT China Economics | Asia Pacific Pan's Plan for RMB in A Multipolar Monetary World Key Takeaways The remark by PBoC Governor at today's Lujiazui Forum highlights steady steps towards RMB internationalization and a broader advocate for a multipolar global financial system. The governor cited: (1) the tension between self-interest and provision of global public goods; (2) spillover of domestic policy; and (3) weaponization of currency in geopolitical competition. Rather than enjoying ...
摩根大通:中国周刊-不确定性是唯一确定之事
摩根· 2025-06-04 01:50
J P M O R G A N Asia Pacific Emerging Markets Research 30 May 2025 China Local Markets Weekly Uncertainty is the only certainty here Executive summary Current trade recommendations | Current outright trades | Entry Date | Entry | Current | P&L | Relevant Note | | --- | --- | --- | --- | --- | --- | | Long 3y CGB (FX-hedged) | 7-Mar-2025 | 1.53% | 1.49% | +4bp | Note | | GBI-EM Model Portfolio | Positions | Weight | | | | | CNY FX | MW | | | | | | CNY bonds | MW | | | | | Source: J.P. Morgan Emerging Markets ...