Group 1 - The National Financial Regulatory Administration encourages Shanghai to conduct innovative pilot projects in cross-border finance and technology finance [2] - The China Securities Regulatory Commission plans to accelerate the implementation of key measures for capital market opening by 2025, including optimizing the Qualified Foreign Institutional Investor (QFII) system [3] - The People's Bank of China announced eight significant financial policies, including the establishment of a digital RMB international operation center and offshore trade finance reform pilot in Shanghai [3] Group 2 - The State Administration of Foreign Exchange will implement a package of foreign exchange innovation policies in free trade pilot zones, including optimizing international trade settlement [4] - The Ministry of Industry and Information Technology, along with other departments, released a plan for the digital transformation of the textile industry, aiming for over 70% digitalization in key business processes by 2027 [6]

策略点评 2025 年 6 月 18 日 制度型开放构建跨境金融新生态闭环 事件： 2025 年 6 月 18 日，以"全球经济变局中的金融开放合作与高质量发展"为主 题的 2025 陆家嘴论坛开幕，央行行长潘功胜、金融监管总局局长李云泽、证 监会主席吴清以及国家外汇局局长朱鹤新发表主题演讲并宣布若干重磅金融 政策。 主要政策解读： （1）跨境金融开放"从管道到生态"升级。一系列金融开放政策突显了"制 度型开放"取代传统"政策优惠"的核心思路转变，通过搭建银行间市场交 易报告库、推进数字人民币国际运营等举措，实质是在全球金融治理体系重 构背景下，主动将中国金融市场规则与国际标准接轨。以基础设施先行筑牢 根基，通过银行间市场交易报告库、数字人民币国际运营中心、个人征信机 构构建起数据交互、跨境支付、信用评估的三角支柱体系，为金融改革提供 底层支撑；在开放进程中坚持开放与风控并重，以自贸离岸债、自由贸易账 户推动跨境金融业务拓展，同时借助外汇期货、区块链信用证等工具强化风 险防控；在服务实体经济方面实现精准滴灌，碳减排支持工具扩容助力绿色 产业转型发展。这些政策从以往的单点政策突破转向系统性制度集成创新， 通过多 ...

Group 1 - The book "The Power of Money" by Paul Sheard discusses various aspects of money, including its creation, government debt concerns, destructive effects of money, and the potential of cryptocurrencies to disrupt existing monetary systems [2][4][24] - Sheard emphasizes the common misunderstandings and controversies surrounding money, suggesting that many people's perceptions are flawed and need clarification [2][5] - The relationship between the real economy and the monetary economy is complex, with money being essential for economic health, contrary to the traditional view that money is neutral [4][10] Group 2 - Money is fundamentally a social construct, gaining value through collective acceptance, and modern money is fiat currency, backed by government trust rather than physical commodities [5][7] - Central banks play a crucial role in money issuance, typically using commercial banks as intermediaries to inject money into the economy [7][8] - Government debt, primarily in the form of national bonds, is often misunderstood; unlike personal or corporate debt, government debt can be sustained due to the government's long-term existence and creditworthiness [10][12] Group 3 - The destructive potential of money is highlighted, particularly in the context of financial crises, where liquidity can vanish suddenly, leading to severe economic impacts [15][16] - The concept of liquidity is multifaceted, affecting how assets are traded and the stability of financial markets, especially during crises [16][17] - The U.S. dollar remains the dominant international currency, but its status is being challenged by geopolitical factors and the U.S. government's actions, leading to discussions about alternative currencies [22][23] Group 4 - Cryptocurrencies, while not yet a serious challenge to sovereign currencies, are gaining attention for their potential to disrupt traditional monetary systems and prompt central banks to innovate [24][26] - The emergence of cryptocurrencies has led to a reevaluation of payment systems and monetary policy, as they present both opportunities and risks for central banks [26][27] - The book provides a broad analysis of money, acknowledging that the discussion around it is vast and complex, with many dimensions yet to be explored [27]

——陆家嘴论坛金融政策点评 投资要点： 6 月 18 日上午，第 19 届陆家嘴论坛召开，中国人民银行行长潘功胜 宣布了八项货币政策举措，中国证监会主席吴清宣布创业板正式启用第三 套标准并重启未盈利企业科创板第五套标准上市，传递出金融加大力度支 持新质生产力发展、夯实外循环缓和出口风险、进一步优化传导机制的政 策导向。 宏 观 研 究 2025 年 06 月 18 日 增量金融政策抵御外部风险，激活新质生产力 宏 观 点 评 央行宣布多项举措，便利外贸企业融资和汇率风险管理，增强外部风 险抵御能力。自年初特朗普第二任期启动以来，美国政府迅速推动对华和 其他主要贸易伙伴进一步加征关税措施，并加速推进新一轮减税法案，试 图引导全球制造业先进产能向美国倾斜，全球经贸合作长期格局面临重塑。 尽管 5 月以来美对华新一轮关税措施阶段性有所缓和，但在短暂的抢出口 阶段之后，我国出口部门仍面临较为明显的中期不确定性。在此背景下， 人民银行在此次论坛提出多项增量政策举措，包括：1）要在上海临港新片 区开展离岸贸易金融服务综合改革试点，"创新业务规则，支持上海发展离 岸贸易"；2）发展自贸离岸债，"拓宽'走出去'企业及'一带一 ...

值得一提的是，在去年的陆家嘴论坛上，潘功胜介绍了中国的货币政策立场和未来货币政策 框架的演进。一年来，中国人民银行坚持支持性的货币政策立场，从数量、价格、结构等方 面，出台了多项货币政策措施，有效支持了经济持续回升向好和金融市场的稳定。 "同时，我们完善货币政策框架，优化货币政策中间变量，培育政策利率，提升货币政策传导 效率，丰富货币政策工具箱，做好政策沟通和预期引导。货币政策框架的转型是一个渐进、 持续的过程，未来我们还将不断地做好评估和完善。"潘功胜如是说。（详情→ 潘功胜：单一 主权货币主导跨境支付局面正在改变 ） 作 者丨唐婧 崔文静 杨坪 余纪昕 编 辑丨周炎炎 李新江 张伟贤 杨希 黎雨桐 6月18日，2025陆家嘴论坛在上海开幕，本届论坛以"全球经济变局中的金融开放合作与高质 量发展"为主题。中国人民银行行长潘功胜、金融监管总局局长李云泽、中国证监会主席吴 清、国家外汇局局长朱鹤新出席会议并发表主题演讲，以下为要点汇总： 潘功胜：单一主权货币主导跨境支付局面正在改变 中国人民银行行长潘功胜宣布了设立银行间市场交易报告库、数字人民币国际运营中心、个 人征信机构等八项金融开放举措。 21视频（编辑柳 ...

八是会同证监会研究推进人民币外汇期货交易。 推动完善外汇市场产品序列，便利金融机构和外贸企 业更好管理汇率风险。 二是设立数字人民币国际运营中心。 推进数字人民币的国际化运营与金融市场业务发展，服务数字金 融创新。 三是设立个人征信机构。 为金融机构提供多元化、差异化的个人征信产品，进一步健全社会征信体 系。 四是在上海临港新片区开展离岸贸易金融服务综合改革试点。 创新业务规则，支持上海发展离岸贸 易。 2025陆家嘴论坛今天开幕 央行宣布八项重磅金融开放举措 五是发展自贸离岸债。 遵循"两头在外"的原则和国际通行的规则标准，拓宽"走出去"企业及"一带一 路"共建国家和地区优质企业的融资渠道。 2025年陆家嘴论坛开幕式上， 中国人民银行行长潘功胜宣布八项重磅金融开放举措 。 六是优化升级自由贸易账户功能。 实现优质企业与境外资金高效融通，提升跨境贸易投资自由化便利 化水平，助力上海高水平对外开放。 一是设立银行间市场交易报告库。 高频汇集并系统分析银行间债券、货币、衍生品、黄金、票据等各 金融子市场交易数据，服务金融机构、宏观调控和金融市场监管。 七是在上海"先行先试"结构性货币政策工具创新。 包括开展航贸 ...

Core Viewpoint - The key to promoting the broader international use of the Renminbi is to provide a financial market environment with sufficient liquidity and comprehensive risk hedging tools for global Renminbi holders [1][5]. Group 1: Shanghai International Financial Center Development - Vice Premier He Lifeng emphasized the importance of implementing Xi Jinping's directives on accelerating the construction of Shanghai as an international financial center [1]. - The construction of the Shanghai International Financial Center has been a national strategy since the 14th National Congress of the Communist Party in 1992, receiving high attention from successive leaders [2]. - Shanghai has achieved significant progress in its international financial center construction, ranking third or fourth in global financial center rankings multiple times [2]. Group 2: International Economic and Financial Landscape - The current international situation is undergoing significant changes, with the post-World War II economic and financial order centered around the U.S. facing major transformations [3]. - The competition between major powers, particularly between China and the U.S., is entering a strategic stalemate phase, which may be prolonged [3]. - The U.S. dollar remains the dominant international currency, but concerns about its stability are growing due to the U.S. national debt and fiscal deficits [4]. Group 3: Renminbi Internationalization - Since the initiation of Renminbi cross-border trade settlement in July 2009, the internationalization of the Renminbi has made significant progress but has not yet achieved a breakthrough [5]. - The Renminbi's share in SWIFT settlements has stabilized around 4%, ranking between fourth and fifth [5]. - To promote broader international use of the Renminbi, it is essential to create a financial market environment that offers sufficient liquidity and risk hedging tools [5]. Group 4: Strategic Opportunities - Shanghai's international financial center construction has successfully seized opportunities presented by changes in the international economic and financial landscape over the past 30 years [6]. - The current situation presents a new opportunity for Shanghai to enhance its international influence [6].

n a (C) - 76 NV t C A 南方都市報 此外，"政补贷"是通过搭建数字平台，对接政务数据、企业数据(政府奖补资金、纳税、社保等)，为中 小微企业精准增信。目前已发放信用贷款198笔，额度3.69亿。"龙华资本贷"，是由龙华资本与建设银 行深圳分行合作，为龙华资本参股及投资的企业开发的专属信用贷款产品。发行额度人民币20亿元。包 括三个子产品，具体包括初创贷(见投即贷，单户不超过1000万元)、中型科技易贷(单户1000万-5000万 元)、大型企业产链贷(5000万以上)。"人才贷"是为优质人才的企业，发放单户不超过1000万元、期限不 超过2年的信用贷款。 深圳首款金融公共数据产品"龙数贷"上线以来累计放款234笔、额度4.34亿元 去年9月5日龙华区发布的深圳首款金融公共数据产品"龙数贷"也属于龙华"数字云贷"系列产品，该产品 将政府产业部门补贴数据与金融机构的风控模型相融合，上线以来累计放款234笔、额度4.34亿元，有 效缓解了科创型中小企业的融资压力。 去年10月18日，平安产险深分在龙华区推出全市首单中试综合保险产品。该产品融合"保险+服务"的理 念，涵盖了中试研发投入、中试安全责 ...

// 债市综述 // 1. 公开市场操作 央行公告称，6月17日开展1973亿元7天期逆回购操作，操作利率1.40%。Wind数据显示，当日1986亿元逆回购到期和1820亿元MLF到期，据此计算，单日 净回笼1833亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 资金面平稳偏宽，存款类机构隔夜质押式回购利率下行约2个bp，目前位于1.37%附近，七天质押式回购利率微幅下行。 海外方面，最新美国隔夜融资担保利率为4.28%。 （IMM） （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 3. 同业存单 全国和主要股份制银行一年期同业存单最新成交在1.65%附近，较上日有所下行。 （*数据来源：Wind-同业存单-发行结果） 30年期主力合约涨0.24% 10年期主力合约涨0.14% 5年期主力合约涨0.15% 2年期主力合约涨0.08% （*数据来源：Wind-国债期货） 4. 银行间主要利率债收益率 | （*数据来源：Wind-成交统计BMW） | | --- | 5. 近期城投债（AAA）各期限利差走势及数据 （*数据来源：Wind-利差分析） 6. 国债期货收盘全线上涨 // ...

Group 1 - The US dollar index fell significantly by 1.1% to 98.15, while WTI crude oil surged by 13% to $73.0 per barrel, indicating a volatile market environment [1][50][32] - The S&P 500 sectors showed mixed performance, with energy and healthcare sectors rising by 5.7% and 1.2% respectively, while financials, industrials, and consumer staples fell by 2.6%, 1.6%, and 1.1% respectively [9][15] - The Hang Seng Index and Hang Seng China Enterprises Index increased by 0.4% and 0.3%, respectively, with healthcare and materials sectors rising by 8.8% and 7.0% [15][70] Group 2 - The second round of US-China trade negotiations concluded, focusing on the implementation details of the Geneva agreement, including export supervision mechanisms and rare earth exports [1][70] - The US Treasury auction results were stronger than expected, with the 10-year Treasury yield at 4.421%, which was 6 basis points lower than expected [72] - The US fiscal deficit rose to $316 billion in May, with total revenue reaching $371.2 billion, driven by a significant increase in tariff revenues [75][76]