Core Viewpoint - Shanghai Clearing House is the largest OTC foreign exchange centralized clearing platform globally, with a projected foreign exchange clearing volume of 200 trillion yuan this year, exceeding that of the London Clearing House by over 20% [1] Group 1: Financial Infrastructure and Cross-Border Services - Shanghai Clearing House plays a unique role in enhancing Shanghai's cross-border financial service capabilities through internationality, security, and leadership [1] - The establishment of a cross-border connectivity network has significantly expanded the range and scale of cross-border trading and financing in Shanghai's financial market [1] - The "Yulan Bond" initiative has achieved international connectivity with the European Clearing Bank, with future plans to connect with Refinitiv and Hong Kong CMU for seamless integration of domestic and foreign markets [1] Group 2: Product Development and Innovation - The introduction of the "Yulan Bond" as a key cross-border financing product has supported over 200 billion yuan in issuance, facilitating Chinese enterprises' international expansion [2] - The "Two Ends Abroad" self-trade bond has successfully supported the issuance of the first offshore bond in the Shanghai Free Trade Zone [2] - The Panda Bond initiative has supported over 900 billion yuan in issuance, establishing Shanghai Clearing House as the largest Panda Bond issuance and custody platform in China [2] Group 3: Mechanism Innovation - The global first cross-border central counterparty clearing connectivity mechanism for derivatives has been launched to meet market demands for cross-border bond investment risk management [3] - The "Swap Connect" initiative has been introduced in collaboration with domestic and foreign financial infrastructures to support the rapid and stable development of the cross-border derivatives market [3] - Future efforts will focus on enhancing the convenience of cross-border investment and financing, strengthening Shanghai's capability in global financial resource allocation [3]

Core Viewpoint - Financial infrastructure is crucial for the construction of international financial centers, with unique roles in internationality, security, and leadership [1][3][4] Group 1: Internationality - Shanghai Clearing House has established a global network interconnected with major financial infrastructures worldwide, enhancing the participation and scope of international institutions in the Shanghai financial market [3] - The innovative "Yulan Bond" has achieved seamless connectivity between domestic and foreign markets through the interconnection with European clearing infrastructures [3] Group 2: Security - The most important factor in building an international financial center is security, with Shanghai Clearing House's risk control standards becoming a global benchmark [4] Group 3: Leadership - The systems and rules established by Shanghai Clearing House are aligned with global financial infrastructure standards, demonstrating its leadership role [4]

Core Viewpoint - The Shanghai Commercial Paper Exchange (票交所) has achieved significant milestones in the financial sector during the "14th Five-Year Plan" period, focusing on risk prevention, service to the real economy, and enhancing financial infrastructure to support China's modernization efforts [1][8]. Group 1: Leadership and Governance - The exchange emphasizes the importance of strong party leadership and integrates it with corporate governance to ensure high-quality development [2]. - It actively promotes the implementation of the Party's policies and guidelines, ensuring that the leadership is reflected in operational practices [2][8]. - The exchange has strengthened its political guidance and service capabilities, particularly for small and micro enterprises [2][3]. Group 2: Service to the Central Bank - The exchange plays a crucial role in supporting the People's Bank of China (PBOC) by enhancing monetary policy transmission and market regulation [3]. - It has optimized its re-discount business system, aiming for a re-discount balance of 575.8 billion yuan by the end of 2024 [3]. - The exchange actively participates in the development of regulatory frameworks and risk monitoring to support the PBOC's objectives [3][6]. Group 3: Support for the Real Economy - The exchange is committed to serving the real economy, with a total business volume of 244 trillion yuan in the bill market for 2024, reflecting an average annual growth of 13.1% over the past five years [4][5]. - It has introduced a supply chain bill platform to alleviate financing challenges for enterprises, particularly small and micro businesses [4][5]. - The average discount rate for bills has decreased significantly, saving enterprises substantial financial costs [5]. Group 4: Risk Management - The exchange prioritizes risk prevention, with a focus on maintaining a stable bill market and reducing overdue rates [6]. - It has established a robust risk monitoring system and enhanced credit information disclosure, covering over 100,000 enterprises [6][7]. - The exchange collaborates with regulatory bodies to create a favorable legal environment for the bill market [6]. Group 5: Technological Innovation and Security - The exchange is advancing its technological capabilities, having developed a new bill business system that integrates both paper and electronic bills [7]. - It emphasizes the importance of balancing innovation with security, ensuring the stability of its operational systems [7]. - The exchange is committed to enhancing its technological governance and management to meet the demands of the financial market [7][8].

Core Viewpoint - The Central Clearing Company announced the successful hosting of the 2025 China Bond Collateral International Forum in Chengdu, focusing on international financial markets and global collateral industry hot topics [1] Group 1: Event Overview - The forum was attended by over 200 representatives from domestic and international regulatory bodies, industry associations, financial infrastructure, and market institutions [1] - The theme of the forum was "Walking Together to Create a Win-Win Situation" [1] Group 2: Key Statements - The Chairman of the Central Clearing Company, Wang Daqing, stated that RMB bonds are expected to become a new global eligible collateral, with broad prospects for cross-border applications [1] - The company aims to leverage its solid collateral management service foundation to foster consensus, stimulate cooperation potential, and support open development through the forum [1]

Group 1 - The Central Securities Depository and Clearing Co., Ltd. (CSDC) announced the simplification of the investment process for foreign central banks, effective immediately, by no longer requiring the signing of a commitment letter [1] - The CSDC aims to enhance the construction of national financial infrastructure, ensuring safe and efficient operations while deepening core service capabilities to better serve the market and clients [1] - The Shanghai Clearing House also announced that it will no longer require foreign central banks, monetary authorities, international financial organizations, and sovereign wealth funds to provide a declaration and commitment for indirect settlement member agreements [1]

Group 1 - The Central Securities Depository Co., Ltd. announced the simplification of the investment process for foreign central bank institutions, eliminating the requirement for a signed commitment letter [1] - The previous investment process for foreign central banks involved three steps: registration, signing an agency agreement, and account opening [1] - The People's Bank of China aims to enhance the internationalization of the Renminbi and facilitate foreign investors' access to the Chinese market [2] Group 2 - The Central Securities Depository Co., Ltd. will continue to strengthen national financial infrastructure and improve core service capabilities [1] - The People's Bank of China is focused on transforming the financial market towards comprehensive institutional opening and increasing the liquidity of Renminbi financial assets [2]

Group 1 - The core point of the article is the decision by the Central Securities Depository Company to simplify the investment process for foreign central bank institutions by no longer requiring them to provide a signed commitment letter [1] - This change is in response to the requirements set by the People's Bank of China [1] - The Central Securities Depository Company aims to enhance the construction of national financial infrastructure and ensure safe and efficient operations [1] Group 2 - The company will continue to deepen its core service capabilities to better serve the market and its clients [1]

Core Viewpoint - The successful completion of the first corn delivery transaction through the Shanghai Clearing House's commodity clearing service marks a significant advancement in financial infrastructure supporting agriculture and rural development [1] Group 1: Financial Infrastructure Development - The Shanghai Clearing House has integrated corn, soybean meal, and rapeseed meal into its commodity clearing system to enhance financial services for agriculture and the real economy [1] - The establishment of a secure, standardized, and efficient online clearing and settlement service system has effectively reduced circulation costs for agricultural products and increased market vitality [1] Group 2: Support for Agriculture and Rural Development - The initiative aims to promote the modernization of agriculture, which is essential for achieving high-quality development and establishing a strong agricultural nation [1] - The Shanghai Clearing House plans to continue supporting key areas such as agriculture and small and medium-sized enterprises, while accelerating the construction of a multi-tiered commodity clearing system [1] Group 3: Market Impact - The new clearing service significantly enhances market transparency and stability, contributing to the standardized development of agricultural markets [1] - The Shanghai Clearing House is committed to safeguarding the high-quality and stable development of the real economy through its services [1]

Core Viewpoint - Shanghai Clearing House, under the supervision of the People's Bank of China, emphasizes its role as a crucial financial market infrastructure in China, providing clearing and settlement services for various financial transactions [1] Group 1 - Shanghai Clearing House is primarily focused on the interbank market and serves institutional issuers and investors [1] - The services offered include clearing and settlement for foreign exchange, bonds, derivatives, and commodities, as well as bond registration and custody services [1] - The institution has not authorized any third parties to operate online service platforms such as apps or WeChat groups, urging the public to remain vigilant against potential risks [1]

Group 1 - The core viewpoint of the articles highlights the expansion and optimization of the Bond Connect program, which facilitates foreign investors' access to and use of RMB assets, thereby deepening the integration of domestic financial markets with global markets [1][2] - As of May 2025, the scale of bonds held by foreign investors in the interbank market reached 4.35 trillion yuan [1] - The Shanghai Clearing House has integrated bond registration, custody, and settlement functions with the support of the bond market's opening to foreign investors, continuously enriching the usage scenarios of interbank market bonds [1] Group 2 - Since the launch of the foreign currency repurchase clearing business, the number of participants has reached 83, including 11 foreign institutions, with participants comprising domestic banks, foreign banks, securities companies, and other financial entities [2] - In the first half of 2025, the clearing volume of the foreign currency repurchase clearing business reached 1.58 trillion yuan, representing a year-on-year growth of 93.7% [2] - The Shanghai Clearing House aims to innovate bond clearing business models, enhance collaboration in financial infrastructure, and explore the expansion of foreign currency repurchase business into cross-border markets, promoting the broader application of RMB bonds [2]