Core Viewpoint - The People's Bank of China announced eight policy measures aimed at enhancing Shanghai's status as an international financial center, focusing on financial innovation, internationalization, and improved capital allocation capabilities [1][7]. Group 1: Policy Measures - Establishment of an interbank market trading report database to enhance data transparency and risk monitoring, supporting macro-prudential management [2]. - Creation of a digital RMB international operation center to facilitate cross-border payments and enhance the international influence of the RMB [3]. - Setting up a personal credit institution to diversify credit products and improve the social credit system [4]. Group 2: Financial Innovation and Capital Allocation - Launching a pilot program for offshore trade finance services in the Lingang New Area to support innovative business rules [6]. - Development of free trade offshore bonds to broaden financing channels for enterprises involved in the Belt and Road Initiative [6]. - Upgrading the functions of free trade accounts to enhance the efficiency of capital flow between domestic and foreign entities [6]. Group 3: Structural Monetary Policy Tools - Implementation of innovative structural monetary policy tools in Shanghai, including blockchain credit refinancing and carbon reduction support tools [8]. - Introduction of credit protection tools to support the issuance and trading of technology innovation bonds, thereby reducing investment risks [9]. Group 4: Currency and Exchange Rate Management - Collaboration with the China Securities Regulatory Commission to promote RMB foreign exchange futures trading, enhancing Shanghai's role in global foreign exchange pricing [10].

今日在2025陆家嘴论坛上，国家金融监管总局局长李云泽表示，近年来，上海国际金融中心建设取 得一系列新进展新突破，论坛期间，金融监管组将和上海市政府联合发布支持上海国际金融中心建设 的行动方案，推出一系列部署举措，包括鼓励上海在科技金融跨境金融的领域开展创新试点，支持符 合条件的全国性银行在沪设立金融资产投资公司，提升上海国际再保险航运保险承保能力和全球服务 水平。 ...

值得一提的是，方案明确两地要开创新的合作领域，譬如在跨境清算上的合作，在黄金产品和交易上 的互联互通，在数字人民币跨境支付上的新的应用的场景，以及上海的金融机构通过香港拓展再保险 业务等。 二是共推业态创新发展，强化科技金融、绿色金融、数字金融等领域的协同联动，加强对重大战略重 点领域薄弱环节的金融支持，进一步增强金融服务实体经济的能力。 根据行动方案，两地将合作推动人工智能、区块链技术更广泛地应用在资产管理保险以及结算的场 景。同时也致力通过金融政策来支持创科企业的发展。比如说，鼓励保险机构把两地新药械纳入保障 的范围，促进生物医药产业的发展。 据上观新闻，陆家嘴论坛开幕之际，在同一个场地沪港两地今天共同举行发布会，签署《沪港国际金 融中心协同发展行动方案》，进一步明确了沪港合作的具体方向，包括金融市场的互联互通、跨境金 融服务创新、绿色金融发展、科技金融合作等，为两地多层次多领域的金融合作注入新的更丰富的内 容。 面临多种风险挑战，持续深化沪港金融协作，既是落实金融强国要求的战略之举，也是进一步提升两 个金融中心发展韧性的长远之策。 《行动方案》聚焦推进沪港两地基础设施互联互通、共建金融产品服务体系、上海 ...

金十数据6月18日讯，陆家嘴论坛开幕之际，在同一个场地沪港两地今天共同举行发布会，签署《沪港 国际金融中心协同发展行动方案》，进一步明确了沪港合作的具体方向，包括金融市场的互联互通、跨 境金融服务创新、绿色金融发展、科技金融合作等，为两地多层次多领域的金融合作注入新的更丰富的 内容。《行动方案》聚焦推进沪港两地基础设施互联互通、共建金融产品服务体系、上海与香港离岸金 融的战略互补等六方面，共38条举措。在共推市场互联互通方面，两地将持续优化债券通、互换通等机 制，为企业走出去和高质量共建一带一路，提供优质跨境和离岸金融服务；加快将上海和香港打造成人 民币资产全球配置中心，风险管理中心。 （上观新闻） 沪港两地签署《沪港国际金融中心协同发展行动方案》 ...

June 13, 2025 05:00 AM GMT US Economics Weekly | North America Weakness still lies ahead This week's inflation data showed no clear signs of a tariff push, but we expect higher goods inflation in coming months. Slower core services may give the Fed confidence that the inflation pickup will be transitory. With higher inflation ahead, weaker consumption growth is still in front of us. | M | | | | --- | --- | --- | | | | Idea | | June 13, 2025 05:00 AM GMT | | | | US Economics Weekly North America | Morgan Sta ...

Asia Insights Economics - Asia ex-Japan China: Credit growth remained steady in May despite disappointing loan growth New aggregate financing (AF) came in slightly below the market expectations, with outstanding AF growth unchanged. The downside surprise to consensus was aqain primarily driven by much weaker-than-expected new RMB loans, with the growth rate of outstanding loans dropping again and reaching another historical low. Again, we think the sharp slowdown in loan growth was mostly driven by the ongo ...

ab 13 June 2025 Global Research Global Strategy EM Credit: Mid-year Outlook - How to navigate 2H25 Fiscal dynamics, valuations and oil to weigh; US flows to partly offset Conflicting factors are pulling EM credit in different directions as the middle of the year approaches. On the macro side, EM fiscal G-R dynamics, taken as a whole, are weakening (point #1 below) while valuations are expensive again by historical standards (at least 1 STD below 10y avg. across all rating buckets, see Figure 1EM spreadnow g ...

June 13, 2025 10:41 PM GMT Agency MBS Weekly | North America Guess Who? Yes, they may own more conventionals than you think. But their demand has been muted, and it's unlikely to pick up meaningfully in the near term. This week, we take a closer look at holders of conventionals vs. Ginnies, the strength of CMO demand, and servicing transfer impact on prepays. Key Takeaways Exhibit 1: A common assumption is that overseas investors predominantly hold Ginnies for their explicit government guarantee; however, w ...

Accessible version Asia Fund Manager Survey The pendulum is swinging back Growth recovery. Over the past six months, investor sentiment has followed a classic trajectory: euphoria, panic, and finally recovery (see Risk-Love: Dancing with the bulls). The latest FMS data corroborates this emerging optimism. The improved growth outlook stems from investor confidence in swift trade resolutions and coordinated global monetary easing (~80% of the 34 major central banks are cutting rates). Currently, a net 46% ant ...

Accessible version On Macro & Micro: global growth expectations improve but still weak (net -46%); big reversal in recession odds (net 42% "likely" in April to 36% "unlikely" in June); 66% expect soft landing (8-month high - 16% = no landing, 13% = hard landing); One Big Beautiful Bill to increase US growth say 33% vs 81% to increase US deficit; investors say corporate balance sheets in best health since Dec'15, and most since Jul'13 want companies to return cash to shareholders. On Returns, Risks, Crowds: ...