Investment Rating - The report does not explicitly provide an investment rating for the industry or the RMB internationalization efforts Core Insights - The People's Bank of China (PBoC) is advocating for the internationalization of the RMB and a multipolar global financial system, emphasizing the need for securing international transactions over enjoying the benefits of a reserve currency [2][8] - Eight new financial policies have been announced to facilitate the opening of China's financial system and promote the use of RMB internationally [3][8] Summary by Sections PBoC's Remarks - PBoC Governor highlighted the tension between self-interest and global public goods, the spillover of domestic policy, and the weaponization of currency in geopolitical competition [2] - The focus is on securing cross-border settlements rather than the "exorbitant privilege" of a reserve currency [2] Financial Policies - The PBoC announced eight financial measures aimed at enhancing RMB internationalization, which include establishing a trade reporting system, setting up an international digital RMB operation center, and promoting RMB FX futures trading [5][6] - The measures also aim to enrich financial products and services in the Shanghai Free Trade Zone and enhance Shanghai's role as a financial center [6][8] Economic Context - The wider international use of RMB is contingent upon a robust economy and progress in capital account convertibility [3] - To restore global confidence in growth, Beijing needs to address deflation and increase the supply of central government bonds [3]

Group 1 - The establishment of an international operating center for digital RMB in Shanghai will significantly enhance the usage rate of digital RMB in cross-border finance and reduce transaction costs, marking an important step for the internationalization of the RMB [2][4] - The introduction of a "green channel" for the Sci-Tech Innovation Board allows hard-tech companies to go public even if they are not profitable, facilitating easier access to capital markets for innovative enterprises [5][7] - The optimization of free trade account functions will enhance the efficient connection between quality enterprises and foreign capital, improving the level of liberalization and convenience in cross-border trade and investment [9] Group 2 - The joint release of the "Action Plan to Support the Construction of Shanghai International Financial Center" by the Financial Regulatory Bureau and the Shanghai Municipal Government will accelerate the development of Shanghai as an international financial center, particularly in technology and cross-border finance [11] - The recent policies signal a strong commitment to financial openness in China, showcasing the country's determination to embrace the world and innovate in the financial sector [13]

Core Points - The 2025 Lujiazui Forum in Shanghai announced eight measures to promote the construction of an international financial center, highlighting China's commitment to welcoming foreign investment in its financial market [2][3] - Shanghai aims to enhance its global financial resource allocation capabilities and build world-class exchanges, while continuing to optimize its financial market structure and deepen market connectivity [4][7] - The National Financial Regulatory Administration emphasized its unwavering determination to expand high-level financial openness and create a mutually beneficial financial development framework [5][6] Group 1: Measures to Attract Foreign Investment - The forum revealed multiple policies aimed at boosting foreign financial investment in China, providing significant confidence to foreign financial institutions [3][5] - Specific initiatives include optimizing the Qualified Foreign Institutional Investor (QFII) system and expanding the range of tradable products for foreign investors [5][6] - The introduction of a series of facilitation policies, such as reducing the negative list for capital project income usage, aims to support international economic cooperation [2][6] Group 2: Financial Market Development - The Shanghai government plans to enhance the efficiency and activity of its financial market, focusing on internationalization and structural optimization [4][7] - The National Financial Regulatory Administration will replicate successful practices from free trade zones to promote greater openness in the financial sector [4][6] - Future initiatives will include promoting cross-border capital pooling for multinational corporations and encouraging green foreign debt policies [7][8] Group 3: Regulatory Environment and Support - The regulatory bodies are committed to creating a transparent, stable, and predictable policy environment for foreign investors [5][9] - Continuous optimization of the foreign investment business environment is a priority, with a focus on legal construction and maintaining fair market order [5][10] - The forum highlighted the importance of foreign institutions in China's capital market, emphasizing their role in enhancing governance and operational efficiency [7][9]

近日，中央金融委员会印发《关于支持加快建设上海国际金融中心的意见》。《意见》明确提出六大主 要举措。上海金融与发展实验室首席专家、主任曾刚向记者表示，作为中央层级的政策文件，此次发文 不仅体现出国家对于上海金融中心建设的高度重视，也释放出加快推进金融高水平开放和创新的强烈信 号。 ...

Group 1 - The discussion at the Lujiazui Forum highlighted concerns over the impact of the Trump administration's tariff policies on the global economy and the potential decline of the US dollar as a reserve currency [1][2] - Giovanni TRIA emphasized that the US dollar's status provides the US with significant advantages, allowing it to finance its debts without limits, but the current tariff strategies may weaken confidence in the dollar and US bonds [1][2] - The need for a diversified global currency system was stressed, with the possibility of multiple currencies playing major roles and the issuance of a global Central Bank Digital Currency (CBDC) being considered [2][3] Group 2 - The role of stablecoins, particularly dollar-pegged stablecoins, was a focal point, with discussions on their potential global impact and the challenges of other currencies achieving similar status [2][3] - Concerns were raised about the implications of dollarization in various economies, with the need for careful consideration of its effects on national economies [3] - The Singapore Monetary Authority highlighted the importance of innovation in digital currencies to enhance financial system efficiency and facilitate cross-border transactions, suggesting that stablecoins may not necessarily lead to dollarization [3]

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》 ...

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 ...