Core Viewpoint - The Central Securities Depository and Clearing Company (CSDCC) is enhancing its role in the Guangdong-Hong Kong-Macao Greater Bay Area by establishing a Shenzhen branch, focusing on bond market services and green finance innovation [1][2]. Group 1: Company Functions and Strategies - CSDCC plays a crucial role in supporting the development of the Greater Bay Area's bond market, including participation in the initial operations of the Macau Central Securities Custody and Clearing Institution [2]. - The company has established a financial technology innovation center and successfully completed a national blockchain innovation application pilot project, facilitating the issuance of digital bonds [2][3]. - CSDCC provides comprehensive lifecycle services for local government bonds, supporting the issuance of 13 trillion yuan in local bonds across South China and Southwest regions [3]. Group 2: Green Finance Initiatives - During the 14th Five-Year Plan period, CSDCC established a green finance innovation center in Shenzhen, focusing on developing green financial products and creating a green bond database, which is the first of its kind globally [4]. - The company has led the release of the first local standard for financial institutions' green investment and financing environmental information disclosure requirements [4]. Group 3: Support for Private Enterprises - CSDCC has developed a high-yield bond market construction plan tailored to the financing characteristics of private enterprises, particularly in the technology sector, which has received recognition from the Shenzhen Financial Society [5][6]. - The company has explored financial technology solutions to address the information asymmetry in bond financing for private enterprises, earning accolades for its research outcomes [7]. Group 4: Cross-Border Financial Cooperation - CSDCC collaborated on a study regarding the development of the Asian offshore technology innovation bond market, which received approval from regulatory authorities [8].

Core Insights - The Central Securities Depository Company successfully held an online meeting for foreign central bank institutions, focusing on deepening cooperation and building a new ecosystem for the RMB bond market [1] - The meeting included representatives from nearly 30 foreign central bank institutions, discussing investment opportunities and market collaboration [1] Group 1: Market Participation - As of September 2025, 1,176 foreign institutions have entered the interbank bond market, with foreign central bank institutions being the main participants [1] - Foreign central bank institutions adhere to a long-term investment philosophy, holding significant bond volumes and exhibiting stable investment behavior [1] Group 2: Service Optimization - The Central Securities Depository Company has implemented several measures to optimize market entry for foreign central bank institutions, including fee reductions and simplified account opening procedures [1] - These initiatives aim to create a more friendly and convenient investment environment for foreign central bank institutions [1] Group 3: Future Outlook - The Central Securities Depository Company plans to continue optimizing financial infrastructure services and actively build cross-border cooperation bridges under the guidance of regulatory authorities [2] - The goal is to support a higher level of openness in the Chinese bond market and foster a win-win ecosystem [2]

人民财讯11月20日电，11月13日，中央国债登记结算有限责任公司(简称"中央结算公司")成功举办2025 年境外央行类机构线上会议。本次会议以"深化合作，共筑人民币债券市场新生态"为主题，邀请财政 部、中国人民银行上海总部、国际清算银行、中国农业发展银行、中国外汇交易中心相关专家，围绕中 国债券市场开放政策、投资经验等议题展开深度交流。来自近30家境外央行类机构的代表参会，共话投 资机遇、共促市场合作。 展望未来，中央结算公司作为国家重要金融基础设施，将在管理部门指导下，持续优化金融基础设施服 务，积极搭建跨境合作桥梁，服务构建开放共赢生态，助力中国债券市场更高水平对外开放。 ...

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]