美元/离岸人民币 金十数据7月25日讯，据悉，自2025年1月21日由迅清结算有限公司（迅清结算）负责营运的债务工具中 央结算系统（CMU）与由澳门中央证券托管结算一人有限公司负责营运的中央证券托管系统建立直接 联网以来，过去6个月内，联网服务订阅量和使用量均稳步增长，反映出香港与澳门两地之间强劲的投 资兴趣和资金流动。7月23日，中华人民共和国财政部（CMOF）通过MCSD在澳门发行的离岸人民币 国债成功结算，发行规模为60亿元人民币，当中接近50%的债券由CMU会员通过双边联网持有。 （新 华财经） 迅清结算：CMU与澳门中央证券托管系统的直接联网服务量稳步上升 ...

新华财经北京7月24日电 24日，中华人民共和国财政部60亿元人民币国债在中华（澳门）金融资产交易 股份有限公司（简称"MOX"）成功上市。 国家财政部持续选择在澳门发行及上市国债，彰显了中央政府对特区政府加快培育债券市场等新金融业 态，推动澳门经济适度多元的支持。MOX相关负责人指出，作为澳门主要的金融资产交易所，MOX将 立足澳门离岸人民币枢纽定位，通过构建多层次产品体系、拓展国际投资者网络，吸引全球资本深度参 与，推动澳门债券市场形成＂政策支持-产品创新-资本集聚-流动增强＂的良性循环，为打造人民币国际 化的"新支点"，构建粤港澳大湾区金融协同发展新格局提供平台支撑。 今年是国家财政部第五次在澳门发行人民币国债，也是第五次选择在MOX上市。此次国债首次采用三 个期限品种同步发行，涵盖2年期、5年期和10年期。发行规模分别为30亿元、20亿元和10亿元，最终票 息分别为1.43%、1.55%和1.72%。认购倍数高达6.08倍，创历次在澳门发行国债的最高认购倍数纪录。 （文章来源：新华财经） 据悉，此次发行不仅再一次刷新了澳门市场单笔债券发行规模的历史纪录，更首次为澳门债券市场引入 10年期人民币长期债券 ...

Group 1 - The issuance of RMB bonds in Macau on July 16 was highly successful, with a total subscription amount of 36.52 billion RMB, approximately 6.1 times the issuance scale [1] - The bonds included 30 billion RMB for 2-year maturity at an interest rate of 1.43%, 20 billion RMB for 5-year maturity at 1.55%, and 10 billion RMB for 10-year maturity at 1.72% [1] - This issuance marks the first RMB bond in Macau following the connectivity of the bond markets between Hong Kong and Macau, enhancing international investor participation [1][2] Group 2 - The Ministry of Finance has issued RMB bonds in Macau for the fourth consecutive year, with a steady increase in issuance scale, contributing to the improvement of the bond market infrastructure in Macau [2] - In addition to Macau, RMB bonds have also been issued in Hong Kong, with a total of 68 billion RMB planned for issuance in 2025, indicating a growing trend in RMB bond offerings [3] Group 3 - The stable supply of government bonds is beneficial for improving the yield curve and supporting the internationalization of the RMB [4] - The recent issuance attracted a diverse range of international investors, including monetary authorities, hedge funds, asset management institutions, commercial banks, and investment banks from countries such as Portugal, Singapore, Malaysia, Indonesia, and Thailand [4] - Over 50% of international investors placed orders through the Hong Kong CMU, indicating strong interest and participation from global financial institutions [4]

Core Viewpoint - The issuance of RMB bonds in Macau by the Ministry of Finance marks a historical high, reflecting confidence in the Chinese economy and the development of the Hong Kong and Macau bond markets [1] Group 1: RMB Bonds as a Pricing Benchmark - RMB bonds provide a pricing benchmark for offshore RMB investment products, stimulating the issuance motivation of financial institutions and enhancing the quality and scale of the Hong Kong and Macau bond markets [2] - The high credit rating, strong liquidity, and stable interest rates of RMB bonds facilitate clearer product valuation for investors, leading to an increase in the issuance of RMB bonds in the region [2] Group 2: Meeting International Investors' Asset Allocation Needs - The issuance of RMB bonds in Hong Kong and Macau enriches the supply of RMB assets, catering to international investors' demand for low-risk assets amid global economic volatility [3] - RMB bonds serve as a key asset for international investors, enhancing their willingness to hold and trade RMB assets, thus supporting the internationalization of the RMB [3] Group 3: Deepening Financial Market Connectivity - The continuous supply of RMB bonds in Hong Kong and Macau promotes cross-market product circulation and efficient capital flow, enhancing the infrastructure of regional financial markets [4] - The strong demand for RMB bonds from international investors, evidenced by the oversubscription in Macau, underscores the investment value of these bonds and reflects international confidence in China's economic outlook [4] - The future issuance of more RMB bonds in Hong Kong and Macau is expected to further enhance the global appeal of RMB assets and strengthen the international competitiveness of China's financial markets [4]

Core Insights - The Ministry of Finance issued 6 billion RMB in government bonds in Macau, marking a historic high in both scale and demand from investors [1] - This issuance includes a new 10-year long-term bond, enhancing the RMB government bond yield curve in Macau and supporting the development of the local bond market [1] - The issuance aims to position Macau as a new focal point in the internationalization of the RMB [1] Group 1 - The issuance of RMB government bonds in Macau has been supported by the establishment of the Macau Central Securities Depository (MCSD) to enhance the bond market's infrastructure [1] - Since 2019, efforts have been made to improve the influence of the Macau bond market, including the issuance of RMB government bonds and the establishment of the MCSD [1] - The limited number of international investors in the MCSD has constrained the development of the Macau bond market [1] Group 2 - In January, the MCSD and Hong Kong Monetary Authority's Central Moneymarkets Unit (CMU) established interconnectivity to facilitate international investor participation [2] - Over 50% of international investors placed orders through the Hong Kong CMU during this bond issuance, indicating increased liquidity and international influence of the Macau RMB bond market [2] - The collaboration between the Macau and Hong Kong bond markets is expected to enhance the offshore RMB market mechanism [2]

Core Viewpoint - The U.S. Treasury market is facing structural issues, including rising debt levels, declining liquidity, and increasing volatility, which are undermining the credibility of the international monetary system. The U.S. political landscape complicates the resolution of these risks, leading to a search for systemic solutions globally, particularly from countries like China [2][4][5]. Group 1: U.S. Debt and International Monetary System - The U.S. federal government debt has surpassed $36 trillion, exceeding 123% of GDP, with interest payments projected at $468 billion for the first five months of 2025, a 6.5% increase year-on-year, constituting 18% of fiscal revenue [4][9]. - The weakening of the U.S. Treasury's risk-free status and the declining dollar index are evident as the U.S. continues to face rising budget deficits and a downgraded sovereign credit rating [4][5]. - The shift towards gold as a reserve asset is notable, with its share in global official reserves nearing 20% by the end of 2024, indicating a return to commodity credit from sovereign credit [4][9]. Group 2: Fragmentation of International Governance - U.S. protectionist policies are fragmenting the post-World War II order, leading to a trust crisis in international governance and complicating global cooperation [5][6]. - The U.S. has not reduced its fiscal deficits but has instead expanded them through recent legislation, which may further erode the dollar's credibility [5][6]. - Countries are increasingly diversifying their reserves and engaging in bilateral currency settlements to reduce reliance on the dollar due to the fragmentation of international governance [5][6]. Group 3: Digital Technology and Monetary System Reconstruction - Digital technologies, including blockchain, are creating new credit support for the international monetary system, potentially alleviating the "Triffin dilemma" [6][9]. - The efficiency of international payment systems is expected to improve significantly due to advancements in digital technology, enhancing liquidity supply without increasing the base money supply [6][9]. Group 4: Emergence of a Multi-Currency System - The global economic landscape is shifting towards a multi-currency system, with regional trade integration enhancing the transactional role of non-dollar currencies [7][8]. - The share of the dollar in global reserves is projected to drop to 57.8% by 2024, the lowest in nearly 30 years, as other currencies and gold gain prominence [9][10]. - The evolution towards a multi-polar currency system is seen as a means to enhance financial stability and provide emerging economies with more options for reserve asset diversification [10][11]. Group 5: Recommendations for China - China is advised to deepen its financial market openness and promote the internationalization of the renminbi, including enhancing the renminbi bond market and diversifying foreign exchange reserves [14][25]. - The establishment of a more diversified and digitalized cross-border payment system is recommended, leveraging stablecoins and digital currencies to improve efficiency [15][26]. - Strengthening regional currency alliances and enhancing cooperation in monetary policy are suggested to support the renminbi's role in the international monetary system [16][27].

Core Viewpoint - The recent prosperity of the Hong Kong stock market is attributed to years of continuous reforms, with significant growth in IPOs and secondary market trading attracting global attention [1] Group 1: Market Performance - As of the end of May, Hong Kong's IPO fundraising has exceeded HKD 76 billion (approximately USD 9.7 billion), which is about seven times the amount raised in the same period of 2024 and nearing last year's total of approximately USD 11 billion [3] - International investment banks predict that the total IPO amount for this year may exceed USD 20 billion [3] Group 2: Strategic Development - The CEO of Hong Kong Exchanges and Clearing (HKEX) emphasized the importance of cooperation and complementary development between mainland and Hong Kong exchanges, rather than competition [4] - The strong performance of recent IPOs in Hong Kong is largely due to renewed interest from international investors in Chinese concept stocks, highlighting Hong Kong's natural advantage in attracting global capital [4] Group 3: Market Infrastructure and Services - HKEX aims to enhance its service offerings to both enterprises and investors, adapting to the needs of quality listing resources and expanding the investor base [4] - The exchange has undergone reforms since 2018, allowing for a wider range of companies, including those that are not yet profitable, to list, which has led to a significant number of companies in the IPO pipeline [4] - HKEX is focused on developing a comprehensive product ecosystem that includes stocks, bonds, and commodities, while also emphasizing the importance of risk management tools [5] Group 4: Investor Engagement - The current market environment is attracting more international capital to the Chinese market, with significant growth potential for foreign investment participation [5] - The introduction of a Renminbi counter trading mechanism and enhancements to market infrastructure are aimed at improving the trading experience for investors [5]

Group 1 - The core viewpoint emphasizes the need for China's capital market to enhance high-quality development through improving foundational systems, optimizing multi-layered structures, and deepening international openness [1][2] - Experts suggest introducing diverse investment forces to strengthen long-term capital supply and optimizing foreign investment access mechanisms to promote internationalization [1] - The CEO of Hong Kong Stock Exchange, Charles Li, highlights that the mainland capital market has secured the second-largest scale globally, and exchanges can achieve cooperation through complementary advantages and differentiated development [1] Group 2 - The Hong Kong Stock Exchange is actively preparing for the introduction of RMB government bond futures, which is seen as a crucial step in enhancing the market ecosystem and increasing the attractiveness of China's capital market to global funds [2] - The Vice Chairman and President of Industrial and Commercial Bank of China, Liu Jun, emphasizes the importance of "wisdom" and "patience" in the development of China's equity market, advocating for the inclusion of diverse investment forces from both domestic and international markets [2] - Howard Marks, Co-Founder and Co-Chairman of Oaktree Capital, suggests that opening more asset classes or business areas to international investors can facilitate the long-term healthy development of foreign-funded enterprises in China [2]

Group 1 - The core viewpoint emphasizes the need to develop a multi-tiered market system in China's capital market, leveraging the strengths of various exchanges for complementary and differentiated growth [1] - The CEO of Hong Kong Exchanges and Clearing (HKEX) highlighted the importance of the "people, goods, and venues" framework in capital market development, focusing on collaboration with industry peers [1] - Currently, over 100 companies are waiting to list on HKEX, showcasing China's strong capabilities in resource allocation for listings, which has garnered admiration from international peers [1] Group 2 - HKEX's CEO explained that A-share companies are keen on listing in Hong Kong to build overseas business platforms and access more financing channels, leading to an "A+H" linkage effect that boosts trading volumes in both markets [2] - There is significant potential for foreign institutional investors to increase their asset allocation in China, particularly in the context of shifting perceptions regarding the safety of U.S. assets [2] - HKEX is preparing to launch RMB-denominated government bond futures, which is seen as a crucial step in enhancing the market ecosystem and attracting global capital [2] Group 3 - The infrastructure and mechanism construction of the capital market are deemed essential, with increasing demands for trading experience, such as providing all-day trading services [3] - HKEX plans to advance the connectivity mechanism by incorporating RMB counters into the Hong Kong Stock Connect, facilitating mainland investors' participation without currency conversion [3] - Continuous investment in technology platform development is highlighted as a critical aspect for exchanges to enhance their systems [3]

Group 1 - The core viewpoint emphasizes the need for a multi-tiered market system in China's capital market to ensure stability and long-term growth, allowing exchanges to develop distinct advantages and complement each other [1] - The current market volatility and changing external environment necessitate resilience, with a focus on the three elements of "people, goods, and venues" applicable to exchanges [1] - The number of companies waiting to list on the Hong Kong Stock Exchange indicates strong listing resource availability, highlighting the need for innovative reforms to support the real economy [1] Group 2 - The investment side reveals that foreign capital can participate in Chinese stocks and bonds at low valuations, presenting significant upside potential, especially as international investors consider reallocating their portfolios [1] - The product system needs to be enhanced to include equities, bonds, and commodities, with a focus on developing risk management tools like the upcoming RMB government bond futures [1][2] - The infrastructure of the capital market must be solidified, with improvements in investor experience through initiatives like the RMB counter in the southbound trading market and ongoing upgrades to technical platforms [2]