Primary Market - A total of 26 offshore bonds were issued this week (November 3 - November 7, 2025), including 9 offshore RMB bonds and 17 USD bonds, with issuance scales of 10.3996 billion RMB and 10.58 billion USD respectively [1] - The largest single issuance in the offshore RMB bond market was 3 billion RMB by China Railway Construction Corporation, while the highest coupon rate was 6.6% issued by Shandong High Creation Holdings Group [1] - In the USD bond market, the largest single issuance was 500 million USD by China Cinda (Hong Kong) Holdings, with the highest coupon rate of 5.15% issued by the Asian Development Bank [1] Secondary Market - The yield on Chinese USD bonds mostly declined this week, with the Markit iBoxx Chinese USD Bond Composite Index down 0.02% to 251.02 [2] - The investment-grade USD bond index increased by 0.05% to 243.65, while the high-yield USD bond index decreased by 0.53% to 244.48 [2] - The real estate USD bond index fell by 1.16% to 184.4, while the city investment USD bond index rose by 0.06% to 153 [2] Benchmark Spread - As of November 7, 2025, the spread between the 10-year benchmark government bonds of China and the US narrowed to 228.72 basis points, a decrease of 1.52 basis points from the previous week [3] Rating Changes - On November 3, China Chengxin International Credit Rating Co. withdrew the long-term credit rating of "BBBg-" for Chongqing Fuling Lingang Economic Zone Construction Development Group due to commercial reasons [5] - On November 6, Fitch Ratings withdrew the "A-" rating for Jiangxi Railway Aviation Investment Group Co., Ltd. as the company chose not to participate in the rating process [5] Domestic News - The People's Bank of China resumed open market operations for government bond trading, with a net injection of 20 billion RMB in October [6] - On November 5, the Ministry of Finance successfully issued 4 billion USD in sovereign bonds in Hong Kong, with a total subscription amount of 118.2 billion USD, 30 times the issuance amount [7] - The Deputy Governor of the People's Bank of China, Lu Lei, announced measures to support the development of the offshore RMB market, including regular issuance of RMB central bank bills in Hong Kong [8] Offshore Debt Alerts - On November 5, Sunac China announced that its offshore debt restructuring plan was approved by the High Court [10] - On November 6, Yuexiu Property announced a financing agreement for a term loan of 600 million HKD [11] - On November 6, Country Garden's offshore debt restructuring plan was approved with over 75% of creditor votes in favor [12] - On November 7, Shimao Construction reported a significant lawsuit involving approximately 11.291 billion RMB and issues related to bond defaults and overdue debts [13]

Core Viewpoint - The People's Bank of China emphasizes the importance of strengthening Hong Kong's status as an international financial center and enhancing its role in national financial reform and opening up [1] Group 1: Financial Market Connectivity - The People's Bank of China is actively deepening the connectivity of financial markets between the mainland and Hong Kong, optimizing mechanisms such as Bond Connect, Cross-Border Wealth Management Connect, and Swap Connect [1] - As of the end of September, 1,176 foreign institutions have entered the domestic bond market, covering 80 countries and regions, with a bond holding scale of 3.8 trillion yuan [2] - The Swap Connect has recorded over 15,000 transactions with a total nominal principal amount of approximately 8.15 trillion yuan [2] Group 2: Offshore RMB Market Development - The People's Bank of China supports the development of Hong Kong's offshore RMB market, including a 100 billion yuan trade financing liquidity arrangement launched in February, which has initiated transactions of nearly 30 billion yuan by the end of September [2] - The issuance of RMB central bank bills in Hong Kong has been normalized, with 255 billion yuan issued in seven batches from January to September, increasing the total balance to 170 billion yuan [2] Group 3: Financial Services Connectivity - The number of banks allowing Hong Kong and Macau residents to open accounts has expanded to eight, with 475,000 accounts opened and transaction amounts reaching 41.8 billion yuan [3] - 72% of these accounts are linked to mobile payments, significantly facilitating the lives of Hong Kong and Macau residents in the mainland [3] - 78 Hong Kong-funded enterprises in Shenzhen have received bank financing totaling 2.1 billion yuan by the end of September [3] Group 4: Future Initiatives - The People's Bank of China will continue to support Hong Kong's development, deepen financial market connectivity, and enhance practical cooperation, particularly in supporting the Guangdong-Hong Kong-Macao Greater Bay Area [3] - There will be ongoing efforts to promote high-level financial openness and improve cross-border investment and financing convenience [3]

Group 1: Hong Kong Financial Market Developments - Hong Kong's stock market average daily trading volume exceeded $32 billion this year, doubling from last year [2] - In the first ten months of this year, Hong Kong had 80 IPOs raising over $26 billion, ranking first globally in IPO fundraising [2] - The Hong Kong government is actively promoting reforms to enhance efficiency in financing and risk management for overseas companies [2] Group 2: Monetary Policy and Financial Support - The People's Bank of China (PBOC) has implemented a moderately loose monetary policy, lowering the reserve requirement ratio by 0.5 percentage points and providing 1 trillion yuan in long-term liquidity [3] - PBOC has reduced policy interest rates by 0.1 percentage points and structural monetary policy tool rates by 0.25 percentage points to lower financing costs [3] - A total of 500 billion yuan has been allocated for consumption and pension refinancing, with an additional 300 billion yuan for technology innovation and transformation [3] Group 3: Cross-Border Financial Cooperation - PBOC has supported the Hong Kong Monetary Authority in launching a 100 billion yuan trade financing liquidity arrangement, with nearly 30 billion yuan in transactions initiated by the end of September [4] - The issuance of offshore RMB central bank bills in Hong Kong has reached 255 billion yuan this year, with a total balance of 170 billion yuan [4] - The number of bank accounts opened by Hong Kong and Macau residents has reached 475,000, facilitating cross-border financial services [4] Group 4: Regulatory and Market Opening Initiatives - The China Securities Regulatory Commission (CSRC) highlighted three achievements in capital market opening during the 14th Five-Year Plan, including increased foreign ownership in financial firms and enhanced market connectivity [8] - The CSRC aims to improve cross-border investment facilitation and strengthen communication with international investors [8] - The CSRC encourages international institutions to invest in China, emphasizing the importance of long-term investment and risk management [9]

Core Viewpoint - The People's Bank of China (PBOC) is committed to supporting Hong Kong's development as an international financial center through enhanced financial market connectivity and practical cooperation [1][2]. Group 1: Financial Market Connectivity - As of the end of September, 1,176 foreign institutions have entered the domestic bond market, with a total bond holding scale of 3.8 trillion yuan [1]. - By the end of July, over 160,000 individual investors participated in the "Cross-Border Wealth Management Connect," with a remittance amount of 120.9 billion yuan [1]. - As of the end of August, the cumulative nominal principal amount of transactions under the "Swap Connect" reached approximately 8.15 trillion yuan [1]. Group 2: Offshore Renminbi Market Development - The PBOC supports the Hong Kong Monetary Authority in launching a trade financing liquidity arrangement with a total scale of 100 billion yuan [1]. - From January to September, the PBOC issued seven batches of central bank bills in Hong Kong, totaling 255 billion yuan, with a balance of 170 billion yuan, an increase of 30 billion yuan from the end of the previous year [1]. Group 3: Financial Services for Residents and Enterprises - The number of bank accounts opened by residents of Hong Kong and Macau has expanded to eight banks in nine cities of the Greater Bay Area, totaling 475,000 accounts with a transaction amount of 41.8 billion yuan, of which 72% are linked to mobile payments [2]. - As of the end of September, there are 113 direct and indirect participating institutions in Hong Kong under the Renminbi Cross-Border Payment System (CIPS) [2]. - By the end of September, 78 Hong Kong-funded enterprises in Shenzhen have obtained 2.1 billion yuan in bank financing through credit cooperation [2]. Group 4: Continued Support for the Greater Bay Area - The PBOC will continue to enhance financial support for the construction of the Guangdong-Hong Kong-Macao Greater Bay Area and promote high-level opening-up in the financial sector [2].

Core Insights - The People's Bank of China (PBOC) is actively supporting the development of the offshore RMB market in Hong Kong through various initiatives [1] Group 1: Financial Initiatives - In February 2025, the PBOC supported the Hong Kong Monetary Authority (HKMA) to launch a trade financing liquidity arrangement with a total scale of 100 billion RMB [1] - As of the end of September this year, nearly 30 billion RMB in transactions have been initiated under this arrangement [1] - The PBOC has normalized the issuance of RMB central bank bills in Hong Kong, with a cumulative issuance scale of 255 billion RMB across seven issues [1] Group 2: Market Development - The balance of central bank bills stood at 170 billion RMB as of the end of September, reflecting an increase of 30 billion RMB compared to the end of the previous year [1] - The PBOC is collaborating with relevant departments to promote the issuance of high-credit-quality RMB assets, such as RMB government bonds, in Hong Kong [1]

Core Insights - The financial sector's opening is a crucial part of China's reform and opening-up strategy, with accelerated steps during the "14th Five-Year Plan" period, enhancing the international competitiveness and influence of the financial industry [1] Group 1: Global Financial Governance - The People's Bank of China (PBOC) actively participates in global financial governance through platforms like G20, IMF, and regional mechanisms such as ASEAN+3, aiming to create a fairer global financial governance structure [1][2] - Continuous cooperation with the IMF includes pushing for quota reforms and establishing an IMF Shanghai Center [2] - The PBOC has proposed principles for cross-border digital currency infrastructure, emphasizing "no loss, compliance, and interoperability" [2] Group 2: International Monetary System Reform - Post-2008 financial crisis, discussions on reforming the international monetary system have intensified, focusing on reducing reliance on a single sovereign currency and promoting a multipolar currency system [2][3] - The RMB's international status has steadily improved, contributing to a more balanced and equitable international monetary system [3] Group 3: Hong Kong Financial Cooperation - The PBOC has implemented measures to deepen financial cooperation between the mainland and Hong Kong, enhancing Hong Kong's status as an international financial center [3][4] - Hong Kong serves as the largest offshore RMB business hub, with policies to support the development of the offshore RMB market and facilitate RMB bond issuance [4] - The "Bond Connect" program has been established to facilitate cross-border investment in bond markets, with significant growth in transaction volumes [5] Group 4: Payment Systems and Cross-Border Transactions - The "Cross-Border Payment Link" launched in June 2025 enhances real-time small cross-border remittances between the mainland and Hong Kong, significantly improving remittance efficiency [6] - As of July 2025, over 700,000 transactions have been processed through this system, involving a total amount exceeding 4 billion RMB [6]

Core Viewpoint - The Hong Kong Monetary Authority announced the results of the RMB central bank bill tender on September 22, indicating strong demand with a total application amount of 121.402 billion RMB for the six-month bill set to be issued on September 24, 2025 [1] Summary by Categories Issuance Details - The issuance amount for the RMB central bank bill is 60 billion RMB [1] - The average accepted interest rate is 1.62 basis points, with a maximum accepted interest rate of 1.72 basis points and a minimum of 1.30 basis points [1] Demand and Allocation - The total application amount reached 121.402 billion RMB, reflecting a robust interest from investors [1] - The allocation ratio based on the maximum accepted interest rate is approximately 28.28% [1]

Core Insights - The Hong Kong Monetary Authority (HKMA) announced the results of the Renminbi central bank bill tender held on August 25, 2025, indicating a significant issuance of Renminbi bills [1] Summary by Category Issuance Details - The three-month Renminbi central bank bill has an issuance amount of 30 billion Renminbi, with an average accepted interest rate of 1.53%, a maximum accepted interest rate of 1.60%, and a minimum accepted interest rate of 1.30% [1] - The one-year bill has an issuance amount of 15 billion Renminbi, with an average accepted interest rate of 1.56%, a maximum accepted interest rate of 1.62%, and a minimum accepted interest rate of 1.30% [1]

Core Viewpoint - The article discusses the recent fluctuations in the offshore RMB exchange rate against the USD, highlighting the People's Bank of China's (PBOC) measures to stabilize the currency, including the issuance of central bank bills in Hong Kong [1][3][11]. Exchange Rate Fluctuations - On March 3, the offshore RMB fell below the 7.3 mark against the USD, with the current rate at 7.2919, reflecting a slight increase of 0.11% [2][19]. - The RMB has shown a dual-directional fluctuation trend over the past decade, influenced by various factors including geopolitical events and economic conditions [12][15]. PBOC's Measures - In January, the PBOC issued 600 billion RMB in central bank bills in Hong Kong, followed by an additional issuance of 400 billion RMB in three-month bills and 200 billion RMB in one-year bills in February [3][11]. - The issuance of these bills is aimed at enriching high-credit RMB financial products in Hong Kong and improving the RMB yield curve [7][9]. Market Reactions - Following the PBOC's issuance of offshore central bank bills, both onshore and offshore RMB exchange rates experienced a strong upward trend in February [11]. - Experts indicate that the recent fluctuations in the RMB exchange rate are normal, and despite some periods of depreciation, the RMB has appreciated compared to the end of the previous year [15]. Interest Rate Trends - Many banks have recently lowered their USD deposit rates, with some rates being cut by half, while others remain above 4% [17][18]. - The decline in USD deposit rates is attributed to expectations of continued interest rate cuts by the Federal Reserve and a stable RMB exchange rate [18].

昨天好不容易放了一点量，今天直接就缩回去了，所以反弹的持续性是要打问号的。盘面的一 大特点就是今天从一开盘黄线就大幅拉升，黄线和白线的劈叉几乎持续了一整天。 盘面上，全天两市2 5 2 7家上涨，2 4 5 4家下跌，几乎是一半对一半。结构上，上海这边的涨跌 比是9 8 2：1 2 3 6，而深圳则是1 5 4 5：1 2 1 8，也说明了小票今天表现强于大票，大票更多是昨天 上午强势的一个补跌。中位数表现0%，就刚好不涨不跌，涨停8 6家，跌停4家，热点情绪上稍 好一些，昨天4板以上的高标全部晋级。 板块上，电子元件、航天航空、小金属、电池、汽车零部件、电机等涨幅居前，航运港口、石 油行业、化学制药、银行、电力、保险等跌幅居前。从概念热点上看，PCB、机器人执行器、 人形机器人、减速器、液冷等表现较好，而流感相关的医药条线则领跌。 水皮杂谈 一家之言 兼听则明 偏听则暗 又缩量了 每日看盘 今日A股三大指数缩量震荡，两市共成交1111 9亿，较前个交易日缩量1 3 1 0亿。 其中沪指下跌 0 . 5 8%，收报3 2 11 . 3 9点； 深成指上涨0 . 3 2%，收报9 9 7 6 . 0 0点； 创 ...