为规范流程，严格遵循全国碳排放权系统核心准则，构建高标准环境。在启动流程上，通过对用户账户持有贡献点进行统计与核算，匹配专属配 额，实现规则清晰、分配透明、运行有序。 机制的规范化升级，意味着绿色经济转型从阶段性运行向常态化、标准化运行迈进，为绿色资产市场流通提供更加稳定的制度保障。 同时，为保障市场秩序与风险可控，平台将采取周限额控量机制。单账户当周额度依据贡献点数量进行匹配，实行当周有效、不跨期累计的管理 方式，在保障活跃度的同时，有效防止市场过度波动，体现平台"稳中求进"的运行原则。 在额度核算方面，平台以"每15点体系贡献点匹配1枚CEA成交额"为核心计算规则，精准测算单账户当周最大限量额度，确保配额分配科学、透 明。用户可通过市场页面"可成交配额"模块，实时查询当周上限，实现额度信息公开化、可视化管理。采用控量模式运行，单周未使用额度不作 跨期累计，仅限当周有效，鼓励用户合理规划节奏，增强市场运行的稳定性与可持续性。 通过限量管理、实时查询与规范风控体系的协同配合，安全性与透明度进一步提升，为绿色资产市场的健康发展夯实制度基础。 在"双碳"战略持续推进与绿色金融体系不断完善的背景下，绿色经济转型平台 ...

来源：《求是》 习近平总书记这样擘画金融强国建设 《求是》杂志编辑部 金融是现代经济的核心，是国家核心竞争力的重要组成部分，也是大国博弈的必争之地。党的十八大以 来，从提出"正确把握金融本质"到擘画"走出中国特色金融发展之路"，再到明确金融强国的建设目标， 习近平总书记对金融事业发展的重大理论和实践问题作出一系列重要论述，构成习近平经济思想的金融 篇，为我国金融事业发展指明了前进方向、提供了根本遵循。 2024年1月16日，习近平总书记在省部级主要领导干部推动金融高质量发展专题研讨班上发表重要讲 话。《走好中国特色金融发展之路，建设金融强国》一文，是总书记这次重要讲话的节录。文章系统阐 述了金融强国的主要特征以及建设金融强国的必由之路、重点任务、底蕴支撑，对于全党进一步深化对 金融工作本质规律和发展道路的认识，切实增强加快建设金融强国的政治自觉、思想自觉、行动自觉， 具有重要指导意义。我们要深入学习领会这篇重要文章，全面贯彻习近平总书记关于金融工作的重要论 述，落实好党的二十届四中全会对加快建设金融强国的各项部署，以扎实有效的工作推动金融强国建设 不断取得新成效。 金融是"国之大者" 习近平总书记深刻指出：" ...

Group 1 - In 2025, international spot gold prices surged from $2,640 per ounce at the beginning of the year to $4,500 per ounce by year-end, marking an annual increase of over 70% [3] - The rise in gold prices reflects a growing consensus on market risk aversion and a collective distrust in the U.S. dollar credit system [3][4] - The Federal Reserve's shift to a loose monetary policy, including three rate cuts totaling 75 basis points, contributed to lower holding costs for gold as a non-yielding asset [4] Group 2 - The dollar index (DXY) decreased from 108.5 at the start of 2025 to 98.3 by year-end, a depreciation of 9.4%, which directly boosted gold prices [4] - Geopolitical crises and armed conflicts throughout 2025 heightened gold's appeal as a safe-haven asset, with significant events triggering short-term spikes in risk aversion [4][6] - Central banks, particularly in emerging markets, demonstrated a strong commitment to increasing gold reserves, with Poland, Kazakhstan, and Brazil leading in gold purchases [6] Group 3 - The U.S. national debt surpassed $38 trillion in October 2025, representing 125% of GDP, leading to concerns about systemic risks associated with U.S. Treasury bonds [5] - The interest expenditure on U.S. debt reached $1.02 trillion in the 2025 fiscal year, accounting for 14.7% of total government spending, indicating a vicious cycle of increasing debt and interest payments [5][6] - The trend of central banks diversifying their reserve assets away from U.S. Treasuries towards gold is expected to continue, driven by concerns over the safety of U.S. debt [6] Group 4 - The internationalization of the renminbi is gaining momentum as central banks seek to diversify their reserve assets, moving away from an over-reliance on the U.S. dollar [7] - In April 2025, China successfully issued 6 billion yuan in green sovereign bonds in London, with a subscription rate of 6.9 times the issuance amount, indicating strong demand for high-quality renminbi assets [7] - As of the third quarter of 2025, the offshore holdings of renminbi assets reached 10.42 trillion yuan, the highest in nearly 43 months, reflecting the currency's growing importance in global reserve asset diversification [7][8]

Core Insights - The internationalization of the Renminbi (RMB) is progressing positively, with increasing cross-border usage and a growing offshore RMB market, attracting global attention and favorable evaluations [1][2]. Group 1: RMB Internationalization Progress - The International Air Transport Association announced the inclusion of RMB in its settlement currency list, allowing global airlines to settle transactions in RMB [1]. - As of mid-2025, the total RMB cross-border payment amount reached 34.9 trillion yuan, a year-on-year increase of 14.0%, making RMB the second-largest trade financing currency globally and the third-largest payment currency [1]. - The issuance of RMB-denominated green bonds is gaining traction, with a notable example being the issuance of 6 billion yuan green sovereign bonds in London, which was oversubscribed by 6.9 times [1]. Group 2: Factors Driving RMB Internationalization - The acceleration of RMB internationalization is attributed to three main forces: the foundational role of trade and industrial structure, the facilitative role of institutional and market tools, and the external window provided by changes in the global monetary system [2]. - China's stable position in the global supply chain and the expansion of foreign trade are driving the use of RMB for settlement, particularly in trade with Global South countries [2]. - The optimization of financial infrastructure and institutional arrangements, such as bilateral currency swap agreements and the expansion of the Cross-Border Interbank Payment System (CIPS), supports the internationalization of RMB [2]. Group 3: Global Financial Landscape and RMB - The establishment of the RMB clearing bank in Turkey marks the official start of RMB clearing operations, which is expected to reduce trade risks and create new business opportunities for Turkish enterprises [3]. - The diversification of foreign exchange reserves among countries is making RMB assets an attractive option for international investors, facilitating the acceleration of RMB internationalization [3]. - The resilience and elasticity of the RMB exchange rate have improved, making RMB assets a preferred choice for international investors in their asset allocation strategies over the next decade [3].

Core Insights - The internationalization of the Renminbi (RMB) has made significant progress this year, gaining widespread attention and positive evaluations from overseas markets [1][2][3] Group 1: RMB Internationalization Progress - The International Air Transport Association announced the inclusion of RMB in its settlement currency list, allowing global airlines to settle transactions in RMB [1] - The People's Bank of China reported that the total RMB cross-border payment amount reached 34.9 trillion yuan in the first half of 2025, a year-on-year increase of 14.0%, making RMB the second-largest trade financing currency globally [1] - The issuance of RMB-denominated bonds has gained favor in international markets, with a notable example being the issuance of 60 billion yuan green sovereign bonds in London, which was oversubscribed by 6.9 times [1][2] Group 2: Factors Driving RMB Internationalization - The acceleration of RMB internationalization is attributed to three main forces: trade and industrial foundation, institutional and market tools, and changes in the global monetary system [2] - China's stable position in the global supply chain and the expansion of foreign trade have made RMB settlements an effective choice for reducing transaction costs [2] - The optimization of financial infrastructure and institutional arrangements, such as bilateral currency swap agreements and the expansion of the Cross-Border Interbank Payment System (CIPS), supports the internationalization of RMB [2] Group 3: New Developments in RMB Clearing - The opening of the RMB clearing bank by the Industrial and Commercial Bank of China in Turkey marks the official start of RMB clearing operations in the country, which is expected to create new business opportunities for Turkish enterprises [3] - The diversification of foreign exchange reserves has made RMB assets an attractive option for international investors, further facilitating the acceleration of RMB internationalization [3] - The resilience and elasticity of the RMB exchange rate have improved, making RMB assets a choice for international investors in their asset allocation over the next decade [3]

Core Viewpoint - The issuance of RMB sovereign bonds in Hong Kong has successfully established a normalized mechanism, reflecting the global recognition of China's economic resilience and promoting high-level financial openness [1][2][4]. Group 1: Issuance Scale and Market Recognition - The total issuance of RMB sovereign bonds in Hong Kong for this year reached 68 billion RMB, a significant increase from 55 billion RMB last year, indicating strong market recognition of RMB assets [2][3]. - The issuance has been characterized by high subscription rates, with recent sovereign bond issuances in various currencies achieving subscription multiples of 30 times and 25 times, demonstrating international investor confidence in Chinese sovereign bonds [2][3]. Group 2: Quality and Investor Structure - China's sovereign bonds are increasingly being priced at levels comparable to high-quality assets in developed countries, with USD bonds nearly matching US Treasury rates and EUR bonds aligning with those of high-quality issuers [3]. - The investor structure is evolving, with a growing proportion of fund management and banking insurance investors, indicating a shift towards market-driven allocation of Chinese sovereign bonds in global investment portfolios [3]. Group 3: Future Outlook - Experts predict that the issuance of offshore bonds in China will see both quantity and quality improvements in 2026, necessitating the establishment of a cross-cycle issuance mechanism to enhance connectivity with financial centers in Europe and Asia [4][5]. - The focus on innovative bond types, such as green bonds and sustainable development bonds, is expected to be a highlight in future offshore bond issuances, catering to the growing demand from international ESG investors [4][5].

Core Viewpoint - The article emphasizes the significant role of the banking sector in supporting China's green transformation and ecological civilization through various financial initiatives and products aimed at promoting sustainable development and carbon reduction efforts [1][2][4]. Group 1: Green Finance Initiatives - The banking sector, guided by Xi Jinping's ecological civilization thought, has actively supported the green transformation of the economy, contributing to the construction of a beautiful China [1]. - As of June 2023, the balance of green loans in China reached 42.39 trillion yuan, reflecting a growth of 14.4% since the beginning of the year [2]. - The issuance of 6 billion yuan in green sovereign bonds in April 2023 marked a milestone for China, enhancing international green financing channels and cooperation [3]. Group 2: Transition Finance Development - Transition finance has emerged to support traditional high-energy-consuming industries in reducing emissions, with banks focusing on meeting the funding needs of these sectors [4]. - A new aluminum production facility in Huzhou is expected to reduce carbon emissions intensity by over 15% by 2024, supported by 130 million yuan in transition loans from Agricultural Bank of China [4]. - By May 2025, pilot regions are expected to see approximately 55 billion yuan in transition loans, with multiple banks offering transition bonds and loans [6]. Group 3: Carbon Reduction Support - The People's Bank of China established carbon reduction support tools in 2021 to facilitate financial backing for carbon reduction and green expansion initiatives [7]. - Shanghai Bank received funding from the carbon reduction support tool for a low-carbon transition project, enabling it to provide lower-cost financing to enterprises [7]. - A novel initiative in Wuhan allows citizens to accumulate carbon reduction credits through eco-friendly actions, which can be used to offset loan interest, demonstrating innovative approaches to encourage low-carbon behavior [8].

Group 1: Offshore Bond Issuance - In April, the total issuance of offshore bonds by Chinese entities reached approximately $17.2 billion, a year-on-year increase of 26% but a month-on-month decrease of 15% [2] - The breakdown of the issuance includes sovereign bonds at about $2.5 billion, government bonds at $0.8 billion, local government bonds at $6.9 billion, industrial bonds at $3.6 billion, financial bonds at $3.2 billion, and real estate bonds at $0.2 billion [2] - Excluding sovereign and government bonds, the issuance from Chinese enterprises was approximately $13.9 billion, with an average bond size of about $2.04 million [8] Group 2: Green Sovereign Bonds - The Chinese Ministry of Finance successfully issued 6 billion yuan ($0.9 billion) in green sovereign bonds in London, with 3-year and 5-year bonds having interest rates of 1.88% and 1.93%, respectively [2] - This issuance is significant as it marks the first green sovereign bond issuance in London and aims to enhance cooperation in green finance between China and the UK [2] Group 3: Hong Kong Bond Issuance - In late April, the Ministry of Finance issued 12.5 billion yuan ($1.8 billion) in government bonds in Hong Kong, with a subscription rate of 3.07 times [3] - The bonds included various maturities, with 2-year bonds at 1.64%, 3-year at 1.65%, 5-year at 1.70%, and 15-year at 2.10% [3] Group 4: Sector Performance - The local government bond sector maintained a leading position with a 40% market share, while the industrial bond sector increased to 21%, and the financial sector accounted for 18% [8] - The real estate sector saw a decline, with a net financing amount of approximately -$3.7 billion in April and -$12.3 billion for the first four months of the year [21] Group 5: Notable Issuances - Qingdao Urban Investment issued $750 million in offshore bonds with a coupon rate of 5.4%, marking the largest financing scale for a comparable state-owned enterprise in 2023 [13] - The Hong Kong MTR Corporation issued $3 billion in senior bonds, achieving a subscription rate of 4.47 times, with the largest 30-year bond issuance in two decades [16] Group 6: Financial Sector Issuance - The financial sector issued approximately $3.2 billion in offshore bonds, with notable issuances from Agricultural Bank of China and Far East Horizon, achieving high subscription rates [17] - Agricultural Bank of China issued $800 million with a final coupon rate of SOFR+52bps, receiving subscriptions of $1.7 billion [17]

Group 1 - The 10-year U.S. Treasury yield experienced its largest weekly increase in over 20 years, surpassing 4.5%, while the 30-year yield exceeded 5% [3][4] - Concerns are rising that the U.S. debt situation could lead to a financial crisis worse than that of 2008, with the national debt reaching approximately $36.21 trillion, which is 126.5% of the projected 2024 GDP [6][14] - The U.S. government is facing significant debt maturities in 2025, with estimates of up to $7.84 trillion in non-short-term bonds maturing, raising fears of potential defaults [6][15] Group 2 - The U.S. Treasury market is currently the most liquid bond market globally, with an average daily trading volume exceeding $600 billion, making it a critical asset for central banks managing large foreign reserves [12][10] - The share of foreign investors in U.S. Treasury securities has decreased from nearly half in 2014 to about 30% by the end of 2024, indicating a shift in investment patterns [12][23] - Recent trends show that central banks are increasingly interested in gold, with 69% indicating plans to increase their gold purchases in the next five years, reflecting a potential shift away from U.S. dollar-denominated assets [23][12] Group 3 - The U.S. government has a history of managing its debt through various means, including legalizing defaults in the past, which raises questions about the sustainability of its current debt practices [19][20] - The debt ceiling has been raised over 110 times since its establishment in 1917, indicating a long-term trend of increasing national debt without significant fiscal discipline [16][22] - The current economic environment poses a dilemma for the Federal Reserve, as lowering interest rates could exacerbate inflation while not acting could lead to a liquidity crisis [25][27]

近日，财政部代表中央政府在英国伦敦成功簿记发行60亿元人民币绿色主权债券。这是财政部在伦敦成 功发行的首笔人民币绿色主权债券。 中国银行研究院高级研究员赵廷辰表示，这是我国首次以主权信用为背书发行绿色主权债券，将为我国 完善国际绿色投融资渠道与机制、深化国际绿色金融交流合作奠定坚实基础，具有里程碑式的重要意 义。 认购倍数高、票面利率低 该笔绿色主权债券包括3年期和5年期债券，各30亿元人民币。其中，3年期30亿元人民币，发行利率为 1.88%；5年期30亿元人民币，发行利率为1.93%。 从认购订单看，总金额415.8亿元，为60亿元实际发行额的近7倍。从发行利率看，3年期和5年期票面利 率分别为1.88%和1.93%，均低于香港二级市场同期限国债利率水平，一定程度体现了绿色债券的溢价 效应。从认购机构看，各国官方和市场机构对我国绿色主权债券均高度认可，主权及超主权、银行、保 险及资管类投资者分别占比30%、48%、20%。从地域分布看，亚太地区、非亚太地区投资者分别占比 83.5%、16.5%。 记者了解到，汇丰在此次发行中担任联席主承销商及账簿管理人。汇丰银行（中国）有限公司副行长兼 企业及机构银行业务 ...