（来源：衢州日报） 转自：衢州日报 跨境使用规模稳步增长，债券投融资受到青睐，离岸人民币市场不断升温……今年以来，人民币国际化 不断取得积极进展，受到海外广泛关注和积极评价。 国际航空运输协会11月初宣布将人民币纳入其清算系统的可结算货币名单，允许全球航空公司与航空供 应商以人民币进行结算。今年年中，埃及宣布允许中国企业使用人民币在埃及注册公司。 人民币在跨境贸易投资领域正获得更广泛使用。据中国人民银行最新发布的《人民币国际化报告 （2025）》，2025年上半年，银行代客人民币跨境收付金额合计为34.9万亿元，同比增长14.0%。人民 币已成为全球第二大贸易融资货币；按全口径计算，人民币为全球第三大支付货币。 与此同时，人民币债券投融资受到国际市场青睐。今年4月，中国财政部在英国伦敦发行首笔60亿元人 民币绿色主权债券，总申购金额是发行金额的6.9倍。高认购倍数印证了国际投资者对中国主权债券的 认可。10月，中国银行伦敦分行发行全球首笔以英镑和离岸人民币双币种计价的绿色债券。 11月，中国工商银行土耳其人民币清算行在伊斯坦布尔开业运营，标志着土耳其人民币清算行业务正式 启动。土耳其财政部副部长奥斯曼·切利克 ...

彭博新闻社网站日前报道，截至12月中旬，今年"点心债"发行总额约为8700亿元人民币，已经超过2024 年创纪录的全年发行总量，连续8年实现增长。这一发行热潮是人民币在全球金融市场越来越受欢迎的 最新证明。 人民币国际化近期为何提速？分析人士指出，人民币国际化提速可看作是三股力量的叠加结果——"贸 易与产业基础"是根本，"制度与市场工具"是加速器，"全球货币体系变化"则提供了外部窗口。 首先，贸易与产业结构是底层支撑。中国在全球供应链中的地位持续稳固，外贸规模不断扩大，使用人 民币结算成为降低交易成本的有效选择。 德国法兰克福金融管理学院教授霍斯特·勒歇尔接受新华社记者采访时说，人民币国际化加速主要由贸 易功能驱动。中国外贸保持增长，特别是与全球南方国家的贸易增长。越来越多此类贸易直接通过人民 币结算，是人民币国际化向前发展的重要动力。 其次，从签署或续签双边本币互换协议，到优化人民币清算行布局，再到人民币跨境支付系统 （CIPS）拓展覆盖范围，人民币相关金融基础设施与制度安排不断优化，成为人民币国际化的重要支 撑。 跨境使用规模稳步增长，债券投融资受到青睐，离岸人民币市场不断升温……今年以来，人民币国际化 ...

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]

Core Points - The issuance of RMB green sovereign bonds in London is a significant step for China in promoting green transformation and sustainable development, aligning with the characteristics of Chinese modernization [3] - The event highlights China's commitment to opening up and sharing development opportunities with the world, emphasizing the importance of international cooperation [3] - There is substantial potential for cooperation between China and the UK in clean energy development, green transformation, and climate change response [4] Group 1 - The RMB green sovereign bond issuance is a key initiative reflecting the outcomes of the 11th China-UK Economic and Financial Dialogue [3] - China aims to enhance practical cooperation with the UK across various sectors, inviting participation in high-quality development [3] - The Chinese government opposes the US's imposition of high tariffs on Chinese products, viewing it as a violation of WTO rules and detrimental to the multilateral trade system [4] Group 2 - The Chinese ambassador emphasized the need for mutual respect and non-interference in internal affairs as foundational principles for China-UK cooperation [4] - The call for strengthened international collaboration against unilateralism and protectionism is crucial for maintaining global trade stability [4]