责任编辑：杨喜亭 11月20日，中国人民银行行长潘功胜在南非比勒陀利亚会见了南非储备银行行长康亚戈。双方就双 边金融合作等议题交换了意见。 潘功胜表示，中南两国经贸往来密切，双边金融合作基础良好、潜力巨大。中国人民银行愿继续与 南非储备银行保持密切沟通，为两国贸易和投资往来提供更高质量的金融服务。 两国央行行长共同见证了中国银联股份有限公司和跨境银行间支付清算公司与其南非合作伙伴签署 相关合作备忘录。上述成果有助于提升中国银联在南非多种场景的支付服务能力，并便利南非机构通过 人民币跨境支付系统办理跨境人民币业务。 ...

（上接1版） 记者自业内多方了解到，长期以来，跨境支付面临"成本高、效率低、透明度低、接入范围有限"等问 题，这背后的核心原因是跨境支付链条长、合规成本高和主体间信任不足，各国监管部门和商业银行都 需要投入大量资源去应对。此外，当下持续演绎的地缘政治博弈，也进一步增加了跨境支付的不确定 性。 "自主可控"成为破题之钥。中国人民银行郑州培训学院教授、人民币国际化与可兑换研究中心主任王勇 对上证报记者表示，建设"自主可控"的人民币跨境支付体系，对于保障金融安全、支撑人民币国际化以 及提升国际金融话语权具有重要的战略意义。 在全球支付体系遭受地缘经济风险冲击的背景下，"自主可控"的人民币跨境支付系统将为人民币国际化 注入新的活力。王勇表示，它为人民币在全球范围内行使计价、结算和储备货币职能提供高效、可靠的 清算"高速公路"，是决定着人民币能否成为真正意义上"世界货币"的关键基础设施。 建设自主可控的人民币跨境支付体系，事关人民币国际化推进全局，具体应如何着力？ 在王勇看来，下一步建设的重点突破口和优先事项应主要围绕扩大网络覆盖、优化制度规则、探索技术 前沿以及强化场景应用这几个核心层面展开。其中，扩大网络覆盖与参与 ...

Core Viewpoint - The article highlights the significant achievements of China's financial sector during the "14th Five-Year Plan" period, emphasizing the deepening of financial reforms and the enhancement of international competitiveness and influence [2][5]. Monetary Policy - The People's Bank of China (PBOC) maintains a supportive monetary policy stance, focusing on internal and external balance while implementing moderately loose monetary policies to foster economic recovery and stabilize financial markets [3][4]. - The PBOC's monetary policy committee emphasizes the importance of counter-cyclical adjustments and the dual function of monetary policy tools to support stable economic growth and maintain reasonable price levels [3][4]. Financial Market Development - As of June 2023, China's banking sector total assets reached nearly 470 trillion yuan, ranking first globally, with stock and bond markets also holding significant positions [5]. - The international status of the Renminbi (RMB) has been steadily rising, with RMB becoming the largest settlement currency for China's external payments and the third-largest trade financing currency globally [6]. Cross-Border Financial Integration - The establishment of a diversified cross-border payment system has significantly improved the convenience of cross-border trade and investment, with ongoing reforms in cross-border RMB and foreign exchange management [7][8]. - The PBOC has signed bilateral currency swap agreements with 32 countries and regions, enhancing the RMB's international usage and promoting offshore RMB market development [6][7]. Risk Management and Financial Stability - The PBOC is focused on balancing economic growth, structural adjustments, and financial risk prevention, with significant progress made in reducing risks associated with local government financing platforms [9][10]. - Measures have been taken to support the real estate sector and mitigate risks in small and medium-sized financial institutions, with a notable reduction in the number of high-risk small banks [10][11]. Regulatory Enhancements - The regulatory framework for the foreign exchange market has been strengthened, with a dual management approach that combines macro-prudential and micro-regulatory measures to enhance resilience against external shocks [11][12].

Core Insights - The cross-border payment system for the Renminbi has expanded its coverage to 189 countries and regions, processing 4.0295 million transactions worth 90.19 trillion yuan in the first half of the year, highlighting its role in the internationalization of the Renminbi [1] Group 1 - The People's Bank of China (PBOC) is facilitating payment services for foreign personnel in China by guiding the establishment of a unified cross-border QR code gateway, addressing issues related to multiple connections for "foreign use within China" [1] - The unified gateway, as a cross-border payment infrastructure, adheres to principles of publicness, inclusiveness, and accessibility, allowing eligible market entities to engage in cross-border QR code payment services [1] - As of September 11, the unified gateway has processed 1.981 million transactions amounting to 427 million yuan [1] Group 2 - China UnionPay and the National Internet Finance Association of China are actively promoting interconnection with QR code networks in countries such as Thailand, Vietnam, and Indonesia, enhancing cross-border payment cooperation to benefit both Chinese and foreign citizens [1]

Core Insights - China's banking industry has the largest total assets in the world, reaching nearly 470 trillion yuan, and has made significant advancements in green finance, inclusive finance, and digital finance [4][5] - The financial governance system and capabilities have modernized, enhancing the quality, efficiency, and inclusiveness of financial services [3][4] - The financial sector has provided 170 trillion yuan in new funds to the real economy during the "14th Five-Year Plan" period, with a focus on supporting key areas and weak links in economic and social development [5][6] Financial Sector Achievements - The banking and insurance sectors have seen an annual growth rate of 9% over the past five years, with total assets exceeding 500 trillion yuan [7][10] - The average annual growth rates for loans to technology SMEs, inclusive microloans, and green loans have surpassed 20% [4] - The stock and bond markets rank second globally, with direct financing accounting for 31.6% of total financing, an increase of 2.8 percentage points from the end of the "13th Five-Year Plan" [5][7] International Financial Position - China's foreign exchange reserves have remained above 3 trillion USD, providing stability and support for the economy [8][9] - The RMB has become the largest settlement currency for China's foreign trade and ranks among the top three trade financing currencies globally [9] - The number of foreign institutions and individuals holding domestic stocks, bonds, and deposits has exceeded 10 trillion yuan, indicating increased foreign investment [9] Risk Management and Stability - The financial sector has effectively managed and resolved several prominent risk points, with non-performing asset disposal increasing by over 40% compared to the "13th Five-Year Plan" period [10] - Key regulatory indicators such as non-performing loans and capital adequacy are stable and within a healthy range, enhancing the industry's resilience to risks [10]

Core Viewpoint - The "14th Five-Year Plan" period has seen significant advancements in China's financial governance, with improvements in the quality, efficiency, and inclusiveness of financial services, while maintaining systemic financial risk stability and enhancing international competitiveness [2][3][4]. Financial Support to the Real Economy - During the "14th Five-Year Plan," the banking and insurance sectors provided an additional 170 trillion yuan to the real economy, with annual growth rates of 27.2% for technology loans, 21.7% for manufacturing long-term loans, and 10.1% for infrastructure loans [4]. - The balance of inclusive small and micro enterprise loans reached 36 trillion yuan, 2.3 times that of the end of the "13th Five-Year Plan," with interest rates decreasing by 2 percentage points [4]. Capital Market Developments - Over the past five years, the total financing through stock and bond markets reached 57.5 trillion yuan, with a direct financing ratio of 31.6%, an increase of 2.8 percentage points from the end of the "13th Five-Year Plan" [4]. - The A-share market's total market value surpassed 100 trillion yuan for the first time [6]. Foreign Exchange and Cross-Border Investment - The foreign exchange service environment has improved significantly, with the number of enterprises able to handle business with instructions increasing more than fivefold since the end of 2020 [5]. - As of July, foreign institutions and individuals held over 10 trillion yuan in domestic stocks, bonds, and deposits [9]. Financial Industry Opening Up - The financial sector has seen steady progress in high-level two-way opening up, with foreign investment in A-shares reaching 3.4 trillion yuan and 13 foreign-controlled securities and fund institutions approved to operate in China during the "14th Five-Year Plan" [9]. - The renminbi has become the largest settlement currency for China's external payments and ranks third in the IMF's Special Drawing Rights basket [9]. Risk Management and Financial Stability - The financial sector has effectively managed and resolved several prominent risk points, with the disposal of non-performing assets increasing by over 40% compared to the "13th Five-Year Plan" [10]. - Key regulatory indicators such as non-performing loans and capital adequacy are stable and within a healthy range, with total capital and provisions exceeding 50 trillion yuan [10].

Core Insights - The "14th Five-Year Plan" period has seen significant advancements in China's financial governance system and capabilities, enhancing the quality, efficiency, and inclusiveness of financial services while maintaining systemic financial risk stability [1][8]. Financial Sector Achievements - During the "14th Five-Year Plan," the banking and insurance sectors provided an additional 170 trillion yuan to the real economy, with annual growth rates for technology SMEs loans, inclusive micro-loans, and green loans exceeding 20% [2][3]. - As of June 2023, the total assets of the banking sector reached nearly 470 trillion yuan, ranking first globally, while the stock and bond markets ranked second [2]. - The insurance sector has paid out 9 trillion yuan in claims, a 61.7% increase compared to the "13th Five-Year Plan" period [3]. Capital Market Developments - The capital market has accelerated support for technological innovation, with over 90% of newly listed companies being technology-related [3]. - The total financing through stock and bond markets reached 57.5 trillion yuan in the past five years, with a direct financing ratio of 31.6%, up by 2.8 percentage points from the end of the "13th Five-Year Plan" [3]. Foreign Exchange and Investment - The foreign exchange service environment has improved significantly, with the number of enterprises able to process transactions based on credit status increasing more than fivefold since the end of 2020 [4]. - As of July 2023, foreign institutions and individuals held over 10 trillion yuan in domestic stocks, bonds, and deposits, with the issuance of panda bonds exceeding 1 trillion yuan [7]. Financial Stability and Risk Management - The financial sector has effectively managed and resolved several prominent risk points, with the disposal of non-performing assets increasing by over 40% compared to the "13th Five-Year Plan" [8]. - Key regulatory indicators such as non-performing loans and capital adequacy are stable and within a healthy range, with total capital and provisions exceeding 50 trillion yuan [8].

Core Insights - The international status of the Renminbi is steadily rising, supported by improvements in cross-border usage systems and financial infrastructure [1] - The People's Bank of China (PBOC) has signed bilateral currency swap agreements with 32 countries and regions, enhancing cooperation with central banks [1] - Significant advancements have been made in cross-border trade and investment facilitation, alongside improvements in cross-border payment services [1] Group 1 - The PBOC is promoting reforms in cross-border Renminbi and foreign exchange management, leading to a substantial increase in facilitation levels [1] - A diversified cross-border payment system has been established, including the Renminbi cross-border payment system and various commercial bank systems [1] - The role of digital Renminbi in cross-border payments is developing and holds significant potential for the future [1]

Core Viewpoint - The article emphasizes the potential for the internationalization of the Renminbi (RMB) as China continues to develop its economy and expand its offshore market while maintaining stability in its onshore market [1][10]. Group 1: Economic Context - Since 2000, China's GDP share in global GDP has increased from 6% to 19%, marking a 13 percentage point rise [1]. - China has surpassed the U.S. to become the largest contributor to global goods trade, accounting for 33% of global manufacturing value added [1]. - The RMB's share in global financial activities and official reserves remains low at around 2%, despite China's significant role in the global economy [1][7]. Group 2: Geopolitical Factors - The geopolitical landscape has shifted post-2022 with the Russia-Ukraine conflict, increasing the willingness of emerging market central banks to diversify their assets, potentially opening doors for RMB internationalization [2]. Group 3: Determinants of Reserve Currency - Key factors influencing the choice of reserve currency include inertia, economic scale, financial market depth, currency creditworthiness, and increasingly, geopolitical considerations [3][4]. - The inertia of reserve currencies suggests that changes in reserve composition occur slowly, with adjustments typically under 10% in a single year [3]. - Economic scale is a crucial determinant, where an increase in GDP share can lead to a disproportionate rise in reserve currency share once a critical threshold is reached [4]. Group 4: Insights from Historical Currency Transitions - Historical transitions of dominant currencies, such as the shift from the British Pound to the U.S. Dollar, illustrate that becoming a dominant currency is a lengthy process [5][6]. - Policy actions and economic conditions significantly influence the rise and fall of currency internationalization [6]. Group 5: RMB Internationalization Strategy - The RMB's internationalization may focus on expanding the offshore market while keeping the onshore market relatively stable, given the larger scale of the onshore market [8][10]. - The RMB's role in foreign direct investment (FDI) is expected to grow, particularly in light of China's ongoing trade surpluses and competitive manufacturing sector [9]. - The Chinese government is actively working to reduce reliance on the U.S. Dollar, developing cross-border payment systems and promoting RMB-denominated commodity trading [9][10].

Core Insights - The People's Bank of China released the overall operation status of the payment system for the second quarter of 2025, highlighting significant transaction volumes and values in the RMB cross-border payment system [1] Group 1: Payment System Performance - In the second quarter, the RMB cross-border payment system processed 2.1212 million transactions, amounting to 45.94 trillion yuan [1] - The average daily transaction volume was 32,100 transactions, with a total value of 696.078 billion yuan [1]