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].

（文章来源：人民日报） 中国人民银行副行长陆磊介绍，为推动外籍来华人员支付服务便利化工作，今年，中国人民银行指导支 付清算协会和中国银联建设了跨境二维码统一网关，有效解决了"外包内用"多头连接等问题。统一网关 作为跨境支付基础设施，坚持公共性、包容性、普惠性原则，支持符合条件的市场机构接入开展跨境二 维码支付业务。截至9月11日，统一网关办理业务198.1万笔，金额4.27亿元。同时，中国银联、网联清 算公司积极推进与泰国、越南、印尼等多国二维码网络互联，通过双向开放二维码受理网络，推动跨境 支付合作成果更多惠及中外民众。 记者从中国人民银行获悉：人民币跨境支付系统业务已覆盖189个国家和地区，今年上半年，共处理业 务笔数402.95万笔、业务金额90.19万亿元，成为人民币国际化的重要支撑。 ...

我国银行业总资产位居世界第一（权威发布·高质量完成"十四五"规划） 绿色金融、普惠金融、数字金融等方面走在世界前列 制图：蔡华伟 9月22日，国务院新闻办举行"高质量完成'十四五'规划"系列主题新闻发布会，介绍"十四五"时期金 融业发展成就。中国人民银行行长潘功胜表示，"十四五"时期，我国金融治理体系和治理能力现代化迈 上新台阶，种类齐全、竞争充分的金融机构、市场、产品体系更加健全，金融服务的质量、效率、普惠 性大幅提升，重点领域金融风险有序化解，守住了不发生系统性金融风险的底线，金融对外开放步伐加 快，我国金融业的国际竞争力和影响力显著增强。 银行业保险业为实体经济提供新增资金170万亿元 为实体经济服务是金融的天职。"十四五"时期，我国坚持支持性的货币政策立场，中国特色现代货 币政策框架初步形成，实施和传导更为有效。金融部门做好金融"五篇大文章"，在绿色金融、普惠金 融、数字金融等方面走在世界前列，支持国家重大战略、经济社会发展的重点领域和薄弱环节。 境外机构和个人持有境内股票、债券、存贷款超过10万亿元 "十四五"时期，我国科技型中小企业贷款、普惠小微贷款、绿色贷款年均增速超20%。截至今年6 月末，银 ...

制图：蔡华伟 9月22日，国务院新闻办举行"高质量完成'十四五'规划"系列主题新闻发布会，介绍"十四五"时期金融业 发展成就。中国人民银行行长潘功胜表示，"十四五"时期，我国金融治理体系和治理能力现代化迈上新 台阶，种类齐全、竞争充分的金融机构、市场、产品体系更加健全，金融服务的质量、效率、普惠性大 幅提升，重点领域金融风险有序化解，守住了不发生系统性金融风险的底线，金融对外开放步伐加快， 我国金融业的国际竞争力和影响力显著增强。 银行业保险业为实体经济提供新增资金170万亿元 为实体经济服务是金融的天职。"十四五"时期，我国坚持支持性的货币政策立场，中国特色现代货币政 策框架初步形成，实施和传导更为有效。金融部门做好金融"五篇大文章"，在绿色金融、普惠金融、数 字金融等方面走在世界前列，支持国家重大战略、经济社会发展的重点领域和薄弱环节。 "十四五"时期，我国科技型中小企业贷款、普惠小微贷款、绿色贷款年均增速超20%。截至今年6月 末，银行业总资产近470万亿元，位居世界第一；股票、债券市场规模位居世界第二；外汇储备规模连 续20年位居世界第一。多渠道、广覆盖、安全高效的人民币跨境支付清算网络基本建成，移动 ...

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].

潘功胜提到，人民银行统筹推进跨境人民币和外汇管理改革，跨境贸易和投融资便利化水平大幅提升， 不断提升跨境支付服务水平。"我们已经基本建成多元化跨境支付系统，这里面包括人民币跨境支付系 统、商业银行行内跨境系统，中国银联、支付宝、微信支付等构建的跨境零售支付体系，同时数字人民 币在跨境支付中的作用也在发展之中，未来也很有潜力。"潘功胜说道。 北京商报讯（记者 廖蒙）9月22日，国务院新闻办公室举行"高质量完成'十四五'规划"系列主题新闻发 布会，介绍"十四五"时期金融业发展成就。会上，中国人民银行行长潘功胜表示，人民币国际地位稳步 上升。不断完善人民币跨境使用制度安排和金融基础设施建设，逐步扩大双边本币货币互换。人民银行 和很多国家中央银行合作中，双边本币互换合作是一个重要的内容，目前人民银行和32个国家和地区的 中央银行或货币当局签订有双边本币互换协议。 ...

自2000年以来，中国GDP在全球GDP总量中的占比从6%升至19%，增加了13个百分点。在国际贸易领 域，中国已超过美国，成为全球货物贸易流动的最大贡献国。中国在全球人口中占比17%，而在全球制 造业增加值中占比33%。对于140多个国家而言，中国是比美国更大的贸易伙伴。 中国在全球经济和贸易舞台上的主导作用越发明显。相比之下，人民币在国际金融活动和官方储备中的 使用占比仍处于低位。 除了全球经济背景之外，近年来全球地缘政治格局也在发生变化。2022年俄乌冲突之后，新兴市场央行 资产多元化的意愿增强。尽管仍处早期阶段，但新兴市场国家资产多元化的需求有望为未来几年人民币 加速国际化打开大门。 专注发展离岸市场，同时保持在岸市场基本不变。 人民币在全球金融领域所占份额依然偏低，与当前中国在全球经济和贸易中的重要地位形成了鲜明对 比。如果中国能够继续发展经济、避免危机、扩大外资易于参与的人民币计价资产并建立市场信心，那 么人民币在官方储备中所占份额就有可能显著突破当前2%的份额。探索国际化之路，中国可能会明显 扩大并放开离岸市场（CNH），同时保持在岸市场（CNY）基本不变，对外直接投资（FDI）在人民币 国际化 ...

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]

Group 1 - The resilience of the Chinese economy poses a significant challenge to the Federal Reserve's high-pressure monetary policy, which has not achieved its intended effects on China [1] - The U.S. federal debt is projected to exceed $36 trillion by 2025, with annual interest payments reaching $1.5 trillion, leading to a burden of nearly $5,000 per taxpayer [3] - The Federal Reserve's strategy involves maintaining high interest rates to create a liquidity siphoning effect, aiming to induce capital outflows from emerging markets like China [3] Group 2 - China's economy has demonstrated unprecedented resilience, supported by $3 trillion in foreign exchange reserves, which acts as a protective barrier against market shocks [3] - The Chinese central bank has effectively intervened in the market to stabilize it during periods of capital outflow, preventing panic selling [4] - China's financial strategy has shifted from pure defense to a more balanced approach, including significant reductions in U.S. Treasury holdings and increased investments in gold [4] Group 3 - The traditional dominance of the U.S. dollar in international trade is being challenged by the growing use of the renminbi in cross-border payments among developing countries [6] - In contrast to China's economic growth, the U.S. economy faces multiple challenges, including high vacancy rates in commercial real estate and increasing bank failures [8] - China's macroeconomic data shows strong performance in sectors like new energy vehicle exports and shipbuilding, highlighting its competitive edge [8] Group 4 - Emerging market countries are reducing their reliance on the U.S. dollar, with economies based on real production showing greater resilience amid interest rate fluctuations [9] - The Federal Reserve's expectation that China would falter under pressure appears to be a misguided assumption, as China's industrial activity remains robust [9]

Group 1 - The core viewpoint of the news highlights the positive performance of the financial technology sector, particularly the financial technology ETF, which has shown significant growth and investor interest [3][4][5] - As of July 8, 2025, the financial technology ETF has increased by 130.77% over the past year, ranking 2nd out of 2901 index stock funds, placing it in the top 0.07% [5] - The financial technology ETF's latest scale reached 1.101 billion yuan, marking a new high in nearly a year [4] Group 2 - The recent revision of the People's Bank of China's rules on the Renminbi cross-border payment system is expected to accelerate the application of stablecoins in cross-border payments, positively impacting related concept stocks [3] - The top ten weighted stocks in the CSI Financial Technology Theme Index account for 51.2% of the index, indicating a concentrated investment in key players within the sector [6] - The financial technology ETF has experienced a net inflow of 1.61 billion yuan over the past five trading days, with an average daily net inflow of 32.28 million yuan [4]