Group 1 - The forum highlighted the importance of the global financial system in mitigating geopolitical risks and ensuring the stability of international trade and supply chains [4] - The discussions emphasized the need for China to enhance its participation in global economic governance and strengthen international cooperation to counter systemic risks [4] - The forum presented various expert analyses on the definition and dimensions of geopolitical economic risks, noting the lack of a unified academic definition [7][8] Group 2 - The analysis revealed that geopolitical economic risks have a multifaceted impact on macroeconomics and financial markets, with positive effects on CPI and negative impacts on PPI, stock markets, exports, and FDI [10] - Research indicated that geopolitical economic risks lead to significant adverse spillover effects on China's financial markets and real economy, with key transmission channels identified as exchange rates, real estate, and credit markets [13][19] - The findings suggested that a moderately accommodative monetary policy could mitigate the negative impacts of geopolitical economic risks, while stabilizing the real estate and bond markets could prevent a ratchet effect [13] Group 3 - The forum discussed the transformation of the global trade and investment system due to geopolitical economic risks, leading to a decline in bilateral trade volumes and a shift in trade structures [18] - Empirical studies showed that trade barriers have reached peak levels since World War II, with significant adjustments in international trade patterns, particularly in U.S.-China trade [18][19] - The analysis pointed out that geopolitical risks have accelerated the restructuring of supply chains towards "nearshoring, friend-shoring, and diversification," emphasizing the need for security in supply chain management [19] Group 4 - The discussions included the impact of financial sanctions and geopolitical economic risks on the global payment system, highlighting the inefficiencies and risks associated with the SWIFT system [22] - The analysis indicated that the rise of geopolitical risks has led to a diversification of reserve currencies, with emerging currencies like the RMB gaining traction, although the USD remains a dominant safe haven [25][29] - The forum underscored the necessity for structural reforms and infrastructure optimization to enhance the RMB's international competitiveness and safe-haven attributes [30]

Core Insights - The global rise of digital currencies is prompting central banks to accelerate their exploration of central bank digital currencies (CBDCs) [1][2] - The mBridge project, which involves multiple central banks, has entered the Minimum Viable Product (MVP) stage, but faces challenges in data privacy and other areas [1][3] Technical Challenges - Beijing has a leading blockchain research foundation, but there is a gap in underlying blockchain technology compared to top international cities [1] - There is a lack of widely recognized evaluation standards and systems for blockchain technology, which affects performance, efficiency, scalability, and security [1] Market Challenges - Foreign trade enterprises primarily rely on the traditional USD-dominated cross-border payment system, limiting the acceptance of digital RMB for cross-border payments [1][2] Recommendations for Advancement - Strengthening core blockchain technology through comprehensive technical validation, creating an open-source blockchain community, and enhancing talent recruitment and training [2] - Improving enterprises' adaptability to new payment technologies while reinforcing cross-border payment regulatory frameworks to reduce digital transformation costs [2] - Enhancing international cooperation to elevate the level of financial services and align with global regulatory frameworks [2] Project Background - The mBridge project was jointly established by the Bank for International Settlements (Hong Kong), the Bank of Thailand, the Central Bank of the UAE, the People's Bank of China Digital Currency Research Institute, and the Hong Kong Monetary Authority in 2021 [2] - The project aims to address issues in traditional cross-border payment systems, such as high costs, low efficiency, low transparency, and limited access [2][3]

Group 1 - Hong Kong's Financial Secretary is considering introducing virtual asset derivatives trading for professional investors, alongside robust risk management measures [1] - This initiative follows Hong Kong's legislation on stablecoins and reflects a bold innovation in the virtual asset sector, increasing mainland China's interest in related developments and commercial applications [1] - The mainland focuses on central bank digital currency (DC/EP) infrastructure and compliance applications, adopting a "centralized coordination + local pilot" model [1] Group 2 - The People's Bank of China has outlined plans for digital currency development, prioritizing DC/EP in cross-border payment scenarios, with significant pilot projects already underway [1] - By 2024, the digital currency market in China is expected to exceed 1.5 trillion yuan, with a compound annual growth rate of 34%, and digital yuan transactions accounting for over 60% of this market [2] - Forecasts suggest that from 2025 to 2030, the digital currency market will maintain a 25% annual growth rate, potentially surpassing 3 trillion yuan by 2030, with digital yuan penetration reaching 55% and cross-border payments increasing to 25% [2]

Group 1 - The core viewpoint of the article highlights the successful execution of cross-border RMB payment through the mBridge by the Wenzhou branch of Industrial Bank, marking it as the first such transaction in Wenzhou and the largest in Zhejiang Province to date [1] - The role of banks in the mBridge project is emphasized, where they are responsible for building the underlying technical architecture and exploring diverse application scenarios for cross-border payments in goods and services trade [1] - The mBridge initiative aims to transition from theoretical concepts to practical applications, validating the feasibility of the technology through real-world transactions [1]

已实现多个货币桥应用场景落地 所谓多边央行数字货币桥（mBridge）是由国际清算银行（香港）创新中心、泰国银行（泰国央行）、 阿联酋中央银行、中国人民银行数字货币研究所和香港金融管理局联合建设，致力于打造以央行数字货 币为核心的高效率、低成本、高可扩展性且符合监管要求的跨境支付解决方案。 据了解，作为境内货币桥参与机构之一，兴业银行在全国已实现包括贸易结算、跨境资金池等在内的多 个货币桥应用场景落地。充分验证了通过货币桥进行跨境支付，具有处理效率高、交易成本低等显著优 势。 本报记者 李冰 日前，兴业银行温州分行通过多边央行数字货币桥（mBridge，下称"货币桥"）为当地某企业成功办理 跨境人民币支付业务。该笔交易不仅是温州市首笔多边央行数字货币桥跨境支付交易，同时也是浙江省 截至目前金额最大的货币桥业务。 经梳理，年内多家银行正积极参与货币桥项目，推动金融数字化转型与跨境贸易便利化。 兴业银行温州分行相关负责人表示，后续，将持续优化货币桥业务办理流程，以专业政策服务和优质金 融服务，稳慎扎实推进人民币国际化，助力我市开放型经济持续健康高质量发展。 苏商银行特约研究员薛洪言对《证券日报》记者表示，"银行在 ...