管涛 | 立方大家谈专栏作者 2015年"8·11"汇改之前，在相当长时间内，中国人民银行（即中国央行）通过入市收购外汇储备的方式 阻止人民币汇率过快升值。由此，外汇占款成为央行基础货币投放的主要渠道。在外汇储备持续大幅增 加的背景下，这制约了央行货币调控的自主空间。 "8·11"汇改以来，在经历了初期高烈度跨境资本流动冲击后，央行恢复汇率政策中性，逐步淡出了外汇 市场常态干预，货币投放随之转向对内信贷渠道为主。但央行货币调控与国际上的成熟做法仍有一定差 距，亟待增加短期国债供给，完善国债公开市场操作。 货币政策曾为汇率政策所绑架 央行调节境内市场流动性有对外和国内两个渠道。其中，对外渠道主要指通过外汇、黄金占款渠道吞吐 基础货币；国内渠道主要指通过国债公开市场买卖、再贴现和存款准备金率调整。全球主要央行一般通 过国内渠道进行货币数量调控，且近年来已基本取消了存款准备金率工具，保留了国债公开市场买卖和 再贴现。 国债是财政货币政策的重要结合点。国债既是财政筹资的重要手段，通过国债规模的扩张与收缩可以实 现逆周期调控，同时也是重要的金融产品，是央行实施货币调控、金融机构进行资产负债管理的重要工 具。中国先后于1 ...

2001年以来，亚洲金融危机影响逐渐消退，同时为应对互联网泡沫破灭、美国经济危机和"9·11"恐怖袭 击，美联储大幅降息、美元趋势性走弱，人民币重现升值压力，中国恢复了国际资本回流、外汇储备增 加的局面。2001~2004年，人民银行新增外汇占款与新增基础货币投放之比平均为137.4%。输入性流动 性过剩成为当时国内信贷膨胀、通货膨胀和资产泡沫的重要根源。为对冲外汇占款增加引起的货币过多 投放，人民银行提高了法定存款准备金率，并于2003年4月起开始了中央银行票据（下称"央票"）的常 态化发行，以弥补外汇对冲操作工具的不足。彼时已恢复了本币公开市场操作，只是主要工具变成了央 票、政策性金融债等。 2005年"7·21"汇改之后，人民币重归真正的有管理浮动，汇率弹性增加，加之全球主要央行为应对2008 年金融危机采取了货币"大放水"措施，加剧了中国稳汇率的压力。2005~2013年间，人民银行新增外汇 占款与新增基础货币投放之比有6个年份超过了100%，9年平均为132.5%，中国输入性流动性过剩及其 衍生的问题更加突出，外汇对冲操作的任务更加繁重。 健全央行货币调控机制，更为关键的是研究财政增发短期国债。 2 ...

Core Viewpoint - The company plans to utilize idle self-owned funds to invest in low-risk financial products, aiming to enhance the efficiency of fund usage and reduce financial costs while ensuring the safety of funds [1][8]. Investment Overview - Investment Type: The company will invest in standardized financial products with high safety, good liquidity, and low risk [1][2]. - Investment Amount: The total investment will not exceed 30% of the company's most recent audited net assets, which includes 800 million RMB approved in a previous board meeting [1][2]. - Investment Products: The investment will primarily focus on low-risk financial products in China's financial market, including government bonds, central bank bills, financial bonds, guaranteed fixed-income bonds, and principal-protected or fixed-income financial products issued by banks or other financial institutions [2][3]. Approval Process - The proposal to use idle self-owned funds for financial product investment was approved in the 12th meeting of the 9th Board of Directors, with a unanimous vote of 5 in favor and no opposition [4][12]. Impact on the Company - The selected financial products are low-risk, and the company has conducted thorough assessments of the risks and returns associated with these investments. The use of these funds will not affect the company's daily operations or main business development, and it will help improve the efficiency of idle fund usage [8].

Primary Market - A total of 31 offshore bonds were issued this week (August 18-22, 2025), including 2 offshore RMB bonds, 19 USD bonds, 8 HKD bonds, 1 THB bond, and 1 JPY bond, with issuance scales of 1.484 billion RMB, 10.097 billion USD, 4.25 billion HKD, 700 million THB, and 10.1 billion JPY [1] - The largest single issuance in the offshore RMB bond market was 774 million RMB by Hangzhou Fuyang Transportation Development Investment Group [1] - The highest coupon rate for RMB bonds this week was 5%, issued by Zhengzhou Jianzhong Construction Development Group [1] - In the USD bond market, the largest single issuance was 5 billion USD by the International Bank for Reconstruction and Development, with the highest coupon rate of 7% issued by Zhangzhou Yuanshan Development Co., Ltd. [1] Secondary Market - The yield on Chinese USD bonds mostly increased this week, with the Markit iBoxx Chinese USD bond composite index rising by 0.03% to 246.82 [2] - The investment-grade USD bond index also increased by 0.03% to 239.26, while the high-yield USD bond index rose by 0.04% to 246.82 [2] - The real estate USD bond index decreased by 0.09% to 183.34, while the city investment USD bond index increased by 0.1% to 150.95 [2] - The financial USD bond index rose by 0.04% to 286.88 [2] Default and Restructuring - China Glass announced a default on a loan of 140 million USD, failing to make a payment of 141.7 million USD on the due date [4] - Country Garden is working towards completing its overseas debt restructuring by the end of 2025, with strong support from creditors [10] - Sunac China announced plans to restructure 9.552 billion USD of debt, with approximately 75% of creditors signing a support agreement [11] - Guangzhou Times Holdings announced a suspension of all outstanding corporate bonds starting August 25, 2025, to arrange for future debt repayments [12] - Yuzhou Group's restructuring proposal for its 375 million USD offshore debt due in 2027 has been approved by a majority of qualified bondholders [13] Market News - The Bond Connect Northbound trading volume reached 957.6 billion RMB in July, with policy financial bonds and government bonds being the most active [5] - A total of 14 new science and technology innovation bond ETFs were reported on August 20, indicating rapid expansion in this category [6][7] - The People's Bank of China announced the issuance of 45 billion RMB central bank bills in Hong Kong, with two different maturities [8] Overseas News - The Federal Reserve's July meeting minutes indicated expectations of rising inflation in the short term, with most officials believing inflation risks outweigh employment risks [9]

Group 1 - The core idea emphasizes the importance of foundational knowledge in investment and fund selection, suggesting that solid basic skills are essential for successful investing [2] - The article highlights how to analyze bond fund holdings through quarterly reports, specifically focusing on the "Investment Portfolio Report" section, which details the types of bonds and their respective proportions [3]

Investment Overview - The company plans to use idle self-owned funds for entrusted wealth management, with an investment amount not exceeding 800 million RMB [1][2] - The investment aims to improve fund utilization efficiency and increase investment returns while ensuring fund safety and not affecting daily operational cash flow [1][5] Investment Details - The investment will be made in various financial products, including structured deposits, income certificates, trust products, government bonds, central bank bills, financial bonds, and other stable wealth management products issued by banks and financial institutions [2] - The investment period will not exceed the approved cash management limit [2] Approval Process - The proposal for using idle self-owned funds for entrusted wealth management was approved in the second meeting of the seventh board of directors and the second meeting of the seventh supervisory board held on June 24, 2025 [2][5] - The proposal is subject to approval by the shareholders' meeting [2] Risk Analysis and Control Measures - The main risks associated with entrusted wealth management include market volatility risk, liquidity risk, and fiscal policy risk, with actual returns being uncertain [3] - The company will take timely measures to control investment risks if any factors affecting fund safety are identified [3] Impact on the Company - The use of idle self-owned funds for entrusted wealth management is expected to generate investment returns for the company and its shareholders without affecting normal operations [5] - The supervisory board supports the decision, stating it will enhance fund utilization efficiency and increase investment returns for shareholders [5]

Core Viewpoint - The People's Bank of China issued 30 billion yuan in 6-month central bank bills in Hong Kong on June 18, with a winning bid rate of 1.45% [1] Group 1 - The issuance amount of the central bank bills is 30 billion yuan [1] - The maturity period for the bills is 6 months [1] - The winning bid rate for the bills is set at 1.45% [1]

Group 1 - The People's Bank of China issued the fourth phase of central bank bills for 2025 through the Hong Kong Monetary Authority's debt instrument central settlement system [1] - The issuance amount was 30 billion yuan with a maturity period of 6 months [1] - The winning bid rate for the bills was set at 1.45% [1]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report emphasizes the evolving role of the central bank in monetary policy, liquidity management, and financial regulation, highlighting the transition to a "super central bank" era in China [4][6] - It discusses the importance of understanding the monetary policy framework, which includes objectives, tools, and transmission mechanisms, and how these elements adapt to changing economic conditions [4] - The report notes that fiscal net spending has become a significant contributor to monetary expansion, accounting for approximately 50% of M2 growth in 2024 [4][57] Summary by Sections 01 Modern Monetary Issuance Mechanism - The section explores how money is created within the current "central bank-commercial bank" credit monetary system, detailing the processes of base money issuance and broad money creation [24] 02 Evolution of Central Bank Control over Base Money - This section outlines the historical phases of base money control, including the dominance of foreign exchange reserves and the introduction of various monetary policy tools to manage liquidity [67][91] 03 Efficiency of Quantity-Based Monetary Policy Transmission from M2 Structure - The report analyzes the relationship between M2 growth and monetary policy effectiveness, indicating that the correlation has weakened due to structural changes in the economy [54] 04 Evolution of China's Monetary Policy Framework and Implementation - It discusses the shift from quantity-based targets to a focus on interest rates as the central mechanism for monetary policy transmission, reflecting the need for modern monetary policy in a transforming economy [5][61] 05 Special Topic: Modern Monetary Theory and the Federal Reserve's Monetary Framework - This section introduces the implications of modern monetary theory in the context of China's monetary policy, particularly in relation to fiscal spending and its impact on liquidity [57][60]

Group 1 - The company plans to use part of its idle raised funds for cash management to improve the efficiency of fund utilization and increase investment returns for shareholders [3][11][12] - The cash management will involve low-risk financial products such as government bonds, central bank bills, and structured deposits, with a total limit of 50.5 million RMB [2][9] - The board of directors and the supervisory board have approved the cash management proposal, which does not require shareholder meeting approval [2][15][18] Group 2 - The company raised a total of approximately 296.99 million RMB through the issuance of 10,206,185 shares at a price of 29.10 RMB per share, with a net amount of approximately 285.49 million RMB after deducting fees [5][41] - The raised funds will be used for acquiring a 44% stake in Jiangsu Hengyi and covering related intermediary fees [7][41] - The company has established a special account for the raised funds and signed a tripartite supervision agreement with the bank and the financial advisor [41] Group 3 - The company has scheduled its first extraordinary general meeting of 2025 for June 23, 2025, to discuss various proposals including changes to registered capital and amendments to the articles of association [24][20] - The meeting will be conducted both in-person and via an online voting system, allowing shareholders to participate remotely [25][24] - The company has appointed a new vice chairman and a securities affairs representative, enhancing its governance structure [47][49]