Core Viewpoint - Zhijiang Biology (688317) plans to engage in foreign exchange derivative trading to mitigate currency fluctuation risks, with a trading limit of up to $20 million [1] Group 1: Stock Performance - As of November 6, 2025, Zhijiang Biology closed at 22.04 yuan, down 1.34% from the previous trading day, with a total market capitalization of 4.235 billion yuan [1] - The stock opened at 22.34 yuan, reached a high of 22.34 yuan, and a low of 22.02 yuan, with a trading volume of 32.4168 million yuan and a turnover rate of 0.76% [1] Group 2: Business Strategy - The company intends to conduct foreign exchange derivative transactions, including forward contracts, swaps, options, and structured forwards, with qualified domestic large banks as trading counterparts [1] - The trading period is set for 12 months from the date of shareholder meeting approval, and the company will use its own funds without engaging in speculative trading [1] - A management system has been established to outline risk control measures, including limiting trading institutions, enhancing market monitoring, and implementing internal reporting mechanisms [1]

Core Viewpoint - Shenzhen Feima International Supply Chain Co., Ltd. is initiating commodity derivatives hedging business to mitigate risks associated with commodity price fluctuations and enhance financial stability, ensuring sustainable business operations [1][7]. Group 1: Hedging Business Overview - The purpose of the hedging business is closely related to the company's supply chain operations, aiming to utilize the hedging functions of the futures market [1][7]. - The main commodity types for the hedging business include energy and chemical products, with derivatives such as futures, swaps, options, and combinations of these products [2][7]. - The hedging business will primarily be conducted on domestic futures exchanges [3][7]. Group 2: Business Scale and Limits - The authorized margin and premiums for the hedging business will not exceed 10% of the audited net assets attributable to shareholders as of the end of 2024, which amounts to approximately 37.43 million yuan [4][7]. - The maximum contract value at any point will not exceed 50% of the audited revenue for 2024, equating to about 119.57 million yuan [4][7]. Group 3: Business Duration and Funding - The duration for the hedging business will be 12 months from the date of approval by the shareholders' meeting [5][7]. - The funding for the hedging business will come from the company's own funds, with a certain percentage of margin paid according to agreements with financial institutions [6][7].

Core Insights - Since the "14th Five-Year Plan," China's foreign exchange market has shown resilience and stability, with significant growth in cross-border capital flows and the international influence of the Renminbi [1][2][3] Group 1: Foreign Exchange Market Performance - The foreign exchange market's trading volume is projected to reach $41 trillion by 2024, a 37.4% increase from 2020 [1] - The scale of cross-border receipts and payments is expected to be $14 trillion by 2024, reflecting a 64% growth compared to 2020 [1] - The net inflow of foreign investment into China from 2021 to mid-2025 is over $740 billion [2] Group 2: International Balance of Payments - China's international balance of payments has maintained basic equilibrium, with steady increases in foreign financial assets and liabilities [2] - The average annual scale of goods trade imports and exports from 2021 to 2024 is nearly $6 trillion, a 43% increase compared to the "13th Five-Year Plan" [2] - The net foreign assets of China stand at $3.8 trillion, ranking third globally [2] Group 3: Resilience and Risk Management - The resilience of the foreign exchange market has improved, enhancing its ability to withstand external shocks [3] - The percentage of enterprises using foreign exchange hedging has increased from 17% in 2020 to around 30% [3] - The share of Renminbi in cross-border trade has risen from 16% to nearly 30% [3] Group 4: Efficient Allocation of Foreign Exchange Resources - The foreign exchange market has developed a comprehensive product system, including spot, forward, swap, and options [4] - By mid-2023, 703 banks and 115 non-bank institutions, including 296 foreign institutions, participated in the interbank foreign exchange market [4] - The Renminbi has maintained its position as the fifth most traded currency globally, with a market share of 8.5%, an increase of 1.5 percentage points from 2022 [4] Group 5: Policy Enhancements for Enterprises - The foreign exchange management authority has focused on optimizing policies to benefit enterprises and the public [5] - Since 2021, policies for facilitating high-quality enterprises have been upgraded, with approximately $4.7 trillion in facilitation transactions processed by September 2025 [6] - The implementation of a "one-stop" service for trade foreign exchange business has streamlined processes for enterprises [6] Group 6: Future Directions - The foreign exchange management authority aims to balance trade facilitation and risk prevention, enhancing public awareness of policy benefits [7]

Core Insights - The foreign exchange market in China is projected to reach a trading volume of $41 trillion in 2024, representing a 37.4% increase from 2020 [1] - The scale of cross-border receipts and payments is expected to be $14 trillion in 2024, marking a 64% growth compared to 2020 [1] - From 2021 to mid-2025, net foreign investment inflow into China is anticipated to exceed $740 billion [1] Group 1: International Balance of Payments - China's international balance of payments has maintained basic equilibrium, which is crucial for promoting internal and external economic balance [2] - The average annual scale of goods trade imports and exports from 2021 to 2024 is nearly $6 trillion, a 43% increase compared to the average during the 13th Five-Year Plan [2] - The net foreign investment inflow into China from 2021 to mid-2025 is over $740 billion, with external financial assets exceeding $11 trillion and liabilities over $7.2 trillion by mid-2025 [2] Group 2: Resilience of the Foreign Exchange Market - The resilience of the foreign exchange market has improved, enhancing its ability to withstand external shocks [3] - The percentage of enterprises using foreign exchange hedging has increased from 17% in 2020 to approximately 30% [3] - The share of the renminbi in cross-border trade has risen from 16% to nearly 30%, significantly reducing foreign exchange risk exposure for enterprises [3] Group 3: Efficient Allocation of Foreign Exchange Resources - The foreign exchange market has become more complete and deeper, with a variety of products available, including spot, forward, swap, and options [4] - As of mid-2023, 703 banks and 115 non-bank institutions are participating in the interbank foreign exchange market, including 296 foreign institutions [4] - The renminbi has maintained its position as the fifth most traded currency globally, with a global trading share of 8.5%, an increase of 1.5 percentage points since 2022 [4] Group 4: Benefits for Enterprises and Citizens - The State Administration of Foreign Exchange has focused on optimizing policy supply to enhance convenience for enterprises and citizens during the 14th Five-Year Plan period [5] - By September 2025, approximately $4.7 trillion in convenience-related transactions have been processed nationwide [6] - The introduction of a "one-stop" service for trade foreign exchange business management aims to reduce the administrative burden on enterprises [6]

Core Insights - The overall international balance of payments in China has remained stable, with a reasonable current account surplus and active cross-border investment and financing [1][2][3] Group 1: International Balance of Payments - The maintenance of a balanced international payment is crucial for macroeconomic stability, especially in the context of complex external environments [2] - Since the beginning of the 14th Five-Year Plan, China's international balance of payments has remained fundamentally balanced, with foreign financial assets and liabilities steadily increasing [2][4] - As of now, China's foreign exchange reserves are maintained at over $3.2 trillion [2] Group 2: Cross-Border Trade and Investment - Cross-border trade has shown strong resilience, with the current account surplus remaining within a reasonable range [3] - From 2021 to 2024, the average annual scale of goods trade imports and exports is close to $6 trillion, representing a nearly 43% increase compared to the previous five years [3] - Foreign direct investment in China has netted over $740 billion from 2021 to mid-2025, while domestic entities' outbound investments have also increased [4] Group 3: Foreign Exchange Market Development - The resilience of the foreign exchange market has improved, enhancing the ability to withstand external shocks [5] - The proportion of enterprises using foreign exchange hedging has increased from 17% in 2020 to around 30% [5] - The trading volume of China's foreign exchange market reached $41 trillion in 2024, a 37.4% increase from 2020 [6][7] Group 4: Statistical Improvements - The transparency of international balance of payments statistics has been steadily improved, with expanded data dimensions and historical data availability [8][9] - A new statistical framework has been established to enhance the quality and comprehensiveness of data collection and reporting [9][10] - China has actively participated in the formulation of global statistical rules, contributing to international financial governance [10]

Core Insights - The UK has solidified its status as the leading global center for foreign exchange (FX) and over-the-counter (OTC) interest rate derivatives, with significant increases in average daily turnover in April 2025 [1][2][3] FX Market Performance - In April 2025, the UK reported an average daily FX turnover of $4.745 trillion, a notable increase from $3.735 trillion in April 2022, reflecting a robust growth trajectory [2][4] - The UK's share of global FX turnover was 37.8%, slightly below the 38.0% recorded in 2022, indicating sustained market dominance [3][4] OTC Interest Rate Derivatives - The UK experienced a dramatic rise in OTC interest rate derivatives turnover, reaching $4.32 trillion in April 2025, up from $2.359 trillion in the previous survey cycle [2][10] - London's market share in OTC interest rate derivatives increased to 49.6%, rebounding from 42.9% in 2022, although still below the 50.6% recorded in 2019 [3][11] Market Structure and Infrastructure - London's FX market benefits from a unique combination of time zone advantages, deep counterparty networks, and advanced electronic trading infrastructure, which collectively enhance liquidity and reduce bid-ask spreads [5][6] - The product mix has shifted towards swaps and forwards, which are crucial for treasury and risk management, indicating a strategic alignment with market needs [6][8] Electronification and Trading Efficiency - The trend towards electronic execution has become the norm in both inter-dealer and dealer-to-client channels, facilitating rapid price discovery and larger notional flows [7][18] - The infrastructure supporting OTC interest rate derivatives has proven capable of scaling efficiently, maintaining turnover even during periods of high volatility [9][10] Implications for Policy and Market Participants - The Triennial Survey serves as a critical benchmark for understanding global FX and OTC rates trading, influencing discussions on liquidity concentration and systemic risk [12][13] - For market participants, the survey highlights London's infrastructure as a reliable source for executing trades and managing risk effectively [14][20] Future Trends - Key themes shaping the market include ongoing electronification, the push for collateral efficiency, and the impact of regulatory and geopolitical factors on liquidity routing [18][19][20]

Core Viewpoint - Hainan Junda New Energy Technology Co., Ltd. has approved a proposal to conduct foreign exchange hedging activities with a limit not exceeding 1.9 billion yuan or equivalent in other currencies, aimed at mitigating exchange rate risks [1] Group 1: Business Details - The proposed hedging activities include forward foreign exchange contracts, swaps, options, and their combinations, with a duration of 12 months from the board's approval date [1] - The funding for these activities will come from the company's own funds, and the business is designed to avoid speculative arbitrage [1] Group 2: Risk Management - Although the primary goal is to hedge against exchange rate risks, the company acknowledges potential risks including exchange rate fluctuations, internal control issues, performance risks, and legal risks [1] - The company has established relevant systems and implemented risk control measures, and will account for these activities according to accounting standards [1] Group 3: Governance - The matter does not require submission for shareholder meeting approval, indicating a streamlined decision-making process within the company [1]

Core Viewpoint - Hong Kong is strategically positioning itself to become an international gold trading center, enhancing its status as a global financial, shipping, and trade hub [1][3][4]. Group 1: Strategic Developments - The Hong Kong government has established a dedicated task force to review all aspects related to gold financial transactions, aiming to promote the development of an international gold trading center [1][3]. - The Hong Kong International Airport is planning to expand its precious metal storage facilities to support the establishment of international-grade gold storage [3][4]. - The government aims to create a comprehensive ecosystem for gold trading, including storage, insurance, certification, logistics, and related financial services [4][5]. Group 2: Market Demand and Opportunities - There has been a significant increase in demand for gold storage, trading, and delivery in Hong Kong, driven by geopolitical uncertainties and the desire for physical gold storage in various regions [3][7]. - The establishment of an international gold trading center is seen as a new opportunity to solidify Hong Kong's position as an international financial center [7]. - The recent launch of designated warehouses for gold trading in Hong Kong is expected to attract more international investors and increase the region's gold reserves [5][6].

Core Viewpoint - Hong Kong is strategically positioning itself to become an international gold trading center, enhancing its status as a global financial, shipping, and trade hub [1][3][4]. Group 1: Strategic Developments - The Hong Kong government has established a dedicated task force to review all aspects related to gold financial transactions, aiming to promote the development of an international gold trading center [3][4]. - Plans are underway to expand the gold storage facilities at Hong Kong International Airport, which is expected to support the construction of international-grade gold storage and enhance Hong Kong's role in the global gold market [3][4]. - The Hong Kong Monetary Authority has initiated the establishment of designated warehouses for gold trading, which is anticipated to attract more international investors and increase Hong Kong's gold reserves [4]. Group 2: Market Demand and Opportunities - The demand for gold is expected to remain substantial due to increasing geopolitical uncertainties, with many investors seeking to store physical gold in various regions, presenting an opportunity for Hong Kong to develop its gold financial trading [6]. - The government plans to expand related financial services such as insurance, certification, and logistics, while also enhancing derivative trading options like collateral, borrowing, and hedging to create a comprehensive ecosystem for gold trading [4][6]. - The establishment of an international gold trading center is viewed as a new approach to solidify and elevate Hong Kong's status as an international financial center [6].

Core Viewpoint - The company, Juguang Technology, announced its plan to engage in foreign exchange hedging activities using temporarily idle self-owned funds, with a maximum contract value not exceeding 50 million RMB equivalent on any trading day [1] Group 1: Company Announcement - On August 13, the company held its 13th meeting of the 4th Board of Directors to approve the proposal for foreign exchange hedging business [1] - The hedging activities will include forward, swap, and option products related to daily operations [1] - The hedging business is expected to be based on the company's foreign exchange risk exposure by the end of 2024, export sales, foreign currency loans, and foreign currency settlement and exchange amounts [1] Group 2: Financial Details - The maximum contract value for the foreign exchange hedging business is set at 50 million RMB equivalent, with a validity period of no more than 12 months from the date of board approval [1] - Within the specified usage period and limit, the company will not need to report to the board for further approvals or issue board resolutions for individual financial institutions [1] - Funds can be used in a rolling manner during the hedging activities [1]