（来源：经济日报） 2025年4月21日，中国人民银行、国家金融监督管理总局、国家外汇管理局和上海市人民政府联合印发 了《上海国际金融中心进一步提升跨境金融服务便利化行动方案》，从提高跨境结算效率、优化汇率避 险服务、强化融资服务、加强保险保障、完善综合金融服务五方面提出18条重点举措，进一步提升上海 跨境金融服务便利化程度。2025年9月24日，数字人民币国际运营中心业务平台推介会在上海举行，向 各相关机构集中宣传介绍数字人民币跨境数字支付平台、数字人民币区块链服务平台及数字资产平台 （以下简称"业务平台"）功能，标志着数字人民币国际运营中心正式运营。 "十四五"时期，中国人民银行通过二十国集团（G20）、国际货币基金组织（IMF）、国际清算银行 （BIS）、多边开发银行等全球治理平台机制以及东盟与中日韩（10＋3）等区域机制，推动构建更加 公正合理的全球金融治理格局，推进全球宏观经济政策协调、全球和区域金融安全网建设。 "2008年国际金融危机后，国际社会基于对危机教训的反思，对国际货币体系改革的讨论越来越多，主 要有两个方向。一是弱化对单一主权货币的过度依赖，国际货币体系向多极化发展。二是逐步扩大国际 ...

金融业开放是我国改革开放事业的重要组成部分。"十四五"时期，我国金融对外开放步伐加快，金融领 域制度型开放不断深化，人民币国际地位稳步上升，国际金融中心建设持续推进，金融业的国际竞争力 和影响力显著增强。"十五五"时期加快建设金融强国有哪些主要任务和重要举措？加快建设国际金融中 心是其中之一。要提高上海金融市场价格影响力，支持上海稳步扩大金融领域制度型开放，加强国际金 融中心建设法治保障，发挥好上海国际金融中心建设协调推进机制作用。同时，支持香港巩固提升国际 金融中心地位，强化离岸人民币业务枢纽功能。 积极参与全球金融治理 2025年12月8日，国际货币基金组织上海中心正式开业。中国人民银行行长潘功胜出席开业仪式并指 出，"基金组织上海中心的开业运营，充分体现了中国与基金组织倡导合作共赢的坚定立场，对于深化 基金组织与中国的合作，促进亚太区域国家间的宏观经济政策交流和协调，维护全球和区域金融稳定、 完善全球金融治理具有重要意义"。 "十四五"时期，中国人民银行通过二十国集团（G20）、国际货币基金组织（IMF）、国际清算银行 （BIS）、多边开发银行等全球治理平台机制以及东盟与中日韩（10+3）等区域机制，推 ...

一、市场表现 1、据巴基斯坦联合通讯社12月29日报道，2025至2026财年前五个月（2025年7月至2025年11月）美国、中国、英国为巴基斯坦前三大出口目的地。巴国 家银行（巴央行）公布的数据显示，统计期间该国对美出口总额为26.39亿美元，同比增长5.0%；对华出口总额为9.83亿美元，同比下降6.8%；对英出口总 额为9.05亿美元，同比下降3.2%。 2、据当地媒体《今日巴基斯坦》12月29日报道，2025年，黄金及股票成为巴基斯坦表现最好的资产类别，其回报率显著高于固定收益类产品、房地产 以及外汇。黄金表现最为强劲，在2025年1月1日至12月24日期间的回报率为73%；巴基斯坦证券市场重要指数之一的KSE-100指数，上述统计期间涨幅达到 48%。 3、据巴基斯坦联合通讯社报道，巴财政和税收部长奥朗泽布（Muhammad Aurangzeb）12月30日表示，该国正积极准备并有望在中国春节前首次发行熊 猫债券，称这是加强中巴两国金融和经济联系的重要一步，该计划发行的债券反映了中巴关系日益强大、成熟和多样化，两国关系正在从基础设施主导的合 作关系向更广泛的、由市场驱动的经济伙伴关系转变。 4、据 ...

新华社上海12月5日电（记者周蕊）总部位于上海的金砖国家新开发银行5日晚间宣布，最新在中国银行 间债券市场发行规模为30亿元人民币的3年期熊猫债券。 此次发债后，新开发银行在华发行的熊猫债券总额已达785亿元人民币。 银行方面表示，新开发银行正在通过发行以成员国本币计价的债券积极扩大其资金来源，为成员国的基 础设施和可持续发展项目提供资金。 新开发银行是巴西、俄罗斯、印度、中国、南非于2015年共同成立的多边开发银行，旨在支持金砖国家 及其他新兴经济体和发展中国家的基础设施和可持续发展项目，作为现有多边和区域金融机构的补充， 促进全球增长与发展。 责任编辑：秦艺 新华社上海12月5日电（记者周蕊）总部位于上海的金砖国家新开发银行5日晚间宣布，最新在中国银行 间债券市场发行规模为30亿元人民币的3年期熊猫债券。 此次发债后，新开发银行在华发行的熊猫债券总额已达785亿元人民币。 银行方面表示，新开发银行正在通过发行以成员国本币计价的债券积极扩大其资金来源，为成员国的基 础设施和可持续发展项目提供资金。 新开发银行是巴西、俄罗斯、印度、中国、南非于2015年共同成立的多边开发银行，旨在支持金砖国家 及其他新兴经济 ...

Core Insights - China Bank has acted as a global coordinator for several leading tech companies, including Alibaba, Baidu, Tencent, and Meituan, issuing a total of over 47 billion yuan in dim sum bonds, which were highly sought after in the offshore RMB financing market [1] - The total subscription amount for these bonds reached nearly 150 billion yuan, representing 3.2 times the issuance amount [1] - As of now, the total issuance of dim sum bonds in the market for 2025 has reached 979.454 billion yuan [1] Group 1 - The People's Bank of China (PBOC) has expressed its commitment to promoting the role of the RMB as a financing currency, supporting various financing products such as RMB loans, panda bonds, offshore RMB bonds, and trade financing [1][3] - The PBOC aims to enhance the liquidity of RMB for offshore entities, despite strict capital outflow controls in China [3] - The internationalization of the RMB has made progress, with the currency becoming the second most used in trade financing globally, accounting for 7.3% of total transaction volume as reported by SWIFT [3]

Core Insights - The People's Bank of China (PBOC) aims to accelerate the construction of financial market systems and enhance high-level openness to the outside world [1] Group 1: Financial Market Development - The PBOC plans to significantly develop the bond market, particularly focusing on a "Technology Board" to support private technology enterprises and private equity investment institutions in issuing bonds for financing [1] - There will be efforts to improve the legal framework of the bond market and promote the development of corporate bond legislation [1] - The PBOC intends to accelerate the development of a multi-tiered bond market and continue to expand and regulate over-the-counter bond business [1] Group 2: Risk Monitoring and Compliance - The central bank will continue to standardize issuance pricing, underwriting, and market-making behaviors while enhancing risk monitoring in key sectors and industries [1] Group 3: Internationalization of the Renminbi - The PBOC is focused on promoting the high-quality development of the panda bond market and advancing the internationalization of the Renminbi [1] - There will be initiatives to enhance the openness of capital accounts and conduct high-level pilot projects for cross-border trade and investment [1] - The central bank aims to further expand the use of the Renminbi in cross-border trade and investment, deepen foreign currency cooperation, and develop the offshore Renminbi market [1]

Core Insights - The People's Bank of China emphasizes accelerating the construction of financial market systems and high-level opening-up [1] - The report highlights the development of a "technology board" in the bond market to support private technology enterprises and private equity investment institutions in issuing bonds for financing [1] - There is a focus on improving the legal framework for the bond market and promoting the development of corporate bond legislation [1] Group 1 - The report calls for the acceleration of multi-tiered bond market development and the continuous expansion and regulation of over-the-counter bond business [1] - It stresses the importance of standardizing issuance pricing, underwriting, and market-making behaviors while enhancing risk monitoring in key sectors and industries [1] - The report aims to promote the high-quality development of the panda bond market [1] Group 2 - The initiative includes advancing the internationalization of the renminbi and enhancing the openness of capital accounts [1] - It proposes conducting high-level pilot projects for cross-border trade and investment opening [1] - The report seeks to further expand the use of renminbi in cross-border trade and investment, deepen foreign currency cooperation, and develop the offshore renminbi market [1]

Summary of Key Points from the Conference Call Industry Overview - The focus of the conference call is on the **RMB (Renminbi) internationalization** within the context of China's **15th Five-Year Plan (FYP)**, highlighting the strategic shift in China's approach to promoting the yuan's role in global finance and trade. Core Insights and Arguments 1. **RMB Internationalization Gains Prominence** - The 15th FYP emphasizes a proactive approach to RMB internationalization, aiming to establish a self-controllable cross-border RMB payment system [3][5][27]. 2. **Increase in CNY Usage for Trade Settlement** - Approximately **28%** of China's goods trade is now settled in CNY, up from **12%** in 2018, indicating significant growth in CNY-denominated transactions, particularly in ASEAN, Latin America, and Central Asia [3][5][9]. 3. **Policy Push for RMB Usage** - The People's Bank of China (PBoC) has increased the weight of RMB usage in cross-border transactions from **25%** to **40%** to encourage financial institutions to facilitate more yuan-denominated trade settlements [3][8][11]. 4. **Growth in Yuan-Denominated Financing** - The issuance of international debt securities in yuan has more than doubled compared to pre-COVID levels, with record levels of Dim Sum and Panda bonds being issued [3][17][18]. 5. **De-Dollarization Trend** - China's share of USD in foreign currency reserves has decreased significantly, with only **22%** in U.S. Treasuries and **28%** in total U.S. debt securities as of July 2025, down from **35%** and **45%** in 2019, respectively [27][28][29]. 6. **Increased Utilization of CIPS** - The Cross-Border Interbank Payment System (CIPS) has seen a **34%** annual growth in daily turnover over the past five years, reflecting the growing acceptance of the yuan in international transactions [8][12]. 7. **RMB's Role in Commodity Trade** - China's position as a leading commodity importer has facilitated negotiations to settle trades in RMB, as seen in recent discussions with BHP regarding iron ore exports [8][11]. 8. **RMB's Share in Global Payments** - The share of RMB in global payments via SWIFT has increased from **2.3%** in 2022 to an average of **3.4%** over the past year, indicating a growing acceptance of the yuan in international finance [8][15]. Additional Important Insights - The strategic shift in RMB internationalization reflects a response to geopolitical tensions, particularly the US-China decoupling, and aims to enhance China's financial sovereignty [5][27]. - The growth in CNY-denominated transactions is particularly strong in regions closely tied to China's supply chain and the Belt and Road Initiative, with ASEAN countries seeing a **51%** year-over-year increase in CNY transactions [11][12]. - The trend of de-dollarization is not only evident in the PBoC's holdings but also in the external assets of Chinese banks, which have seen a reduction in USD assets from **80%** to **70%** over three years [28][31]. This summary encapsulates the key points discussed in the conference call, focusing on the strategic developments in RMB internationalization and its implications for global finance and trade.

Group 1 - Barclays Bank plans to issue Panda bonds in China to raise up to 4 billion RMB, marking its entry into the Chinese bond market [1] - Brazil's Suzano International has announced the issuance of Panda bonds totaling 14 billion RMB (approximately 1.96 billion USD) [1] - Slovenia plans to issue up to 5 billion RMB in Panda bonds next year to attract Chinese investment and address trade tensions [1][3] Group 2 - As a Eurozone member, Slovenia aims to strengthen ties with China to mitigate the impacts of global trade disruptions [3] - The issuance of Panda bonds is part of Slovenia's strategy to diversify its financial market, with potential annual issuances in the future [3] - Slovenia's Finance Minister suggests that Europe needs to adapt to competitive environments with different rules from China and the US, considering adjustments to EU deficit and spending limits [3]

Group 1 - The Federal Reserve has lowered the federal funds rate target range by 25 basis points to 3.75%–4.00%, marking the second consecutive rate cut since September, aligning with market expectations [1] - The French National Assembly has approved a revision to the 2026 budget, proposing to increase the tax rate on digital revenues from companies like Amazon, Alphabet, and Meta from 3% to 6% [1] - Barclays Bank plans to issue panda bonds in China to raise 4 billion RMB, indicating a significant move by a major global bank into the Chinese bond market [1] Group 2 - The Reserve Bank of India is accelerating the repatriation of overseas gold reserves, having brought back nearly 64 tons of gold in the first six months of the fiscal year, with domestic gold reserves now exceeding 65%, nearly doubling from four years ago [2] - The Bank of Canada has lowered its benchmark interest rate by 25 basis points to 2.25%, marking the second consecutive rate cut in line with market expectations [3] - The Hong Kong Monetary Authority has reduced its benchmark interest rate by 25 basis points to 4.25% [4] - The Saudi Central Bank has lowered its repo rate by 25 basis points [5] - The Central Bank of Oman has cut its repo rate by 25 basis points [6] - The Central Bank of the UAE has reduced its benchmark rate by 25 basis points [7] - The Qatar Central Bank has lowered its deposit rate by 25 basis points [8] - The Central Bank of Bahrain has cut its overnight deposit rate by 25 basis points [9] Group 3 - The Dow Jones Industrial Average fell by 0.16% to 47,632 points, while the S&P 500 remained flat at 6,890.59 points, and the Nasdaq Composite rose by 0.55% to 23,958.47 points [10] - COMEX gold futures dropped by 1.04% to $3,941.7 per ounce, and COMEX silver futures decreased by 0.1% to $47.275 per ounce [11] - The main contract for U.S. oil rose by 0.35% to $60.36 per barrel, while Brent crude oil increased by 0.64% to $64.24 per barrel [12] Group 4 - The 2-year U.S. Treasury yield rose by 10.82 basis points to 3.5980%, the 5-year yield increased by 10.18 basis points to 3.7113%, the 10-year yield went up by 10.01 basis points to 4.0757%, and the 30-year yield rose by 8.53 basis points to 4.6252% [13] - The U.S. dollar index increased by 0.43% to 99.16, while the euro fell by 0.45% against the dollar to 1.1601 [13]