上海清算所董事长马贱阳10月23日在"2025外滩年会"上表示，上海清算所是全球最大的场外外汇集中清 算平台，外汇清算量已经超过伦敦清算所20%以上，今年预计外汇清算量可以达到200万亿元；上海清 算所也是我国重要的债券发行托管平台，目前，债券托管规模近50万亿元。此外，上海清算所还是精准 服务实体经济的多层次大宗商品清算平台，去年清算通业务量增长超70%。 马贱阳表示，金融基础设施提升上海跨境金融服务能级的独特作用主要体现在国际性、安全性和引领性 三个方面。其中，在国际性方面，上海清算所构建了金融市场的跨境联通网络，极大拓展了上海金融市 场的跨境交易融资范围和规模。 "在'玉兰债'业务上，上海清算所与欧清银行实现了金融基础设施的国际互联互通，未来还计划与明 讯、香港CMU联通，进一步拓展境内外市场的无缝对接。在互换通业务上，今年9月，人民银行副行长 邹澜宣布将互换通每日交易净限额从200亿元提高到450亿元，进一步便利国际投资者参与境内金融市场 和风险管理等。"马贱阳说。 一是在丰富产品方面，马贱阳介绍，推出了以"玉兰债"为代表的跨境融资品牌产品。其一是"玉兰债"， 该业务是服务中资企业"走出去"的重要路径 ...

21世纪经济报道记者余纪昕、李览青 上海报道 时隔两年，自贸债有望重启发行。 6月18日，中国人民银行行长潘功胜在2025陆家嘴论坛开幕式宣布八项重磅金融开放举措。其中，第五项专门指出，要"发展自 贸离岸债"，将遵循"两头在外"的原则和国际通行的规则标准，拓宽"走出去"企业及"一带一路"共建国家和地区优质企业的融资 渠道。 所谓自贸债，全称自贸区债券，又称"明珠债"，是面向中国（上海）自由贸易试验区（下称"上海自贸试验区"）内已开立自由贸 易账户（FT账户）的境内外机构投资者发行的债券品种，发行主体涵盖境内、自贸区内及境外的金融机构或企业，支持人民币 和外币双币种发行。 自贸债的核心优势在于，兼具离岸与在岸债券特点，可视为"在岸的离岸债券"，资金通过FT账户实现便捷流转，发行人无需在 境内托管人处单独开户，且FT账户与区外账户可实现一定程度的双向流动。 然而，自贸债的发展却历经坎坷。距今最近发行的一笔自贸债可以追溯至2023年10月，由境外企业凯德中国发行的6亿元普通企 业债，而境内城投企业发行的自贸债在2023年6月21日后就再无新增。 如今，监管发声后，有望重启发行的自贸债，发行模式会出现哪些变化？将为市 ...

Core Insights - The People's Bank of China announced eight significant financial measures aimed at stabilizing the financial market and enhancing the long-term reform of the financial system and international competitiveness [1][8] - The measures are designed to strengthen the financial defenses against potential external shocks while promoting financial openness through institutional innovation [1][4] Financial Market Development - Establishing an interbank market trading report library will improve transaction and investment efficiency for financial institutions and enhance regulatory precision [1][5] - The internationalization of the digital yuan is expected to advance significantly, with its advantages in speed and security facilitating cross-border payments [2][4] Digital Currency and Credit System - The development of the digital yuan is anticipated to reshape the cross-border payment system and open new pathways for its internationalization, particularly in supply chain finance and cross-border e-commerce [2][3] - The establishment of personal credit institutions aims to address information asymmetry in the rapidly growing consumer finance market, potentially boosting domestic consumption [2][3] Offshore Financial Services - The Shanghai Lingang New Area's offshore trade finance service reform and the development of free trade offshore bonds are expected to enhance the international influence of the renminbi [3][4] - The free trade offshore bonds, also known as "pearl bonds," are designed to maintain financial security and stability while increasing the attractiveness of renminbi-denominated bonds in international markets [3][4] Structural Monetary Policy Tools - Innovative structural monetary policy tools are focused on supporting foreign trade, technological innovation, and green finance, addressing financing challenges faced by enterprises [4][5] - Cross-border trade refinancing initiatives are set to improve the efficiency of cross-border settlements and provide new financing channels for both large and small enterprises [4][5] Foreign Exchange Market Enhancements - The promotion of renminbi foreign exchange futures trading will fill a significant gap in the foreign exchange market, providing more tools for managing exchange rate risks [5][6] - This initiative is expected to enhance the international competitiveness of China's financial market and support the stability and liquidity of the foreign exchange market [5][6] Investment Opportunities - The eight financial measures are expected to boost market confidence and create various investment opportunities, particularly in sectors like technology innovation and green industries [6][7] - The bond market is projected to see a decline in the ten-year government bond yield, enhancing the attractiveness of bond investments [6][7] Strategic Outlook - The combination of these policies represents a strategic deployment towards becoming a financial powerhouse, providing robust financial support for stable economic growth [8] - Investors and enterprises are encouraged to adopt a broader perspective to seize opportunities arising from these policy changes [8]

Core Insights - The article emphasizes the need for comprehensive financial solutions for enterprises "going global," moving beyond traditional financing to include investment, risk management, and professional consulting services [1][2] - The "Action Plan" aims to address various pain points in cross-border financial services, such as difficulties in fund transfers, limited financing channels, and inadequate foreign exchange risk management capabilities [2][3] Group 1: Cross-Border Financial Services - The facilitation of cross-border financial services is a key indicator of an international financial center's competitiveness, with Shanghai making significant progress in this area [2][4] - The "Action Plan" includes 18 specific policy measures across five areas: payment and settlement, foreign exchange risk management, financing services, insurance protection, and comprehensive financial services [2][3] - Digital empowerment and pilot policies, such as supporting RMB cross-border trade refinancing and optimizing currency pool management, are highlighted as key innovations [3][4] Group 2: Support for "Going Global" Enterprises - The "Belt and Road" initiative provides a vast space for Chinese enterprises to expand internationally, with financial support being crucial for successful overseas operations [5][6] - Standard Chartered Bank has supported 720 "Belt and Road" projects over the past five years, amounting to over $130 billion, showcasing the importance of international banking networks in facilitating these initiatives [6] - Insurance plays a vital role in risk management for "going global" enterprises, with companies like Yongcheng Insurance focusing on providing comprehensive risk coverage and participating in the development of international reinsurance capabilities [6][7] Group 3: Collaborative Efforts and Future Directions - Enhancing cross-border financial service facilitation requires collaboration between financial institutions and government departments [4][7] - Shanghai's government is committed to optimizing cross-border financial services through mechanisms that include legal protections and risk monitoring [7]