跨境支付体系的优化进一步巩固了升值根基。即将于2026年2月1日施行的新版CIPS业务规则，放宽境外机构接入限制，目前CIPS已拥有190家直接参与者和 1567家间接参与者，覆盖全球主要地区，为人民币跨境流通提供了高效通道。内外政策的协同发力，显著提升了人民币的持有价值与使用便利性。 升值趋势的深度解读与展望 此次汇率突破6.97关口，标志着市场对人民币的信心持续增强。数字人民币计息机制的落地，使钱包余额具备了储蓄属性，存款保险的保障进一步降低了持 有风险，将吸引更多个人与企业用户留存人民币，扩大人民币资金池规模。而CIPS系统的全球化布局，让人民币在跨境贸易、投融资中的使用更加便捷， 推动其国际接受度稳步提升。 文 | CFN 大河 2026年1月2日，离岸人民币兑美元汇率迎来重要突破，成功升破6.97关口，最高触及6.9678，创下2023年5月以来的新高。这一汇率变动不仅是短期市场情绪 的反映，更得益于人民币生态体系完善与跨境支付便利化的长期支撑，升值趋势具备坚实基础。 汇率突破背后的多重支撑 人民币此次升值并非偶然，核心驱动力来自内部金融基础设施的持续升级。2026年1月1日起，数字人民币正式迈入2 ...

#小寒迎新之旅#2025年12月，美国财政部会议室的铜质吊灯下，长桌一侧的美方代表推过一份印有鹰徽的备忘录，标题写着"共同稳定计划"——核 心内容是希望中国接下8500亿美元新发美债。而中方代表指尖轻点平板电脑，调出一张数据图：中国美债持仓已从1.3万亿美元峰值降至6887亿美 元，连续12个月净减持。窗外纽约霓虹闪烁，室内只余纸张翻动的沙沙声，这场持续18年的金融博弈正迎来历史性转折。 从"救美国就是救中国"到"黄金不换白条" 2008年雷曼兄弟倒闭的恐慌中，中国曾连续数月每月增持超百亿美元美债，当时外贸占GDP比重高达57%，美国作为第二大贸易伙伴的购买力直接 关系中国工厂存亡。而到2025年，外贸占比降至35%，美国已退居中国第三大贸易伙伴，东盟、欧盟成为更重要的经济腹地。这种结构性变化让中 国有了说"不"的底气。 美债本身的风险谱系也已颠覆。2025年美国联邦债务突破38万亿美元，仅年利息支出就超过1万亿美元，相当于印尼全年GDP。更关键的是美元指 数在2025年上半年暴跌10.8%，创1973年以来最差表现，10年期美债收益率在3.9%到4.8%间剧烈波动。手持美债像抱着一筐被虫蛀的苹果，看似光 鲜 ...

周五收盘后，央行发布《人民币跨境支付系统业务规则（征求意见稿）》，这份看似普通的文件蕴含着金融基础设施建设的重大变革。随着CIPS系统升级 提速，金融市场迎来新的催化剂。 傍晚五点的陆家嘴金融区，华灯初上。国金证券的交易员小李刚结束一周工作，手机弹出央行发布CIPS业务规则修订的消息。"跨境支付系统升级了！"他立 刻转发到投资群，群里瞬间沸腾。这份看似技术性的文件，正在点燃投资者对金融科技板块的期待。 01 政策红利 CIPS系统是人民币国际化的"高速公路"。截至2025年5月底，这条"公路"已连接 174家直接参与者和1509家间接参与者，遍布全球120个国家和地区。每天有 近3.5万笔跨境人民币业务通过这条通道流转。 新规赋予CIPS系统更大灵活性。在原有业务范围基础上新增"开展中国人民银行同意的其他业务"表述，为未来创新预留空间。账户管理、业务处理、结算机 制等环节都得到细化，系统运营效率和风险管理水平显著提升。 规则修订与自贸区政策形成协同效应。国务院近期将77条试点措施向其他自贸区或全国推广，其中6项与金融科技、跨境支付直接相关。上海自贸区已率先 开展数字人民币在贸易领域的应用探索，为境外企业开立数 ...

东兴证券指出，全球消费者的消费行为都更为理性，更注重性价比，为消费的线上化转移和物美价廉的 优质国货品牌提供良好发展机遇。 据《东方财富研究中心》12月25日消息，中国人民银行等八部门近日印发《关于金融支持加快西部陆海 新通道建设的意见》。其中提出，探索数字金融国际合作。支持沿线省（区、市）参与多边央行数字货 币桥项目，推动与泰国、阿联酋、沙特阿拉伯等跨境支付使用央行数字货币。支持探索推进内地与新加 坡数字人民币跨境支付试点。 此外，离岸人民币兑美元升破7.0大关，最高触及6.996，为2024年9月以来首次；在岸人民币兑美元升破 7.01关口，创2024年9月27日以来新高。 中亦科技 (301208)：提供IT基础架构建设和运维服务，为金融机构等关键行业客户提供服务，数字人民 币的推广和金融科技的发展将带动相关IT需求，公司有望受益。 拉卡拉 (300773)：国内知名的第三方支付公司，正积极拓展数字人民币受理场景，并参与多地试点工 作，有望受益于数字人民币推广带来的支付生态扩容。 京北方 (002987)：国内金融科技领军企业之一，向以银行为主的金融机构提供IT技术服务，包括软件产 品、解决方案及系统集 ...

Group 1 - The core viewpoint of the article emphasizes the significant breakthrough in the internationalization of the Renminbi (RMB) and capital account opening, highlighted by the launch of the CIPS system by South Africa's Standard Bank, marking a milestone for RMB cross-border payment networks in Africa [1][22] - The scale of foreign entities holding domestic RMB financial assets has reached 10.4 trillion yuan, indicating a growing acceptance of RMB in the international monetary system [3][11] - The article discusses the necessity of capital account opening to enhance the international acceptance of RMB, noting that the current level of capital account convertibility is approximately 60% [5][7] Group 2 - The article outlines the dual empowerment of capital opening and internationalization, suggesting that both elements mutually reinforce each other rather than one leading the other [12][14] - It highlights the importance of a balanced approach to capital account opening during the "14th Five-Year Plan" period, aiming for over 80% of projects to be classified as "basically convertible" or "convertible" [14][28] - The optimization of channels for cross-border securities investment is noted as a crucial step, with the issuance of panda bonds expected to approach 200 billion yuan in 2024, providing more options for foreign entities to hold RMB assets [16][17] Group 3 - The article emphasizes the transformation of regulatory tools from quantity control and administrative approval to more market-oriented methods, enhancing the flexibility of capital account opening [19][28] - The expansion of the CIPS system's coverage, with multiple banks globally joining, is highlighted as a key infrastructure improvement facilitating RMB use in cross-border transactions [22][30] - Market-driven factors are identified as the core motivation for RMB internationalization, with real trade and investment demands under frameworks like the Belt and Road Initiative and RCEP supporting the growth of cross-border RMB transactions [24][26]

CIPS系统这个被西方媒体刻意低调处理的金融基础设施，如今已经成为连接全球近5000家金融机构 的"金融丝绸之路"。185个国家几乎覆盖了全球绝大多数经济体。这些银行选择接入CIPS，不是因为政 治压力，而是基于最朴素的商业逻辑——谁都不想把自己的钱袋子交到别人手里任人宰割。 美元霸权的根基正在崩塌，这恐怕是华盛顿那些政客们始料未及的。中俄之间高达90%以上的本币结 算，以及中国CIPS系统连接185个国家近5000家银行的壮举，都在无声地宣告：去美元化已经从政治口 号变成了市场现实。 【人民币清算行进入俄罗斯已经8年了】 而这种局面的出现，与美国政府3年前的决定有关。2022年俄乌冲突爆发后，美国及其盟友对俄罗斯实 施的金融制裁，当时西方世界一片叫好，认为这记重拳足以让俄罗斯经济崩溃。可谁曾想，这记重拳最 终打在了美元霸权上，且效果显著。 当时，美国直接冻结了俄罗斯存放在欧美银行的3000亿美元外汇储备。欧洲银行还用这笔钱产生的利 息，给乌克兰提供军事援助，简直就是"明抢"。 就像那句话说的"欲使其灭亡，必先使其疯狂"。美国现在的做法，就像是在透支美元的最后一点信用。 当全球投资者意识到美国可能永远都还不清 ...

Group 1 - The core viewpoint of the articles highlights the structural transformation of the international trade system, with China signing currency swap agreements totaling 4.5 trillion yuan with 32 countries, and 30% of cross-border trade among BRICS nations bypassing the US dollar in favor of the renminbi [1][21][24] - The dominance of the US dollar is waning, with its share in global foreign exchange reserves dropping to 56.32%, the lowest in 30 years, indicating a shift in trust mechanisms [3][8] - The rise of the renminbi is supported by substantial economic and institutional foundations, reflecting a gradual but systematic advancement in its internationalization [4][9][26] Group 2 - The renminbi's internationalization is not merely theoretical but is being actively implemented, with the CIPS system covering 189 countries and processing 90.19 trillion yuan in cross-border transactions in the first half of 2025 [11][29] - The use of digital renminbi is gaining traction, exemplified by a supplier in Guangxi reducing payment time from two days to 15 minutes and cutting transaction costs by half [13][15] - The expansion of currency swap agreements signifies strategic trust at the national level, with the agreements covering a wide geographical area, including Asia, Latin America, Africa, and Europe [17][19] Group 3 - The BRICS mechanism is deepening, with 30% of trade among member countries expected to bypass the dollar by 2025, indicating a significant shift towards local currency settlements [21][22] - The renminbi's status as a reserve currency is steadily increasing, with its share in global foreign exchange reserves reaching 2.88%, and 80 countries including it in their foreign reserve baskets [24][27] - The combination of financial technology, such as CIPS and digital renminbi, enhances the efficiency and cost-effectiveness of the renminbi in the global payment system [29][31] Group 4 - The international monetary system is evolving, with the renminbi transitioning from a payment currency to a pricing currency, and its role as a reserve currency is gradually being established [31][33] - The ongoing "Belt and Road" initiative is providing a practical pathway for expanding the renminbi's payment network across various regions [29][31] - The comparative historical context shows that while the pound relied on colonialism and the dollar on warfare, the renminbi's rise is based on win-win trade and financial openness, suggesting a more sustainable path in a decentralized world [31][33]

Group 1 - The People's Bank of China (PBOC) is advancing the internationalization of the Renminbi (RMB) by enhancing its functions in pricing, payment, investment, financing, and reserves [1] - The PBOC has authorized Abu Dhabi First Bank to act as the RMB clearing bank in the UAE, marking it as the first regional local bank to take on this role, which will facilitate RMB clearing services and promote bilateral trade and investment between China and the UAE [1] - The PBOC plans to optimize the management system of the digital RMB and support more commercial banks to become operational entities for digital RMB services [1] Group 2 - Current global cross-border payments heavily rely on the USD clearing system, which has inefficiencies due to multiple intermediaries, indicating a significant opportunity for improvement [2] - The digital RMB platform, based on blockchain technology, offers direct peer-to-peer fund clearing, which can shorten transaction times, reduce intermediary costs, and enhance the efficiency of cross-border payments [2] Group 3 - Companies like Jingbeifang are involved in the construction of payment settlement systems for several banks, assisting clients in connecting to SWIFT and CIPS systems [3] - Sifang Jingchuang is building cross-border payment systems based on traditional frameworks like SWIFT and CIPS, as well as domestic systems like IBPS and Hong Kong's FPS [3]

Core Viewpoint - BHP, a major Australian iron ore producer, announced it will gradually accept RMB for iron ore spot transactions, starting in Q4 2023, marking a significant milestone in the internationalization of the RMB as all four major iron ore giants now accept RMB settlement [1][7]. Group 1: Iron Ore Market Dynamics - China is heavily reliant on iron ore imports, with over 1.2 billion tons expected in 2024, 60% of which will come from Australia, highlighting the country's significant demand for high-quality iron ore [5][6]. - Despite being the largest buyer of iron ore, China has limited bargaining power due to a fragmented buyer landscape and a concentrated seller market dominated by four major companies [6][7]. - The establishment of the China Mineral Resources Group (CMRG) aims to consolidate procurement among state-owned steel enterprises to enhance bargaining power against suppliers [6][7]. Group 2: RMB Internationalization Progress - The acceptance of RMB for iron ore transactions is seen as a major step forward for RMB internationalization, especially in the context of global commodity trading [7][11]. - Recent data indicates that RMB settlements in cross-border transactions have surpassed those in USD for the first time, with over 60% of foreign trade enterprises using RMB [11][12]. - The CIPS (Cross-Border Interbank Payment System) has been developed to facilitate RMB payments, covering 189 countries and connecting 1,700 banks, processing a significant volume of cross-border RMB transactions [10][12]. Group 3: Future Prospects and Innovations - The mBridge project aims to create a digital currency platform for central banks, allowing for direct currency exchanges without intermediaries, potentially reducing reliance on the USD [16][20]. - The internationalization of RMB is not just about becoming a reserve currency but also about eliminating the dominance of the USD in global trade [21].

Core Viewpoint - The Zhejiang Chouzhou Commercial Bank showcased its innovative capabilities in cross-border finance at the Sibos conference, emphasizing its commitment to global connectivity and collaboration in the financial sector [1][3][7]. Group 1: Global Financial Cooperation - The bank has established a cooperative network with 973 banks across over 100 countries, enabling direct settlement in 21 currencies, including those of Belt and Road Initiative countries [1]. - At Sibos, the bank engaged in deep discussions with major international financial institutions like Citibank, Barclays, Standard Chartered, and JPMorgan, enhancing its multi-currency clearing system [3][6]. - The introduction of the CIPS system to numerous banks further promotes the cross-border use of the Renminbi, receiving high recognition from international peers [3]. Group 2: Cross-Border Service Enhancement - The bank is driving business implementation and technological innovation, optimizing local remittance paths in collaboration with major international banks [3]. - It is exploring the integration of digital technology with cross-border financial scenarios to provide more convenient and secure services for global clients [3]. Group 3: International Development Pathways - As the only Chinese city commercial bank with an independent exhibition at Sibos, the bank is setting a benchmark for internationalization among city commercial banks [6]. - The bank's focus on cross-border niche scenarios and technological innovation demonstrates that local banks can also secure a place on the global financial stage without relying solely on scale advantages [6]. Group 4: Future Outlook - The Sibos event marks a significant milestone in the bank's globalization strategy, reinforcing its "boundless cross-border, linking the world" philosophy [7]. - The bank aims to continue innovating and enhancing its global service network while deepening cross-border financial products and technological innovations [7].