Core Insights - The global currency payment market is experiencing a quiet shift in power, with the US dollar's share in global payments declining to 46.94% by August 2025, a decrease of 1 percentage point, while the euro's share increased by 2.5 percentage points to 25.61% [1][3] - Despite the dollar's continued dominance, its leading position is being eroded by a trend towards de-dollarization, with many countries seeking alternative payment solutions [3] - The eurozone's performance is notable, achieving a recent high of 25.61% in payment share, indicating economic resilience, while traditional currencies like the British pound and Japanese yen show limited growth [3] - The international status of the renminbi is steadily rising, being the only emerging market currency among the top six active currencies globally, facing competition from the euro [3] - The renminbi's cross-border payment system has reached 189 countries and regions, with the CIPS system processing 90.19 trillion yuan in the first half of 2025, indicating significant internationalization progress [5] - Recent currency swap agreements totaling 540 billion yuan with the European Central Bank, Switzerland, and Hungary further demonstrate the renminbi's growing international appeal [5] Summary by Category Currency Market Dynamics - The US dollar's share in global payments has decreased to 46.94%, while the euro's share has increased to 25.61% [1][3] - The trend of de-dollarization is accelerating, with countries exploring alternative payment methods [3] Eurozone Performance - The eurozone has achieved a payment share of 25.61%, marking a recent high and showcasing economic resilience [3] Renminbi Internationalization - The renminbi is the only emerging market currency among the top six active currencies, with a cross-border payment system covering 189 countries [3][5] - CIPS processed 90.19 trillion yuan in the first half of 2025, indicating robust internationalization [5] - Recent currency swap agreements totaling 540 billion yuan highlight the renminbi's increasing attractiveness [5]

人民币国际化浪潮：颠覆美元主导的全球金融新格局 2025年上半年，中国跨境银行间支付清算系统（CIPS）的处理金额飙升至90.91万亿元人民币，这一数字已逼近2024年全年总量，其迅猛增长势头令全球金 融市场瞩目。更令人瞩目的是，CIPS的业务已悄然触达全球189个国家和地区，意味着地球上绝大多数有经济活动的角落，都已与人民币建立了联系，人民 币的全球化足迹正在以令人惊叹的速度扩展。 长期以来，"人民币不能自由兑换，就谈不上国际化"的论调根深蒂固，仿佛一道思想钢印，束缚了人们的认知。然而，现实是生动的教科书，人民币正以其 强大的实际表现，有力地打破这些陈旧的观念。 美元的黄金时代或已落幕 2024年，美元在全球支付体系中的份额已跌至58.4%，创下25年来的历史新低。与之形成鲜明对比的是，人民币在全球支付中的份额逆势上扬，达到了 5.8%。尤其值得一提的是，2024年8月，人民币在全球支付中的占比达到了4.69%，并且自2023年11月以来，已连续十个月稳居全球第四大支付货币的宝 座。 全球去美元化浪潮加速，多极化趋势显现 与此同时，2025年美国国债市场经历了35年来最剧烈的波动。4月9日，美国十年期国债收 ...

长期以来，由于全球市场对美元需求旺盛，美国只需通过"印钞"便能换取全球资源，不必过多依赖本土实体产业的发展。资本追逐高回报，制造业利润低、 风险高，自然难以吸引投资，导致资金更多流向金融衍生品与虚拟经济。结果，美国商品贸易逆差逐年扩大，其中超过三分之一来自对中国的进口。虽然美 国因此坐享其成，但这种虚高模式不可持续，制造业的空心化迟早会动摇美元信用。专家提醒，霸权地位并非与生俱来，而是需要有坚实的产业与信誉作为 支撑。 在国际货币体系的讨论中，专家们普遍认为美元霸权存在三大致命缺陷：首先，美联储货币政策的外溢效应引发全球金融动荡；其次，美元的"武器化"频繁 干扰国际结算体系；再次，美元的储备货币地位让美国得以将自身危机转嫁给他国。拜登政府时期，美国冻结俄罗斯海外资产的举措，更是加速了去美元化 趋势，让许多国家意识到美元不再完全可靠，纷纷探索替代方案。 中国在这一过程中积极推动人民币国际化。通过CIPS系统，中国已覆盖109个国家与地区，处理了全球约38%的人民币跨境支付。同时，金砖国家也在筹建 新的货币篮子，以减少对美元的依赖。沙特考虑以人民币结算石油，印度与伊朗则尝试易货贸易，这些都是正在发生的实质性行动。 ...

Core Viewpoint - The internationalization of the Renminbi (RMB) faces significant challenges, with its global reserve amount projected to decrease to 246.31 billion USD by the first quarter of 2025, representing only 2.12% of total global allocated foreign reserves [1][2][3]. Summary by Sections Current Status of RMB Internationalization - As of the first quarter of 2025, the RMB ranks sixth among global reserve currencies, with a total reserve of 246.31 billion USD, following the US dollar, euro, pound, yen, and Canadian dollar [2][3]. - The RMB's share in global allocated foreign reserves is significantly lower than that of the leading currencies, indicating a need for improvement in its international status [3]. Challenges to RMB Internationalization - The depth and breadth of China's financial markets are insufficient compared to major reserve currency issuers, limiting foreign investors' willingness to hold RMB assets [4]. - The RMB lacks sufficient influence in international payment and settlement systems, relying heavily on the SWIFT system, while its own CIPS system requires further development [4]. - Policy coordination and institutional guarantees are inadequate, with China's financial market lacking the maturity and transparency found in other major economies [4][6]. Future Strategies for RMB Internationalization - Deepening financial market reforms is essential, including enhancing the transparency and legal framework of RMB financial assets and expanding access for foreign investors [7][9]. - Improving the infrastructure for cross-border RMB usage, such as accelerating the development of the CIPS system and establishing local clearing arrangements with countries along the Belt and Road Initiative [7][9]. - Cultivating a RMB-denominated asset system by encouraging domestic companies to issue RMB-denominated bonds abroad and promoting RMB settlement in commodity trading [9]. - Strengthening international monetary cooperation, particularly with emerging economies, to enhance bilateral currency swap agreements and regional currency coordination [9][10]. - Gradually advancing capital account convertibility while ensuring macro-prudential management to prevent systemic financial risks [10][12]. Conclusion - The internationalization of the RMB is a complex process that requires a proactive approach, including open financial markets, improved infrastructure, and innovative financial products, to establish the RMB as a necessary global currency [12].

Group 1 - The decline of US dollar hegemony is marked by proposals from US lawmakers to ban China from using the dollar for settlements, signaling a significant shift in global financial power dynamics [2][3] - The "Stop China-Russia Act" reveals strategic blind spots, such as the potential panic among Wall Street financiers if nearly one trillion dollars of Chinese US Treasury bonds are frozen, which could lead to a collapse in confidence in the dollar [2][5] - The expulsion of China from SWIFT could accelerate the rise of the Renminbi, as China's CIPS system already covers 42 countries and supports 40% of global trade, while the digital Renminbi reduces transaction costs by 50% [2][3] Group 2 - The trend of de-dollarization is gaining momentum, with China prepared as 99.6% of Sino-Russian trade is conducted in local currencies, and countries like Saudi Arabia and Iran are promoting the use of the Renminbi for oil transactions [3][5] - The decline of dollar dominance is attributed to three main factors: the concentration of one-third of global production in China, the risk posed by China's significant holdings of US debt, and the diversification of foreign reserves by countries in response to US actions [5] - The share of the dollar in global reserves has dropped to 47% in 2023, the lowest since 1995, indicating a loss of trust in the dollar [5]

作为国民经济的重要支柱和金融市场的重要参与者，央企跨境金融业务备受关注。 自6月末率先迁址至雄安新区，中国中化控股有限责任公司（以下简称"中国中化"）所属持牌金融机构 ——中化集团财务有限责任公司（以下简称"中化财务公司"）外汇业务"搬家"也如期而至。 据《金融时报》记者了解，7月20日，中化财务公司外汇业务已迁移至雄安新区并顺利落地首笔业务， 成功实现了全国首次跨境资金池跨区域迁移。 "中国中化的成员企业具有分布全球化、产业布局多元化的特点。"中化财务公司相关负责人介绍，"此 次迁移涉及外汇业务范围广、规模大、账户多，覆盖中国中化境内外成员企业140余家。" 将外汇业务根基扎进雄安，实现外汇资质无缝衔接只是第一步。上述负责人表示，中化财务公司将充分 发挥外汇业务优势，持续开展政策研究与业务创新，不断提升全球化资金运营与金融服务能力，为境内 外成员企业提供更加高效、便捷、智能的外汇金融服务。 依托政策支持，央企金融板块在跨境金融领域加速实现业务模式突破、资源聚合以及功能升级。近一段 时间，一批涉及大型央企跨境资金统筹调度、跨境投融资便利化的产融协同正在加速推进，央企财务公 司在CIPS（人民币跨境支付系统）场 ...

这种玩法对美国可不是小打小闹。 我问你个问题，你觉得现在谁更慌，是还在升息的美联储，还是签了人民币互换协议的埃及？ 我昨天刷到这个数据时，脑子停了两秒：中国和全球32个国家签署了本币互换和本币结算协议，总金额4.5万亿人民币。包括谁？东盟十国、中东六国、非 洲、拉美，现在连巴西和埃及也站队了。这可不只是搞贸易便利，是动美元的根了。 过去做外贸的都懂一个流程：人民币换美元，再换对方国家货币，三手倒腾下来，汇率波动一搞，利润能被吃掉一截。现在换成本币直结，省掉中间那步， 也不怕美元一波上下的抽风。 比如中国和巴西谈的那个协议，1900亿人民币换1570亿雷亚尔，后续买货卖货，双方企业直接用自己的货币结算。大豆出口商现在开价时心里有底，再也不 用瞪着美联储的新闻发抖。 美元之所以强，不是因为印得多，而是因为全世界都得用。买石油、买粮食，甚至搞投融资，离不开它。用得越多，美国印美元的成本越低，还能顺手冻结 别人的账户搞制裁。这几十年，美国靠这个制度红利，没少薅世界的羊毛。 问题来了，越来越多的国家开始不玩这个局了。 阿根廷就是典型。美国前阵子要求它终止和中国的本币互换协议，结果阿根廷怼了回去，说：那你给我180亿流动 ...

Group 1 - The roundtable discussion at Fudan University focused on the relationship between stablecoins and the dominance of the US dollar, suggesting that the rise of stablecoins in cross-border payments could structurally impact the international monetary system and potentially weaken the dollar's hegemony [1][2] - The establishment of dollar hegemony dates back to the Bretton Woods system, where the US dollar became the primary reserve currency due to the US's post-World War II economic strength and its commitment to provide public goods to the international community [2] - The "Nixon Shock" in 1971 marked a turning point where the US detached the dollar from gold, relying on the SWIFT system's network effects and international governance to maintain its monetary dominance, despite a decline in its economic power [2] Group 2 - Following the passage of stablecoin legislation in the US Senate, there were criticisms that such measures could harm dollar hegemony, while US Treasury Secretary argued that stablecoins would enhance it [3] - The traditional monetary phase showcased the clear dominance of the dollar and the SWIFT system in cross-border payments, but the emergence of stablecoins and blockchain technology poses challenges to this established dominance [3][9] - The SWIFT system, with over 11,000 financial institutions connected, has significant network effects that make it difficult to replace, but the current phase of stablecoins may disrupt this advantage [3] Group 3 - Countries like Russia and Iran have sought alternatives to the SWIFT system, particularly in response to US sanctions, leading to the development of their own cross-border payment systems [4][5] - Russia's SPFS and Iran's SEPAM systems were created to mitigate the impact of financial sanctions and enhance financial security, with both countries actively working to connect their systems for improved trade and banking cooperation [6] - The CIPS system in China represents a different approach, focusing on developing infrastructure to support the internationalization of the renminbi and facilitating cross-border trade and investment [7] Group 4 - The stablecoin phase is characterized by a diverse development landscape, where the US does not hold a central position, and the SWIFT system is not the sole player, leading to potential challenges to its hegemonic status [8] - Projects like the mBridge initiative, involving multiple central banks, aim to create efficient and low-cost cross-border payment systems using central bank digital currencies, indicating a rapid evolution in this space [8] - Overall, while the dollar and SWIFT maintain their dominance in the traditional monetary phase, the stablecoin phase may weaken the US's digital currency hegemony due to diminishing network effects [9]

Market Overview - On July 7, stablecoins, cross-border payments, and RWA-related concepts saw significant gains, with Jin Yi Culture achieving a three-day consecutive rise, Xinyada also rising consecutively, and Qingdao Jinwang hitting the daily limit. Other companies like Huafeng Superfiber and Hangzhou Garden also experienced increases exceeding 10% [1]. Stock Performance - Jin Yi Culture (002721.SZ) latest price: 4.42, up 9.95%, market cap: 11.754 billion [2] - Xinyada (600571.SS) latest price: 20.39, up 9.98%, market cap: 9.334 billion [2] - Jingbeifang (002987.SZ) latest price: 25.63, up 10.00%, market cap: 21.617 billion [2] - Qindao Jinwang (002094.SZ) latest price: 9.25, up 9.99%, market cap: 6.387 billion [2] - Huafeng Superfiber (300180.SZ) latest price: 10.29, up 15.49%, market cap: 15.287 billion [2] Events - On July 4, the People's Bank of China released a notice soliciting opinions on the draft rules for the Renminbi Cross-Border Payment System (CIPS), aiming to optimize the system's functions and services [3]. - Hainan Huatie has completed the digitalization of nearly 26 billion yuan in assets and signed a strategic cooperation agreement with the RWA Research Institute [3]. - The Hong Kong Stablecoin Regulation will take effect in August, with the Financial Secretary indicating that the Monetary Authority is consulting the market on the implementation guidelines [3]. Institutional Insights - The central bank's proposed revisions to the CIPS rules aim to lower entry barriers and simplify transaction procedures, which will help promote the internationalization of the Renminbi [4]. - The official launch of the Hong Kong FRS license in August 2025 is expected to accelerate the global settlement of USDC/PYUSD and the growth of on-chain money market funds [4]. - With Hong Kong leading the pilot projects, the integration of data rights and on-chain credit in mainland China is expected to make RWA a key component of the national strategy for "digital-physical integration" [4].

Important Market News - The Ministry of Finance has decided to implement measures regarding the procurement of medical devices imported from the EU, effective from July 6, 2025. For procurement budgets exceeding 45 million RMB, EU enterprises (excluding those with investments in China) will be excluded from participation, and non-EU enterprises' imports from the EU cannot exceed 50% of the total contract amount [1] Industry Insights - The People's Bank of China has released a draft for public consultation on the rules for the Cross-border Interbank Payment System (CIPS), which aims to standardize account management, business processing, and risk management. As of May 2025, CIPS had 174 direct participants and 1,509 indirect participants, processing a total of 175 trillion RMB in cross-border payments in 2024, a 43% increase year-on-year. The updated rules are expected to enhance the efficiency of cross-border RMB payment settlements and promote investment opportunities in cross-border payment service providers and related financial IT service companies [2] - The Civil Aviation Administration of China has optimized its leadership structure for general aviation and low-altitude economy, establishing a new working group to focus on development planning, aircraft airworthiness certification, and market regulation. The low-altitude economy is projected to reach a market size of 1.5 trillion RMB by 2025 and 3.5 trillion RMB by 2035, driven by policy support and infrastructure development. Investment opportunities are seen in companies involved in low-altitude applications such as tourism, emergency services, and logistics [3] - Beijing has introduced its first special policy for the 6G industry, aiming to leverage its advantages in research and technology to support the development of 6G standards and core product research. The 6G industry is expected to enter a commercial phase post-2029, with significant impacts anticipated across various sectors. Investment opportunities are emerging in companies involved in 6G technology development [4] Company Announcements - Tax Friend Co. announced that its controlling shareholder plans to reduce its stake by up to 12.2 million shares, representing 3% of the total share capital [5] - Camel Group Co. reported that its vice president intends to reduce his holdings by up to 8.7 million shares, or 0.74% of the total share capital [5] - Hezhong Intelligent announced that a shareholder plans to reduce its stake by up to 4.9 million shares, or 1% of the total share capital [5] - Electric Light Technology disclosed plans for its controlling shareholder to reduce its stake by up to 9.5 million shares, or 2.62% of the total share capital [5] - Guosheng Zhike announced that its employee stock ownership platform plans to reduce its holdings by up to 3.7 million shares, or 2.8% of the total share capital [5] - Huahua Co. reported plans for its controlling shareholder to reduce its stake by up to 1.99 million shares, or 1% of the total share capital, and another shareholder to reduce by up to 3.98 million shares, or 2% of the total share capital [6] - Hengshuo Co. announced plans for two shareholders to reduce their stakes by up to 1.66% and 1.34% of the total share capital, respectively [6] - Jianglong Boat announced plans for its controlling shareholder and board members to reduce their stakes by up to 1% and 1.63% of the total share capital, respectively [6] - Zhongxin Fluorine Material announced plans for a shareholder to reduce its stake by up to 6.5 million shares, or 2.01% of the total share capital, along with plans from board members to reduce their holdings by a combined 3.86% [7]