Natixis_ 币化：两个巨大分歧的故事

Financial Data and Key Metrics Changes - The RMB's internationalization index showed upward momentum in the second half of 2023, primarily driven by increased RMB global payments and borrowing, particularly from emerging economies [4] - RMB assets held by foreign central banks and investors have significantly decreased, indicating a divergence between growing payments and borrowing versus investment [4] Business Line Data and Key Metrics Changes - Hong Kong's share of offshore RMB remittance via SWIFT increased from 70% to over 80% in less than a year, highlighting its growing significance in RMB financing [4] - The disbursement of RMB financing in Hong Kong surged tenfold to $34 billion in 2023, contrasting with the total disbursement of onshore Chinese banks at$39 billion [4] Market Data and Key Metrics Changes - The divergence in RMB usage between Hong Kong and other offshore markets is notable, with Hong Kong experiencing rapid growth in RMB remittance since mid-2023 [4] - The overall trend indicates a growing reliance on RMB for borrowing, while concerns about its value as a "store of value" persist among foreign investors [4] Company Strategy and Development Direction - The company aims to stabilize the USDCNY exchange rate while expanding RMB usage to a more diverse group beyond Hong Kong, which poses challenges [4] Management's Comments on Operating Environment and Future Outlook - Management highlighted the geopolitical risks affecting the RMB's internationalization and the need for strategic measures to enhance its stability and attractiveness to foreign investors [4] Other Important Information - The continuous depreciation of the RMB has raised concerns among foreign central banks, leading to reduced demand for RMB assets [4] Q&A Session Summary Question: What are the implications of the RMB's internationalization trends? - The management noted that while RMB is performing well as a "standard of deferred payment," its role as a "store of value" is diminishing due to depreciation concerns [4] Question: How does Hong Kong's role in RMB financing compare to other regions? - Hong Kong has regained significance in RMB financing, with a substantial increase in disbursement, contrasting with previous trends where the Global South was the major driver [4]