2025年4月境外人民币市场综述

Summary of Key Points Core Viewpoint - In April, both offshore (CNH) and onshore (CNY) RMB depreciated against the USD, with a notable increase in the average price difference between the two, indicating a shift in the currency market dynamics [1][3]. Group 1: Offshore RMB Market - The average daily price difference between CNY and CNH increased by 82 basis points (BP) to 170 BP compared to the previous month [1][3]. - The offshore RMB bond issuance decreased to 360.34 billion CNY, a decline of 13.1% from the previous month, with 95 bonds issued, an increase of 3 bonds [4]. - The CNH HIBOR rates for overnight and 7-day terms rose, while the 3-month and 1-year rates fell, indicating mixed trends in the offshore money market [5]. Group 2: RMB Deposits in Hong Kong and Taiwan - As of March 2025, offshore RMB deposits in Hong Kong decreased by 7.3% to 959.84 billion CNY, while Taiwan's deposits fell by 2.1% to 110.97 billion CNY [2]. - Cross-border trade settlement in Hong Kong increased by 11.3% to 11,839.76 billion CNY, suggesting a rise in trade activity despite the drop in deposits [2]. Group 3: Foreign Participation in Domestic Markets - As of the end of April, the number of foreign institutions participating in the domestic interbank foreign exchange market remained stable at 231, with no changes in the number of foreign clearing banks and participating banks [6]. - The total transaction volume of foreign institutions in the domestic interbank foreign exchange market was 33,233.29 billion CNY, a decrease of 18.5% compared to the previous month [7].