2025年5月境外人民币市场综述

Core Insights - The offshore (CNH) and onshore (CNY) RMB appreciated against the USD in May, with the average daily price difference (absolute value of CNY-CNH) decreasing by 108 basis points to 62 basis points [1][3] - The CFETS RMB exchange rate index and the indices referencing the BIS and SDR currency baskets showed mixed results, with the former two declining and the latter increasing [1][3] - The issuance of offshore RMB bonds decreased, with 88 bonds issued amounting to 34.682 billion, a 3.8% decrease from the previous month [5] Offshore RMB Deposits in Hong Kong and Taiwan - As of April 2025, offshore RMB deposits in Hong Kong increased by 7.4% to 1,030.895 billion, while Taiwan's deposits rose by 1.6% to 112.725 billion [2] Offshore RMB Foreign Exchange Market - On May 30, the CNH/USD exchange rate closed at 7.2065, appreciating by 0.87%, while the CNY/USD rate closed at 7.1953, appreciating by 0.94% [3] - The CFETS RMB exchange rate index stood at 95.96, down 0.25%, with the BIS index at 101.58, down 0.50%, and the SDR index at 90.93, up 0.54% [3] Offshore RMB Derivatives Market - The 1-year CNH swap points settled at -1846 basis points, down 163 basis points, while the CNY 1-year swap points were at -2060 basis points, down 107 basis points [4] - The trading volume for USD/CNH futures on the Hong Kong Stock Exchange reached 2.4909 million contracts, a 13.0% increase, while the open interest decreased by 21.0% to 31,000 contracts [4] Offshore RMB Bond Market - The offshore RMB bond market saw a total of 88 bonds issued in May, a decrease of 7 from the previous month, with a total issuance amount of 34.682 billion [5] Offshore RMB Money Market - As of the end of May, the CNH HIBOR rates for overnight, 7-day, 3-month, and 1-year were 2.0442%, 1.7946%, 1.7697%, and 1.9403%, reflecting mixed changes [6] - The average interest rate differentials between offshore and onshore borrowing rates increased for overnight and 7-day terms, while decreasing for 3-month and 1-year terms [6] Dynamics of Foreign Institutions in Domestic Interbank Market - By the end of May, the number of foreign institutions participating in the domestic interbank foreign exchange market reached 232, an increase of 1 from the previous month [7] - The total number of foreign institutions and their products in the domestic interbank currency market rose to 5723, with various categories showing slight increases [7] Trading Volume in Domestic Interbank Market - In May, the total trading volume of foreign institutions in the domestic interbank foreign exchange market was 27,551.68 billion, a decrease of 17.1% [8] - The trading volume in the domestic interbank money market increased by 18.1% to 8,680.54 billion [8]