事关债券市场、汇率市场 人民银行回应市场热点话题

Core Viewpoint - The People's Bank of China (PBOC) emphasizes that China does not seek to gain international competitive advantages through currency devaluation, maintaining a stable and reasonable level for the RMB exchange rate [1][3]. Exchange Rate and Economic Context - The RMB has been appreciating against the USD, with the dollar index dropping from above 109 to around 97, a decline of 11% [2]. - The 10-year US Treasury yield peaked at over 4.8% but has recently retreated to about 4.4% [2]. - China's economic fundamentals remain strong, with a GDP growth of 5.4% year-on-year in Q1, and the market is expected to stabilize with a balanced international payment situation [3]. Bond Market and Investment Policies - The PBOC acknowledges that some small and medium-sized banks are adopting aggressive bond investment strategies, which can be reasonable within regulatory limits [4]. - Bond investments constitute a significant part of banks' assets, with loans and bonds making up 60% and 25% of total assets, respectively [4]. - In the first half of 2025, the bond market issued 44.3 trillion yuan, a 16% increase year-on-year, with net financing of 8.8 trillion yuan, accounting for 38.6% of the social financing increment [5]. Risk Management and Regulatory Oversight - The PBOC stresses the need for small and medium-sized banks to maintain a reasonable balance in bond investments, considering both returns and risks [5]. - The central bank will enhance market monitoring and share information on high-risk institutions with regulatory bodies to mitigate financial market risks [5].