2025年7月境外人民币市场综述

Core Insights - The offshore (CNH) and onshore (CNY) RMB exchange rates depreciated in July, with the average daily price difference decreasing by 4 basis points from the previous month [3][4] - The CFETS RMB exchange rate index and indices based on BIS and SDR currency baskets increased compared to the end of the previous month [3] - The issuance of offshore RMB bonds decreased compared to the previous month [5] Group 1: Offshore RMB Deposits in Hong Kong and Taiwan - As of June 2025, offshore RMB deposits in Hong Kong decreased by 9.6% to 8820.61 billion, while Taiwan's deposits increased by 1.6% to 1192.66 billion [2] - Cross-border trade settlement in Hong Kong rose by 8.9% to 12235.18 billion [2] Group 2: Offshore RMB Foreign Exchange Market - On July 31, the CNH/USD exchange rate was 7.2096, down 0.72%, and the CNY/USD exchange rate was 7.1930, down 0.38% [3] - The CFETS RMB exchange rate index rose by 1.48% to 96.76, the BIS index rose by 1.85% to 102.57, and the SDR index rose by 1.49% to 91.49 [3] Group 3: Offshore RMB Derivatives Market - The 1-year CNH swap points were at -1756 basis points, down 9 basis points, while CNY 1-year swap points were at -1815 basis points, up 51 basis points [4] - The average daily swap point spread between CNH and CNY decreased by 121 basis points to 64 basis points [4] - The Hong Kong Exchange's USD/CNH futures volume decreased by 11.8% to 2.2285 million contracts, while the options volume increased by 583.3% to 82 contracts [4] Group 4: Offshore RMB Bond Market - In July, 110 offshore RMB bonds were issued, an increase of 10 from the previous month, but the issuance amount decreased by 24.4% to 589.77 billion [5] Group 5: Offshore RMB Money Market - By the end of July, CNH HIBOR rates for overnight, 7-day, 3-month, and 1-year terms decreased by 87, 56, 18, and 17 basis points respectively [6] - The average interest rate spread between offshore and onshore borrowing rates decreased for overnight and 7-day terms, while it increased for the 3-month term [6] Group 6: Foreign Institutions in Domestic Interbank Market - As of the end of July, the number of foreign institutions participating in the domestic interbank foreign exchange market increased to 233 [7] - The total number of foreign institutions and their products in the domestic currency market decreased to 5739 [7] Group 7: Foreign Institutions' Transaction Volume - In July, foreign institutions' total transaction volume in the domestic interbank foreign exchange market was 40117.62 billion, an increase of 16.0% [8] - The transaction volume in the domestic interbank bond market increased by 9.8% to 14687.13 billion [8]