中国债券市场继续吸引专业投资者

Group 1 - The core viewpoint of the articles highlights the increasing attractiveness of the Chinese bond market for international investors, driven by a combination of factors including policy support and the growing importance of the renminbi in the global monetary system [1][4][5] - The average daily trading volume of the Bond Connect Northbound channel reached a record high of 45.9 billion yuan in the first half of 2025, reflecting a 3% year-on-year increase, indicating sustained growth in trading activity [1] - As of the end of June 2025, the custody balance of foreign institutions in the Chinese bond market was 4.3 trillion yuan, accounting for only 2.3% of the total custody balance, suggesting significant room for growth in foreign investment [2][4] Group 2 - The inclusion of Chinese bonds in major global bond indices has been a key turning point, with foreign holdings increasing from approximately 200 billion USD in March 2018 to a peak of 600 billion USD in 2022, although the current foreign allocation remains relatively low [2][3] - The trend of global investors diversifying away from USD assets has accelerated, with central banks and long-term funds increasingly looking for non-USD safe havens, positioning the Chinese bond market as an attractive option [3][4] - The Chinese bond market, valued at 25 trillion USD, is the second largest globally, and its growth over the past decade aligns closely with the expansion of the Chinese economy, indicating its significant market value for international investors [5]