人民币国际化进程加速！多地赴港澳发行离岸地方政府债

Core Viewpoint - The recent issuance of offshore RMB local government bonds in multiple regions is expected to enhance the internationalization of the RMB, providing more asset allocation options for international investors and promoting the circulation and use of RMB in international financial markets [1][4]. Group 1: Offshore RMB Bond Issuance - Hainan Province plans to issue up to 5 billion RMB in offshore local government bonds in Hong Kong by September 2025, with maturities of 3, 5, and 10 years, including sustainable development, blue, and aerospace-themed bonds [3]. - Shenzhen City also announced plans to issue a total of 5 billion RMB in offshore local government bonds in Macau and Hong Kong, with initial maturities set for 2, 3, 5, and 10 years [3]. - Guangdong Province successfully issued 2 billion RMB in offshore local government bonds in Macau, marking the fifth consecutive year of such issuances, with funds allocated for blue projects, regional cooperation, and green projects [4][5]. Group 2: RMB Exchange Rate Trends - The RMB has shown strong appreciation momentum, with the onshore and offshore RMB against the USD remaining above 7.15, reaching a peak of around 7.12 [6]. - As of September 4, the RMB's central parity against the USD was reported at 7.1052, an increase of 56 basis points, with onshore and offshore rates showing slight daily appreciation [6]. - The recent appreciation of the RMB is attributed to factors such as expectations of a Federal Reserve rate cut and increased foreign capital inflow into the domestic stock market [6][7]. Group 3: Future Outlook for RMB - Analysts expect the RMB exchange rate to remain strong and gradually return to a "three-price unification" as year-end approaches, with continued demand for currency exchange supporting the RMB's strength [8]. - The current domestic fundamentals are seen as providing a stabilizing effect on the exchange rate, although the bond market may face outflow pressures [8].