财政部持续十七年在香港发债有何深远影响

Core Viewpoint - The Ministry of Finance will issue the sixth tranche of RMB government bonds in Hong Kong on December 10, with a scale of 7 billion yuan, completing the plan to issue 68 billion yuan in RMB bonds in Hong Kong for the year. This marks the 17th consecutive year since 2009 that the Ministry has regularly issued sovereign bonds abroad [1][2]. Group 1 - The continuous issuance of RMB government bonds in Hong Kong enhances the offshore RMB yield curve, providing a pricing "cornerstone" for the market. The bonds, backed by national sovereign credit, are considered high-quality assets and stable investment tools. The issuance has diversified in terms of maturity, ranging from 2 years to 30 years, allowing for accurate reflection of offshore market supply and demand, thus serving as a core "benchmark anchor" for pricing other offshore RMB bonds [3][5]. - The issuance of high-credit government bonds supports the global reserve and allocation value of RMB assets, effectively promoting the internationalization of the RMB. The bonds issued in Hong Kong efficiently reach international investors, meeting their demand for RMB asset allocation. For instance, the average subscription multiple for the first five issuances this year was 3.27 times, with a peak of 3.96 times, indicating strong market interest and confidence in RMB assets [4][5]. - The regular issuance of RMB government bonds strengthens Hong Kong's status as an international financial center and supports the development of the real economy. This issuance promotes the improvement of the infrastructure for bond issuance, trading, settlement, and custody in Hong Kong, enhancing its international competitiveness. Additionally, funds raised from these bonds can support major national projects, contributing to the construction of the Guangdong-Hong Kong-Macao Greater Bay Area [5].