2025年11月境外人民币市场综述

Core Insights - In November, both offshore (CNH) and onshore (CNY) RMB appreciated against the USD, with the average daily price difference (absolute value of CNY-CNH) decreasing by 4 basis points to 48 basis points [1][3] - The CFETS RMB exchange rate index and the indices referencing the BIS and SDR currency baskets increased by 0.32%, 0.58%, and 0.22% respectively compared to the end of the previous month [1][3] - The issuance of offshore RMB bonds increased significantly, with 123 bonds issued totaling 2146.27 billion RMB, a rise of 192.28% from the previous month [5] Offshore RMB Foreign Exchange Market - As of November 28, the CNH/USD exchange rate closed at 7.0713, appreciating by 0.72% from the end of the previous month, while the CNY/USD exchange rate closed at 7.0794, appreciating by 0.48% [3] - The average daily price difference between CNY and CNH was recorded at 48 basis points, a decrease of 4 basis points from the previous month [3] Offshore RMB Bond Market - The offshore RMB bond market saw an increase in issuance, with 123 bonds issued in November, up by 46 from the previous month, and the total issuance amount reaching 2146.27 billion RMB [5] Offshore RMB Money Market - By the end of November, the CNH HIBOR rates for overnight, 7-day, 3-month, and 1-year periods were 1.0415%, 1.5806%, 1.7921%, and 1.9554% respectively, with the overnight rate decreasing by 20 basis points [6] - The average interest rate differentials between offshore and onshore borrowing rates showed mixed trends, with some periods experiencing slight decreases and others increases [6] Offshore RMB Derivatives Market - The 1-year CNH swap points were recorded at -1351 basis points, an increase of 98 basis points from the previous month, while the CNY 1-year swap points decreased by 9 basis points to -1296 basis points [4] - The trading volume for USD/CNH futures contracts on the Hong Kong Stock Exchange increased by 9.3% to 1.899 million contracts, while the trading volume for options contracts decreased significantly by 82.6% [4] Dynamics of Foreign Institutions in Domestic Interbank Market - As of the end of November, the total number of foreign institutions participating in the domestic interbank foreign exchange market reached 242, an increase of 3 from the previous month [7] - The total transaction volume of foreign institutions in the domestic interbank foreign exchange market was 25277.30 billion RMB, reflecting a decrease of 8.9% [8]