2025年12月境外人民币市场综述

Core Insights - The offshore (CNH) and onshore (CNY) RMB exchange rates appreciated in December, with the CNH/USD rate closing at 6.9755, up 1.37% from the previous month, and the CNY/USD rate at 6.9890, up 1.29% [3][4] - The average daily price difference between CNY and CNH increased to 59 basis points (BP), up 11 BP from the previous month [3] - The CFETS RMB exchange rate index and indices referencing the BIS and SDR currency baskets decreased by 0.29%, 0.05%, and 0.01% respectively [3] Offshore RMB Foreign Exchange Market - In December, the offshore RMB bond issuance amounted to 101 bonds, a decrease of 22 bonds from the previous month, but the issuance value increased by 41.6% to 303.82 billion RMB [5] - The CNH HIBOR rates for overnight, 7-day, 3-month, and 1-year periods rose by 89 BP, 32 BP, 2 BP, and fell by 3 BP respectively [6] Offshore RMB Bond Market - The total issuance in the offshore RMB bond market reached 303.82 billion RMB in December, reflecting a significant increase despite a reduction in the number of bonds issued [5] Offshore RMB Money Market - The CNH HIBOR rates at the end of December were 1.9273% for overnight, 1.9000% for 7-day, 1.8152% for 3-month, and 1.9229% for 1-year, with varying changes from the previous month [6] - The average interest rate spread between offshore and onshore borrowing rates showed mixed trends across different maturities [6] Dynamics of Foreign Institutions in Domestic Interbank Market - By the end of December, the number of foreign institutions participating in the domestic interbank foreign exchange market reached 244, an increase of 2 from the previous month [7] - The total number of foreign institutions and their products in the domestic currency market rose to 5837, with various categories of institutions showing slight increases [7] Trading Volume in Domestic Interbank Market - The total trading volume for foreign institutions in the domestic interbank foreign exchange market was 23,478.51 billion RMB, a decrease of 7.1% month-on-month [8] - The trading volume in the domestic interbank bond market for foreign institutions was 10,745.37 billion RMB, showing a slight increase of 0.1% [8]