债市吸引力显著提升！邹澜发声：将加快落地人民币国债期货在港上市

Core Viewpoint - The Chinese bond market has experienced healthy and rapid development, significantly enhancing its international influence and attractiveness, while playing a crucial role in serving the real economy and optimizing financing structures [1][2]. Group 1: Market Development and Performance - The People's Bank of China (PBOC) emphasizes the substantial potential for further opening of the bond market, with ongoing support for the construction of Hong Kong as an international financial center [2][3]. - The net financing scale of bonds has increased from approximately 30% of total social financing five years ago to over 40% currently, indicating a more active bond trading environment [3]. - As of August 2025, the total balance of the Chinese bond market reached 192 trillion RMB, ranking second globally, with bond issuance exceeding 59 trillion RMB in the first eight months of the year, a 14% year-on-year increase [3]. Group 2: Investment Value and Yield - Chinese bonds offer high nominal and real yields, ranking among the top globally, with a 70% return on investment over the past decade, regardless of foreign exchange hedging [4]. - The actual yield of RMB bonds remains relatively high, providing a solid avenue for value preservation and appreciation for global RMB holders [4]. - RMB bonds exhibit low correlation with G7 and other emerging market bonds, highlighting their diversification benefits [4]. Group 3: Foreign Investment and Market Access - Currently, foreign investors hold only 2% of the bond market, indicating significant room for growth compared to developed and some emerging markets [5]. - As of August 2025, nearly 1,170 foreign institutional investors have entered the Chinese bond market, with total holdings around 3.9 trillion RMB, a nearly fourfold increase since the Bond Connect was launched [6]. - The trading volume of bonds by foreign institutional investors reached approximately 11.8 trillion RMB in the first eight months of the year, with the Northbound Bond Connect accounting for about 7.2 trillion RMB [6]. Group 4: Future Initiatives and Market Integration - The PBOC plans to enhance cross-border investment and financing convenience, focusing on four key initiatives to support the offshore RMB market and improve market openness [8][9]. - These initiatives include supporting foreign investors in bond repurchase transactions, expanding the "Swap Connect" trading limits, and increasing the availability of high-quality offshore RMB assets in Hong Kong [8][9].