央行副行长最新发声：将加快落地人民币国债期货在港上市

Core Viewpoint - The attractiveness of the Chinese bond market has significantly increased, with the People's Bank of China emphasizing its rapid development and international influence [1][3]. Group 1: Market Development and Growth - The Chinese bond market's net financing scale has risen from approximately 30% to over 40% of total social financing in the past five years [3]. - The bond issuance scale exceeded 59 trillion RMB in the first eight months of this year, marking a 14% year-on-year increase [3]. - As of August 2025, the total balance of the Chinese bond market reached 192 trillion RMB, ranking second globally [3]. Group 2: Investment Value and Returns - Chinese bonds have shown high nominal and real yields, ranking among the top globally [4]. - Over the past decade, holding a portfolio of Chinese bonds from the Bloomberg Barclays Global Aggregate Index yielded approximately 70% returns [4]. - The actual yield of RMB bonds remains relatively high, providing a good value preservation and appreciation avenue for global RMB holders [4]. Group 3: Risk and Liquidity - RMB bonds exhibit high diversification value, with low correlation to yields from G7 and other emerging market bonds [5]. - The trading activity of RMB bonds is robust, with an average turnover rate of nearly four times for government and policy financial bonds [5]. - The bid-ask spread for the most active interest rate bonds is around 0.02 basis points, comparable to developed markets [5]. Group 4: Foreign Investment and Market Access - Currently, foreign investors hold only 2% of the bond market, indicating significant potential for further opening [6]. - 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 [8]. - In the first eight months of this year, the transaction volume of foreign institutional investors reached approximately 11.8 trillion RMB [8]. Group 5: Future Initiatives and Support - The People's Bank of China plans to support various foreign institutional investors in conducting bond repurchase transactions in the Chinese bond market [12]. - The daily trading net limit for the "Swap Connect" will be increased from 20 billion to 45 billion RMB to facilitate interest rate risk management [12]. - The central bank aims to accelerate the listing of RMB government bond futures in Hong Kong [13].