大消息！国务院批准，财政部将在香港发行美元主权债券！

Core Viewpoint - The Ministry of Finance will issue US dollar sovereign bonds in Hong Kong with a scale not exceeding 4 billion USD during the week of November 3, 2025, following the approval from the State Council [1] Group 1: Recent Issuance and Market Response - On November 13, 2024, the Ministry of Finance successfully issued 2 billion USD in sovereign bonds in Riyadh, marking China's first issuance in the Middle East market [1] - The issuance included 1.25 billion USD in 3-year bonds at a rate of 4.284% and 750 million USD in 5-year bonds at a rate of 4.34% [1] - The total subscription amount reached 39.73 billion USD, 19.9 times the issuance amount, with the 5-year bonds having a subscription multiple of 27.1, setting a record for global sovereign bond issuance [1] Group 2: Historical Context and Investor Participation - Over the past decade, China's sovereign US dollar bonds have primarily been issued in the offshore market in Hong Kong [2] - On October 19, 2021, the Ministry issued 4 billion USD in sovereign bonds, marking the fifth consecutive year of issuance since the resumption in 2017 [2] - The issuance included 1 billion USD in 3-year bonds at a yield of 0.772%, 1.5 billion USD in 5-year bonds at 1.275%, 1 billion USD in 10-year bonds at 1.86%, and 500 million USD in 30-year bonds at 2.605% [2] - The subscription multiple exceeded 6 times, with active participation from international organizations, central banks, and various institutional investors, indicating a well-distributed investor base [2] Group 3: Strategic Importance - The successful issuance of US dollar sovereign bonds is seen as a significant measure to better utilize both domestic and international markets and resources, enhancing China's openness at a higher level [2] - It further improves the yield curve of US dollar sovereign bonds and reflects international investors' confidence in China's economic and social development [2]