近日，亚洲基础设施投资银行（以下简称"亚投行"）在我国银行间债券市场首次发行2年期熊猫债，募 集20亿元人民币。此次熊猫债发行有"两个创纪录"——发行认购倍数创亚投行熊猫债发行纪录，并吸引 了超30家机构参与，创下亚投行熊猫债发行参与机构数量纪录。另外，从投资者分布来看，境外投资者 占比近六成，包括多家曾参与认购亚投行美元债的境外央行及其他官方机构。这折射出境内相对较低的 融资成本与不断优化的制度环境。 （文章来源：经济日报） 熊猫债的扩大发行，也有力推动了人民币的国际化进程。熊猫债体量增加有利于构建起离岸人民币资金 池，同时，跨境使用人民币也将有利于更多境外机构投资者参与中国债券市场，进一步畅通人民币的回 流渠道，建立起人民币国际化使用的闭环，提升人民币的流动性。从中长期看，熊猫债市场不断提质扩 容，对人民币的广泛应用将起到提振作用。而且，熊猫债市场发展会进一步促进人民币境内外流通配套 设施的建设和完善，为人民币国际化打下更坚实的基础。 如今，熊猫债正成为境外机构重要的人民币融资渠道。亚投行、新开发银行等国际开发机构，匈牙利、 埃及等外国政府，以及奔驰、宝马等跨国公司纷纷进入熊猫债市场。熊猫债发行主体区域覆 ...

中国银行间市场交易商协会（以下简称"交易商协会"）7月28日发布消息称，日前，摩根士丹利在中国 银行间市场成功发行20亿元定向债务融资工具，发行期限5年，发行利率1.98%，是首单由总部位于美 国的公司发行的熊猫债。此次发行吸引了多元投资者踊跃认购，为银行间市场投资者提供了优质配置资 产，有助于扩大债券市场高水平开放。 近年来，熊猫债市场持续扩容提质，为境内外投资者提供了优质的人民币资产，吸引力不断提升。 Wind数据显示，截至7月28日，熊猫债已累计发行超600只，发行机构超90家，历史累计发行量已突破1 万亿元。 "熊猫债累计发行破万亿元，以熊猫债为代表的人民币国际融资规模已位居全球第二，显示出全球资本 对人民币资产的高度认可。"中信证券首席经济学家明明对《证券日报》记者表示，熊猫债持续发展有 助于进一步推动人民币国际化进程，扩大人民币在国际融资、储备与支付中的使用场景。 政策持续优化 市场加速扩容 记者注意到，从发行端来看，7月份以来，已有匈牙利、宝马中国资本有限责任公司、中国电力国际发 展有限公司、亚洲基础设施投资银行（以下简称"亚投行"）等多个主体发行了熊猫债。 以亚投行为例，其在7月10日首次发行 ...

Core Insights - The issuance of Panda bonds by international entities like Morgan Stanley and the Hungarian government highlights the growing appeal of these bonds as a safe asset for foreign investors due to the relatively independent monetary policy of China [1][5]. Group 1: Panda Bond Market Overview - Panda bonds are RMB-denominated bonds issued by foreign entities in China, serving as a significant channel for RMB financing [2]. - The number of Panda bond issuers has steadily increased, covering international development institutions, foreign governments, overseas financial institutions, and non-financial enterprises [2]. - In 2023, the issuance scale of Panda bonds in the interbank market reached 1,112 billion RMB, with foreign government institutions and multinational enterprises accounting for 50% of the issuance, a 27 percentage point increase from 2024 [2]. Group 2: Recent Developments and Trends - The Panda bond market has entered a phase of rapid expansion since 2023, with issuance volumes of 1,544.5 billion RMB in 2023 and a projected 1,948.0 billion RMB in 2024, driven by yield differentials, regulatory policies, and RMB internationalization [3][4]. - The low interest rate environment in China has made Panda bonds attractive, with the yield on 10-year Chinese government bonds dropping below 1.6%, while U.S. and Eurozone yields have risen significantly [4]. Group 3: Regulatory Environment and Market Participation - Recent regulatory measures have facilitated Panda bond issuance, including optimized registration processes and improved fund management guidelines [5]. - The market has not experienced any significant default events, indicating manageable credit risk, and the low correlation of RMB bond yields with global yields enhances their appeal as a safe asset for foreign investors [5][6]. Group 4: International Participation and Future Outlook - The participation of international institutions in the Panda bond market is increasing, with notable issuers including Hungary, South Korea, and Canada, contributing to a cumulative issuance of 354.6 billion RMB [6]. - The People's Bank of China aims to promote the Panda bond market's development in line with market-oriented, legal, and international principles, supporting high-level financial openness [7].

Core Viewpoint - The issuance of offshore sustainable dim sum bonds by Mengniu Dairy has reignited market interest in the offshore RMB bond market, highlighting its significance in expanding financing channels for domestic and foreign enterprises and enhancing the international status of the RMB [1][3]. Dim Sum Bond Market Overview - As of July 28, over 700 dim sum bonds have been issued this year, with a total issuance scale exceeding 500 billion RMB, although both the number and scale have decreased compared to the same period last year [1][2]. - The dim sum bond market has seen a significant increase in issuance volume and scale since 2022, with 2023 projected to reach 1,468 bonds and a scale of 925.11 billion RMB, and 2024 expected to further increase to 2,062 bonds and 1,205.52 billion RMB [5]. Factors Driving Growth - The rapid expansion of the dim sum bond market is attributed to several factors, including the rising costs of issuing US dollar bonds due to the Federal Reserve's interest rate hikes, leading domestic issuers to shift towards dim sum bonds for financing [7]. - The tightening of domestic city investment bond approvals has also created new financing channels through dim sum bonds, while the declining risk-free interest rates in China have made dim sum bonds more attractive compared to US dollar bonds [7][9]. Impact on RMB Internationalization - Dim sum bonds not only provide diversified financing options for domestic and Hong Kong enterprises but also significantly enhance the international status and influence of the RMB [9][10]. - The main issuers of dim sum bonds include city investment companies and financial institutions, with a notable increase in issuance from city investment companies in recent years [9]. Investment Demand and Market Dynamics - There is a growing demand from domestic investors for high-yield assets, alongside increased international interest in RMB-denominated assets, making offshore RMB bonds appealing to both domestic and foreign investors [12][13]. - The potential for further expansion in the dim sum bond market is supported by the expectation of a weakening US dollar and the continued attractiveness of RMB assets, which may lead to lower financing costs in the offshore market [13].

发行规模超5000亿元 近日，港股上市公司蒙牛乳业发布公告称，公司成功发行了20亿元5年期及15亿元10年期高级无抵押境外可持续发展离岸人民币债券。此次发行标志着蒙牛乳业时 隔5年后再次成功发行境外高级债券，也是公司更新境外可持续融资框架后的首笔可持续债券发行。 据了解，本次发行属于境外点心（离岸人民币）债券市场的高质量稀缺供应。公司此次发行吸引了最高值399亿元的认购，认购倍数超11倍。 随着蒙牛乳业成功发行首笔境外可持续点心债，这一离岸人民币债券市场再次引发市场关注。 证券时报记者根据Wind数据统计，今年以来，截至7月28日，点心债市场合计发行了超700只点心债，发行规模超5000亿元。与去年同期相比，发行数量和发行规模 均有所下降，但整体维持在高位水平。 业内人士指出，作为中资境外债中一个重要组成部分，点心债不仅拓宽了境内外企业的融资渠道，为投资者丰富了投资渠道和投资产品类别，而且增加了人民币在 境外的流通和使用，提升了人民币的国际地位和影响力。 点心债，又称"离岸人民币债券"，是指中国境外发行的，以人民币计价，定期获得利息、到期归还本金及利息皆以人民币支付的债券。 近年来，在我国无风险利率持续走低的 ...

Core Viewpoint - The report from Renmin University indicates that the Renminbi Internationalization Index (RII) is on an upward trend, reflecting a gradual adjustment in the international monetary landscape driven by the internationalization of the Renminbi [1][3]. Summary by Relevant Sections Renminbi Internationalization Index (RII) - The RII values for the end of each quarter in 2024 are projected to be 4.84, 7.40, 6.30, and 5.68, with an annual average of 6.06, representing an approximate 11% increase from the 2023 average of 5.46 [1]. - The upward trend in RII indicates a significant increase in the Renminbi's role in trade settlement, financial transactions, and official reserves [1][2]. Key Drivers of Growth - The primary drivers for the growth of RII in 2024 are direct investment transactions and cross-border trade settlements, contributing 83.48% and 27.25% respectively [1]. - The highest growth rates in global shares for Renminbi loans and direct investments are 46.65% and 16.82%, marking them as highlights for the year [2]. Geopolitical Economic Risks - The report emphasizes that global geopolitical economic risks are expected to deepen, stemming from internal contradictions within the global economic and financial structure [3]. - The negative spillover effects of these risks impact China's real economy and financial markets, as well as the international trade and investment system [3]. Global Payment System Dynamics - The report notes a trend towards diversification in the global payment system and official reserve currencies, which correlates with the rise in the geopolitical risk index and the RII [4].

Core Viewpoint - The issuance of panda bonds by Morgan Stanley and the Hungarian government marks a significant development in the Chinese interbank market, enhancing the diversity of issuers and promoting the high-quality development of the panda bond market [1][2]. Group 1: Panda Bond Issuance - Morgan Stanley issued its first panda bond, totaling 2 billion RMB with a 5-year term and a coupon rate of 1.98%, attracting strong interest from domestic investors [1]. - Hungary issued 4 billion RMB in panda bonds, consisting of a 3-year bond at a 2.5% rate and a 5-year bond at a 2.9% rate, setting records for the largest single issuance by a foreign government and the first 5-year foreign government panda bond [1]. - The total issuance of panda bonds by Hungary has reached 11 billion RMB across six issuances, making it the largest foreign government issuer in terms of both issuance and outstanding amounts [1]. Group 2: Market Trends and Growth - The panda bond market has seen a steady increase in the number of issuers, now including international development institutions, foreign governments, foreign financial institutions, and non-financial enterprises [2]. - In 2023, the issuance scale of panda bonds in the Chinese interbank market reached 111.2 billion RMB, with foreign government institutions, international development agencies, and multinational corporations accounting for 50% of the total issuance, a 27 percentage point increase from the previous year [2]. - Since its launch in 2005, the panda bond market has entered a phase of institutionalization and normalization, particularly accelerating since 2015 to promote the use of the RMB in cross-border transactions [3].

Core Viewpoint - The report emphasizes the need for China to promote a diversified, equitable, and stable international monetary system in response to rising uncertainties in the current international monetary framework, highlighting the dual trends of fragmentation and diversification [1] Group 1: International Monetary System - The current international monetary system is experiencing increased uncertainty, with the U.S. dollar's dominance unlikely to collapse in the short term, but future developments may lead to a more fragmented and diversified system [1] - China should push for the diversification of reserve currencies to enhance the safety of foreign exchange reserves and cautiously advance the internationalization of the Renminbi [1] Group 2: U.S. Treasury Bonds - In March 2025, China reduced its holdings of U.S. Treasury bonds by $18.9 billion, bringing its total holdings down to $765.4 billion, thus falling from the second-largest to the third-largest holder [2] - The report suggests optimizing the strategy for holding U.S. Treasury bonds by flexibly adjusting the duration and constructing a diversified reserve system to enhance economic and financial resilience [2] Group 3: Renminbi Internationalization - The report identifies the internationalization of the Renminbi as a crucial direction, focusing on countries along the Belt and Road Initiative and RCEP regions [2] - It recommends increasing the use of the Renminbi in trade settlements and investment activities in neighboring countries to enhance its acceptance and influence [2] Group 4: Stablecoins - The global stablecoin market is experiencing significant growth, particularly with U.S. dollar-pegged stablecoins extending their influence into traditional finance [3] - The report advocates for China to recognize and respond to this trend by exploring stablecoin applications through regulatory sandboxes and enhancing research in this area [3] Group 5: Regional Financial Cooperation - The report calls for the establishment of a regional financial safety net and strengthening financial cooperation with neighboring partners such as ASEAN and the Shanghai Cooperation Organization [3] - It emphasizes the need for a robust internal financial risk prevention system, including macro-prudential management frameworks and monitoring of cross-border capital flows [3]

Core Viewpoint - The recent depreciation of the RMB by 48 basis points is not a negative signal but rather a potential step towards the internationalization of the currency, indicating a shift in China's economic strategy [3][10]. Group 1: Understanding the Depreciation - The central bank set the RMB's midpoint at 7.1467, a depreciation of 48 basis points from the previous day, which translates to an increase in the cost of exchanging USD for RMB [4][5]. - Compared to historical fluctuations, the current depreciation is relatively minor, with the market showing calm reactions, indicating that this is an "active adjustment" rather than a panic-driven depreciation [5][6]. Group 2: Economic Context - The RMB's exchange rate is influenced by the ongoing economic tensions between the US and China, with recent US tariffs and investment restrictions failing to destabilize the RMB as they have in the past [6][7]. - China's economic fundamentals, such as a GDP growth rate of 5.2% last year and a foreign exchange reserve of 3.2 trillion USD, provide a strong backing for the RMB, allowing it to withstand external pressures [6][7]. Group 3: Structural Changes - The People's Bank of China (PBOC) is shifting towards a "low-interest currency" strategy, with recent interest rate cuts aimed at enhancing competitiveness and facilitating the RMB's role in international trade [7][8]. - This strategy is intended to support the RMB's internationalization, allowing for greater flexibility in exchange rates while promoting economic vitality [8][10]. Group 4: Impact on Individuals - For individuals not engaged in foreign transactions, the depreciation has minimal impact, while those who frequently travel or purchase imported goods may see slight increases in costs [8][9]. - The depreciation does not necessitate immediate currency exchange actions, as the potential risks associated with currency fluctuations may outweigh the benefits of holding USD [9]. Group 5: Future Outlook - In the short term, the RMB is expected to stabilize around 7.2, with the central bank likely to intervene to prevent disorderly declines [11]. - The long-term perspective suggests that the RMB will continue to evolve towards becoming a "hard currency," reflecting China's economic strength and manufacturing capabilities [11].

Core Insights - The forum highlighted the role of stablecoins in promoting digital finance in Hong Kong and the internationalization of the Renminbi [1][2][8] - Experts discussed the dual nature of stablecoins, emphasizing their potential for financial innovation while also acknowledging systemic risks [3][6] Group 1: Stablecoins and Financial Innovation - Stablecoins are emerging as a significant force in the global financial system, impacting cross-border payments and the internationalization of the Renminbi [2][8] - The forum emphasized that Hong Kong should leverage stablecoins to connect China with the global market, potentially easing restrictions on cross-border capital flows [3][4] Group 2: Hong Kong's Role - Hong Kong is positioned as a key player in exploring advanced digital financial infrastructure, benefiting from a favorable regulatory environment and a history of financial innovation [4][7] - The introduction of the "Stablecoin Regulation" in Hong Kong marks a significant step in establishing a clear compliance framework for the stablecoin market [7][8] Group 3: Technological Evolution - The evolution of financial infrastructure has undergone three major revolutions, with distributed ledger technology (DLT) being a pivotal development that enhances transaction efficiency [5][6] - The emergence of stablecoins signifies a trend towards "digital twins," allowing real-world assets to circulate on blockchain platforms [5][6] Group 4: Risks and Regulatory Considerations - The need for stringent regulatory measures regarding anti-money laundering for stablecoins was emphasized by industry leaders [1][6] - The balance between efficiency and security, as well as the importance of international regulatory cooperation, is crucial for the successful implementation of stablecoins [8]