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人民银行江会芬:境外机构在关税事件后普遍看好人民币资产
Xin Hua Cai Jing· 2025-07-08 12:53
Group 1 - The total amount of Chinese bonds held by foreign institutions has increased by nearly 200 billion RMB since the beginning of the year, indicating a positive outlook on RMB assets following tariff events [1] - As of the end of May, foreign institutions held a total of 4.4 trillion RMB in Chinese bonds, which is nearly four times the amount before the Bond Connect was launched [1] - The Northbound trading volume has exceeded 5.5 trillion RMB this year, with over 1.2 million transactions in the swap market [1] Group 2 - The People's Bank of China announced three new measures to optimize the Bond Connect, including improving the Southbound trading mechanism, optimizing offshore repurchase business arrangements, and enhancing the swap market mechanism [1] - The central bank is actively researching further measures to promote the opening of the bond market, including enhancing connectivity between domestic and foreign financial markets and establishing a one-stop account opening platform for foreign investors [2] - Efforts are being made to enrich the offshore RMB financial market product system to improve market liquidity and promote a virtuous cycle between onshore and offshore RMB markets [2]
瑞达期货国债期货日报-20250708
Rui Da Qi Huo· 2025-07-08 08:50
Report Summary 1. Report Industry Investment Rating The report does not mention the industry investment rating. 2. Core View of the Report The current fundamentals continue the weak recovery trend. After the cross - quarter, the easing of capital pressure kicks off the seasonal easing window, and the overall environment is favorable for the bond market. However, with the central bank's reserve requirement ratio cut and interest rate cut expectations not dispelled, the downward space for yields is limited. The bond market is expected to fluctuate strongly, and it is recommended to buy on dips [2]. 3. Summary by Relevant Catalogs 3.1 Futures Disk - T, TF, TS, and TL main contract closing prices decreased by 0.08%, 0.08%, 0.03%, and 0.22% respectively, while trading volumes increased by 845, 490, 434, and 2498 respectively [2]. 3.2 Futures Spreads - Different contract spreads show various changes, such as the TL2512 - 2509 spread decreased by 0.02, and the T2512 - 2509 spread increased by 0.00 [2]. 3.3 Futures Positions - The positions of T, TF, TS, and TL main contracts and the long - short positions of the top 20 show different changes, with the net short positions of most contracts decreasing [2]. 3.4 Top Two CTD (Clean Prices) - The clean prices of multiple CTD bonds decreased, such as the 220010.IB (6y) decreased by 0.1041 [2]. 3.5 Active Treasury Bonds - Yields of 1 - 7y active treasury bonds increased by 0.15 - 0.90bp, while the 10y yield decreased by 0.10bp [2]. 3.6 Short - term Interest Rates - The silver - pledged overnight interest rate decreased by 7.49bp, and the silver - pledged 7 - day interest rate increased by 2.00bp [2]. 3.7 LPR Interest Rates - The 1y and 5y LPR interest rates remained unchanged [2]. 3.8 Open Market Operations - The issuance scale was 690 billion, the maturity scale was 1310 billion, and the interest rate was 1.4% for 7 days [2]. 3.9 Industry News - The central bank is actively researching and promoting other measures for the opening - up of the bond market; the Chinese Ministry of Finance is willing to deepen BRICS financial cooperation; the US will impose tariffs on 14 countries and extend the tariff negotiation suspension period to August 1st [2]. 3.10 Key Data to Focus On - On July 9th at 22:00, the US May wholesale sales month - on - month rate; on July 10th at 02:00, the Fed will release the minutes of the monetary policy meeting, and at 20:30, the US initial jobless claims for the week ending July 5th [3].
央行江会芬:正在积极研究推进债券市场对外开放的其他措施
news flash· 2025-07-08 05:57
央行江会芬:正在积极研究推进债券市场对外开放的其他措施 金十数据7月8日讯,中国人民银行金融市场司副司长江会芬在"债券通周年论坛2025"上表示,正在积极 研究推进债券市场对外开放的其他措施:一是深化拓展境内外金融市场联通合作,进一步推动人民币债 券成为全球高质量流动性资产。二是提升跨境投融资的便利化水平,推动建立面向境外投资者的一站式 开户平台,与财税部门共同推动明确面向境外投资者的后续免税安排。三是丰富离岸人民币金融市场的 产品体系,提升市场流动性,推动在岸与离岸人民币市场形成良性循环。 (上证报) 美元/离岸人民币 ...
央行江会芬:债券通“南向通”参与投资者将扩容至非银机构
Jing Ji Guan Cha Wang· 2025-07-08 04:06
Group 1 - The People's Bank of China announced three new measures to enhance financial market connectivity between the mainland and Hong Kong, supporting the development of the offshore RMB market [1][2] - The first measure involves improving the operation mechanism of the "Southbound Bond Connect," allowing more domestic investors to invest in the offshore bond market, with recent expansions to include non-bank institutions such as brokerages, funds, insurance, and wealth management [1] - The second measure optimizes the offshore repurchase business mechanism under the Bond Connect, broadening the range of tradable currencies and enhancing liquidity management for foreign investors [1][2] Group 2 - The third measure focuses on optimizing the swap connect mechanism to better meet investors' interest rate risk management needs, including expanding the range of products and adjusting daily trading limits [2] - The Bond Connect has seen significant growth, with cumulative transactions reaching 915.6 billion yuan and an average daily transaction volume of 48.2 billion yuan as of May, marking a 31-fold increase compared to the first month of operation [2] - Despite global market volatility due to U.S. tariff policies, the Chinese bond market remains stable, with foreign institutions increasing their holdings of Chinese bonds by nearly 200 billion yuan since the beginning of the year [3]
【财经分析】债券通八周年:超三十倍日均成交“搭配”工具升级 为多层次债券市场注入活力
Xin Hua Cai Jing· 2025-07-03 05:15
Core Insights - The "Bond Connect" program, particularly the "Northbound" channel, has significantly enhanced the accessibility of China's interbank bond market for foreign investors, marking its eighth anniversary on July 3, 2025 [1][2][3] Market Growth and Participation - The trading volume of the "Northbound" channel reached 915.6 billion RMB in May 2025, a 12.79-fold increase compared to May 2018, with an average daily trading volume of 48.2 billion RMB [3] - As of May 2025, there were 835 market participants in the "Northbound" channel, more than double the 315 participants in May 2018 [3] - The total scale of China's bond market has reached 183 trillion RMB, making it the second largest in the world [6][7] Structural Changes and Innovations - The "Northbound" channel has seen a diversification of participants, expanding from primarily asset management investors to include sovereign institutions and commercial banks [4] - Various innovations have been introduced, such as the "Swap Connect" and enhancements in risk management tools, which have improved the trading ecosystem for foreign investors [5][6] Internationalization of RMB Assets - The "Bond Connect" has become a crucial channel for foreign investors to allocate RMB assets, contributing to the internationalization of the RMB [3][4] - As of May 2025, foreign institutions held 4.35 trillion RMB in interbank market bonds, accounting for 2.6% of the total custodial volume [7] Future Outlook - There is an expectation for further product diversification within the "Northbound" channel, including bond forwards and total return swaps, which could enhance foreign participation in China's interest rate products [5][6] - The ongoing development of the "Southbound" channel is anticipated to bring additional liquidity to the Hong Kong bond market and deepen the connectivity between domestic and international bond markets [8]
申万宏源承销的首单“玉兰债”成功发行
Core Viewpoint - The successful issuance of the "Yulan Bond" by Shandong Yihe Holding Group, facilitated by Shenwan Hongyuan, marks a significant achievement in cross-border cooperation and innovation in the bond market, enhancing the company's role in international finance [1][2]. Group 1 - Shenwan Hongyuan acted as a joint global coordinator for the issuance of a 3-year senior unsecured US dollar bond worth $8.445 million, with a coupon rate of 5.99% [1]. - This issuance is the first "Yulan Bond" by a state-owned enterprise in Shandong Province, following the launch of the "Yulan Bond" initiative by the Shanghai Clearing House and the European Clearing Bank in December 2020 [1]. - The "Yulan Bond" is designed to facilitate cross-border issuance for Chinese issuers in the international market, providing registration, custody, and settlement services through interconnected financial infrastructures [1]. Group 2 - The successful issuance of the "Yulan Bond" demonstrates Shenwan Hongyuan's investment banking capabilities and its commitment to supporting the real economy while promoting the opening of China's bond market [2]. - The issuance has received high recognition from the issuer, laying a foundation for deepening cooperation in the future [2]. - Shenwan Hongyuan plans to continue enhancing collaboration with issuers, leveraging its professional expertise and efficient communication to expand the breadth and depth of client relationships [2].
优化人民币债券市场投资环境 境外央行类机构开户再迎利好
Group 1 - The core viewpoint of the articles highlights the positive developments in the investment environment for foreign central bank institutions in China's bond market, particularly with the recent fee exemption for account openings [1][2] - The Central Securities Depository and Clearing Co., Ltd. announced that starting from January 1, 2025, foreign central bank institutions will be exempt from a 500 yuan account opening fee, reflecting the government's commitment to reducing costs and enhancing the investment experience for foreign investors [1] - There has been a significant increase in foreign investment in Chinese bonds, with foreign institutions net increasing their holdings of Chinese government bonds, particularly in the first quarter of 2025, where net purchases reached 269 billion USD, a year-on-year increase of 84% [2] Group 2 - The trend of foreign investment in Chinese bonds is expected to continue, driven by the strengthening of the RMB and the relative attractiveness of Chinese bond yields compared to international markets [2][3] - Regulatory measures have been implemented to simplify the entry process for foreign institutions and enhance cross-border liquidity management, which has been well-received by foreign investors [2] - Market participants anticipate that as the infrastructure of the Chinese bond market continues to improve, the trend of foreign capital increasing its holdings of Chinese bonds will likely persist [3]
当前债市震荡格局难打破,纯债基金收益率不佳,外部仍看好中国债市
Mei Ri Jing Ji Xin Wen· 2025-04-21 09:36
每经记者 任飞 每经编辑 叶峰 上周,国内债券收益率仍呈现窄幅震荡的格局,很长一段时间来,10年期国债收益率窄幅波动,不再有此前的趋势性走势。这样的格局难以打破,使得基金 的收益率也难见明显起色,纯债基金收益率不佳。不过,境外机构仍持续看好中国债市,并且从消息面来看,许多机构都在积极参与人民币债券的投融资业 务。 债市震荡格局难破,纯债基金收益率不佳 近期,又有多则经济数据公布,有关社融新增、信贷新增的数据超预期。叠加未来降息降准的可能性,市场的融资需求有进一步提升的预期,不过,近期的 债市收益率仍没有明显的趋势改变,仍处于窄幅震荡之中。 上周(4.14-4.20),10年期国债活跃券收益率围绕1.65%上下波动。一方面,宽松的货币政策环境将延续,低利率环境难以扭转;另一方面,诸如超长期特 别国债发行计划的公布对债市造成边际利空。 从基金的收益率表现来看,上周纯债型基金收益率表现不佳。Wind统计显示,短债基金在上周的平均收益率达到0.0215%,中位数水平在0.0252%;中长期 纯债基金的平均收益率水平在0.0117%,中位数水平在0.0178%。 中长期纯债基金当中,中银证券汇裕一年定开单周收益率在纯债 ...
境外机构来华发行熊猫债累计超9500亿元
news flash· 2025-04-19 01:30
Core Viewpoint - The Chinese bond market is experiencing significant growth in foreign participation, with 1,160 foreign institutions entering the market and holding a total of 4.5 trillion yuan in bonds as of April 15, 2025, reflecting an increase of over 270 billion yuan from the end of 2024 [1] Group 1: Foreign Participation - A total of 1,160 foreign institutions from over 70 countries and regions have entered the Chinese bond market [1] - Foreign institutions have actively issued panda bonds, with a cumulative issuance exceeding 950 billion yuan [1] - There is a general positive outlook from foreign institutions towards the Chinese bond market, leading to increased participation in RMB bond investment and financing activities [1] Group 2: Market Size and Growth - The total size of the Chinese bond market has reached 183 trillion yuan, making it the second largest in the world [1] - The bond holdings by foreign institutions have increased by over 270 billion yuan compared to the end of 2024 [1] Group 3: Policy and Environment - The People's Bank of China, along with various parties, has actively promoted the opening up of the bond market [1] - Efforts are being made to enhance connectivity between the domestic and global bond markets, and to position RMB bonds as eligible collateral in offshore markets [1] - Continuous optimization of the investment and financing environment in the Chinese bond market is being pursued [1]