债券市场国际化

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宗良 马高欢:外资增持视角下中国债券市场的国际化机遇与实践
Xin Lang Cai Jing· 2025-08-14 23:26
Core Viewpoint - The article focuses on the high-quality development direction of China's bond market internationalization, highlighting significant progress in areas such as openness, foreign investment scale, green sovereign bond innovation, and market connectivity [1][2]. Summary by Relevant Sections Progress in China's Bond Market Internationalization - China's bond market has seen notable advancements, characterized by increased openness and expanded scope since the implementation of the Qualified Foreign Institutional Investor (QFII) system in 2002 [3]. - In 2024, the interbank bond market recorded a transaction volume of 377.8 trillion yuan, with an average daily transaction of 1.5 trillion yuan, while the exchange bond market had a transaction volume of 41.7 trillion yuan [3]. - The scale of foreign investment in RMB bonds has been rising, with foreign institutions holding a total of 4.5 trillion yuan in RMB bonds as of April 15, 2025, marking an increase of over 270 billion yuan from the previous year [5]. Green Sovereign Bonds as a New Breakthrough - The domestic green finance market has developed rapidly, with green bond stock reaching approximately 2.1 trillion yuan by the end of 2024 [8]. - In February 2025, China issued its first green sovereign bond worth 6 billion yuan, marking a significant step in integrating green elements into the sovereign offshore multi-currency yield curve [8]. Deepening Market Connectivity - The range of investor participation has expanded, allowing various types of investors to engage more easily in the bond market [9]. - The infrastructure of the bond market has been continuously improved, enhancing operational efficiency and reducing transaction costs [9]. New Opportunities for Bond Market Internationalization - China's economy is projected to grow at around 5% in 2025, providing a solid foundation for the internationalization of the bond market [10]. - The high level of financial openness has significantly enhanced the recognition and acceptance of RMB bonds in international markets [11]. - The relative stability of RMB bonds has become more apparent amid increasing concerns over dollar assets, making them an attractive option for global investors [14]. International Experience to Learn From - Mature bond markets typically feature a comprehensive legal framework, rigorous regulatory structures, and effective risk management systems, which can serve as a reference for China's bond market development [15][16]. - A multi-tiered operational mechanism is common in developed bond markets, where institutional investors play a dominant role, ensuring market stability and liquidity [17]. Policy Recommendations for High-Quality Development - It is suggested to enhance the trading mechanism of the bond market to better serve the real economy, including establishing a unified market infrastructure and optimizing trading mechanisms [21]. - Strengthening the role of government bonds as a market benchmark and improving the structure of government bond issuance is recommended to address asset scarcity [23]. - Expanding funding channels and promoting a diverse investor structure, including encouraging pension funds and insurance capital to invest in long-term bonds, is also advised [24].
债券通七周年结硕果 债市国际化进程加速
Zhong Guo Zheng Quan Bao· 2025-08-08 07:28
7月3日,债券通开通七周年。作为连接境内外金融市场、促进互联互通的重要枢纽,七年来,债券通取 得一系列开放成果。我国债券市场的成熟度和国际影响力进一步提升,债券市场的国际化进程加速。 国际影响力提升 作为连接内地和国际金融市场的重要渠道,2017年7月3日,债券通"北向通"正式启动。七年来,"北向 通"平稳运行。 丰富利率汇率等衍生工具 "债券通上线以来,机制不断优化,高度便利性使其成为境外投资者参与中国债券市场的重要渠道之 一,交易活跃度持续提升。"彭博大中华区总裁汪大海说。 为使债券通更加便利,业内人士认为,相关制度有待进一步完善。景顺董事总经理、亚太区固定收益主 管黄嘉诚认为,目前债券通交易登记程序还有进一步简化空间。此外,对配套的风险对冲策略需求亦可 进一步完善。 为解决境外投资人进行跨境投资时对风险对冲策略的需求,2023年5月"互换通"上线。今年5月"互换 通"推出多项优化措施,包括新增以国际货币市场(IMM)结算日为支付周期的标准化利率互换合约、 延长费用优惠期限等。 黄嘉诚认为,如果要进一步发展中国利率、汇率和信用风险衍生工具市场,为境外机构管理人民币债券 的利率风险、汇率风险和信用风险提供适 ...
债券通八年蝶变
Zheng Quan Ri Bao· 2025-07-02 16:42
八年前的今天,债券通"北向通"正式上线。经过八年的快速成长,债券通已经成为连接境内外金融市场 的重要桥梁,也是外资持续流入中国金融市场的重要渠道。 债券通有限公司发布的运行报告显示,今年5月份,债券通"北向通"累计成交9156亿元,日均成交482亿 元。与开通首月的日均成交15亿元相比,增长超31倍。截至今年5月末,通过债券通"北向通"入市投资 者达835家。 景顺董事总经理、亚太区固定收益主管黄嘉诚在接受《证券日报》记者采访时认为,这些数据表明,债 券通推动了外资持有中国债券的规模快速增长,促进了中国债券市场的国际化进程。从债券市场的深度 来看,债券通也推动了中国债券市场的多层次发展,促进了市场的创新和发展。 "北向通"日均成交增长超31倍 回望来路,2017年7月3日,债券通"北向通"正式启动,为全球投资者参与中国债券市场提供了更加便利 的通道。 彭博大中华区总裁汪大海对《证券日报》记者表示,未来随着债券通"南向通"合格境内投资者范围的扩 大,有望进一步助力投资机构优化资产配置,为香港债券市场引入更多增量资金,提升市场流动性,深 化境内外债券市场的互联互通。 2023年5月15日,内地与香港利率互换市场互 ...