债券市场布局

Search documents
内外资机构出手了,加码布局
Zhong Guo Ji Jin Bao· 2025-04-28 02:41
Core Insights - The Chinese bond market is becoming increasingly attractive to both domestic and foreign public fund management institutions, with foreign public funds focusing on bond fund issuance as a key strategy [1][2]. Group 1: Market Dynamics - As of April 25, 2023, a total of 69 bond funds have been issued this year, with a combined share exceeding 1.4 trillion units, including nearly 10 bond funds from foreign public funds, which have substantial scales [2]. - Major foreign public funds like Schroders and Manulife have launched bond funds with initial scales close to 6 billion yuan, while BlackRock and Morgan Stanley have also seen significant fundraising exceeding 1 billion yuan [2]. Group 2: Reasons for Foreign Investment - The Chinese bond market ranks second globally in size, with a total bond market stock reaching 177 trillion yuan by the end of 2024, while foreign institutions hold only 4.16 trillion yuan in the interbank market, accounting for just 2.7% of the total [2]. - There is a low correlation between RMB bonds and Western bond markets, making RMB assets attractive for foreign institutions seeking to diversify risk and optimize risk-return characteristics [2]. - Continuous efforts by the central bank and other departments to promote high-level opening of the bond market, including making RMB bonds eligible as offshore collateral and optimizing investment processes for foreign institutions, are attracting more foreign investors [2]. Group 3: Future Outlook - Industry experts predict that the bond fund issuance market will maintain a steady upward trend, supported by a loose monetary policy and a weak economic recovery, which enhances the appeal of bond funds as a safe-haven asset [3]. - The ongoing global trade disputes are prompting a shift from heavy allocations in USD and US Treasury assets to higher safety financial assets, with RMB bonds gaining attention as a key target for diversifying regional risks [3]. - The stable growth of China's GDP, which increased by 5.4% year-on-year in the first quarter, provides a favorable market environment for the development of bond funds [3]. - Future plans include expanding retail bond fund product lines to focus on long-term returns and reliable fund management services [3][4].