◇ 作者：中金公司固定收益部分析员 祁亦玮 陈健恒 东旭 ◇ 本文原载《债券》2025年9月刊 摘 要 近年来，在推动金融市场双向开放、人民币国际化等背景下，点心债市场平稳发展。2025年以来，为深化香港和内地金融合作，南 向通相关制度进一步完善，助力我国金融市场双向开放，推动离岸市场蓬勃发展。本文阐述了点心债发展历程，从政策和供需的角 度分析点心债蓬勃发展的原因，最后对点心债未来发展进行了展望。 关键词 点心债 南向通 人民币国际化 点心债发展历程 点心债是指在香港市场发行的离岸人民币债券。近年来，在推动金融市场双向开放、人民币国际化等背景下，点心债市场平稳向上 发展。据香港金管局数据披露，截至2024年末，香港市场点心债存续规模已升至12644亿元，较2021年末增长87.9%（见图1、图 2）。 2007—2009年，点心债市场处于起步阶段，年均发行规模整体较低。点心债最早的发行主体主要由中国境内政策性银行和商业银行 构成。2007年6月，中国人民银行与国家发展改革委发布《境内金融机构赴香港特别行政区发行人民币债券管理暂行办法》，允许 中国境内依法设立的政策性银行和商业银行在香港发行点心债，期限规定为1 ...

巨丰投顾投资顾问总监郭一鸣接受《中国经营报》记者采访时表示，债券通"南向通"完善了内地与香港 债券市场互联互通格局，加速了中国金融市场与国际融合。 在郭一鸣看来，这为内地机构投资者提供了多元化的资产配置渠道，通过投资香港离岸债券市场，有效 分散单一市场风险，提升资产收益稳定性；同时，"南向通"带来大量内地资金，提升香港债券市场活跃 度与流动性，巩固其国际金融中心地位，还推动香港离岸人民币债券市场发展，为人民币国际化注入动 能。 彭博大中华区总裁汪大海也对记者表示："'南向通'的扩容为更多境内机构投资者提供了新的境外投资 渠道，有助于优化资产配置，获得更具吸引力的投资回报。从长远来看，这也将进一步增强人民币资产 的国际吸引力。" 2025年9月24日，债券通"南向通"迎来开通四周年。 作为我国金融市场双向开放的关键举措，2021年9月24日，在债券通"北向通"平稳运行四年多的基础 上，债券通"南向通"正式上线，标志着债券通实现"双向通车"，为内地与香港债券市场互联互通按 下"加速键"。 四年间，"南向通"交出了一份亮眼的成绩单。数据显示，截至今年8月末，上海清算所通过金融基础设 施互联互通模式托管"南向通"债券 ...

Core Insights - The Panda Bond market has significantly expanded over the past two decades, becoming a crucial tool for financing and an integral part of the RMB internationalization process [1][2] - As of July 2025, the cumulative issuance of Panda Bonds has surpassed 1 trillion yuan, with a record issuance of 194.8 billion yuan in 2024, and an expected annual issuance of around 200 billion yuan in 2025 [1] - The market has diversified its participants, now including foreign governments, offshore financial institutions, and non-financial enterprises, with innovative products like green and carbon-neutral bonds emerging [1][2] Market Development - The growth of the Panda Bond market is driven by both market demand and regulatory improvements, such as the relaxation of cross-border fundraising restrictions and the establishment of a systematic management framework [2] - Despite its growth, the Panda Bond market is still in its early stages compared to mature international markets, facing challenges in product structure, credit rating coverage, and the development of derivative tools [2] Recommendations for Market Enhancement - Expand the scope of the green Panda Bond issuance optimization mechanism to include non-financial enterprises, thereby increasing the efficiency of green bond issuance [3] - Promote the development of green Panda Bonds and encourage foreign institutions to participate in domestic carbon trading using RMB, establishing a global carbon RMB fund [4] - Encourage issuers to explore longer-term Panda Bonds (over 10 years) to enhance the market's maturity and meet investor demand for longer-duration assets [5][6] - Increase the coverage of credit ratings for Panda Bonds to improve investors' understanding of credit risks associated with issuers [7] - Create a "Panda Bond Index" and "Panda Bond ETF" to track market performance and enhance trading activity [8] - Design related financial derivatives such as options and futures to meet the risk hedging and trading needs of Panda Bonds [9] Future Outlook - The Panda Bond market is expected to achieve comprehensive improvements in scale, structure, function, and internationalization as China's economy continues to develop and financial reforms progress [9]

Core Viewpoint - The "Southbound Bond Connect" is set to expand its participant base to include non-bank financial institutions, enhancing the connectivity and liquidity of the bond market, while also supporting the internationalization of the Renminbi [1][4][6]. Group 1: Policy and Market Developments - The Hong Kong Securities and Futures Commission announced several measures to optimize and expand the "Southbound Bond Connect," which will facilitate greater participation from brokers, insurance companies, and asset management firms [1]. - The optimization of offshore Renminbi bond repurchase business will allow for multi-currency settlements, enhancing liquidity management tools for participating institutions [3][4]. - The measures are expected to officially launch on August 25, 2025, marking a significant step in the opening of China's financial markets [3]. Group 2: Market Performance and Growth - As of May 2025, the Shanghai Clearing House had a total of 35,000 bonds under custody, with a total balance of 48.6 trillion yuan, reflecting a year-on-year growth of 25% [6]. - The number of bonds under the "Southbound Bond Connect" has increased significantly, from 87 bonds with a balance of 296.7 billion yuan in April 2022 to 918 bonds with a balance of 5329.4 billion yuan by May 2025, representing a growth of over five times [6]. Group 3: Investor Demand and Market Opportunities - There is a growing demand from domestic investors for overseas asset allocation, which is a key driver for the "Southbound Bond Connect" [3][4]. - The expansion to include non-bank financial institutions is seen as a crucial policy move that will broaden global asset allocation channels and enhance investment flexibility and potential returns [4][5]. - The development of a robust offshore bond market is expected to attract more issuers and enhance the international recognition of Renminbi financing [8][9].

Core Viewpoint - The recent issuance of a total investment quota of 3.08 billion USD for Qualified Domestic Institutional Investors (QDII) by the State Administration of Foreign Exchange (SAFE) aims to enhance cross-border investment capabilities and diversify asset allocation for domestic investors [1][3]. Group 1: QDII Quota Issuance - The issuance of QDII quotas will orderly meet the overseas wealth allocation needs of domestic investors and promote the dual opening of China's financial market, enhancing China's influence in the global financial system [1][3]. - As of June 30, 2025, a total of 191 QDII institutions have been approved, with a cumulative quota of 170.87 billion USD [1]. Group 2: Market Reactions - Market sentiment towards the recent QDII quota issuance is positive, with institutions like CICC stating that it provides strong support for asset management firms to meet the growing global asset allocation and risk diversification needs of domestic residents [3]. - CITIC Securities noted that the quota issuance will help Chinese asset management institutions expand overseas investments and enhance their global asset management capabilities [3]. Group 3: Future Outlook - SAFE officials indicated that future QDII quota issuance will be conducted in a prudent and orderly manner, focusing on institutions with strong investment management capabilities and high compliance awareness [4]. - The QDII system has been effective in balancing the relationship between expanding openness and risk prevention, establishing comprehensive regulatory rules to mitigate cross-border capital flow risks while promoting high-level financial openness [6]. Group 4: Impact on Financial Institutions - The QDII system has positively contributed to enhancing the international competitiveness of domestic financial institutions, allowing them to familiarize themselves with and explore international markets [6]. - The QDII framework has provided procedural conveniences for domestic financial and investment institutions to engage in overseas investments, leading to a growing demand for investments in US stocks, Hong Kong stocks, and overseas bonds [6].

Group 1 - The core viewpoint of the news is that the State Administration of Foreign Exchange (SAFE) has issued a total of $3.08 billion in new quotas to qualified Qualified Domestic Institutional Investors (QDII), aiming to support cross-border investment and meet domestic residents' reasonable foreign investment needs [1][2] - The QDII system is highlighted as a significant arrangement for the opening of China's financial market, with SAFE emphasizing the importance of balancing development and security while ensuring transparency in quota issuance [1][2] - Experts indicate that the issuance of new quotas is timely given the stable conditions in the foreign exchange market, which will help maintain the healthy operation of the QDII system and enhance market confidence amid complex international circumstances [1][2] Group 2 - CICC states that the new QDII quotas deepen the two-way opening of the financial market, promoting connectivity between domestic and foreign capital markets, and enhancing the international competitiveness of the domestic asset management industry [2] - The issuance of these quotas provides strong support for asset management institutions to effectively meet the growing global asset allocation and risk diversification needs of residents, contributing to the long-term preservation and appreciation of wealth [2] - SAFE plans to continue to coordinate financial openness and security, steadily advancing high-level two-way financial market opening, and will focus on supporting institutions with strong investment management capabilities and high compliance awareness [2]