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境外央行类机构参与银行间债市投资更便利了
Zheng Quan Shi Bao· 2025-08-11 17:50
Core Viewpoint - The Central Securities Depository Co., Ltd. has announced the simplification of the investment process for foreign central bank-like institutions, effective from August 11, aiming to enhance the efficiency and convenience of their participation in China's interbank bond market [1][2]. Group 1 - The Central Securities Depository will no longer require foreign central bank-like institutions to provide a signed commitment letter, streamlining the entry process [1]. - The National Interbank Funding Center has also simplified the account opening and networking materials for foreign central bank-like institutions, eliminating the need for compliance commitment letters under both Bond Connect and settlement agency models [1]. - This initiative is expected to improve the convenience for foreign central bank-like institutions to invest in the interbank bond market, thereby increasing the internationalization of the domestic bond market and expanding financial market openness [1]. Group 2 - Previously, the process for foreign central bank-like institutions to enter the market involved three steps: registration, signing an agency agreement, and account opening [2]. - The People's Bank of China aims to steadily enhance the internationalization of the Renminbi and support the construction of a "dual circulation" new development pattern, which includes simplifying the investment process for foreign investors [2]. - The goal is to enrich the types of investable assets and facilitate the allocation and holding of Renminbi assets by central bank-like institutions [2].
债券通高效运行七周年 中国债市国际认可度显著提升
Zheng Quan Ri Bao· 2025-08-08 07:28
Core Insights - The Bond Connect program, launched on July 3, 2017, serves as a significant bridge connecting domestic and international financial markets, facilitating foreign investment in China's interbank bond market [1][2] - The program has expanded over the years, with the introduction of the "Southbound" channel in September 2021, allowing domestic investors to access the Hong Kong and global bond markets [1][4] - The People's Bank of China emphasizes a focus on institutional openness, aiming to enhance the international appeal of China's bond market while ensuring financial security [7] Group 1: Performance and Growth - On its first day, Bond Connect saw 142 transactions totaling 7.048 billion yuan, indicating strong interest from foreign investors [2] - As of May 2024, the "Northbound" channel has attracted 821 investors, with a total transaction volume of 9.792 trillion yuan in May 2024, averaging 46.6 billion yuan daily compared to just 2.2 billion yuan daily in 2017 [2][6] - Foreign institutions held 4.22 trillion yuan in interbank market bonds by May 2024, accounting for approximately 3% of the total custody volume [2] Group 2: Market Integration and Internationalization - The Bond Connect program has significantly improved the accessibility of China's bond market for international investors, enhancing its international influence and integration with global markets [3][6] - The "Southbound" channel has seen substantial growth, with the number of bonds under custody increasing from 35 to 865 and the balance rising from 5.525 billion yuan to 442.02 billion yuan as of May 2024 [4] - The introduction of the "Swap Connect" in May 2023 further supports cross-border investment and risk management for both domestic and foreign investors [5] Group 3: Future Outlook - The People's Bank of China plans to continue enhancing the Bond Connect and Swap Connect frameworks, aiming to create a more favorable investment environment for foreign institutions [7] - The bond market's inclusion in major global indices like Bloomberg Barclays and JPMorgan has attracted significant long-term capital, reflecting growing confidence in China's financial market openness [6] - The ongoing reforms and enhancements in the bond market are expected to further stimulate foreign investment, driven by China's economic growth and regulatory improvements [6]
债券通开通七周年 “北向通”日均成交量增长超30倍
Zheng Quan Ri Bao· 2025-08-08 07:28
Core Insights - The People's Bank of China announced new measures to enhance the Bond Connect program, allowing foreign institutions to use Northbound Bond Connect for margin payments in swap transactions, which will increase the application of RMB bonds as offshore collateral [1][3] - The Bond Connect program has significantly increased the daily trading volume of Northbound transactions, from an average of 1.5 billion RMB in its first month to approximately 46.6 billion RMB in May 2023, representing a growth of over 30 times [1][3] - The Chinese bond market is now the second largest globally, yet the proportion of foreign investment remains relatively low, indicating substantial room for growth [2][3] Industry Developments - The Bond Connect has become a crucial link between domestic and international bond markets, facilitating foreign capital inflow into China's financial markets [3] - As of May 2024, over 1,100 institutions from more than 70 countries and regions have entered the Chinese interbank bond market, with foreign institutions holding a total of 4.3 trillion RMB in bonds, reflecting an average annual growth rate of nearly 20% over the past five years [3] - The Northbound Swap Connect has attracted 61 foreign institutions, completing over 4,300 transactions with a total nominal principal of approximately 2.2 trillion RMB, showcasing significant growth in trading volume [3]
中国外汇交易中心总裁张漪:人民币债券在国际金融市场的竞争力进一步扩大
Sou Hu Cai Jing· 2025-07-08 03:13
Core Insights - The offshore RMB market in Hong Kong has been continuously enriched, with innovative measures for bond market opening being trialed in Hong Kong, which will inject sustained momentum into the construction of Hong Kong as an international financial center [1][2] - The scale of foreign institutions investing in Chinese bonds has increased significantly from less than 1 trillion yuan to a peak of 4.5 trillion yuan since the launch of the Bond Connect [1] - The number of global foreign investors in the interbank market has reached 1,169 from 71 countries and regions, with 835 being Bond Connect foreign investors, indicating a growing international interest in RMB bonds [1] Market Development - The People's Bank of China and the Hong Kong Monetary Authority have played a crucial role in enhancing the competitiveness of RMB bonds in the international financial market [1] - The ongoing implementation of institutional opening requirements has deepened the market-oriented, internationalized, and rule-of-law construction of the bond market [1] - The trading activity of foreign investors in bonds, repos, and derivatives has increased, with the scale of bond holdings reaching a new high this year [1] Strategic Positioning - The development of mechanisms such as Bond Connect and Swap Connect is enhancing Hong Kong's role as a primary hub connecting the mainland and international markets [2] - Despite the accelerating changes in the international landscape and increased market volatility, the domestic market maintains its determination and resilience in opening up [2] - Various parties, including the China Foreign Exchange Trading Center and Bond Connect Company, are committed to exploring ways to enhance the attractiveness and influence of RMB bonds in the international financial market [2]
明晟公司(MSCI):将继续关注埃及外汇市场的流动性,市场监管某些领域缺乏明确性。
news flash· 2025-06-19 20:50
Group 1 - MSCI will continue to monitor the liquidity of the Egyptian foreign exchange market [1] - There is a lack of clarity in market regulation in certain areas [1]
助力建设安全高效的金融基础设施 提升上海国际金融中心能级
Sou Hu Cai Jing· 2025-06-18 03:01
Core Viewpoint - The development of financial infrastructure is crucial for enhancing the competitiveness of Shanghai as an international financial center, with a focus on supporting the real economy, preventing financial risks, and promoting market innovation [1][6][11]. Group 1: Importance of Financial Infrastructure - Financial infrastructure serves as the backbone of the modern financial system, facilitating financial regulation, market openness, resource allocation, risk prevention, and product innovation [1][3]. - A robust financial infrastructure is essential for the high-quality development of financial markets and is a key component of financial system reform [2][4]. Group 2: Role of State-Owned Banks - State-owned banks, particularly the Bank of Communications, play a vital role in enhancing the financial infrastructure and supporting the development of Shanghai as an international financial center [10][11]. - The Bank of Communications aims to leverage its resources to enrich market participant structures and enhance market depth and activity [12][13]. Group 3: Tasks and Requirements for Financial Infrastructure - The elevation of Shanghai's international financial center requires financial infrastructure to provide efficient and diverse services, facilitating global capital allocation and supporting technological innovation [7][8]. - Financial infrastructure must also enhance risk prevention capabilities to ensure financial security and stability, particularly in the context of international financial activities [8][9]. Group 4: International Standards and Governance - The development of financial infrastructure should align with international high standards to participate effectively in global financial governance, promoting both inbound and outbound financial activities [9][14]. - Mechanisms such as "Bond Connect" and "Swap Connect" are examples of initiatives that enhance connectivity between domestic and international markets [9][14]. Group 5: Conclusion - Shanghai is positioned as a key node in the domestic and international economic cycles, with financial infrastructure development being critical for achieving high standards in market systems and facilitating comprehensive financial reforms [16].
中国外汇交易中心:5月境外机构投资者买入债券8071亿元
news flash· 2025-06-17 10:56
Core Insights - In May, foreign institutional investors in China purchased bonds worth 807.1 billion yuan, while selling bonds amounting to 669.7 billion yuan, resulting in a net purchase of 137.4 billion yuan [1] Group 1: Trading Volume - In May, the total trading volume of cash transactions by foreign institutional investors reached 1,476.8 billion yuan, representing a year-on-year decrease of 13% and a month-on-month decrease of 16% [1] - The trading volume accounted for approximately 5% of the total cash market transaction volume during the same period [1]
全额减免相关费用
Jin Rong Shi Bao· 2025-05-07 09:47
Group 1 - The People's Bank of China and the China Securities Regulatory Commission jointly announced measures to support the issuance of technology innovation bonds, aiming to enrich the product system and improve the supporting mechanisms for these bonds [1] - The National Interbank Funding Center announced a full waiver of transaction fees for technology innovation bonds in the interbank bond market from 2025 to 2027 [1] - The Central Clearing Company will waive service fees for the issuance of technology innovation special financial bonds from January 1, 2025, to December 31, 2027, and will refund any fees already paid for applicable services [3] Group 2 - The Interbank Market Clearing House will also fully waive interest payment and redemption service fees for issuers of technology innovation bonds starting from May 7, 2025, for an initial period of two years [4] - The Shanghai, Shenzhen, and Beijing Stock Exchanges will reduce transaction settlement costs for technology innovation bonds and continue to waive various fees related to issuance and trading [7] - The announcement encourages local governments to establish risk compensation funds or other supportive measures to provide interest subsidies and government financing guarantees for technology innovation bonds [7]