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债券通“南向通”参与机构扩容意义深远
Zheng Quan Ri Bao· 2025-07-10 16:16
Group 1 - The People's Bank of China and the Hong Kong Monetary Authority announced multiple measures to optimize and expand the Bond Connect "Southbound" scheme, including the inclusion of non-bank financial institutions such as brokerages, insurance companies, and asset management firms [1] - The expansion of the "Southbound" scheme is timely given the asset allocation challenges faced by mainland financial institutions, and it holds significant implications for the development of non-bank institutions and the long-term stability of both mainland and Hong Kong bond markets [1] Group 2 - The expansion broadens asset allocation channels for non-bank institutions, enhancing their global asset allocation capabilities. Previously, these institutions relied on the Qualified Domestic Institutional Investor (QDII) scheme, which had limited quotas and lengthy approval processes. The "Southbound" scheme acts as a "highway" for investing in overseas bonds, improving overall investment yield flexibility [2] - As of July 10, the yield on China's 10-year government bonds was 1.68%, while Hong Kong's was 2.99%, and the U.S. was 4.34%, indicating significant yield differentials that can optimize asset allocation [2] Group 3 - The expansion helps stabilize the mainland bond market and alleviates unilateral volatility caused by supply shortages. As of May, the bond market's custody balance in China reached 187.2 trillion yuan, ranking among the world's largest. The "Southbound" scheme acts as a "pressure relief valve" for the demand side of the mainland bond market, balancing supply and demand [3] - The annual total quota for the "Southbound" scheme is set at 500 billion yuan, with a variety of options available in the Hong Kong bond market, including Hong Kong dollar bonds and offshore RMB bonds [3] Group 4 - The expansion is expected to attract medium- to long-term funds into the Hong Kong bond market, enhancing trading liquidity. A broader and more active investor base will create a more attractive financing environment for international investors and issuers [4] - The diverse investment strategies and flexible trading models of non-bank institutions will significantly enhance the price discovery function and trading activity in the offshore RMB bond market, promoting the growth of the offshore RMB asset pool [4] - The expansion is anticipated to reshape the cross-border asset allocation ecosystem for mainland non-bank institutions, fostering the prosperity of both bond markets and advancing the internationalization of the RMB [4]
债券通“南向通”投资者范围将扩至非银机构 有望为香港债券市场带来更多增量资金
Zheng Quan Ri Bao· 2025-07-09 16:10
Core Viewpoint - The People's Bank of China and the Hong Kong Monetary Authority announced three measures to optimize the Bond Connect program, particularly expanding the investor base for the "Southbound" channel to include more non-bank financial institutions [1] Group 1: Expansion of Investor Base - The "Southbound" channel will now allow securities firms, funds, insurance companies, and wealth management firms to participate, broadening the investment opportunities for domestic investors [1][2] - Currently, only 41 bank-type financial institutions and qualified domestic institutional investors (QDII and RQDII) can invest through the "Southbound" channel [1] Group 2: Benefits for Non-Bank Financial Institutions - The expansion provides non-bank institutions with a wider global asset allocation channel, enhancing flexibility and potential returns on investments [2] - Multi-currency and multi-market allocations will help mitigate the impact of interest rate fluctuations in a single market, thereby increasing risk resilience [2] - Non-bank institutions can dynamically adjust their domestic and foreign asset allocation ratios, leveraging differences in monetary policies across regions to alleviate operational pressures [2] Group 3: Market Impact and Future Outlook - The increase in market participants is expected to bring more incremental funds to the Hong Kong bond market, improving liquidity and trading scale [3] - As of May this year, the "Southbound" channel has facilitated the trading of 918 bonds with a balance of 532.94 billion yuan [3] - Future enhancements may include the introduction of derivatives like interest rate swaps and options to meet institutional hedging needs [3]
深圳新增一家外资银行 外资银行营业性机构总数将达39家
Xin Hua Cai Jing· 2025-07-09 11:51
(文章来源:新华财经) 据国家金融监管总局深圳监管局最新披露,金融监管总局近日批复同意西班牙桑坦德银行在深圳筹建分 行,深圳将新增一家欧资银行。截至2024年末,已有9个国家和地区的35家外资银行在深圳设立了5家法 人银行、33家分行和1家代表处,营业性机构总数38家,总资产超4000亿元人民币。 据悉,桑坦德银行(BANCO SANTANDER)成立于1857年,是西班牙最大的商业银行,也是全球系统 重要性银行之一。截至2024年末,桑坦德银行总资产达1.8万亿欧元,全年总收入618.76亿欧元,净利润 137.44亿欧元。桑坦德银行先后于2008年及2014年成立上海分行和北京分行。 近年来,随着一系列利好政策的出台,越来越多外资机构"加码"中国,分享中国发展红利。作为中国对 外开放的重要窗口,深圳也是外资金融机构展业兴业的热门目的地。2024年,深圳规上工业总产值突破 5万亿元、进出口总额4.50万亿元、社消零总额1.06万亿元、固投规模超1万亿元,高质量的经济发展为 外资银行来深展业兴业提供了广阔的合作空间。 在深外资银行发挥境内外联动优势,大新、东亚、恒生、汇丰、南洋商业、星展、渣打、华侨、富邦华 ...
债券通迎多项对外开放优化举措,资金面依旧宽松,债市震荡走弱
Dong Fang Jin Cheng· 2025-07-09 07:49
债券通迎多项对外开放优化举措;资金面依旧宽松,债市震荡走弱 【内容摘要】 7 月 8 日,资金面依旧宽松;受股债跷跷板效应压制,债市整体震荡走弱;转 债市场主要指数集体跟涨,转债个券多数上涨;各期限美债收益率普遍上行,主要欧洲经济体 10 年期国债收益率普遍上行。 一、债市要闻 (一)国内要闻 【国家发改委等三部门:通过地方政府专项债券资金等支持符合条件的零碳园区项目】 近日, 国家发改委等三部门印发《关于开展零碳园区建设的通知》。《通知》提出,国家发改委将统 筹利用现有资金渠道支持零碳园区建设,鼓励各地区对零碳园区建设给予资金支持,通过地方 政府专项债券资金等支持符合条件的项目。鼓励政策性银行对符合条件的项目给予中长期信 贷支持。支持符合条件的企业发行债券用于零碳园区建设。 【国家发改委新增下达百亿以工代赈中央投资】国家发改委日前新增下达 100 亿元中央预算 内投资,开展以工代赈加力扩围促进重点群体就业增收行动,支持 26 个省(区、市)和新疆生 产建设兵团实施 1975 个项目,预计发放劳务报酬 45.9 亿元,助力 31 万名重点人群稳就业促 增收。 【央行、香港金管局宣布三项对外开放优化措施】7 月 ...
央行宣布债券通三大优化措施,境外持债增2000亿!
Sou Hu Cai Jing· 2025-07-08 23:35
债券通优化措施全面升级 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"上发表重要表态,宣布三项新的对外开放优化措施。这些举措旨在深化内地与香港金融市场 互联互通,支持人民币离岸市场发展,进一步推动人民币债券成为全球高质量流动性资产。江会芬表示,今年上半年受美国关税政策影响,全球市场剧烈波 动,但中国金融市场表现相对稳定。境外机构持有中国债券总量较今年年初增长近2000亿元,表明境外机构在关税事件后普遍看好人民币资产。 人民币债券国际地位持续提升 截至2025年5月末,境外机构持有中国债券总量达4.4万亿元,较债券通开通前增长了近400%。已有1169家境外机构进入中国债券市场,涵盖70多个国家和 地区的主权类机构和商业类机构。北向通今年以来累计交易量超过5.5万亿元,互换通累计超过1.2万笔交易。 中国债券在国际指数中的权重不断提升,体现了国际投资者对人民币债券市场的认可。中国债券在富时全球国债指数中的占比升至全球第二,在彭博巴克莱 全球综合指数中的占比升至全球第三,均高于纳入指数时的预期占比。全球前100大资产管理机构已有80余家进入中国债券市场投资,境外投资者交投活 跃。在境内外各界的共同 ...
债券通扩容!4类非银机构纳入,中国债市优势显现
券商中国· 2025-07-08 23:25
债券通互联互通机制优化扩容,中国债市对外开放力度加大。 7月8日,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"上宣布了几项债券通扩容的措施,包括将 扩大南向通参与机构范围,加入券商、基金、保险、理财等4类非银机构,优化离岸回购机制并扩宽多币种, 扩充互换通报价商队伍,以及境外投资者的免税安排等。 据港交所行政总裁陈翊庭透露,中国债市规模全球第二,与全球第二大经济体相匹配,但国际投资者持有中国 债券的占比仅有3%,相信未来外资增配中国债市还有很大空间。 三是优化互换通运行机制,进一步满足投资者的利率风险管理需求。在丰富产品期限和类型的基础上,今年将 建立报价商动态管理机制,扩大互换通报价商队伍,并调整互换通每日交易净限额。 江会芬同时表示,中国人民银行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。 债券通 ...
影响市场重大事件:央行金融市场司江会芬表态,进一步推动人民币债券成为全球高质量流动性资产
Mei Ri Jing Ji Xin Wen· 2025-07-08 23:09
Group 1: Financial Market Developments - The People's Bank of China is actively researching measures to promote the RMB bond market as a global high-quality liquid asset [1] - The central bank aims to enhance cross-border investment and financing convenience, including establishing a one-stop account opening platform for foreign investors [1] - As of May, 835 foreign institutional investors have entered the interbank bond market through the Bond Connect, with a total of 1,169 foreign investors from nearly 80 countries and regions [5] Group 2: Offshore Repo Market Expansion - The PBOC plans to optimize the offshore repo business mechanism under the Bond Connect to facilitate liquidity management for foreign investors [2] - The scope of tradable currencies for offshore repos will expand from RMB to include USD, EUR, HKD, and other currencies [2] - The Hong Kong Central Moneymarkets Unit (CMU) will adopt international practices by removing the freeze on pledged securities to enhance liquidity [2] Group 3: Early Childhood Education Initiatives - Seven departments in China have jointly issued opinions to accelerate the construction of a universal childcare service system, establishing a "1+N" model [3][4] - The "1" refers to a comprehensive childcare service center, while "N" includes various forms of childcare services to meet diverse community needs [3] - The initiative includes providing free or low-cost facilities for childcare services, utilizing existing community resources [4] Group 4: Zero-Carbon Park Development - The National Development and Reform Commission and other departments have issued a notice to support the construction of zero-carbon parks [8][9] - The initiative encourages local governments to provide financial support for zero-carbon projects through special bonds and long-term credit from policy banks [8] - The plan includes promoting renewable energy development and direct green electricity supply models in industrial parks [9] Group 5: AI Industry Support - Hangzhou is soliciting opinions on measures to support the industrialization of brain-like intelligence projects [10] - The city aims to strengthen the innovation chain around the brain-like intelligence industry and support companies in scaling up [10] - The initiative encourages the development of core technological capabilities with independent intellectual property rights [10] Group 6: Government Cloud Market Growth - The IDC report indicates that China's government cloud market is projected to reach 93.94 billion RMB in 2024, with an 18.4% year-on-year growth [11] - The dedicated government cloud market is expected to grow by 19.0%, reaching 66.33 billion RMB [11] - The public government cloud market is anticipated to grow by 12.2%, reaching 17.24 billion RMB [11]
债券通“南向通”参与投资者将扩容至非银机构
Zhong Guo Xin Wen Wang· 2025-07-08 20:55
Group 1 - The forum celebrated the eighth anniversary of the Bond Connect mechanism between mainland China and Hong Kong, themed "Mutual Benefit and Sustainable Development" [1] - The People's Bank of China and the Hong Kong Monetary Authority announced three measures to optimize external opening [1] - The first measure involves improving the operation mechanism of the "southbound" Bond Connect, expanding the scope of domestic investors to include non-bank institutions such as brokerages, funds, insurance, and wealth management [1] - The second measure optimizes the offshore repurchase business mechanism under Bond Connect, allowing for multi-currency transactions and enhancing liquidity management for offshore investors [1] - The third measure enhances the swap connect mechanism to better meet investors' interest rate risk management needs, including expanding the number of market makers and adjusting daily trading limits [1] Group 2 - The Hong Kong Monetary Authority announced specific measures to optimize offshore RMB bond repurchase business, including allowing collateral bonds to be reused during the repurchase period to improve efficiency [2] - The measures also support multi-currency settlements, including HKD, USD, and EUR, set to officially launch on August 25, 2025 [2]
债市新动向:地方债市场持续领跑,科创债与跨境融资迎新机
Di Yi Cai Jing· 2025-07-08 13:48
地方债扩容、创新品种崛起和跨境融资优化。 近期,中国债券市场呈现出多维度的发展态势。一方面,地方债规模持续扩大,截至5月末存量余额已 突破51万亿元,成为国内债券市场的第一大品种。与此同时,绿色债、科创债等新兴债券品类快速增 长,为经济高质量转型提供了重要支持。特别是科创债及债券科技板的推出,为市场注入了新的活力, 也为投资者带来了新的机遇。 另一方面,随着银行挂牌存款利率全面进入"1时代","存款搬家"现象越发显著,居民财富配置正从传 统存款转向银行理财、保险、基金等多元化金融产品。这一趋势在低利率、低波动的市场环境下尤为突 出,投资者对稳健、高性价比以及更高收益的投资策略需求日益增长。 从债券市场品类来看,地方债占据了庞大的规模。截至5月末,地方债存量余额已突破51万亿元,稳居 中国债券市场第一大品种的位置。地方债在促进发展、拉动内需等方面的作用日益显著。 中央国债登记结算有限责任公司上海总部副总经理王桂指出,今年中央政府已陆续下达全年地方债发行 额度。据初步估算,今年新增地方债供给将超过10万亿元。近年来,广东、深圳、海南等地纷纷赴港澳 地区面向境外投资者发行债券,全国36个地区也积极面向柜台市场发行债 ...
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
论坛上,江会芬宣布了三项新的对外开放优化措施,一是完善债券通"南向通"运行机制,支持更多境内 投资者走出去投资离岸债券市场;二是优化债券通项下的离岸回购业务机制安排,便于境外投资者开展 流动性管理;三是优化互换通运行机制,进一步满足投资者的利率风险管理需求。 新华财经香港7月8日电(记者林迎楠)"债券通周年论坛2025"8日在香港金融大会堂举行,中国人民银 行金融市场司副司长江会芬在论坛上表示,境外机构持有中国债券总量较年初增长近2000亿元人民币, 反映境外机构在关税事件后普遍看好人民币资产。 江会芬指出,上半年受美国关税政策影响,全球市场剧烈波动,但中国金融市场表现相对稳定,全球投 资者持续看好中国债市。中国债券在富时全球国债指数中的占比升至全球第二,在彭博巴克莱全球综合 指数中的占比升至全球第三,均高于纳入指数时的预期占比。 数据显示,截至5月底,境外机构持有中国债券总量达4.4万亿元,较债券通开通前增长近4倍。北向通 今年以来累计交易量超过5.5万亿元,互换通累计超过1.2万笔交易。 此外,江会芬提到,央行正在积极研究推进债券市场对外开放的其他措施,包括深化拓展境内外金融市 场联通合作,进一步推动人民 ...