熊猫债

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降至2.12%,全球外汇储备中,人民币跌至第六!那前五名是谁呢?
Sou Hu Cai Jing· 2025-08-26 13:19
人民币国际化,依然很艰难啊,部分时间段甚至在倒退!国际货币基金组织在近期公开的数据显示:截止到2025年第一季度,按美元计算的人民币在全球各 国、地区中的央行或类似机构内的储备额降至2463.13亿。 | 截止2025年第一季度,全球外汇储备币种结构 | | | | | --- | --- | --- | --- | | 由【南生】整理 | | | | | 排名 | 外储结构 | 折合美元 | 全球占比 | | 第1 | 美元 | 67203.14 | 57.74% | | 第2 | 欧元 | 23346.17 | 20.06% | | 第3 | 英镑 | 6037.01 | 5.19% | | 第4 | 日元 | 5990.98 | 5.15% | | ફ્રેટ | 加元 | 3061.32 | 2.63% | | 第6 | 人民币 | 2463.13 | 2.12% | | 第7 | 澳元 | 2352.77 | 2.02% | | 第8 | 瑞士法郎 | 208.52 | 0.18% | | 其他货币合计 | | 5734.17 | 4.93% | | 已分配外储 | | 116397.21 | 10 ...
兴业银行助摩根士丹利成功发行熊猫债
Jiang Nan Shi Bao· 2025-08-24 12:53
近年来,兴业银行顺应"出海"浪潮,持续构建境内外、线上下、本外币、离在岸、投商行"五位一体"的 国际业务服务体系,国际化经营迈出更大步伐,为我国高水平对外开放贡献金融力量。 熊猫债是由境外机构在中国境内发行、以人民币计价的债券品种,是境外机构在中国本土市场募资的重 要途径。兴业银行积极参与我国债券市场对外开放,发挥"商行+投行"优势,以专业优质的服务助力海 外机构来华发行债券。截至6月末,兴业银行已服务超30家境外客户,发行超1000亿元人民币熊猫债, 涵盖企业、金融机构、多边机构等各类发行主体。过去3年,兴业银行境外债承销规模持续位居中资股 份制银行首位。 江南时报讯 近日,兴业银行作为联席主承销商、联席簿记管理人,成功协助摩根士丹利(Morgan Stanley)在中国银行间市场发行2025年第一期熊猫债。本次债券发行规模20亿元人民币,期限5年,票 面利率1.98%,是首单由总部位于美国的公司发行的熊猫债券。 (欣仁) ...
熊猫债市场持续拓展
Jing Ji Ri Bao· 2025-08-10 22:02
随着跨境投融资领域持续开放、人民币跨境支付系统覆盖范围不断扩大,更多国家主权机构和境外企业 将进入熊猫债市场,将进一步促进中国与全球经济发展的互联互通。 近期,关于熊猫债的好消息不断传出。先是亚洲基础设施投资银行重返中国债券市场,发行2年期熊猫 债,募集20亿元人民币,票面利率1.64%。紧接着,摩根士丹利、匈牙利政府也成功在银行间市场发行 熊猫债券。 熊猫债是境外机构在境内发行的以人民币计价的债券,是境外机构人民币融资的重要渠道之一。随着市 场深度广度不断拓展,熊猫债发行人数量稳步攀升,发行人类型已覆盖国际开发机构、外国政府、境外 金融机构及非金融企业4类。 熊猫债是境外机构在境内发行的以人民币计价的债券,是境外机构人民币融资的重要渠道之一。随着市 场深度广度不断拓展,熊猫债发行人数量稳步攀升,发行人类型已覆盖国际开发机构、外国政府、境外 金融机构及非金融企业4类。今年以来,银行间市场熊猫债发行规模为1112亿元,其中,外国政府类机 构、国际开发机构和跨国企业熊猫债发行活跃,发行金额占比达到50%,较2024年全年上升27个百分 点。 2005年,国际金融公司、亚洲开发银行在银行间债券市场试点发行人民币债券 ...
今年以来熊猫债发行突破千亿元 较去年同期增长超四成
Zheng Quan Ri Bao· 2025-08-08 07:28
今年熊猫债发行规模呈较快增长态势,究其原因,中信证券首席经济学家明明对《证券日报》记者分 析,主要在于我国境内的融资成本相对较低,且稳中有降,提升了熊猫债市场对境外发行人的吸引力。 中国银行研究院研究员范若滢也对记者表示,我国债券市场利率整体平稳,推动熊猫债融资成本稳中有 降,使得其融资成本优势较为明显。同时,熊猫债创新品种日益丰富,市场的各项制度安排也更为完 善、国际化接轨程度明显提高,也是主要原因之一。 拉长时间看,熊猫债发行规模在近年来持续增长。Wind数据显示,2022年全年熊猫债发行共计850.7亿 元、2023年全年达到1554.5亿元。巨丰投顾高级投资顾问张丽洁在接受《证券日报》记者采访时认为, 随着我国经济的稳步增长和金融市场的不断开放,境外发行人对于人民币融资的需求日益增多,而熊猫 债则恰恰能够满足这些发行人的融资需求。 "此外,人民币国际化不断推进,提升了人民币资产的吸引力,也为熊猫债市场发展奠定了良好基 础。"明明说。 从以往发行情况来看,熊猫债发行的主要阵地是银行间市场,据中国银行间市场交易商协会(以下简 称"交易商协会")消息,2023年至2024年5月份,经交易商协会注册熊猫债发行 ...
超千家境外机构参与我国债市
Jing Ji Ri Bao· 2025-08-08 07:05
Core Insights - Recent participation of over 1,160 foreign institutions in China's bond market indicates a growing confidence in the sector, with total bond holdings reaching 4.5 trillion yuan, an increase of over 270 billion yuan since the end of 2024 [1] - The total size of China's bond market has reached 183 trillion yuan, making it the second largest in the world, with significant increases in the weight of Chinese bonds in major international indices [1] - The current foreign investor bond holding ratio is only 2.4%, suggesting substantial room for growth compared to developed and some emerging markets [2] Group 1 - Over 1,160 foreign institutions from more than 70 countries and regions are actively participating in China's bond market, with total holdings of 4.5 trillion yuan, an increase of over 270 billion yuan since the end of 2024 [1] - The issuance of Panda bonds by foreign institutions has exceeded 950 billion yuan, reflecting strong interest in China's debt instruments [1] - China's bond market has been included in major international indices, with the weight of Chinese government bonds in the Bloomberg Global Aggregate Index reaching 9.7%, an increase of 3.7 percentage points over four years [1] Group 2 - The People's Bank of China plans to continue promoting high-level openness in the bond market, aiming to attract more foreign investors, especially long-term investors [2] - The current foreign investment ratio in China's bond market is relatively low at 2.4%, indicating significant potential for future growth [2]
2025中国经济夏季研讨会在沪举办 专家建言科技创新绿色发展
Guo Ji Jin Rong Bao· 2025-08-07 15:48
Group 1: Economic Development Strategies - The seminar emphasized the need for China to address overcapacity and weak consumption by transforming the People's Bank of China into a primary driver of demand creation through targeted monetary issuance to the central government [2] - The central government should allocate funds to local governments to enhance public goods such as education and healthcare, thereby stimulating domestic demand and driving private sector growth [2] - The use of "Panda bonds" for issuing cross-border RMB to friendly nations is suggested to create external demand for Chinese products and services, allowing the central bank to maintain control over RMB issuance [2] Group 2: Green and Sustainable Development - The vice president of Shanghai Environment and Energy Exchange highlighted the importance of coordinating industrial structure adjustments, clean energy transitions, and green lifestyles in cities [3] - The establishment of carbon management service centers is proposed to assist cities in achieving green and low-carbon transformations in the steel industry [3] Group 3: Talent Development and Urban Economy - The seminar discussed the need for cities to leverage resources from top companies and universities to support both hard and soft economic development [4] - A focus on the uneven distribution of talent and the need for targeted policies to address talent shortages in emerging fields like AI and biomedicine was emphasized [4] - The integration of AI technology to collect consumer data for better demand forecasting was suggested to prevent overcapacity and inefficiencies [4] Group 4: Private Sector and Governance - The importance of a clear and transparent relationship between government and private enterprises was underscored as essential for fostering the vitality and innovation of the private economy [5]
2025年7月中资离岸债发行规模约225亿美元,世茂重组成功推动地产板块融资转正
Sou Hu Cai Jing· 2025-08-04 18:32
Summary of Key Points Core Viewpoint - In July, the total issuance scale of offshore Chinese bonds was approximately $22.5 billion, reflecting a 10% month-on-month decline, with significant contributions from various sectors including real estate and local government financing [2][3]. Group 1: Issuance Details - The actual total issuance scale of offshore Chinese bonds, excluding the restructuring bonds from Shimao Group, was $15.7 billion in July [3]. - The issuance of offshore RMB-denominated bonds amounted to about $5.1 billion, while USD-denominated bonds reached approximately $13.3 billion, with an average financing cost of 5.25% for fixed-rate bonds [5]. - The issuance of offshore Euro-denominated bonds surged to about $2.1 billion, with notable contributions from China Development Bank and Bright Food International [5]. Group 2: Sector Performance - Excluding sovereign and government bonds, 72 Chinese enterprises issued 97 offshore bonds totaling $20.1 billion in July, with the average bond size increasing to $2.07 million [7]. - The real estate sector's issuance, excluding Shimao Group's restructuring bonds, was $0.8 billion, primarily from Hong Kong enterprises [10]. - Local government financing platforms saw a significant increase, with 49 platforms issuing 55 offshore bonds totaling $6 billion, marking an 89% month-on-month growth [10]. Group 3: Financial Sector Insights - The financial sector's issuance decreased by 32% to approximately $4.2 billion, with 11 financial institutions issuing 20 offshore bonds [15]. - Notably, China Development Bank successfully issued dual-currency bonds in the international market, achieving a record subscription rate [15]. - The issuance of sustainable development bonds by various enterprises, including Zhengzhou Urban Construction and Jiangxi Jiulong Group, highlighted the growing trend towards sustainable financing [11][12]. Group 4: Market Trends and Economic Indicators - The net financing amount for the real estate sector turned positive for the first time this year, reaching approximately $15.2 billion in July, largely due to Shimao Group's debt restructuring [18]. - Central banks, including the Federal Reserve and the European Central Bank, maintained interest rates, influencing market expectations and bond issuance strategies [21]. - Positive developments in the real estate sector were noted, with several companies successfully restructuring debts and obtaining financing [22].
上清所创新发展债券发行托管业务 上半年集中清算量同比增长127.5%
Xin Hua Cai Jing· 2025-08-04 13:44
Group 1 - The core viewpoint of the article highlights the significant growth in the bond market managed by the Shanghai Clearing House, with a bond custody balance reaching 48.3 trillion yuan, a year-on-year increase of 22.3% [1] - In the first half of the year, the centralized clearing of bonds amounted to 11.2 trillion yuan, reflecting a remarkable year-on-year growth of 127.5% [1] - The Shanghai Clearing House has effectively supported the launch of the "Technology Board" in the bond market, facilitating the issuance of 272.1 billion yuan in technology innovation bonds [1] Group 2 - The Shanghai Clearing House has expanded its bond issuance support, facilitating the issuance of 494.03 billion yuan in policy financial bonds and 1.3 trillion yuan in financial bonds from commercial banks and non-bank financial institutions, representing year-on-year growth of 46.6% and 8% respectively [1] - The introduction of Bank of China Hong Kong as the first overseas clearing member marks a significant step towards internationalization, allowing foreign institutions to participate directly in domestic centralized clearing [1] - The dual development of the Yulan bond and Panda bond markets has effectively supported the internationalization of the renminbi [1] Group 3 - The Shanghai Clearing House launched new contracts for 3- and 7-year national development bonds and extended the interest rate swap clearing period to 30 years, with a total clearing scale of interest rate derivatives reaching 26.5 trillion yuan, a year-on-year increase of 70.2% [2] - The expansion of credit derivatives includes the inclusion of 32 new quality production enterprises into the CDS central counterparty clearing range, promoting the trading and clearing of private enterprise CDS indices [2]
累计发行规模突破1万亿元,熊猫债市场空间持续拓展
Sou Hu Cai Jing· 2025-08-03 23:26
Wind数据显示,截至8月3日,今年以来银行间市场熊猫债发行规模为1166.50亿元。截至目前,熊猫债 累计发行规模已突破1万亿元。专家表示,近年来,熊猫债发行主体不断丰富,发行人数量稳步攀升, 持续获得国际知名机构青睐,熊猫债市场深度广度不断拓展。中诚信国际研究院研究报告认为,融资成 本优势是熊猫债密集发行的重要因素之一。"当前熊猫债票面利率显著低于同期美元债,国际发行人通 过置换存量美元债务,可直接降低融资成本,这一'性价比'优势提升了发行意愿。"报告分析称。(中 证报) ...
熊猫债市场空间持续拓展
Zhong Guo Zheng Quan Bao· 2025-08-03 21:12
● 本报记者 连润 Wind数据显示,截至8月3日,今年以来银行间市场熊猫债发行规模为1166.50亿元。截至目前,熊猫债 累计发行规模已突破1万亿元。专家表示,近年来,熊猫债发行主体不断丰富,发行人数量稳步攀升, 持续获得国际知名机构青睐,熊猫债市场深度广度不断拓展。 多重因素推动 7月以来,熊猫债市场呈密集发行态势。 人民币国际化进程的深化则为熊猫债需求端注入动力。中诚信国际研究院研究员郝云龙说,目前,人民 币跨境支付占比升至全球第四,人民币作为跨境支付及贸易结算货币的国际地位逐渐提升。新兴市场主 权机构发行熊猫债,既是对人民币储备属性的认可,也是规避美元汇率风险的战略选择。 有望继续扩容 熊猫债作为境外机构在华发行的人民币计价债券,既是中国资本市场双向开放的重要成果,也是人民币 国际化进程中的关键载体,其发展脉络与未来前景备受市场关注。 熊猫债发行始于2005年,2023年开始快速扩容,当年发行规模达1544.50亿元;2024年发行量创下 1948.00亿元的年度纪录。 从熊猫债注册情况看,这一增长态势有望在2025年延续。中国银行间市场交易商协会数据显示,2025年 上半年熊猫债注册规模达1535亿 ...