离岸人民币债券(点心债)

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【时代风口】 从AI项目融资棋局 看人民币国际化新机遇
Zheng Quan Shi Bao Wang· 2025-09-29 23:10
从阿里巴巴于去年11月首次发行170亿元离岸人民币债券(即"点心债"),到百度今年内两度发行、腾 讯首次试水90亿元规模点心债,再到市场传闻更多互联网巨头正酝酿跟进,一系列动向表明,离岸人民 币债券市场正成为中国科技企业巨头长期融资的重要渠道。这一举措不仅缓解了企业的资金需求,也在 客观上拓宽了点心债市场的深度与广度,吸引更多发行人与投资者入场。 AI竞赛的背后也是资本的赛场,科技企业青睐债权融资,实为一场精密的成本运算。无论是甲骨文发 行的40年期美元债券,还是腾讯发行的20年期人民币债券,都受到投资者热捧。可以看出,相较股权融 资,债券融资不仅避免股权稀释,更能在低利率窗口期锁定长期资金,性价比更高。从币种选择来看, 人民币融资优势凸显:一方面,中美利差短期内难以逆转,人民币低融资成本仍将延续;另一方面,人 民币汇率韧性增强,预期趋稳,企业不仅可规避货币错配风险,即便融资后兑换为外币使用,汇率风险 也相对可控。 (原标题:【时代风口】 从AI项目融资棋局 看人民币国际化新机遇) 孙璐璐 在人工智能浪潮席卷全球的背景下,科技巨头纷纷步入资本开支的高强度周期。自9月中下旬以来,甲 骨文、腾讯、阿里巴巴、百度等 ...
【时代风口】从AI项目融资棋局看人民币国际化新机遇
Zheng Quan Shi Bao· 2025-09-29 18:19
在人工智能浪潮席卷全球的背景下,科技巨头纷纷步入资本开支的高强度周期。自9月中下旬以来,甲 骨文、腾讯、阿里巴巴、百度等国内外科技企业不约而同启动大规模债券发行,募资用途高度一致—— 全力投入AI与云计算等前沿科技领域。值得关注的是,中国科技企业的境外融资路径正悄然转向,形 成以长期限、人民币计价的债权融资为主的新偏好。 从阿里巴巴于去年11月首次发行170亿元离岸人民币债券(即"点心债"),到百度今年内两度发行、腾 讯首次试水90亿元规模点心债,再到市场传闻更多互联网巨头正酝酿跟进,一系列动向表明,离岸人民 币债券市场正成为中国科技企业巨头长期融资的重要渠道。这一举措不仅缓解了企业的资金需求,也在 客观上拓宽了点心债市场的深度与广度,吸引更多发行人与投资者入场。 孙璐璐 除了供给端发行主体日益多元,点心债的需求侧同样支撑有力。随着QDII(合格境内机构投资者)额 度提升与债券"南向通"机制扩容,境内资金配置离岸资产的需求持续释放。高质量发行主体入场与境内 投资需求升温形成"双向奔赴",共同构筑起市场良性发展的基石。 当全球科技企业共同投身于"All in AI"(全力投入人工智能)的浪潮,科技与资本正迎来新 ...
金融机构应深化人民币国际化的合作与服务创新
Guo Ji Jin Rong Bao· 2025-06-13 07:33
Core Viewpoint - The internationalization of the Renminbi (RMB) is a strategic choice for China to enhance its financial power, increase its international economic influence, and mitigate financial risks in the context of a profound adjustment in the global economic landscape [1] Group 1: Role of Financial Institutions - Chinese financial institutions, including commercial banks, policy banks, and investment institutions, play a crucial role in promoting the use of RMB in global trade, cross-border investment, and international reserves through market expansion, product innovation, and liquidity provision [1][2] - The internationalization capability of these institutions, such as risk management and compliance levels, will directly determine the depth of RMB internationalization [1] Group 2: Expanding RMB Settlement Network - Major banks like Bank of China, Industrial and Commercial Bank of China, and Bank of Communications are enhancing RMB cross-border settlement services through the Cross-Border Interbank Payment System (CIPS) and establishing branches along the Belt and Road Initiative [1][2] Group 3: Ensuring Offshore RMB Liquidity - Chinese banks in offshore markets like Hong Kong and Singapore should enhance offshore RMB liquidity by issuing certificates of deposit (CDs) and providing trade financing [2] - Financial institutions are encouraged to lead more issuances of offshore RMB bonds, known as "dim sum bonds," to attract international investors [2] Group 4: Trade Financing and Supply Chain Support - Financial institutions are urged to promote RMB-denominated letters of credit and factoring services to reduce foreign trade enterprises' exchange rate risks, particularly in energy trade with countries like Russia and Saudi Arabia [2][3] Group 5: Strategic Project Financing by Policy Banks - Policy banks such as the China Development Bank (CDB) and Export-Import Bank of China should increase RMB loans for Belt and Road projects, binding offshore RMB usage to these cross-border projects [3] - The effective implementation of currency swap agreements with relevant countries will promote RMB circulation in developing nations [3] Group 6: Expanding RMB Asset Pool - Sovereign wealth funds like China Investment Corporation are encouraged to guide international capital towards RMB assets, increasing their share in sovereign funds [3] - Securities firms and fund companies are actively building bridges for offshore RMB financial markets to facilitate foreign investment in China's bond and stock markets [3] Group 7: Building Financial Infrastructure - Institutions like Shanghai Clearing House and Central Securities Depository are providing bond custody and settlement services to promote the internationalization of the RMB bond market [3] - Innovations in cross-border RMB payments through digital RMB (e-CNY) are being pursued to enhance settlement efficiency and security [3] Group 8: Risk Management and Compliance - Financial institutions are focusing on effectively managing RMB exchange rate fluctuations and liquidity risks, with banks acting as market makers in offshore markets [4] - Compliance with international standards and anti-money laundering regulations is emphasized to enhance the safety and credibility of RMB's cross-border use [4] Group 9: Comprehensive Financial Services - State-owned and joint-stock banks are encouraged to establish branches in major international financial centers and offer comprehensive cross-border supply chain financial products [4][5] - Collaborations with Visa and Mastercard to issue dual-currency RMB credit cards aim to mitigate exchange rate risks for overseas consumers [5] Group 10: Expanding Dim Sum Bond Market - Domestic enterprises are encouraged to issue RMB bonds in offshore markets like Hong Kong and London, with a projected issuance scale of over 1.2 trillion yuan in 2024, reflecting a 35% year-on-year growth [5] - The exploration of cross-border ETF connectivity aims to expand the range of RMB-denominated ETFs available for trading [5] Group 11: Innovation in Cross-Border Insurance Products - New insurance products related to the Belt and Road Initiative and cross-border medical insurance are being introduced, allowing foreign tourists to purchase RMB policies in China [5] - Research into allowing personal pension accounts to invest in offshore RMB bonds and REITs is underway to enhance the global allocation of RMB assets [5]