Core Viewpoint - The relationship between RMB internationalization and offshore finance is mutually reinforcing, but the strength of the two-way effect is asymmetrical, primarily reflecting offshore finance's role in promoting RMB internationalization through a "local breakthrough driving overall leap" model [1][5]. Group 1: Offshore Finance and RMB Internationalization - The development of offshore finance is crucial for expanding non-resident RMB transactions, which is a key aspect of RMB internationalization [2]. - The relationship between RMB internationalization and offshore finance is not merely reciprocal but resembles a "local breakthrough driving overall leap" model, where a prosperous offshore RMB market provides a solid foundation for broader global usage of RMB [2][5]. - The international use of RMB is a significant indicator of its internationalization, primarily encompassing cross-border finance and offshore finance [5]. Group 2: Transaction Types and Financial Systems - Transactions involving non-residents can be categorized into two types: non-resident to non-resident (offshore RMB transactions) and non-resident to resident (cross-border RMB payments) [3]. - The normal operation of these transaction types is supported by different financial systems: onshore finance, cross-border finance, and offshore finance [3]. Group 3: Development Trends - While cross-border RMB payments have seen significant growth, the development of offshore RMB finance has been relatively slow, with the focus shifting towards both domestic and international aspects [6][7]. - The offshore RMB index has shown substantial growth, increasing from 0.32 in Q4 2011 to 2.1 in Q2 2024, reflecting a 556.25% increase, although this growth may not align with the economic scale of China [8]. Group 4: International Payment Coverage - A currency's international payment coverage ratio indicates its global payment share relative to the country's GDP share, with RMB's coverage ratio at 0.25, suggesting a mismatch between its international payment level and China's economic status [9]. - Compared to other major currencies, RMB's international payment share remains low, indicating that offshore RMB transactions are underdeveloped relative to China's economic size [9]. Group 5: Mechanisms of Offshore Finance in Promoting RMB Internationalization - The offshore RMB market serves as a "liquidity reservoir" for RMB internationalization, requiring the establishment of RMB liquidity centers to meet global demand for RMB services [11]. - The offshore RMB market acts as a "testing ground" for RMB pricing power, helping to stabilize the currency's use and mitigate financial risks associated with significant deviations between onshore and offshore pricing [11]. - The offshore RMB market provides investment and financing channels, facilitating RMB's role as a capital vehicle for global investment opportunities [12].

2025年3月 彭博 2025年全新升级 彭博债券南向通双周报，推出 彭博债券月报 ，旨在为市场参与者提供固 收市场热点、债券市场关键数据及图表和最值得关注的固收产品等实时市场热点内容，助您实时 获取市场热点动态，做出明智投资决策。 扫描二维码 立即订阅彭博债券月报 固收市场热点 美国关税政策不确定性激增 3月4日，美国宣布对加拿大和墨西哥征收关税；仅两日后（3月6日），又豁免了大部分目标商 品，政策立场快速反转；新关税截止日期被设定为3月12日（钢铁和铝）和4月2日（对等关 税），进一步延长政策观察窗口期。 为了追踪关税不确定性，我们开发了一项新的彭博经济研究 指数——每日贸易政策不确定性指数（TPU）来追踪贸易政策。 3月初政策调整后，指数跃升至 特朗普第一任期内贸易摩擦高峰未见的水平，市场对政策方向解读困难，导致企业投资决策延 后，金融市场波动加剧。 彭博债券月报 点心债市场发行趋势与投资契机 市场体量与关注度双升，彭博离岸人民币指数追踪点心债收益 点心债市场在2022年加速扩容， 截至2025年3月，存量规模突破1.9万亿元 。2024年全年点心债 发行规模达8,960亿元，较2023年增长120%； ...