在全球经济格局深度调整、我国金融开放步伐加快的双重背景下，跨境金融作为贯通国内外市场的关键 纽带，其发展水平直接决定我国参与国际金融竞争与合作的能力。 服务实体经济，筑牢发展之本。聚焦跨境贸易、产业升级、战略项目等关键领域，推出针对性金融产品 与服务，避免金融空转。深耕跨境电商场景，搭建"金融+电商平台+物流"联动机制，推广数字人民币在跨境 收付中的应用。设立特色产业跨境基金，精准支持产业跨境发展；借助自贸离岸债工具，吸引境外投资者参与 境内实体项目。 当前，跨境金融已从早期单一的贸易结算迈向涵盖投融资、风险管理、资产配置等多元功能的高阶形 态。要实现高质量发展，亟需系统、前瞻的理论框架指引。 优化流程效率，打通流动瓶颈。给予自由贸易账户更多政策支持，推广全功能型跨境人民币资金池，降 低准入门槛。推行"事后核查"替代"事前审查"，简化单证审核流程；依托人民币跨境支付系统（CIPS）提升结 算透明度与效率；积极试点数字人民币在跨境贸易中的应用和跨境贸易的无因性融资。建立人民币与东南亚国 家货币直接兑换平台，完善汇率报价与清算机制，对接金融业通用报文方案ISO20022。 安全创新 我国跨境金融发展坚持"借鉴经验 ...

Primary Market - A total of 41 offshore bonds were issued this week (January 5-9, 2026), including 1 RMB bond, 29 USD bonds, 10 HKD bonds, and 1 EUR bond, with issuance sizes of 100 million RMB, 9.3675 billion USD, 17.475 billion HKD, and 2.5 billion EUR respectively [2] - In the offshore RMB bond market, the largest single issuance was 100 million RMB with a maximum coupon rate of 1.7%, all issued by the International Finance Corporation [2] - In the USD bond market, the largest single issuance was 3.5 billion USD by the Asian Development Bank, with the highest coupon rate of 6.25% issued by PCCW Limited [2] Secondary Market Overview - The yield on Chinese USD bonds rose across the board this week. As of January 9, the Markit iBoxx Chinese USD Bond Composite Index increased by 0.13% to 251.66; the investment-grade USD bond index rose by 0.1% to 244.63; and the high-yield USD bond index increased by 0.28% to 183.71 [3] - The real estate USD bond index rose by 0.58% to 179.72, while the city investment USD bond index fell by 0.12% to 154.4; the financial USD bond index increased by 0.15% to 291.69 [3] Benchmark Spread - As of January 9, the spread between the 10-year benchmark government bonds of China and the U.S. narrowed to 229.73 basis points, a decrease of 1.58 basis points from the end of 2025 [4] Rating Changes - On January 5, the credit rating of Wuxi Liangxi Urban Operation Service Group Co., Ltd. was withdrawn by China Chengxin International Credit Rating due to insufficient information [6] - On January 7, Zhengzhou Zhongrui Industrial Group Co., Ltd.'s credit rating was downgraded from AA+ to AA- by Dagong Global Credit Rating [6] Domestic News - The Shanghai Clearing House is promoting the quality and expansion of Yulan bonds and free trade offshore bonds, aiming to enhance cross-border connectivity and optimize the "swap + direct clearing" path [8] - Local government bond issuance for 2026 has commenced, with Shandong Province issuing 72.381 billion RMB in local bonds on January 5. The total planned issuance for the first quarter exceeds 2.1 trillion RMB, which is significantly higher than previous years [9] - The Panda bond market officially opened this week with an issuance of 7 billion RMB, including a 1.5 billion RMB Panda bond from Henkel Group, marking its first appearance in this market [10] Overseas News - The U.S. Congressional Budget Office (CBO) predicts that the Federal Reserve may implement a slight interest rate cut this year to address labor market downturn risks, with expected rates dropping to 3.4% by the fourth quarter [12] Offshore Debt Alerts - Huaxia Happiness Holdings Co., Ltd. is facing arbitration requests from Ping An Asset Management and Ping An Life Insurance for performance compensation and overdue payment totaling approximately 6.4 billion RMB [13] - China International Capital Corporation is convening a meeting to discuss not requiring early debt repayment or additional guarantees, indicating strong asset strength and repayment capability [14] - Minmetals Land plans to repurchase approximately 251 million USD of bonds and exercise early redemption rights, with settlement expected around January 15, 2026 [15]

Core Viewpoint - The Shanghai Clearing House emphasizes the need to balance quality and quantity in its operations for 2026, focusing on innovation in foreign exchange clearing products and services while enhancing domestic currency centralized clearing capabilities [1] Group 1: Business Development - The organization aims to develop commodity clearing and carbon finance businesses to improve service quality and efficiency [1] - There is a commitment to strengthen the dual pillar linkage of clearing and custody services [1] Group 2: International Strategy - The strategy includes consolidating and expanding cross-border hub connectivity while ensuring safety [1] - The promotion of Yulan bonds and free trade offshore bonds is part of the plan to enhance quality and capacity [1] - The optimization of the "swap + direct clearing" approach is intended to deepen international engagement and support a stable internationalization strategy [1]

Core Viewpoint - The Shanghai Clearing House emphasizes the need to balance quality and quantity in its operations for 2026, focusing on innovation in foreign exchange clearing products and services [1] Group 1: Strategic Goals - The meeting outlines a strategy to enhance the capabilities of domestic currency centralized clearing services while promoting the development of commodity clearing and carbon finance businesses [1] - There is a commitment to strengthen the linkage between clearing and custody services, aiming for improved efficiency and quality in business development [1] Group 2: International Expansion - The organization plans to consolidate and expand cross-border hub connectivity while ensuring safety, which includes enhancing the quality and scale of products like Yulan bonds and offshore free trade zone bonds [1] - The strategy includes optimizing the "swap connection + direct clearing" approach to deepen international engagement and support a stable internationalization strategy [1]

Core Viewpoint - The recent appreciation of the Renminbi (RMB) against the US dollar is attributed to multiple macroeconomic factors and market dynamics, with the offshore RMB breaking the 7 mark being a significant event that enhances its attractiveness in global markets [1][2]. Group 1: Factors Influencing RMB Appreciation - The weakening of the US dollar index, which fell below 100, is a primary driver of the RMB's strength, influenced by expectations of continued interest rate cuts by the Federal Reserve in 2026 [1][2]. - Increased demand for currency settlement by enterprises as the year-end approaches has contributed to the seasonal strengthening of the RMB [1]. - The sustained appreciation of the RMB has improved market sentiment, further pushing up its value [1]. Group 2: Implications for Offshore RMB Assets - The RMB's rise above 7 enhances the valuation attractiveness of offshore RMB assets, improving liquidity in offshore markets [2]. - The appreciation reduces the actual debt servicing costs for bonds issued in RMB, encouraging foreign institutions to issue "dim sum bonds" [2]. - A narrowing or even inversion of the interest rate differential between China and the US lowers the opportunity cost of holding RMB-denominated assets [2]. Group 3: Future Trends in Offshore Markets - If the RMB continues to appreciate moderately in 2026, the offshore market is expected to transition from a "liquidity market" to a "deep allocation market," with more diverse issuers seeking low-cost financing [3]. - The offshore RMB interest rate curve is anticipated to become smoother, and the range of derivative products will expand, indicating a shift towards quality improvement in RMB internationalization [3]. - Recent reports indicate a slight increase in China's offshore financial index, with growth in offshore bond issuance and cross-border RMB transactions, reflecting a structural upgrade in the offshore financial system [3]. Group 4: Strategic Development of Offshore Financial Markets - The demand for offshore RMB is driven by China's growing economic and political status globally, positioning it as a central player in international finance [4]. - Future developments in offshore finance will require institutional openness to attract relevant factors and enhance the internationalization of the RMB [4][5].

Core Viewpoint - The offshore bond market for Chinese enterprises is experiencing stable growth in issuance, with a notable performance in the high-yield sector, as evidenced by a total issuance of approximately $312.26 billion in 2025, marking a 24% increase from 2024 [2][3]. Group 1: Issuance Overview - In 2025, the total issuance of Chinese offshore bonds reached approximately $312.26 billion, with 1,448 bonds issued, reflecting a year-on-year growth of about 24% [2][3]. - The market has become the largest offshore dollar bond market in Asia and the second largest globally [3]. - The issuance structure is diversified, with 791 dollar bonds, 375 renminbi bonds, and bonds in other currencies including Hong Kong dollars, Japanese yen, and euros [3]. Group 2: Market Dynamics - The second half of 2025 saw improved issuance conditions due to successful restructuring of real estate debts, with net financing gaps turning positive [2][3]. - The dual-currency structure of the offshore bond market has strengthened, with a continued trend towards currency diversification [3]. Group 3: Sectoral Insights - The structure of offshore debt issuance is dominated by financial bonds (53%), followed by industrial bonds (24%), with real estate and urban investment bonds making up 15% and 8% respectively [4]. - New growth points in the market include industrial bonds, internet company bonds (e.g., Alibaba, Tencent), and green bonds, particularly following the launch of green bond pilot programs [4][6]. Group 4: Secondary Market Performance - The secondary market for Chinese offshore bonds has shown positive returns, with the Markit iBoxx Chinese dollar bond index rising by 6.88% by the end of 2025 [7][10]. - High-yield Chinese dollar bonds outperformed investment-grade bonds, with a return of 7.94% compared to 7.21% for investment-grade bonds [7][10]. Group 5: Future Outlook - The repayment pressure for offshore bonds is expected to remain significant in 2026, particularly from April to July, with a total repayment demand peaking during this period [12]. - Despite the anticipated repayment pressures, the market is expected to continue its recovery trend, although large-scale issuance may not be realized [12].

Core Viewpoint - The 22nd China International Financial Forum held in Shanghai focuses on building an intelligent financial ecosystem in the digital economy era [1][5] Group 1: Development of Offshore Bonds - Shanghai's advantages in promoting free trade offshore bonds include the formation of a market, evidenced by over 130 billion yuan in offshore bond issuance [3][7] - The integration of FT accounts with offshore bonds, initiated in 2014, has been successfully replicated in other regions like Tianjin, Guangdong, and Shenzhen since 2019 [3][7] Group 2: Significance of Offshore Bonds - Promotes the opening of financial markets by aligning offshore bonds with international rules, facilitating global financial resource aggregation [4][7] - Advances the internationalization of the Renminbi by encouraging the issuance of offshore bonds denominated in Renminbi, meeting global investors' demand for Renminbi assets [4][7] - Supports the construction of a new development pattern characterized by dual circulation, leveraging the free trade zone to connect domestic and international markets [4][7] Group 3: Financial Security and Stability - The Central Clearing Company plays a crucial role in the issuance, registration, custody, clearing, and valuation of offshore bonds, enhancing financial security [8] - The option to designate the Shanghai Financial Court as an arbitration institution helps mitigate jurisdictional risks [8] - This framework allows for better control over the innovation practices of financial market openness, contributing to national financial security and stability [8]

Core Viewpoint - Shanghai is advancing the legal and institutional framework for its offshore bond market, particularly through the introduction of new regulations and judicial testing mechanisms aimed at enhancing market confidence and compliance with international standards [1][4][6]. Group 1: Judicial Developments - The Shanghai Financial Court has conducted a "judicial sandbox" test focusing on the handling of potential defaults in offshore bonds issued under Hong Kong law, marking a proactive approach to clarify cross-border legal frameworks [2][5]. - This judicial testing aims to provide a predictable legal framework for the burgeoning offshore bond market, which is crucial for attracting foreign investment [2][3]. Group 2: Legislative Initiatives - The Shanghai Municipal People's Congress has released a draft regulation specifically for the development of offshore bonds, which is the first of its kind in China, emphasizing the "two ends abroad" principle [4][6]. - The draft regulation includes 24 articles that define the issuance and use of offshore bonds, aiming to prevent domestic entities from circumventing regulations and ensuring that funds are primarily used outside of China [4][5]. Group 3: Market Implications - The reintroduction of offshore bonds is seen as a significant step in providing low-cost financing options for companies while enhancing the role of the Renminbi as a financing currency [5][6]. - The combination of judicial and legislative measures is expected to create a more stable and predictable environment for offshore bond issuance, which is essential for building an internationally credible Renminbi bond market [6].

1. 公开市场操作 央行公告称， 12 月 2 日以固定利率、数量招标方式开展了 1563 亿元 7 天期逆回购操作，操作利率 1.40% ，投标量 1563 亿元，中标量 1563 亿元。 Wind 数据显示，当日 3021 亿元逆回购到期，据此计算，单日净回笼 1458 亿元。 2. 资金面 （*数据来源：Wind-央行动态PBOC） 央行 在公开市场连续净回笼，但银行间资金市场仍稳中偏宽， D R001 加权平均利率降近 1bp 至 1.3% 下方。匿名系统上，隔夜报价维持在 1.28% ，供给 充裕；非银机构以信用债为抵押融入隔夜资金，报价小降至 1.43%-1.46% 区间。交易员称，匿名系统上隔夜稳在 1.28% ，或说明 1.3% 的"隐形下限"已告 终结。另外，需要关注 央行 后续公开市场操作，以及对本周到期的买断式逆回购续做规模等。 海外方面，最新美国隔夜融资担保利率为 4.12% 。 （IMM） // 债市综述 // （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 3. 同业存单 全国和主要股份制银行一年期同业存单最新成交在 1.65% 附近，较上日上行近 1bp 。 30 年 ...

Core Viewpoint - The development of offshore bond business in the free trade zone is expected to receive significant policy support from the Shanghai government, as indicated by the draft regulations currently under review [1]. Group 1: Basic Concepts and Work Mechanism - The draft regulations define offshore bonds as debt financing tools issued by foreign entities through a free trade account, primarily targeting overseas investors [2]. - The responsibilities of the municipal government and the Pudong New Area government in promoting the offshore bond business are clearly outlined [2]. Group 2: Business Rules and Market Order - The regulations specify the scope of issuers and investors, detailing the qualifications required for issuers to ensure compliance in the issuance and investment of offshore bonds [2]. - Types of underwriting institutions are defined, allowing qualified entities to participate in the underwriting of offshore bonds [2]. - A registration and custody system is established, designating primary and secondary custodians to provide related services for offshore bonds [2]. - Fund usage is regulated, with a principle that raised funds should primarily be used overseas, and any domestic use must comply with national cross-border fund management regulations [2]. Group 3: Risk Prevention and Regulatory Efficiency - Issuers are required to disclose information during the bond's duration, enhancing transparency [3]. - Relevant parties must implement risk prevention measures to mitigate default risks and fulfill responsibilities related to anti-money laundering, anti-terrorism financing, and anti-tax evasion [3]. - A cross-border regulatory and law enforcement cooperation mechanism is to be established to protect cross-border investors and mitigate risks [3]. - A self-regulatory management mechanism for offshore bonds is encouraged to improve self-regulatory rules and protect investors [3]. Group 4: Policy Empowerment and Practical Needs - Financial institutions with free trade accounts in Pudong can invest in offshore bonds according to national management requirements [3]. - Relevant parties are encouraged to resolve disputes under Chinese law [3]. - Legal responsibilities will be prioritized under domestic laws for parties that harm the legitimate rights of domestic and foreign entities through fraudulent issuance [3]. - The Pudong New Area government and the Lingang New Area Administrative Committee will formulate supporting policies for offshore bonds, with financial support from Shanghai's financial development funds [3].