北京商报讯（记者 刘四红）10月16日，据中国人民银行官微，中国人民银行金融市场司负责人近日在 接受《金融时报》采访时介绍，中国人民银行稳步扩大制度型开放，优化境外机构投资环境。推动金融 市场发行交易、登记结算、税收、评级、风险处置等各项制度规则与国际接轨，提高金融市场国际化水 平。中国债券在全球三大债券指数的权重逐步提升，国际影响力和竞争力显著增强。会同相关部门建立 统一的债券市场开放框架，统筹推进银行间和交易所债券市场统一对外开放。持续推动人民币债券成为 全球市场广泛认可的合格担保品。优化熊猫债券制度安排，熊猫债券发行主体不断丰富，累计发行规模 突破万亿元。在香港设立上海黄金交易所黄金交割库，上线香港交割的黄金交易合约。遵循"两头在 外"的原则，对标国际通行规则标准，推进自贸离岸债市场发展。 ...

◇ 作者：西南财经大学中国金融研究院 王昆 ◇ 本文原载《债券》2025年9月刊 摘 要 近期，中国人民银行宣布将"发展自贸离岸债"作为八项金融开放举措之一，这意味着自贸离岸债重启发 行。本文回顾了自贸离岸债的发展过程，分析了重启自贸离岸债发行给商业银行带来的机遇与挑战，并 从明确业务定位、丰富参与形式、提升服务能力及加强风险管控等方面对商业银行参与相关业务提出建 议。 关键词 自贸离岸债 商业银行 应对措施 （二）自贸离岸债的双重属性 与其他债券相比，自贸离岸债最显著特征是"境内关外"，即发行地在物理空间上属于中国境内（自贸 区），但在发行规则等方面又具备典型的境外债券特征。可以说，自贸离岸债最大的特点是兼具离岸和 在岸双重属性。 一方面，自贸离岸债具备典型的离岸债券属性。从发行规则来看，与境外债券类似，自贸离岸债发行遵 循国际通行的S条例（Reg S，即《在美国境外发行和销售离岸证券免于按照1933年证券法注册的规 2025年6月，中国人民银行（以下简称"央行"）宣布八项重磅金融开放举措，其中一项为"发展自贸离岸 债"，这被市场解读为在停滞一年多后，相关业务将重启。 上海自贸区离岸债券（以下简称"自贸离岸 ...

2016年，上海清算所和中央结算公司分别发布《自贸区跨境债券业务登记托管、清算结算实施细则》 《上海自贸区跨境债券业务登记托管、清算结算业务指南》和《中国（上海）自由贸易试验区债券业务 指引》，为自贸离岸债的开启创造了条件。首笔自贸离岸债于当年发行，发行人为上海市地方政府，规 模为30亿元。2019年，中央结算公司发布自贸离岸债业务实施方案，明确自贸离岸债遵循境外债券 和"一级托管、中央确权"的基本原则，要求自贸离岸债发行人应事先获得国家发展改革委外债备案登 记。至此，自贸离岸债的监管和发行流程进入规范轨道。此后，自贸离岸债业务发展逐步提速，发行人 由境内企业拓展到境外企业及金融机构，发行币种由单一人民币拓展至美元等多币种，投资者由上海自 贸区内机构拓展到境外机构，发行结构由直接发行拓展到备用信用证担保发行。自2022年下半年起，自 贸离岸债业务呈现爆发式增长态势。2023年，自贸离岸债共发行121笔，发行规模合计823.54亿元。但 在10月之后，由于政策收紧等原因，自贸离岸债业务进入暂停阶段。截至2025年6月，自贸离岸债存量 余额为1186.4亿元，存量债券176只。 （二）自贸离岸债的双重属性 与其他 ...

"节假日得加班了"。长期负责债券发行承销的股份制银行香港分行投行部负责人邱鑫向记者感慨道。 9月28日，中国人民银行上海总部发布《关于进一步推进上海自贸离岸债高质量发展的若干措施（试 行）》（下称《措施》），标志着重启发行的自贸离岸债有了明确的操作准则。 记者多方了解到，2019年—2023年上半年期间，自贸离岸债发行一度火热。但由于当时自贸离岸债采 取"两头在内"模式（即债券发行人与投资资金主要来自境内），不符合自贸离岸债创设初衷，于是相关 部门通过窗口指导"收紧"自贸离岸债投融资，导致此后两年自贸离岸债发行陷入停滞。 今年6月，中国央行行长潘功胜在2025陆家嘴论坛表示要发展自贸离岸债，将遵循"两头在外"原则与国 际通行规则标准，拓宽"走出去"企业及"一带一路"共建国家和地区优质企业的融资渠道。 在业内人士看来，这也是自贸离岸债重启发行的重要信号。 中证鹏元国际评级部董事左一鸣表示，本次自贸离岸债重启发行的最大特点是"两头在外"，即债券发行 人和投资资金均来自境外，通过更严格的"离岸属性"要求重塑市场。 邱鑫向记者透露，"十一"节假日期间，他将一面研究《措施》的具体条款与实施细则，一面与部分境外 企业、境 ...

（文章来源：第一财经） 上海市委金融委员会办公室、央行上海总部印发《关于进一步推进上海自贸离岸债高质量发展的若干措 施（试行）》。通过深化金融制度型开放，在遵循"两头在外"的原则和对标国际通行的规则标准基础 上，面向国际加快推进自贸离岸债高质量发展，进一步拓宽"走出去"企业及"一带一路"共建国家和地区 等优质企业的投融资渠道。统筹发展和安全，在守牢风险底线条件下，加快构建与上海国际金融中心相 匹配的离岸金融体系，增强上海国际金融中心的竞争力和影响力。 ...

Core Viewpoint - Shanghai is poised to establish itself as a global offshore RMB center, supported by its financial infrastructure, policy backing, and market development, although challenges remain in international recognition and product offerings [1][2][3]. Group 1: Conditions for Establishing Offshore RMB Center - Shanghai is the only international financial center in China outside of Hong Kong, with 1,782 licensed financial institutions, one-third of which are foreign [2]. - The city ranks first in national cargo throughput and cross-border trade volume, hosting the highest number of multinational company headquarters in China [2]. - Shanghai's financial market transaction volume is projected to reach 36.503 trillion yuan in 2024, placing it among the top globally [2]. - The city has established a robust cross-border payment system (CIPS) and maintains close cooperation with financial institutions in Hong Kong and Singapore [2]. Group 2: Policy Support - The central government has prioritized the development of Shanghai's offshore RMB market, issuing supportive policies since 2021 [3]. - Recent initiatives include the "Action Plan for Further Enhancing Cross-Border Financial Services" aimed at promoting RMB's cross-border use [3]. Group 3: Market Development Achievements - In 2024, Shanghai accounted for 47% of the national cross-border RMB settlement volume [4]. - The offshore bond issuance has exceeded 1 trillion USD, with innovative products like free trade offshore bonds [4]. - The "Shanghai-Hong Kong Stock Connect" and "Shanghai-London Stock Connect" have facilitated direct RMB investments in domestic stock markets [4]. - The number of FT accounts in Shanghai has surpassed 170,000, with balances in the trillion yuan range [4]. Group 4: Current Challenges in Offshore RMB Market - The international recognition and acceptance of RMB remain limited, with only 29.3% of cross-border payments in RMB from January to August 2024 [5]. - There is a lack of sufficient cross-border RMB financial products and services, particularly in hedging tools and long-term products [6]. - The absence of a mature RMB internationalization repatriation mechanism hampers the smooth return of RMB used internationally [7]. - Regulatory constraints and insufficient market-driven interest rate mechanisms limit the growth of the offshore RMB market [8]. Group 5: Recommendations for Developing Offshore RMB Center - Explore the establishment of an "offshore economic function zone" in Shanghai, with a legal framework that aligns with international standards [10]. - Leverage Shanghai's financial market advantages to develop offshore insurance, bonds, and other financial services [11]. - Enhance RMB repatriation channels and hedging tools to facilitate cross-border transactions [12]. - Implement policies to allow offshore RMB to be used as the primary currency in offshore banking operations [13]. - Strengthen infrastructure for RMB transactions, including payment systems and trading platforms [14]. - Optimize legal and tax frameworks to improve the global competitiveness of offshore RMB [15]. - Transition foreign exchange policies towards a more open platform-based approach to enhance RMB asset trading [16].

Core Insights - The online seminar "Shanghai-Hong Kong Cooperation: Reshaping the New Pattern of International Financial Center Development" highlighted the recovery of Hong Kong's financial market post-2024, driven by capital inflows, low interbank rates, and leading global IPO financing [3][5] - The collaboration between Shanghai and Hong Kong is characterized as structurally complementary rather than competitive, with both cities serving distinct roles in the financial ecosystem [9][10] Group 1: Hong Kong Financial Market Recovery - Hong Kong's financial market shows signs of recovery with significant capital inflows, a drop in interbank rates, and a substantial increase in IPO financing, reaching HKD 280.8 billion in the first half of 2025, a 322% increase year-on-year [5][6] - The total market capitalization of Hong Kong's stock market reached HKD 42.7 trillion by the end of June 2025, up 33% from the previous year [5] - Despite positive signals in the financial market, the real estate sector remains weak, indicating a cautious outlook on the overall economic recovery [6] Group 2: Structural Factors Supporting Hong Kong's Financial Center Status - Hong Kong's stability as an international financial center is supported by a robust legal system, ongoing demand for offshore financial services from mainland enterprises, and its role as a trade hub in the Asia-Pacific region [7][8] - The relationship between Hong Kong and the U.S. remains strong, with a trade surplus of USD 271.5 billion over the past decade, highlighting Hong Kong's importance as a business base for U.S. companies [8] Group 3: Opportunities for Shanghai-Hong Kong Cooperation - Future cooperation between Shanghai and Hong Kong is expected to focus on five key areas: enhancing connectivity mechanisms, collaboration in the bond market, green finance, digital currency and fintech, and supporting cross-border trade and financial services [11][13][14][15] - The development of a "New York-London" style dual hub structure is proposed, with Shanghai focusing on onshore financial services and Hong Kong on offshore services [29] Group 4: Challenges in Renminbi Internationalization - The international payment status of the Renminbi is currently misaligned with China's economic standing, with a coverage rate of only 0.25, compared to higher rates for other major currencies [23] - The offshore financial development in China is lagging behind the growth of its foreign trade, indicating a need for enhanced support for the offshore Renminbi market [24] Group 5: Implementation Pathways for Offshore Financial Development - The collaboration between Shanghai and Hong Kong is essential to address structural challenges in offshore financial development, focusing on upgrading free trade account functions, restarting offshore bond markets, and enhancing digital currency applications [28][32] - The proposed action plan emphasizes the importance of offshore financial services and the need for regulatory frameworks to support innovation and market demand [27][32]

Core Viewpoint - The People's Bank of China (PBOC) is promoting the development of offshore bonds in Shanghai's free trade zone, transitioning from a "two ends inside" model to a "two ends outside" model, which aims to enhance the internationalization of the Renminbi and broaden financing channels for enterprises involved in the Belt and Road Initiative [1][2][4]. Group 1: Development of Offshore Bonds - The PBOC's recent meeting emphasized the need to develop offshore bonds in Shanghai, with a focus on enhancing the functionality of free trade accounts [1]. - Since June 18, 2023, major state-owned banks in Hong Kong have begun issuing offshore bonds, with the first two issuances being completed in July and August, marking a significant restart of the market [2][4]. - The first issuance by Bank of China Hong Kong was priced at 500 million RMB with an interest rate of 1.65%, while the first public issuance by Bank of Communications Hong Kong had a rate of 1.85% and a three-year term [2]. Group 2: Market Characteristics and Trends - The offshore bonds are characterized by strict adherence to the "two ends outside" principle, meaning both the issuers and investors must be from outside China, which is a shift from the previous model that relied heavily on domestic funding [5][6]. - The offshore bond market has seen a cumulative issuance of 189 bonds from 2019 to 2023, totaling over 120 billion RMB, primarily involving local government financing vehicles [4][6]. - The current trend indicates that the issuers and investors are mainly overseas branches or subsidiaries of Chinese institutions, with expectations for increased participation from foreign investors as the market matures [5][6]. Group 3: Implications for Renminbi Internationalization - The development of offshore bonds is seen as a crucial step in enhancing the Renminbi's role as a financing currency, particularly as global interest rates shift [6][7]. - The PBOC has identified the enhancement of the Renminbi's international monetary function as a key task, with a focus on improving its financing capabilities [6]. - The offshore bond market is expected to help establish Shanghai as a regional bond pricing center and attract foreign investment, thereby increasing the international influence of Renminbi-denominated bonds [5][6].

Group 1: Gold Market Insights - Despite significant gains in gold prices reflecting positive factors, there remains potential for further increases due to global political fragmentation and economic imbalances [1][6] - The volatility of gold prices is expected to increase as prices rise, influenced by geopolitical tensions and economic uncertainties [1][6] - The demand for gold is driven by its anti-inflation properties amid high inflation in the US and increased purchases by central banks in emerging economies [6] Group 2: Interest Rates and Economic Transition - The continuous decline in China's interest rate center is attributed to the transition of the economic structure towards high-quality growth, reducing reliance on debt-driven expansion [7][9] - Low interest rates are beneficial for lowering government debt financing costs, providing more room for fiscal policy implementation, and supporting economic transformation [9] - The current low interest rate environment in China contrasts with high rates in the US and Europe, highlighting a divergence in monetary policy cycles [9] Group 3: Financial Market Strategies - Commercial banks need to adopt a "gold market mindset" and establish a dual defense strategy to manage assets and liabilities effectively [2][10] - The importance of financial market operations is expected to increase, with banks focusing on enhancing trading capabilities and customer service to drive growth [10] - Banks are encouraged to innovate in risk management and investment strategies to adapt to changing market conditions and enhance their service offerings [11] Group 4: Currency and Exchange Rate Management - The RMB has shown resilience against depreciation during trade disputes, with a current exchange rate of approximately 7.18 against the USD, supported by structural adjustments in foreign trade [7][8] - Commercial banks are actively promoting risk-neutral strategies and providing a range of foreign exchange hedging products to help businesses manage currency risks [8] - The RMB's stable performance is influenced by both internal adjustments in trade structure and external factors such as US trade policies [7] Group 5: Bond Market Innovations - The Shanghai Pudong Development Bank (SPDB) is actively involved in the development of the bond market's "technology board," focusing on innovative financing solutions for technology-driven enterprises [12][14] - SPDB has successfully issued various pioneering technology innovation bonds, contributing to the financing of key sectors such as information technology and biotechnology [13][14] - The bank's efforts in the offshore bond market align with national strategies to enhance the international influence of RMB-denominated bonds and support enterprises in global expansion [15]

Group 1 - The People's Bank of China announced eight policy measures to enhance Shanghai's status as an international financial center, focusing on financial innovation and internationalization [1][2] - Establishing a digital RMB international operation center aims to improve the RMB's position in the international monetary system and facilitate cross-border trade [2][3] - The pilot program for offshore trade finance services in the Shanghai Lingang New Area reflects China's emphasis on international trade and offshore finance, aiming to broaden financing channels [3][4] Group 2 - The introduction of structural monetary policy tools in Shanghai includes innovative pilot projects such as blockchain credit refinancing and cross-border trade refinancing [4][5] - The collaboration with the China Securities Regulatory Commission to promote RMB foreign exchange futures trading is expected to enhance risk management for financial institutions and enterprises [5][6] - The development of a diverse foreign exchange market product suite is anticipated to attract international investors and improve market liquidity [6]