自贸离岸债

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自贸离岸债从“两头在内”到“两头在外”,国有大行香港分行相继发债
Xin Lang Cai Jing· 2025-08-21 11:10
智通财经记者 | 杨志锦 8月上旬交通银行称,交通银行香港分行成功以公募方式发行全球首单上海自贸离岸债,票面利率 1.85%,期限3年,获得穆迪A2和惠誉A的债项评级,债券由中央国债登记结算有限责任公司托管。 智通财经编辑 | 王姝 8月19日,中国人民银行上海总部召开2025年下半年工作会议。会议指出,要发展上海自贸离岸债,研 究升级上海自贸区自由贸易账户功能。 自今年6月18日中国人民银行行长潘功胜在陆家嘴论坛提出"发展自贸离岸债"后,两个月来国有大行香 港分行相继发行自贸离岸债,融资主体和投资者资金均来自境外,真正实现了"两头在外"。 这和此前"两头在内"的模式有显著区别。展望未来,自贸离岸债将成为"提升人民币融资货币功能"的重 要抓手,市场预计自贸离岸债将获得进一步发展。 中证鹏元研究发展部研发高级董事、资深研究员史晓姗对智通财经记者表示,短期看,新的自贸离岸债 仍在起步阶段,或以案例形式推广,发行主体主要是金融机构以及"一带一路"共建国家和中资"走出 去"的优质、高评级企业,以奠定市场基础。未来仍需通过政策细则来规范参与者行为、明确各项职 责,才可能实现市场化扩容。 国有大行香港分行相继发债 今年6 ...
对话浦发银行金融市场总监薛宏立:金融市场业务经营要有穿越周期的视野,建立“双重防波堤”思维
Xin Lang Cai Jing· 2025-08-19 12:00
智通财经记者 | 杨志锦 智通财经编辑 | 王姝 "尽管当前黄金的巨大涨幅已经较为充分地反映了利多因素,但在全球政治走向割裂、经济结构趋向失衡的当下,黄金未来仍存在继续上涨的动力和基础。 但是随着金价走高,波动幅度不可避免地会加大。"浦发银行金融市场总监、首席经济学家、浦发研究院执行院长薛宏立在接受智通财经记者专访时表示。 今年以来,全球政治经济格局风云突变,不确定性显著攀升,国内外金融市场亦随之波澜迭起,波动加剧。值此变局之际,市场核心关切聚焦于:黄金与原 油将如何演绎未来路径?年内人民币汇率走势如何?中国利率中枢为何趋势性下行,市场主体又应如何适应低利率环境?围绕上述金融市场核心议题及浦发 银行的前沿实践,智通财经近日专访了薛宏立。 对于近期市场热议的低利率问题,薛宏立对智通财经记者表示,低利率有利于降低政府债融资成本,为财政政策实施提供更大空间,有力支持经济转型。同 时,无风险收益率下行,将抬升股票等风险资产估值,有利于加快资本市场定价重塑,形成财富效应。此外,REITs等能提供稳定现金流的资产有望享受更 高溢价。 在新形势下,薛宏立认为,未来商业银行金融市场业务经营更加需要树立"金市思维",要有穿越周 ...
央行八项政策举措增强金融资源配置能力
Zhong Guo Zheng Quan Bao· 2025-08-08 07:21
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]
上海自贸区77条试点措施复制推广,涉及数字人民币创新应用等领域
Di Yi Cai Jing· 2025-07-04 11:14
Core Viewpoint - The Chinese government is intensifying the replication and promotion of the "Shanghai experience" in free trade zones, focusing on innovative applications of digital currency and optimizing electronic payment services nationwide [1][8]. Group 1: Policy and Implementation - The State Council has issued a notification to replicate 77 pilot measures from the Shanghai Free Trade Zone, with 34 measures to be promoted to other free trade zones and 43 measures to be implemented nationwide [1][3]. - The measures focus on seven key areas, including service trade expansion, goods trade liberalization, high-standard digital trade rules, intellectual property protection, government procurement reform, border management reforms, and risk control system enhancement [3][4]. Group 2: Digital Trade and Data Management - The Shanghai Free Trade Zone has initiated extensive reforms in the digital sector, aligning with international digital trade standards and facilitating cross-border data flow, digital technology application, and data sharing [5][6]. - By 2024, Shanghai's digital trade imports and exports are projected to reach $109.53 billion, accounting for 30.1% of the national total, reflecting a year-on-year growth of 4.9% [6]. Group 3: Financial Sector Innovations - The financial sector in Shanghai has developed replicable experiences, including the optimization of cross-border fund management and the establishment of a significant number of cross-border funding pools [7][8]. - The People's Bank of China is set to enhance the functions of free trade accounts and support the development of offshore financial services, aiming to deepen financial openness and innovation in the Shanghai Free Trade Zone [8].
★聚焦创新开放 金融管理部门多策齐发
Shang Hai Zheng Quan Bao· 2025-07-03 01:55
Group 1 - The 2025 Lujiazui Forum highlighted multiple signals from financial management departments, emphasizing the construction of Shanghai as an international financial center with a timeline and methodology for enhancing financial competitiveness and promoting high-level financial openness [1] - The Central Financial Committee announced the issuance of opinions to support the accelerated construction of Shanghai as an international financial center, aiming to establish it within five to ten years, focusing on six key areas including financial market construction and financial infrastructure [1] - The People's Bank of China introduced eight measures to assist in the construction of the Shanghai international financial center, which include the establishment of an interbank market transaction reporting system and the development of offshore bonds [1] Group 2 - The Financial Regulatory Administration and the Shanghai Municipal Government will jointly release an action plan to support the construction of the Shanghai international financial center, focusing on five areas including the aggregation of financial institutions and enhancing regulatory standards [2] - The China Securities Regulatory Commission (CSRC) plans to deepen reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market, aiming to create a more favorable capital market ecosystem for comprehensive innovation [2] - The CSRC announced a new policy package to enhance the Sci-Tech Innovation Board's demonstration effect, including the introduction of a growth tier and the restart of the listing standards for unprofitable companies [2] Group 3 - The establishment of the China Capital Market Society aims to create a high-end think tank platform for capital market theoretical research, academic exchange, and decision-making consultation [3] - Financial management departments are committed to expanding the breadth and depth of financial openness, promoting deep reforms in the foreign exchange sector, and embracing globalization [3] - The Financial Regulatory Administration emphasized the necessity of steadily expanding financial institutional openness and replicating successful experiences from free trade zones [3] Group 4 - The foreign exchange management system will be further improved to enhance convenience, openness, security, and intelligence in cross-border trade and investment [4] - The People's Bank of China plans to strengthen foreign exchange management reforms to facilitate cross-border trade and investment, while promoting high-level institutional openness in the foreign exchange sector [4] - The State Administration of Foreign Exchange released a draft notice to optimize the business environment for cross-border investment and financing activities through various policy measures [4]
以开放促合作 陆家嘴论坛释放金融开放强信号
Zhong Guo Qing Nian Bao· 2025-06-24 00:42
Group 1 - The core message of the news is the strong commitment of China to financial openness and reform, highlighted by multiple financial policies announced at the Lujiazui Forum [1][2] - Financial regulatory authorities emphasize that foreign investment has significantly improved corporate governance and operational management in Chinese banks, with 80% of national banks introducing foreign strategic investors [1][2] - The total investment of Oaktree Capital in Greater China has surpassed 47 billion RMB since entering the market in the 1990s, showcasing the benefits of China's financial openness [1][2] Group 2 - Eight new financial opening measures were announced, including offshore trade finance services and support for foreign institutions in various financial sectors, indicating China's determination for financial reform [2][5] - The importance of the Chinese market is underscored by foreign financial executives, noting that three-quarters of multinational companies investing in China have partnerships with local firms [2][3] - The introduction of new rules for futures and derivatives is seen as a milestone for China's position as a leading global financial center [3][4] Group 3 - The establishment of the Shanghai-London Stock Connect in 2019 has facilitated mutual market access, enhancing the internationalization of China's capital markets [4][5] - The total assets of foreign banks and insurance institutions in China exceed 7 trillion RMB, with foreign insurance companies' market share increasing from 4% in 2013 to 9% currently [5][6] - The Chinese financial market is expected to expand significantly, driven by rising consumer demand and opportunities in technology and green finance [5][6] Group 4 - The Lujiazui Forum serves as a significant indicator of China's financial reform and global financial governance, promoting a cooperative and open economic environment [6][7] - The People's Bank of China plans to enhance the foreign exchange management system to facilitate cross-border investment and support the internationalization of the RMB [7][8] - As of May 31, the cumulative approved quota for Qualified Domestic Institutional Investors (QDII) reached approximately 167.79 billion USD, with 189 institutions granted investment quotas [8]
焦点访谈|多项重大金融政策齐发力 稳步推进制度型开放关键布局
Yang Shi Wang· 2025-06-21 13:40
Core Viewpoint - The 20th Central Committee of the Communist Party of China emphasizes "improving the high-level open system and mechanism," with a focus on "steadily expanding institutional openness" as a key deployment for financial reform and development in China [1]. Financial Policies Overview - Eight financial opening measures will be implemented in Shanghai, including the establishment of an interbank market trading report library, a digital RMB international operation center, and a personal credit institution [3][5]. - The aim of these policies is to enhance financial market openness, reduce cross-border capital flow settlement costs, and attract more foreign investment into China [3][5]. Digital RMB International Operation Center - The establishment of the digital RMB international operation center is a first for China, aimed at promoting the international use of the digital RMB and enhancing its position in the global monetary system [7][9]. - The digital RMB leverages blockchain and smart contract technology for real-time cross-border payment settlements, significantly reducing transaction times from 3-5 days to seconds [9][11]. Personal Credit Institution - The new personal credit institution in Shanghai will complement the existing central bank credit system by incorporating a wider range of data sources, thus enriching credit profiles for consumers [11][13]. - This initiative is expected to facilitate easier access to credit for consumers, particularly benefiting young individuals and stimulating consumption [13]. Science and Technology Innovation - The China Securities Regulatory Commission announced the introduction of a "growth layer" on the Sci-Tech Innovation Board, providing a "green channel" for tech companies to access capital markets [15][17]. - This policy aims to support innovative and high-growth tech enterprises, allowing them to secure funding even if they are not yet profitable [15][17]. Shanghai International Financial Center - The Central Financial Committee issued opinions to accelerate the construction of Shanghai as an international financial center, aiming for a comprehensive upgrade in the next 5-10 years [19]. - The shift from policy-based to institutional openness is intended to create a stable investment environment for international capital, thereby driving economic growth in China [19].
【首席观察】人民币国际化步入深水区
Jing Ji Guan Cha Wang· 2025-06-20 23:19
Core Insights - The article discusses China's strategic initiatives to enhance the internationalization of the Renminbi (RMB) through a series of financial reforms and technological advancements aimed at establishing a dual-track system of "digital RMB + offshore finance" [3][4][11]. Group 1: Financial Initiatives - The People's Bank of China announced eight financial opening measures to be implemented in Shanghai, including the establishment of a bank interbank market trading report library and a digital RMB international operation center [5][11]. - These measures signify a transition for Shanghai's international financial center from merely aggregating institutions to building mechanisms that enhance the pricing power of RMB assets [5][7]. - The establishment of the digital RMB international operation center aims to facilitate cross-border payments and digital clearing channels, thereby improving capital flow and transaction convenience [5][6]. Group 2: Internationalization Strategy - The initiatives are designed to strengthen the RMB's international status, particularly through the establishment of a digital RMB international operation center and the promotion of RMB foreign exchange futures trading [6][10]. - The RMB cross-border payment system (CIPS) has expanded its network by including foreign institutions, enhancing the efficiency of RMB settlements and facilitating its international use [8][9]. - The focus on creating a risk management center and a global asset management platform is intended to guide global investors in RMB asset allocation, thereby increasing the RMB's role as a reserve and pricing currency [10][11]. Group 3: Technological Integration - The integration of technology, such as artificial intelligence and big data, is emphasized to improve the efficiency and quality of financial services, reflecting the importance of financial innovation in the digital economy [6][12]. - The measures aim to establish a financial safety asset system for the RMB, enhancing its market pricing power and creating a closed-loop system for valuation, storage, and clearing [12][14]. Group 4: Long-term Vision - The article suggests that the institutional advantages created by these reforms could serve as a protective barrier for the RMB's internationalization efforts, with a focus on achieving a deeper role in global trade and finance [14][15]. - The successful internationalization of the RMB will require strong market support and international trust mechanisms, alongside the development of local financial markets and cross-border RMB business infrastructure [14][15].
2025陆家嘴论坛发布一揽子利好政策——深化金融改革服务高质量发展
Jing Ji Ri Bao· 2025-06-20 21:58
Group 1: Forum Overview - The 2025 Lujiazui Forum was held in Shanghai from June 18 to 19, focusing on "Financial Openness and Cooperation in the Global Economic Landscape" [1] - The forum featured 8 plenary sessions and 3 special events, with over 70 domestic and international guests from more than 10 countries and regions [1] Group 2: Policy Announcements - During the forum, multiple high-level foreign opening measures and policies were announced, demonstrating a commitment to deepening reforms and serving the real economy [2] - The People's Bank of China will implement eight policy measures in Shanghai, including establishing a trading report database and a digital RMB international operation center [2] Group 3: Capital Market Reforms - The China Securities Regulatory Commission will continue to leverage the Sci-Tech Innovation Board as a "testing ground" for further capital market reforms [3] - The CSRC plans to introduce a "1+6" policy framework to enhance support for high-quality technology enterprises, including the reintroduction of listing standards for unprofitable companies [3] Group 4: Foreign Trade and Investment - New measures were announced to support foreign trade enterprises and facilitate cross-border investment and financing [4] - As of May 31, the Qualified Domestic Institutional Investor (QDII) program had approved a total quota of $167.79 billion, with 189 institutions receiving approval [4] Group 5: Open Cooperation - Open cooperation was a key topic, with the signing of the "Shanghai-Hong Kong International Financial Center Collaborative Development Action Plan" to enhance mutual development [5] - The total investment by Oak Tree Capital in Greater China has exceeded 47 billion RMB, highlighting the role of foreign investment in China's economic openness [5] Group 6: Foreign Financial Institutions - Foreign banks and insurance companies in China have total assets exceeding 7 trillion RMB, with foreign insurance market share increasing from 4% in 2013 to 9% currently [6] - The Financial Supervisory Authority aims to steadily expand institutional financial openness and improve the business environment for foreign entities [6] Group 7: International Financial Governance - The forum emphasized the importance of participating in international financial rule-making and enhancing cross-border regulatory cooperation [7] - The focus is on maintaining global financial stability through coordinated regulatory efforts [7] Group 8: Currency and Payment System Reform - The forum highlighted the push for international currency and payment system reforms, with the RMB becoming the second-largest trade financing currency globally [8] - The cross-border payment system is evolving towards diversification, with an increasing number of countries using local currencies for settlements [8]
川观智库·金融研究院丨从陆家嘴到西部腹地,四川如何承接八项重磅金融开放举措?
Sou Hu Cai Jing· 2025-06-20 05:47
Core Viewpoint - The recent financial policy measures announced at the 2025 Lujiazui Forum signify China's commitment to deepen financial reform and enhance high-level openness, providing strong policy guidance for local financial systems, particularly for regions like Sichuan that are undergoing a critical transformation phase [1][2]. Policy Analysis - The eight financial opening measures reflect a clear signal of China's intention to maintain high-level openness and improve the modern financial system amidst global economic adjustments, focusing on stabilizing market expectations, deepening institutional reforms, and sustaining growth momentum [2]. - Among the eight measures, five are related to foreign finance, while three focus on domestic aspects, indicating a balanced approach to both internal and external financial development [2]. Key Directions - The measures emphasize three key areas: enhancing financial infrastructure for better resource allocation, facilitating cross-border capital flow through innovations like digital RMB and free trade accounts, and enriching risk management tools to improve market stability and service capabilities [3]. - The shift from "tool-based opening" to "systematic opening" is evident, indicating a long-term focus on institutional modernization and functional restructuring [3]. Opportunities for Sichuan - Sichuan, as a major western economic province, needs precise financial support and institutional supply to accelerate the development of strategic emerging industries and promote the specialization of small and medium-sized tech enterprises [4]. - The implementation of structural monetary policy tools and risk-sharing mechanisms for tech innovation can help establish a "Western Financial Innovation Corridor," enhancing financing accessibility for tech enterprises [4]. Recommendations for Sichuan - The establishment of a digital RMB international operation system and cross-border payment mechanisms will support Sichuan's economic interactions with the Chengdu-Chongqing economic circle and RCEP countries, enhancing local industries' efficiency in global value chains [5]. - Strengthening financial infrastructure, such as interbank transaction reporting and personal credit systems, is crucial for improving financial resource allocation and credit transparency in Sichuan [5]. - Innovations in offshore trade finance and offshore bonds can provide new opportunities for Sichuan as a hub for the Belt and Road Initiative, enhancing cross-border financing capabilities and attracting international capital [5].