外资机构缘何钟情中国债市

Why do foreign institutions favor China's bond market?

近来,外资机构在中国债市的活跃程度大大增加,文章认为,债市经过调整凸显出的相对投资价值、外资机构增加对国债资产的配置并籍此分享中国经济的成长、外资风险规避手段的完备及对人民币升值的预期,是其中的主要因素。与外资机构相比,中资机构目前还缺乏做空机制和风险对冲工具,亟需采取措施加以解决。

Recently foreign institutions have been more active in China's bond market than ever before. This article finds that the major reasons include the relative investment value evident after the bond market correction, the increase of foreign asset allocation in treasury bonds in the hopes of sharing China's economic growth, the availability of riskhedging methods for foreign capital, and the expectation of RMB appreciation. Furthermore, compared with foreign institutions, China's institutions lack short trading mechanisms and risk-hedging instruments. This problem urgently needs to be addressed.