完善境内非金融企业赴港发行人民币债券管理体系的思考

Study on Improving Management of RMB Bond Issued by Domestic Non-financial Enterprise in Hong Kong

支持境内非金融企业赴港发行人民币债券,既丰富了香港人民币债券市场发债主体,也进一步畅通了人民币回流渠道。然而,目前该项业务管理中存在突破现行外资外债定义、业务发展规划和试点原则透明度不高、配套法规制度跟进滞后、业务管理要求不明确、缺乏市场化定价标准等问题。为此,要从加快法规制度体系建设、加强业务整体发展规划、加强交易真实性审核和监测预警、引导建立香港人民币债券发行定价依据等角度着手,进一步完善境内非金融企业赴港发行人民币债券业务的管理。

Allowing non-financial enterprises to issue RMB bond in Hong Kong can enrich the scope of issuer, and smooth the baekflow channel of offshore RMB. There are several questions in the new business management such as the fall behind of management rules, the lack of explicit management requirement and the missing of market pricing standard. So it is urgent and necessary to further improve the management of RMB bond market issued by domestic non-financial enterprises with the following measures including formulating new management rules, strengthening the examination of transaction reliability, monitoring early warning and establishing RMB bond income curve etc..