从人民币汇率改革看中国债券市场开放

China＇s bond market openness from the perspective of RMB exchange rate reform

文章从我国发行人在国际债券市场上的融资规模、境内外市场参与者类型和渠道等方面分析了我国债券市场开放的不平衡格局，指出人民币的投资属性较为明显，其主要原因在于境内外利差较高、人民币升值预期强烈。文章指出，在人民币国际化大背景下，随着境内外利差收窄、人民币汇率市场化形成机制逐步完成，境内人民币债券市场有望以更均衡的方式对外开放。

The article analyzes the unbalanced pattern of China＇s bond market openness from the aspects of Chinese issuers＇ financing scale in the international bond market, domestic and overseas market participant types and participation channels. It shows that the obvious investment attribute of RMB is mainly due to the large spread between onshore and offshore interest rates and strong expectation on RMB appreciation. The article further indicates that, under the background of RMB internationalization, the onshore RMB bond market is expected to open up in a more balanced way as the spread between onshore and offshore interest rates narrows and the market-oriented RMB exchange rate formation mechanism makes progress gradually.