2015年1月境外人民币离岸市场综述

Offshore RMB market developments in January 2015

2015年1月，境外人民币市场总体保持平稳发展势头。境外人民币资金池继续扩大；Hibor人民币利率环比大幅上升，隔夜品种境内外利差继续出现倒挂；境外人民币债券发行33．0亿元，较上月有所增加；香港美元兑人民币可交割即期汇价大幅震荡上行，境内外美元兑人民币远期汇价继续走高，香港与境内可交割人民币远期汇价之差止跌回升；香港交易所人民币期货交投活跃度有所下降，CME人民币期货日均交易额减少。

In January 2015, the offshore RMB market performed stably. The offshore RMB liquidity pool kept enlarging; CNH Hibor went up significantly, and the overnight onshore-offshore interest rate spread remained reversed; the offshore RMB bonds issued 3.30 billion yuan, larger than that in December 2014; the deliverable spot USD/CNH exchange rate in Hong Kong went up with sharp fluctuations, the onshore and offshore USD/CNH forward rates went up continuously, and the spread between Hong Kong and onshore deliverable forward rates rebounded; the trading of RMB futures in HKEx declined slightly, and the daily trading of RMB futures in CME dropped.