美国“外国官方附加发行”制度及其对中国国债市场开放的借鉴启示

The Institution of “Foreign Add-ons” and Its Revelation to the Opening Up of China’s Treasury Securities Market

中国当前正探索国债市场进一步对外开放，以期促进人民币国际化，而美国在1974年起实施的“外国官方附加发行”制度（foreign add-ons）在其国债市场开放初期的作用巨大。文章以该金融制度的发展历史为基础，厘清了其统计数据和发行机制，并与传统的非流通国债和可流通国债的境外持有进行制度比较，指出其市场微观结构方面的特征，进而从经济影响、政府内影响和社会影响三方面勾勒其宏观效应。最后，文章提出美国“外国官方附加发行”制度对人民币国际化进程中国债市场开放机制设计的若干借鉴与启示。

At present, China is exploring the opening up of its treasury securities market to stimulate RMB internationalization. While the ＂Foreign Add -ons＂ in the US which was carried out from 1974 once contributed a lot in the primary stage of the open- ing up of the US treasury securities market. This paper makes clear the statistical data and issuing institution on the basis of its historical development. And then it makes a comparative analysis of marketable and nonmarketable securities and add - ons. Af- ter pointing out its market mierostructural features and macroeconomie consequences, the paper gives some revelations we can learn from add - ons, when we intend to design some specific mechanisms in the process of opening up of China＇s bond market with the background of RMB internationalization.