境外投资者进入中国债券市场:现状、动因及展望

Prospects for Overseas Investment in China's Bond Market

中国债市开放提速,境外投资者已成为我国债券市场最重要的边际增量之一,对促进经济"双循环"、提升直接融资比例和构建金融高水平双向开放格局具有重要战略意义。本文分析了境外投资者进入中国市场的主要动因及期待,结合现有投资者偏好,对中长期外资进入中国债市的前景进行展望。总体看,在中美利差维持高位,人民币汇率有支撑,我国资本市场对外开放力度不断加大的宏观背景下,境外机构增持我国债券的上升趋势不会改变。

The opening of China's bond market is accelerating,and overseas investors have become one of the most important additions to the market.This is of great strategic significance to the promotion of the"dual cycle"economy,increasing the proportion of direct financing and leading to a high-level,two-way opening of the financial market.This article analyzes the expectations of overseas investors in the Chinese market and assesses the preferences of existing investors.It also forecasts the prospects for medium and longterm foreign investment in the Chinese bond market.Against a macro economic background where the spreads between U.S.and Chinese interest rates remain wide and China continues to open its capital market,the upward trend in holdings of Chinese bonds by overseas institutions will continue.