数字人民币背景下券商债券业务探析

Analysis of Digital RMB and the Bond Business of Securities Firms

我国自2014年正式启动央行数字货币研究到2021年在全国试点数字人民币(e-CNY),推进成果显著。作为人民币新形态,数字人民币将对国内金融市场、实体经济产生重要影响。债券市场是金融市场重要的组成部分,券商的投行、资产管理、固收自营等部门深度参与其中,债券发行时披露的企业财务数据和信用评级、债券投资相关的财政货币政策与债券交易、债券托管与清算等方面将受到数字人民币的影响。分析数字人民币对券商债券类业务的影响、探析券商的战略应对方式,对数字人民币背景下券商债券业务进一步发展具有重要意义。

China officially began research on a central bank digital currency in 2014 and launched a pilot program for a digital renminbi(also known as e-CNY) on a national scale in 2021. In the period since those initial steps were taken, there have been significant achievements. As a new form of the national currency,digital renminbi will have an important impact on the domestic financial market and the real economy. As bonds are an important financial instrument, this study focuses on the digital currency’s impact on the domestic financial system. The study concludes that digital renminbi will have a significant effect on credit ratings of enterprises issuing bonds and financial data disclosed at the time of bond issuances. The effects will also be seen in fiscal and monetary policies related to bond investment and bond trading, as well as bond custody and liquidation. Digital renminbi will also have great significance in the further development of the bond business of securities firms.