从跨境投融资视角看银行间债券市场对外开放

Views on China Interbank Bond Market Openness from the Perspective of Cross-border Issuers and Investors

银行间债券市场对外开放持续推进,融资端在监管机构的大力支持下,熊猫债融资规模逐年上升,银行间市场正成为国际机构融资的重要市场;投资端在多项开放政策的推动下,人民币资产的吸引力显著提升,境外机构投资者加速进入银行间市场进行资产配置。跨境投融资为银行间市场带来境内外理念的互融互通。未来应着重提升银行间市场的一级定价公允性与二级市场流动性。通过债券市场对外开放以更好地服务实体经济,助力人民币国际化。

This article provides review and prospect of China Interbank Bond Market openness.With regard to issuers’ side,under the strong support by regulatory institutions,the scale of panda bond issuance has increased year by year.The interbank market is becoming an important market for international institutional financing.On the investors’ side,foreign institutional investors have gradually entered the interbank market for asset allocation.Crossborder investment and financing have brought new ideas abroad to the interbank market.In the future,the standing points should be focused on improving the fairness of bond pricing and the liquidity of secondary transactions,through bond market openness to better serve the real economy,help the internationalization of the RMB and "Belt and Road Initiative" move forward steadily.