“我家大门常打开”:人民币债券重获全球青睐

Global Investors Show Increasing Appetite for Chinese Bonds

近年来面对错综复杂的外部环境,我国推进债市对外开放的政策步伐坚定、导向清晰,境外机构持有境内人民币债券规模和交易活跃度都在不断提升。新形势下人民币债券重获境外机构青睐与多个因素有关,如经济基本面、票息和汇兑收益、主权债券的流动性、对外开放制度建设、人民币储备货币地位等。当前人民币国际化稳慎扎实推进,建议监管部门从便利境外机构管理债券组合利率和流动性风险、提升债券市场流动性、降低政策不确定性等方面着手,促进债券市场高质量开放和发展水平。

In recent years,despite a complex external environment,China has pursued firm and clear policies that have promoted the opening-up of the nation's bond market.As a result,the scale of foreign institutions holding renminbi bonds and the level of trading activity have risen overall.The renewed interest in renminbi bonds among foreign institutions can be directly attributed to a number of factors,including economic fundamentals,interest rates combined with exchange rate gains,the liquidity of sovereign bonds,progress in opening up the financial system,and the international reserve currency status of the renminbi.Currently,the internationalization of the renminbi is expanding steadily at a prudent pace.This paper makes several policy recommendations aimed at continuing these favorable trends and overcoming the remaining obstacles to a further opening of the domestic bond market.The recommendations include the need for regulatory authorities to focus on facilitating foreign institutions in managing their bond portfolios,address interest rate and liquidity risks,enhancing market liquidity,and reducing policy uncertainty.These efforts will promote high-quality openness of the economy and the development of the bond market.