人民币国际化与境内外人民币债券市场发展研究
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摘要
发展境内外人民币债券市场是人民币国际化进程中的重要环节,有助于推动人民币实现国际投融资货币的功能。目前离岸人民币债券市场的发展现状是债券发行地点呈现多元化的格局,以香港为全球枢纽,英国、台湾、新加坡、卢森堡等地相继发行了人民币债券。境内人民币债券市场开放较慢,仍然是以中长期的发展为方向,逐渐开放三类机构、QFI I和RQFI I,以及熊猫债券、木兰债券与债券通。因此,建议稳步推进QFI I、RQFI I、债券通的改革,大力发展熊猫债券,并且深化债券市场自身改革,丰富债券品种、健全债券的评级机制、努力增强二级市场的流动性。扩大离岸人民币的资金池,逐渐实现与境内市场良性的双向溢出与互动。
The development of RMB bond market in domestic and foreign is an important link in the process of RMB internationalization,which helps to promote the function of RMB to realize international investment and financing currency. The present situation of offshore RMB bond market is diversified patterns in bond issuance place; the global hub is in Hong Kong, the United Kingdom, Taiwan, Singapore,Luxembourg subsequently issued RMB bonds. The domestic RMB bond market open is slow in the direction of long-term development,gradually opens three types of institutions, QFII and RQFII, panda bonds, mulan bonds and bonds. Therefore, the government should steadily promote the reform of QFII, RQFII and bond, develop the panda bonds, deepen the reform of the bond market, rich varieties of bonds, improve the mechanism of bond rating, enhance secondary market liquidity, expand the offshore RMB pool, and gradually realize the benign two-way overflow and interaction with the domestic market.
The development of RMB bond market in domestic and foreign is an important link in the process of RMB internationalization,which helps to promote the function of RMB to realize international investment and financing currency. The present situation of offshore RMB bond market is diversified patterns in bond issuance place; the global hub is in Hong Kong, the United Kingdom, Taiwan, Singapore,Luxembourg subsequently issued RMB bonds. The domestic RMB bond market open is slow in the direction of long-term development,gradually opens three types of institutions, QFII and RQFII, panda bonds, mulan bonds and bonds. Therefore, the government should steadily promote the reform of QFII, RQFII and bond, develop the panda bonds, deepen the reform of the bond market, rich varieties of bonds, improve the mechanism of bond rating, enhance secondary market liquidity, expand the offshore RMB pool, and gradually realize the benign two-way overflow and interaction with the domestic market.
引文
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[2]中国人民银行上海总部金融市场管理部.境外人民币离岸市场综述[J].中国货币市场,2017(10):82-85.
[3]LSE.Dim Sum Bonds on LSE[EB/OL].http://www.londonstockexchange.com/,2017.
[4]林景沛.台湾地区人民币债券市场发展契机与展望[J].福建金融,2014(9):14-18.
[5]中国人民银行.2017年人民币国际化报告[R].
[6]中央国债登记结算有限责任公司.2016年中国债券市场概览[R].
[7]陈健恒,唐薇.中国银行间债券市场对外开放回顾和展望[J].金融市场研究,2015(9):55-68.
[8]巴曙松,赵勇,郭云钊.债券市场改革与人民币国际化的互动[J].西部论丛,2010(9):50-52.
[9]易娅莉,刘丹鹤.熊猫债券:助推人民币国际化进程[J].国际经济合作,2016(4):92-95.
[10]陈健,周轩千.熊猫债市场前景广阔[N].上海金融报,2017-09-29.