日韩精品久久一区二区三区_亚洲色图p_亚洲综合在线最大成人_国产中出在线观看_日韩免费_亚洲综合在线一区

Global EditionASIA 中文雙語Fran?ais
Business
Home / Business / Finance

China integrates bond market trading

By Zhou Lanxu and Chen Jia | China Daily | Updated: 2020-07-21 07:29
Share
Share - WeChat
A teller counts cash at a bank branch in Hangzhou, capital of East China's Zhejiang province. [Photo by Hu Jianhuan/For China Daily]

China has taken a major step to integrate its bond markets by launching a connect program, a move that will improve market efficiency and facilitate foreign investment, experts said on Monday.

The People's Bank of China, the central bank, said on Sunday that the nation will embark on an infrastructure connection mechanism between the interbank and exchange bond markets, whereby qualified investors from either market will be allowed to trade bonds listed on the other one.

The mechanism aims to liberalize cross-market capital flow to form a unified market and same trading prices, so as to facilitate monetary policy transmission and strengthen the capacity of the bond markets in serving the real economy, a PBOC statement said.

Zhang Xu, an analyst with Everbright Securities, said that the bond connect mechanism will simplify the procedures for institutional investors of opening accounts, trading, clearing and settlement, facilitating cross-market investment and therefore free capital flow across markets.

"Overseas investment institutions can also enjoy the convenience, which will make the onshore bond market more attractive and further promote the internationalization of the Chinese yuan," said Zhang.

Policy and commercial banks, including foreign-invested banks operating in China, will be allowed to opt for trading in the exchange market via the connect mechanism or by setting up an account in the exchange market, according to the PBOC.

The move came after a high-level guideline released in April specified a slew of tasks to promote market-based allocation of production factors, including pushing ahead the connection of bond markets.

Partly due to the need to isolate risks of the securities sector from the banking industry, the onshore bond markets have been fragmented for years, according to experts. The dominant interbank market is supervised by the PBOC and counts banks as major participants, while the smaller exchange market has non-banking institutional investors and is under the regulation of the China Securities Regulatory Commission, the top securities regulator.

As a step to integrate the two markets, China has allowed a larger scope of banking institutions, including foreign ones, to take part in spot-market auction trading of exchange market-listed bonds after they opened accounts at the market since last August.

The move announced on Sunday will further unify the markets by making spot-market transactions via one-to-one negotiations with the issuer available to banking institutions, a mode analysts said is more favored by banks than auction trading.

Yang Yewei, an analyst with Guosheng Securities, said the link mechanism will help reduce or even eliminate the bond spreads between the two markets and unify the trading prices, enhancing the efficiency of the onshore bond markets.

The move will also foster the opening-up of the domestic exchange bond market. Foreign investment is expected to continually increase, which can consolidate the Chinese bond market's ranking as the second-largest in the world, said Yang.

Xue Yi, a finance professor with the University of International Business and Economics in Beijing, said preparatory work still needs to be done before unveiling the connect program, given the institutional differences of the two exchanges such as when it comes to trading rules.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
主站蜘蛛池模板: 性福演算法| 草草国产成人免费视频 | 一区二区三区在线播放 | 91偷拍精品一区二区三区 | 日本一区二区精品视频 | 久久精品小视频 | 看a网站 | 99热久久这里只精品国产9 | 免费欧美| 精品国产一区二区三区香蕉沈先生 | 国产精品福利在线观看免费不卡 | 亚洲一区二区三区四区在线观看 | 成年做羞羞免费观看视频网站 | 亚洲久久久久 | 久久精品二区 | 天天操综合网 | 色成人综合 | 午夜亚洲一区 | 一个人看aaaa免费中文 | 99久久久无码国产精品 | 久草在线在线 | 狠狠久| 久草免费在线视频 | 久草福利在线视频 | 爱爱视频网| 国产日韩一区 | www.av在线免费观看 | 日本三级黄色片网站 | 日韩福利视频导航 | 高清乱码一卡二卡插曲A | 波多野结衣综合 | 精品国产久 | 国产一区二区三区福利 | 香蕉一区 | 成人性视频免费网站 | 91精品综合久久久久久五月天 | 爱豆在线观看网址91 | 免费 | 毛片网站在线 | japanese xxxxhd| 欧美wwww| 狠狠色丁香婷婷综合 |