"Bonds through" enlightened years or longer will promote the bond market further enlightened

"Bonds through" is the second after Shanghai and Hong Kong through the Hong Kong and Shenzhen through another major initiative open China's capital market, and thus "through bond" of concern related to the progress of domestic and foreign investors。  According to Xinhua News Agency reported, April 11, when Premier Li Keqiang met with the Hong Kong SAR Chief Executive budding Mrs Lam said that this year, the central government should study the development of Guangdong, Hong Kong Bay Area development plan, will launch the "bond between the Mainland and Hong Kong links ", the purpose is to further strengthen exchanges and cooperation between the Mainland and Hong Kong continue to inject new momentum for the development of Hong Kong。  At the 11th, HKEx Chief Executive Officer Charles Li to answer media questions on the "bond links" issue also said that the current progress in the preparations, "Bonds through" the smooth, but not yet understand the specific launch schedule, emphasizing regulators still need time to study the transaction and liquidation mode, if the ready will be announced in due course details。Earlier on April 10, "China's Ministry of Finance five-year bond futures contract was" officially traded on the HKEx, which is regarded as the industry "through bond" prelude。  The respondents say, it is not expected to put off for too long。The future "through bond" will make the opening of the domestic bond market and bond market in Hong Kong to achieve interoperability mutual investment, will help promote the internationalization of China's capital market; at the same time, further opening up the bond market is conducive to deepening internationalization of the RMB; and overseas investment participants will also enrich the type of bond market investors in the country and promoting the further development of China's bond market maturity。  It is reported that during the year or will be opened, so-called "through-bond" is to allow overseas funds to buy bonds abroad Mainland。  There are public information, through the concept of debt is being proposed in January 2016。HKEx will pass into the 2016 bond?2018 strategic plan, and will serve as its future interoperability strategy an important part。  Enter mid-2017, there are signs that progress related debt is accelerating through the。January 29 this year, Li added Introducing 2017 work plan, said bond being explored through models, mainly institutional bond market OTC mode, designed to communicate with the mainland mainly in the onshore bond market infrastructure, provide cross Habitat spot bond trading and settlement。Recently, some officials have also repeatedly referred to the Stock Exchange launched matters "bond links"。  "Bond links" will be launched when?Former chief economist at sea Kaiyuan Fund Yang Delong, "China Business News" reporter, said, "it is not expected to put off for too long, because now through Hong Kong and Shanghai, Shenzhen and Hong Kong through to 'bond through' provides a first experience, and is currently technically no obstacle is too big。"It seems in Yang Delong, Shanghai and Hong Kong now on, the Shenzhen-Hong Kong-pass has been opened, and running smoothly, A shares and Hong Kong stocks to achieve a comprehensive exchange each vote。The future "through bond" makes the opening of the domestic bond market and bond market in Hong Kong to achieve interoperability each vote, which will help promote the internationalization of China's capital market, improve the international status of the RMB。  It is said that the bond through the fastest in July to announce details of the plan early opening of trading prior to the implementation of the North "after the first North-South" approach; at the same time through bonds can be traded through the two channels, including the OTC market and HKEx。  More experts are expected through bonds or launch in July。Interview is expected to renowned economist Song Qinghui, through bonds it is likely to launch in July。In his view, the introduction of bonds through the bond market will further promote the opening of China to attract more overseas investors to enter the mainland market through Hong Kong bond market, bonds through open not only means that financial integration with the Mainland and Hong Kong will be further deepen, and will help secure the Asian financial center of Hong Kong's status。  Although the "Bonds through" the specific details yet to be announced, Deutsche Bank senior strategist Liu men sent to reporters analysis is expected in the program is expected to launch three major initiatives: First, the offshore market investors (including Hong Kong and all other foreign investment person) full liberalization of inter-bank bond market and the Stock Exchange (the Shanghai Stock Exchange and the Shenzhen Stock Exchange) bond market; the second is the settlement of inter-bank bond market in China, clearing the offshore sector and internationally renowned settlement, clearing organizations (including Hong Kong and international bond markets agencies) in communication, in order to facilitate foreign capital inflows inter-bank bond market; third is to further expand the current "Shanghai and Hong Kong on" and "Shenzhen-Hong Kong Link" project, adding "bonds through Shanghai and Hong Kong" and "Hong Kong-Shenzhen bonds through" allowing Investors trading in other exchange-listed bonds。  In his view, "Bonds through" will greatly facilitate foreign capital investment in offshore renminbi bond market。More important is that by the "bonds through" project, well-known international bond market clearing mechanism is expected to be able to onshore renminbi market in the direct implementation of all domestic fixed-income products standardized clearing and settlement, and to facilitate investment and investors divestments。Bonds through the announcement, coupled with the recent release is expected to clear the tax remittance and foreign exchange regulations onshore derivatives market, derivatives market may have to let go of the territory, and later this year, to further improve the RMB-denominated bonds in the second half of this year It is included in the world's major bond index of expectations。  According to Deutsche Bank statistics show that at present the CNH bond market is the world's third largest bond market, bond market, the balance of approximately RMB 65.6 trillion yuan。  The bond market open further accelerate interviewed experts believe that "through bond" means that the bond market open to further accelerate the opening, which is beneficial to Hong Kong and the Mainland bond market development。  Yang Delong told reporters, '' Bonds through 'opening may provide more opportunities for Mainland enterprises to issue bonds, but also provide an opportunity for the inland bonds for foreign investors, while the Mainland bond yields are generally higher than in Hong Kong。At the same time, 'through bonds' also increased bond trading activity in the Mainland, in favor of market-oriented and to promote the internationalization of the Mainland bond market。"Yang Delong, the domestic bond market, available from after the establishment of the rapid development, but there are still some problems, say the market is not standardized, and investors' investment philosophy immature。Bonds through the opening will no doubt help to solve this problem, closing the gap。  And, in his view, "through bond" to help solve the problem as well as the opening of mainland enterprises financing difficulties。Now higher domestic bond market financing, through the opening of "through bond", to allow foreign funds to buy domestic bonds, reduce the pressure on the mainland bond market, as well as help mainland enterprises to overseas financial capital of lower interest rates。  Previously, the degree of participation of foreign investors in China's bond market why low?According to China Merchants Securities research director Xie Yaxuan macroeconomic analysis, it said in a research report, there are several reasons for this: the low degree of openness of China's bond market and other policy factors; lack of international standards of trading, clearing and custody systems and other technical factors; international bond index is not included in the mainstream of CNH bonds; lack of relevant risk management tools; there is a huge price difference of AH shares; the expected strong devaluation。  However, industry experts, the policy of opening up the bond market the past two years has made great breakthroughs; three major international bond index has released a positive signal onshore renminbi bonds to be included; including offshore bond futures market, open onshore foreign exchange various measures, including derivatives markets, making risk management tools continuously enriched; and the expected depreciation is expected to stabilize。  Future "bond links" will help open foreign capital inflow in the CNH bond market。  Liu male predict the scale of the next five years FDI inflows amounted to RMB 700 billion bond or?$ 800 billion, of which about two-thirds from the International Bank of class reserve managers and sovereign wealth funds, four percent from institutional investors category。2017 new scale inflow of foreign capital, or about 300 billion yuan, four years after the inflow of foreign capital will further accelerate。  Xieya Xuan also said that according to their estimates showed that opening up of China's bond market to attract international capital inflows scale may reach 100 billion US dollars annually, taking into account the scale onshore RMB-denominated bonds held by foreign institutions currently only 783.5 billion yuan (about US $ 110 billion), future prospects。  Thus, in his view, continue to promote the significance of the bond market is opening up cross-border capital inflow and outflow of balance, thus providing further support for the stability of the RMB exchange rate; the bond market is also opening up a new building for the offshore RMB back mechanism is conducive RMB internationalization deepening; and participation of foreign investors will also enrich the type of bond market investors in the country and promoting the further development of China's bond market maturity。(Original title: "Bonds through" re-opened during the year or will further promote the bond market open) (Editor: DF327)