每日更新 - 中国银行间债券市场特别提款权计价债券 The Daily Update - SDR denominated debt on China's CIBM

上周,世界银行成为获得批准通过中国银行间债券市场(CIBM)发行特别提款权(SDR)计价票据的第一个实体。该发行计划由国际复兴开发银行(IBRD)承保,总额达20亿特别提款权(〜28亿美元);票据以特别提款权计价,以人民币(RMB)结算。据说第一次发行期限不超过三年,数额为〜特别提款权5亿(人民币46亿),预期在10月1日之前发行,这取决于市场条件。在一份声明中,世界银行集团行长金墉评论了“中国债券市场和特别提款权作为国际储备资产的里程碑式发展”。 他补充说,世界银行“乐意支持中国在全球金融市场发挥越来越重要的作用”。

从历史上看,特别提款权仅为国际货币基金组织和成员国作为储备资产使用。私人特别提款权计价证券早在70年代中期最初发行,瑞典在1981年第一次发行特别提款权计价贷款,但因投资者忧虑,该市场从来没有真正发展起来。因此,本公告对中国而言是一个巨大的进步,正如金墉所说,“世界银行在中国发行特别提款权债券将有助于二十国集团达成扩大特别提款权使用范围的目标,并帮助促进中国国内资本市场的发展。”

我们期待更多的国际机构寻求批准从而通过中国银行间债券市场发行特别提款权计价债券。事实上已有传言称中国国家开发银行正在考虑发行介于3-5亿美元的特别提款权债券。中国人民银行副行长易纲也于周一提到将在下个月二十国集团峰会之前通过中国银行间债券市场发行一批特别提款权债券。他讨论了金融机构和”其他国际机构” 通过中国银行间债券市场发行特别提款权债券的需求,并补充说,央行将“继续发展在岸债券市场基础设施”,从而为“再次发行此类债券和二级市场流动性” 做准备。

在美元计价的世界,通过中国银行间债券市场发行特别提款权计价证券,国际投资者可以选择多样化投资,并进入中国庞大的债券市场。而在另一方面,这些票据将使中国境内投资者接触一篮子货币。也许特别提款权将成为下一全球性货币,谁知道呢。

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