每日新闻更新 — 中国债券纳入指数以及人民币的国际化 The Daily Update – China index inclusion and renminbi internationalisation

彭博社最近宣布将人民币计价的中国国债和政策性银行债券纳入彭博巴克莱全球综合指数。中国债券纳入指数预计将从2019年4月开始,用时20个月分步完成。在此之前,‘一些计划内配套措施’还需由中国人民银行和财政部予以完善。彭博社指出,为了避免延误,完善工作仍需在入选日期之前落实。这些完善措施包括交付与支付结算,在投资组合之间对大宗交易的分配能力,以及对税收政策的澄清。

完全纳入全球综合指数后,地方人民币债券将成为继美元、欧元、日元之后的第四大组成部分。彭博社指出,根据截至2018年1月底的统计数据,中国债券在该指数的53.73万亿美元的市值中所占的比例将会达到5.49%。

从名义国内生产总值来看,中国是全球第二大经济体,其债券市场位居第三(接近11万亿美元),但在外国投资者的投资组合中并没有得到足够的代表。外国投资者所拥有的该市场的份额还不足2%。此外,对于那些想要冒险尝试人民币投资的人来说,主权收益率相对来讲具有吸引力(例如中国境内10年期国债收益率约为3.7%),对于具有强劲的国外净资产,评级(穆迪/标准普尔)为 A1/A+ 的主权国家来讲,其货币有增值的潜力。

看来不可避免的是,这次将中国债券纳入(全球综合指数),以及对市场可进入程度的改善,有助于投资者的资金进入中国,同时也将加强人民币国际化的不断深入。今年迄今为止,离岸人民币对美元已经升值3.76%(现货收益),总回报率为4.85%(截止本文发稿时),而在中期内人民币稳定性似乎基本稳定。

Please read this important information before proceeding. It contains legal and regulatory notices relevant to the information on this site.

This website provides information about Stratton Street Capital LLP ("Stratton Street"). Stratton Street is authorised and regulated by the UK's Financial Conduct Authority. The content of this website has been prepared by Stratton Street from its records and is believed to be accurate but we do not accept any liability or responsibility in respect of the information of any views expressed herein. The information, material and content provided in the pages of this website may be changed at any time by us. Information on this website may be out of date and may not be updated or removed.

The website is provided for the main purpose of providing generic information on Stratton Street and on our investment philosophy for the use of financial professionals in the United Kingdom that qualify as Professional Clients or Eligible Counterparties under the rules of the United Kingdom Financial Conduct Authority (the "FCA"). The information in this website is not intended for the use of and should not be relied on by any person who would qualify as a Retail Client. Products and services referred to on this website are offered only at times when, and in jurisdictions where, they may be lawfully offered. The information on this website is not directed to any person in the United States. The provision of the information on this website does not constitute an offer to purchase securities to any person in the United States (other than a professional fiduciary acting for the account of a non-U.S person) or to any U.S. person as such term is defined under the Securities Act of 1933, as amended.

The website is not intended to offer investors the opportunity to invest in any Alternative Investment Fund ("AIF") product. The AIFs managed by Stratton Street are not being marketed in the European Economic Area ("EEA") and any eligible potential investor from the EEA who wishes to obtain information on the AIFs will only be provided with materials upon receipt by Stratton Street of an appropriate reverse solicitation request in accordance with the requirements of the EU Alternative Investment Fund Managers Directive ("AIFMD") and national law in their home jurisdiction. By proceeding you confirm that you are not accessing this website in the context of a potential investment by an EEA investor in the AIFs managed by Stratton Street and that you have read, understood and agree to these terms.

No information contained in this website should be deemed to constitute the provision of financial, investment or other professional advice in any way. The website should not be relied upon as including sufficient information to support any investment decision. If you are in doubt as to the appropriate course of action we recommend that you consult your own independent financial adviser, stockbroker, solicitor, accountant or other professional adviser. Past performance is not necessarily a guide to the future. The value of investments and the income from them may go down as well as up. An application for any investment or service referred to on this site may only be made on the basis of the offer document, key features, prospectus or other applicable terms relating to the specific investment or service.

Where we provide hypertext links to other locations on the Internet, we do so for information purposes only. We are not responsible for the content of any other websites or pages linked to or linking to this website. We have not verified the content of any such websites. Such websites may contain products and services that are not authorised in your jurisdiction. Following links to any other websites or pages shall be at your own risk and we shall not be responsible or liable for any damages or in other way in connection with linking.

By using this site, you should be aware that we may disclose any information that we hold about you to any regulatory authority to which we are subject, or to any person legally empowered to require such information.

This website uses cookies to improve user experience, by clicking the "I Accept" button below means you consent to the use of cookies on our website.