人民币国际债二元一体发展模型初探  

Preliminary Exploration on Dual-structured Model of the Development of International Bond Markets

作　　者：张朝阳 应坚 

机构地区：[1]中银香港发展规划部

出　　处：《国际金融研究》2016年第11期56-65,共10页Studies of International Finance

摘　　要：在人民币被IMF正式纳入SDR货币篮子后,中国重新启动熊猫债发行,具有重要的现实意义,也获得市场的正面反应。它与点心债市场一起,共同作为境内债券市场的补充,形成完整的人民币债券市场体系。本文根据美元、日元国际债的实践,论证境内市场发行的熊猫债与境外市场发行的点心债具有不同的市场功能,是互为补充、互为依存的关系。熊猫债令境外机构可接触到境内庞大的本币资金,并令其有机会实现多元化战略目标,点心债则采取市场化定价机制,手续简便,效果更高,与欧洲离岸债券发行惯例接轨。尽管熊猫债和点心债的发债体部分重叠,但鉴于两个市场整体规模很小,相对潜在的融资量及投资量,市场容量远远不足。内地积极推动两个市场建设,形成二元一体发展模型,可实现共同发展目标,这也符合人民币国际化的长远发展利益。China＇s move to reopen the panda bond market, following the RMB＇s inclusion in the SDR basket of reserve currencies, marks an important step and is recognized by the markets. The panda bond market, coupling with the dim sum bond market, supplements the onshore bond market and completes the entire RMB bond market system. This essay is to illustrate that, taking US dollar and Japanese yen bond markets as examples, the panda bond and dim sum bond markets have different market functions and are supplementary and reliable to each other. The panda bond market allows foreign institutions to operate the vast domestic local-currency funds to achieve their diversified strategic goals. Meanwhile, the dim sum bond market, with its market-oriented pricing mechanism, streamlined procedures and high efficiency, aligns the routines of the Eurobond market. Although the issuers of both panda bonds and dim sum bonds partially overlap with each other, both markets remain small in size, which means there is much potential for financing and investment volume in both markets. China＇s aggressive push to develop both markets will boost the markets development. This serves well for the long-term development of RMB interna- tionalization.

关 键 词：国际债 熊猫债 点心债 人民币国际化 

分 类 号：F831[经济管理—金融学]