Bond overseas investment main body expansion cancel quota management – Sohu financial management-shiyang

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  • June 4, 2018
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Bond market expansion of overseas investors to cancel the quota management – Sohu Finance Bank of China (601988, stock it) bond market open further. In February 24th, the central bank issued 3 announcement that, in order to further promote the inter-bank bond market opening, convenience of qualified foreign institutional investors compliance in accordance with the law to invest in the interbank bond market, decided to introduce more qualified foreign institutional investors, cancel the limits, simplify the management process. The long-term investment in the related stock movements definition is not clear according to the announcement, in China overseas financial institutions of all kinds of legally incorporated commercial banks, insurance companies, securities companies, fund management companies and other asset management institutions and other financial institutions, the compliance issue of customer oriented investment products, and pension funds, charitable funds, donate other long-term institutional investors recognized the people’s Bank of Chinese fund, may invest in the interbank bond market. In order to maintain the stable and healthy development of the bond market, the people’s bank encourages overseas medium and long-term institutional investors to invest in the inter bank bond market, and such investors have no limit on the amount of investment in the inter-bank bond market. This means that the China inter-bank bond market further scope of foreign institutional investors now liberalized, foreign institutions are virtually all types of access; only the foreign central banks or monetary authorities, outside the clearing bank for RMB business, offshore RMB business in line of three institutions, and qualified foreign institutional investors (QFII) and the RMB qualified foreign institutions investors (RQFII) investment in the inter-bank bond market. In addition, the process of institutional access is further simplified. According to the announcement, the qualified foreign institutional investors can become participants in the inter-bank bond market after completing the formalities of filing and opening accounts through the inter-bank market settlement agent. In addition to the relaxation of the scope of investors, in the amount of investment, the announcement said that the long-term institutional investors to invest in inter bank bond market has no limit. But it is worth noting that many market participants reflect, in addition to the previous foreign central banks, sovereign funds, and the pension funds, charitable funds, endowment funds are long-term institutional investors ", do not know the announcement called" long-term institutional investors "specific standards. On the other hand, although the announcement that the QFII and RQFII investment in the inter-bank bond market to carry out, can be a lot of people in the industry is not clear whether the RQFII meets QFII and not restricted by the amount of the conditions, if met, conflict with earlier this month the foreign exchange bureau issued the "qualified foreign institutional investors in securities investment foreign exchange management regulations". In February 4th, the foreign exchange bureau issued the "Regulations", broaden the investment limit for single family QFII, is no longer set the unified investment limit of single institutions, but the introduction of the basis of the amount and the amount of new concept of the two, the basis of the amount of calculation formula and clear QFII. According to the formula, the QFII base amount is limited between $20 million and $5 billion. Foreign sovereign funds, central banks and monetary authorities and other three institutions have also been asked to invest in size not more than 5 billion U. s.dollars. CICC analyst Chen Jianheng recognized.

债市境外投资主体扩容 取消额度管理-搜狐理财   中国银行(601988,股吧)间债券市场开放再进一步。2月24日,央行发布3号公告称,为进一步推动银行间债券市场对外开放,便利符合条件的境外机构投资者依法合规投资银行间债券市场,决定引入更多符合条件的境外机构投资者,取消额度限制,简化管理流程。   中长期投资 相关公司股票走势 者界定尚不明晰   根据公告,在中国境外依法注册成立的商业银行、保险公司、证券公司、基金管理公司及其他资产管理机构等各类金融机构,上述金融机构依法合规面向客户发行的投资产品,以及养老基金、慈善基金、捐赠基金等中国人民银行认可的其他中长期机构投资者,均可投资银行间债券市场。为维护债券市场平稳健康发展,人民银行鼓励境外中长期机构投资者投资银行间债券市场,此类投资者投资银行间债券市场没有额度限制。   这意味着,中国银行间债券市场进一步放开境外机构投资者范围,目前基本所有类型的境外机构都可准入;此前只有境外央行或货币当局、境外人民币业务清算行、境外人民币业务参加行等三类机构,以及合格境外机构投资者(QFII)和人民币合格境外机构投资者(RQFII)可投资银行间债市。此外,机构准入的流程也进一步简化,根据公告,符合条件的境外机构投资者通过银行间市场结算代理人完成备案、开户等手续后,即可成为银行间债券市场的参与者。   除投资者范围放宽外,在投资额度方面,公告称,中长期机构投资者投资银行间债市没有额度限制。但值得注意的是,不少市场人士反映,除了此前的境外央行、主权基金,以及上述养老基金、慈善基金、捐赠基金算是“中长期机构投资者“外,并不知道公告所称的“中长期机构投资者”的具体标准。另一方面,虽然公告称,QFII和 RQFII投资银行间债市参照执行,可不少业内人士不清楚QFII和RQFII是否满足不受额度限制的条件,如果满足,是否与本月初外汇局发布的《合格境外机构投资者境内证券投资外汇管理规定》相冲突。   2月4日,外汇局发布上述《规定》称,放宽单家QFII机构投资额度上限,不再对单家机构设置统一的投资额度上限,而是引入基础额度和新增额度两大概念,并明确QFII的基础额度计算公式。根据计算公式,QFII基础额度被限定在2000万美元至50亿美元之间。境外主权基金、央行及货币当局等三类机构也被要求投资规模不得超过50亿美元。   中金公司分析师陈健恒认为,公告提到“人民银行对境外机构投资者的投资行为实施宏观审慎管理”,“宏观审慎”的潜台词应该就是额度管理,即不符合中长期机构投资者资质的投资者投资银行间债市,依然受到额度管理。   影响资金流入关键因素   不过,暂且搁置公告中一些有待明晰的具体条款看,不可忽视的是,放宽境外投资者进入银行间债市,是资本项目开放的既定步骤。民生证券研究院分析师李奇霖称,随着人民币跨境结算和离岸市场规模的扩大,客观上存在着购买人民币金融资产的需求,但资本账户管制和有限的债券市场规模制约了人民币国际化进程。放开境外投资者投资银行间债市,有利于推动人民币从结算货币到投资货币再到储备货币的转变。   除了有序推动资本项目开放外,新规在当下或许也有助于国际资本的均衡流动。兴业银行(601166,股吧)兼华福证券首席经济学家鲁政委称,公告主要还是对境外中长期机构投资者放开,这类投资者不会过于关注短期汇率波动,而更佳关注中长期的投资回报。考虑到目前境内外债券仍然存在相对高的利差,对境外中长期投资者来说会有一定的吸引力。如果境外投资者是出于境内外利差的考虑而投资,就会有利于促进国际资本均衡的流动,吸引外资(尤其是美元)入境投资,减缓资金外流压力。   虽然机构类型和投资额度的放宽有利于促进国内债市的需求增加,但市场普遍认为,新规短期内对拉动国内债市需求的影响不会很明显。“人民币升贬值预期以及境内外相对利差仍是影响资金流入的关键因素。”陈健恒称。   据陈健恒分析,从中债登的托管数据看,去年下半年以来,随着人民币汇率贬值以及贬值预期增强,境外机构总体减持了银行间市场债券。目前来看,市场对人民币仍存在一定贬值预期,汇率对冲成本依然较高,对于持有外币而想投资中国境内人民币债券的投资者而言,如果对冲汇率风险,会明显削减境内人民币债券投资的收益,使得吸引力下降,这使得持有外币的投资者持较浓的观望情绪。不过,对于特定的一些货币而言(比如韩元、澳元等),去年人民币相对于这些货币本身仍相对坚挺,这意味着持有这些货币的投资者,如果不对冲,直接换汇成人民币投资中国境内银行间债券市场,不一定有汇率损失;对于这些货币国的投资者,人民币境内债券市场仍有一定吸引力。对于境外持有人民币(比如持有CNH)的投资者,由于目前CNH利率高于境内,短期内这些投资者对CNY债券的需求可能也不强。   此外,在债券类型方面,一外资行投行部人士对证券时报记者表示,受到研究团队有限、认知度不足等方面限制,境外机构投资者(尤其是境外央行等长期投资者)目前仍以投资国债、国开行金融债等利率债为主,就连地方政府债券都少有问津,信用债涉足的规模就更少,这一趋势预计还会延续很长一段时间。相关的主题文章: