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文章来源:SEO    发布时间:2019-10-15 05:17:28  【字号:      】

www.88gvb.com_www.88gvb.com-【荷官随即】ForeigncapitalflowstoChinaareexpectedtorisefromMondayafteraportionofthenation'snearly-trillionofonshorebondswereincludedinakeyglobalindex.OnMonday,China'srenminbi-denominatedgovernmentandpolicybanksecuritieswereincludedintheBloombergBarclaysGlobalAggregateIndex,aglobalfixed-incomeinvestmentbenchmark,whichcouldtriggermorecapitalinflowsintothecountryandprovidestabilitytocurrencyandfundborrowers.GlobalbankshavepredictedthattheBloombergBarclaysindexinclusionwillattract0billionto0billionofoverseasfundsforthenextfiveyears.Morethan67percentofthemarketparticipantsinAsiaarelikelytoincreasetheirinvestmentinChineseonshorebondsthisyear,drivenlargelybytheindexinclusion,saidarecentsurveyfromBloomberg,theUS-basedfinancialinformationprovider.TheStateAdministrationofForeignExchangesaidonFridaythatimprovingconvertibilityofthecapitalaccountwouldbeoneofthekeytasksthisyearsoastograduallyachievefreecross-bordercapitalflowsandfurtheropenthebondmarket.BloombergChairmanPeterGrauertoldChinaDailyinanexclusiveinterviewaweekagothattheindexinclusionwillmaketheChinesebondmarketmoreattractivetoglobalinvestorsandbringinmoreliquidity.Heexpectsmorepolicymeasurestobetakeninthesubsequentyears.ThesemeasuresincludeimprovingChina'screditratingssystemandcorporatedisclosurelevels,launchingnewindexproducts,suchasbondexchange-tradedfunds,andexpandinghedgingtoolstomanageforeignexchangeandinterestrisks,saidGrauer.Aftera20-monthprocess,therenminbi-denominatedgovernmentandpolicybankbondswillrepresentabout6to7percentoftheindex'scomponents,hesaid.Accordingtothecentralbank,China'sonshorebondmarketworthwas88trillionyuan(.12trillion)bytheendofFebruary."InternationalinvestorswanttoparticipateinthegrowthoftheChineseeconomy.Onewaytheycandothatisbyinvestinginfixed-incomeinstruments,"hesaid.Besides,theindexwillallowglobalinvestorstocompareperformancewiththeoverallsituation,akeyglobalbenchmark.Currently,China's10-yeartreasuryyieldsarehigherthanthatintheUnitedStates,GermanyandJapan,andtheirreturnsarehigherthanothereconomieswithsimilarcreditratings.Thatcoulddriveinvestordemandandprovidediversificationopportunitiestoglobalinvestors,accordingtoGrauer.InvestorsintheUnitedStateshaveconfidenceintheChinesefinancialmarket,hesaid."Ifyouwanttoplayontheglobalstage,youshouldhaveastakeonthegroundinChinaandbeagoodcorporatecitizenwithalong-termviewaboutSino-USrelations."IbelievetheopeningofChina'sfinancialmarketmaybeoneofthebiggestchangesinthehistoryofglobalcapitalmarkets,andoneofthemostexciting."TheinclusionofChinesedomesticdebtintheindexcouldpotentiallyleadtoabouttrillionoffundinflowsintotheChineseonshorebondmarket,accordingtoIvanChung,associatemanagingdirectorofMoody'sInvestorsService,aglobalratingscompany.BytheendofJanuary,foreignholdingsofChinesedomesticbondstotaled1.75trillionyuan,whichwasequivalentto2percentoftotaloutstandingonshorebonds,accordingtoMoody'sdata."AsinvestorsparticipateincreasinglyinandunderstandbettertheChineseonshorebondmarket,theywillfeelmorecomfortableincreasingtheirrenminbi-denominatedassetallocations,andexpandingtheirinvestmentstoothercreditbondslikemunicipalbonds,corporatebondsandasset-backedsecurities,"saidChung.Theamountofgovernmentandpolicybankbondsincustodyaccountstotaled47.86trillionyuanbytheendofFebruary,accordingtodatafromtheState-ownedclearinghouseChinaCentralDepositoryandClearing.Comparedwithtreasuriesandpolicybankbonds,Chinesecorporatebondsarenotsoattractivesofarfortheforeigninvestor,giventhecurrentlevelofcorporatedisclosureandgovernancequality.Concernsonpotentialdefaultrisksmighthavediscouragedthemtoincreaseholdingsinassetallocations.ZhouXiaochuan,formercentralbankgovernor,saidattheBoaoForumforAsiathatasChinaisfurtheropeningthetrilliononshorebondmarket,foreigninstitutionswillparticipatemoreintheChinesebondmarket,andtheywillincreaseinterestinunderwritingcorporatebonds.Theforeignexchangeregulatorshowedthatin2018,thenetinflowsofforeigncapitalintotheonshorebondmarketstoodat.7billion,upby1.4timesfromthelevelseenin2017."It(theinclusion)indicatestheorderlyopening-upoftheChinesecapitalmarket,andtheimprovementoffinancialmarketinfrastructure,"saidtheSAFE2018annualinternationalbalancereportreleasedonFriday.Theforestfirescene.(Photoprovidedbylocalemergencymanagementoffice)(ECNS)-SevenfirefighterswereforcedtojumpoffacliffasfireburstfromaburningforestintheLiangshanYiAutonomousPrefecture,SichuanProvince.SourcesfromtheMinistryofEmergencyManagementsaid27firefightersandthreelocalshavebeenconfirmeddeadafterbattlingtheforestfire,whichbrokeoutSaturdayataremotespotinthemountainsatanaltitudeofmorethan3,800meters.AfirefightertoldtheBeijingNewsthathewaswithacrewofsevenmemberswhenasuddenchangeinwinddirectioncausedtheoutburst.“Icouldn’tfindwordstodescribethefierceblaze.”Firefightershadtojumpoffaclifftotheothersideofamountainandseveralpeoplewereinjuredduringtheescape,hesaid.Ateamsentbytheministryhasarrivedtocoordinaterescueefforts.AsChina'sTomb-sweepingDayapproaches,tensofthousandsofflowersweredisplayedtopaytributetomartyrsatYuhuataiMartyrsMemorialParkinNanjingintheeastChina'sJiangsuProvince,April1,2019.(Photo/ChinaNewService)Theflowersinfrontofthemartyrs'memorialweredesignedtoformtwoChinesecharacters"HuaiNian",whichmeans"commemoration"inEnglish.AsChina'sTomb-sweepingDayapproaches,tensofthousandsofflowersweredisplayedtopaytributetomartyrsatYuhuataiMartyrsMemorialParkinNanjingintheeastChina'sJiangsuProvince,April1,2019.(Photo/ChinaNewService)AsChina'sTomb-sweepingDayapproaches,tensofthousandsofflowersweredisplayedtopaytributetomartyrsatYuhuataiMartyrsMemorialParkinNanjingintheeastChina'sJiangsuProvince,April1,2019.(Photo/ChinaNewService)AsChina'sTomb-sweepingDayapproaches,tensofthousandsofflowersweredisplayedtopaytributetomartyrsatYuhuataiMartyrsMemorialParkinNanjingintheeastChina'sJiangsuProvince,April1,2019.(Photo/ChinaNewService)

Stepsunderwaytograduallyimprovetradingenvironment,globalinterestStepstoencourageforeigninvestmentinbondmarketsandmaketheoverallinvestmentenvironmentmoreconduciveandfriendlywillbeenactedinagradualmanner,acentralbankofficialsaidonThursday.PanGongsheng,deputygovernorofthePeople'sBankofChina,said:"Wearepreparingtolaunchbondindexproductssuchasbondexchangetradedfunds,promoteinterconnectivityamongcentraldepositoryinstitutions,andextendthesettlementcycleforbondtrading."TheStateAdministrationofForeignExchange,thecurrencyregulator,isdoingresearchonoptimizingthearrangementsforoverseasinvestorstoparticipateinforeignexchangehedgingtransactions.Besides,thePBOCwillfullyliberalizebondrepurchasetransactionsattherighttimeandpushhardwiththeutilizationofthemarketforrenminbiderivatives,"saidPanattheChinaBondMarketInternationalForuminBeijing.Chinahadthethird-largestbondmarketintheworldattheendof2018,withanaggregatebalanceof86trillionyuan(.7trillion),behindtheUnitedStatesandJapan.Pansaidthecountryhasacceleratedtheopening-upofitsbondmarketinrecentyears."Wemadesubstantialadjustmentsandreformsintermsofrelaxingmarketaccessmanagement,expandingthescopeofinvestors,liftingquotarestrictions,enrichingriskhedginginstruments,andfacilitatingcross-borderexchangeoffunds,"hesaid.Currently,1,186overseasinstitutionalinvestorshaveinvestedinChineseonshorebonds,andtheirtotalinvestmentreached1.73trillionyuan.Amongtheseforeigninstitutions,505accessthemarketthroughtheBondConnect.Thebalanceoftheirexistingbondsis180billionyuan,hesaid.DatashowthatthenetinflowofforeignfundsintoChina'sbondmarketwasabout0billionlastyear,accountingfor80percentofthefundsflowingintothebondmarketsofemergingeconomies.Suchastrongappetitefromoverseasinvestorsforrenminbi-denominatedassetswaspartlybecausereturnsonChinesegovernmentbondsarehigherthanthoseofdevelopedcountriesandmajoremergingeconomies.Theyieldonthe10-yearChinesegovernmentbondwas3.3percentinDecember2018,comparedwith2.83percentfortheUSTreasurybondsand0.05percentforJapanesegovernmentbondswiththesamematurity.OverseasinvestorsinChina'sinterbankbondmarkethavelargelyinvestedingovernmentbondsandpolicybankbonds,holding8.1percentoftheChinesegovernmentbondsintheinterbankbondmarket.Thereisstillhugeroomforinvestmentinhigh-gradecorporatebondsandasset-backedbonds,saidPan."TheopeningofChina'sfinancialmarketisamongthemostimportantandexcitingcapitalmarketdevelopmentsofourtime,"saidMarySchapiro,vice-chairmanofBloomberg.ShenotedthatChina'sbondmarketisthethirdlargestintheworld,butstilllargelyunexploredbyglobalinvestors."TheglobalinvestorswespeaktotellustheyareexcitedaboutChina'sbondmarketopportunitybutexpectgreaterimprovementsinmarketefficiency.Cost,liquidityandpricetransparencyareparamount.Havingtherightmarketinfrastructureandclearrulesarevitalforinvestorprotection,"shesaid."Therealityis,China'sbondmarketisanopportunitymanyinvestorscannolongerignore.Clearregulatoryframeworksandaccessmechanismsdrivemarketliquidityanddemand-keycomponentstowardChinabeinganinvestablebondmarket,"shesaid.ChinaForeignExchangeTradeSystemandBloombergannouncedattheforumthatBloomberganditsglobalaffiliateswillstartprovidingqualifiedinvestorswithchannelstoaccessChina'sinterbankbondmarket.GlobalinvestorscantradeonshoreChinesebondsviatheBloombergTerminal,theysaid.ForeigncapitalflowstoChinaareexpectedtorisefromMondayafteraportionofthenation'snearly-trillionofonshorebondswereincludedinakeyglobalindex.OnMonday,China'srenminbi-denominatedgovernmentandpolicybanksecuritieswereincludedintheBloombergBarclaysGlobalAggregateIndex,aglobalfixed-incomeinvestmentbenchmark,whichcouldtriggermorecapitalinflowsintothecountryandprovidestabilitytocurrencyandfundborrowers.GlobalbankshavepredictedthattheBloombergBarclaysindexinclusionwillattract0billionto0billionofoverseasfundsforthenextfiveyears.Morethan67percentofthemarketparticipantsinAsiaarelikelytoincreasetheirinvestmentinChineseonshorebondsthisyear,drivenlargelybytheindexinclusion,saidarecentsurveyfromBloomberg,theUS-basedfinancialinformationprovider.TheStateAdministrationofForeignExchangesaidonFridaythatimprovingconvertibilityofthecapitalaccountwouldbeoneofthekeytasksthisyearsoastograduallyachievefreecross-bordercapitalflowsandfurtheropenthebondmarket.BloombergChairmanPeterGrauertoldChinaDailyinanexclusiveinterviewaweekagothattheindexinclusionwillmaketheChinesebondmarketmoreattractivetoglobalinvestorsandbringinmoreliquidity.Heexpectsmorepolicymeasurestobetakeninthesubsequentyears.ThesemeasuresincludeimprovingChina'screditratingssystemandcorporatedisclosurelevels,launchingnewindexproducts,suchasbondexchange-tradedfunds,andexpandinghedgingtoolstomanageforeignexchangeandinterestrisks,saidGrauer.Aftera20-monthprocess,therenminbi-denominatedgovernmentandpolicybankbondswillrepresentabout6to7percentoftheindex'scomponents,hesaid.Accordingtothecentralbank,China'sonshorebondmarketworthwas88trillionyuan(.12trillion)bytheendofFebruary."InternationalinvestorswanttoparticipateinthegrowthoftheChineseeconomy.Onewaytheycandothatisbyinvestinginfixed-incomeinstruments,"hesaid.Besides,theindexwillallowglobalinvestorstocompareperformancewiththeoverallsituation,akeyglobalbenchmark.Currently,China's10-yeartreasuryyieldsarehigherthanthatintheUnitedStates,GermanyandJapan,andtheirreturnsarehigherthanothereconomieswithsimilarcreditratings.Thatcoulddriveinvestordemandandprovidediversificationopportunitiestoglobalinvestors,accordingtoGrauer.InvestorsintheUnitedStateshaveconfidenceintheChinesefinancialmarket,hesaid."Ifyouwanttoplayontheglobalstage,youshouldhaveastakeonthegroundinChinaandbeagoodcorporatecitizenwithalong-termviewaboutSino-USrelations."IbelievetheopeningofChina'sfinancialmarketmaybeoneofthebiggestchangesinthehistoryofglobalcapitalmarkets,andoneofthemostexciting."TheinclusionofChinesedomesticdebtintheindexcouldpotentiallyleadtoabouttrillionoffundinflowsintotheChineseonshorebondmarket,accordingtoIvanChung,associatemanagingdirectorofMoody'sInvestorsService,aglobalratingscompany.BytheendofJanuary,foreignholdingsofChinesedomesticbondstotaled1.75trillionyuan,whichwasequivalentto2percentoftotaloutstandingonshorebonds,accordingtoMoody'sdata."AsinvestorsparticipateincreasinglyinandunderstandbettertheChineseonshorebondmarket,theywillfeelmorecomfortableincreasingtheirrenminbi-denominatedassetallocations,andexpandingtheirinvestmentstoothercreditbondslikemunicipalbonds,corporatebondsandasset-backedsecurities,"saidChung.Theamountofgovernmentandpolicybankbondsincustodyaccountstotaled47.86trillionyuanbytheendofFebruary,accordingtodatafromtheState-ownedclearinghouseChinaCentralDepositoryandClearing.Comparedwithtreasuriesandpolicybankbonds,Chinesecorporatebondsarenotsoattractivesofarfortheforeigninvestor,giventhecurrentlevelofcorporatedisclosureandgovernancequality.Concernsonpotentialdefaultrisksmighthavediscouragedthemtoincreaseholdingsinassetallocations.ZhouXiaochuan,formercentralbankgovernor,saidattheBoaoForumforAsiathatasChinaisfurtheropeningthetrilliononshorebondmarket,foreigninstitutionswillparticipatemoreintheChinesebondmarket,andtheywillincreaseinterestinunderwritingcorporatebonds.Theforeignexchangeregulatorshowedthatin2018,thenetinflowsofforeigncapitalintotheonshorebondmarketstoodat.7billion,upby1.4timesfromthelevelseenin2017."It(theinclusion)indicatestheorderlyopening-upoftheChinesecapitalmarket,andtheimprovementoffinancialmarketinfrastructure,"saidtheSAFE2018annualinternationalbalancereportreleasedonFriday.AsChina'sTomb-sweepingDayapproaches,tensofthousandsofflowersweredisplayedtopaytributetomartyrsatYuhuataiMartyrsMemorialParkinNanjingintheeastChina'sJiangsuProvince,April1,2019.(Photo/ChinaNewService)Theflowersinfrontofthemartyrs'memorialweredesignedtoformtwoChinesecharacters"HuaiNian",whichmeans"commemoration"inEnglish.AsChina'sTomb-sweepingDayapproaches,tensofthousandsofflowersweredisplayedtopaytributetomartyrsatYuhuataiMartyrsMemorialParkinNanjingintheeastChina'sJiangsuProvince,April1,2019.(Photo/ChinaNewService)AsChina'sTomb-sweepingDayapproaches,tensofthousandsofflowersweredisplayedtopaytributetomartyrsatYuhuataiMartyrsMemorialParkinNanjingintheeastChina'sJiangsuProvince,April1,2019.(Photo/ChinaNewService)AsChina'sTomb-sweepingDayapproaches,tensofthousandsofflowersweredisplayedtopaytributetomartyrsatYuhuataiMartyrsMemorialParkinNanjingintheeastChina'sJiangsuProvince,April1,2019.(Photo/ChinaNewService)Stepsunderwaytograduallyimprovetradingenvironment,globalinterestStepstoencourageforeigninvestmentinbondmarketsandmaketheoverallinvestmentenvironmentmoreconduciveandfriendlywillbeenactedinagradualmanner,acentralbankofficialsaidonThursday.PanGongsheng,deputygovernorofthePeople'sBankofChina,said:"Wearepreparingtolaunchbondindexproductssuchasbondexchangetradedfunds,promoteinterconnectivityamongcentraldepositoryinstitutions,andextendthesettlementcycleforbondtrading."TheStateAdministrationofForeignExchange,thecurrencyregulator,isdoingresearchonoptimizingthearrangementsforoverseasinvestorstoparticipateinforeignexchangehedgingtransactions.Besides,thePBOCwillfullyliberalizebondrepurchasetransactionsattherighttimeandpushhardwiththeutilizationofthemarketforrenminbiderivatives,"saidPanattheChinaBondMarketInternationalForuminBeijing.Chinahadthethird-largestbondmarketintheworldattheendof2018,withanaggregatebalanceof86trillionyuan(.7trillion),behindtheUnitedStatesandJapan.Pansaidthecountryhasacceleratedtheopening-upofitsbondmarketinrecentyears."Wemadesubstantialadjustmentsandreformsintermsofrelaxingmarketaccessmanagement,expandingthescopeofinvestors,liftingquotarestrictions,enrichingriskhedginginstruments,andfacilitatingcross-borderexchangeoffunds,"hesaid.Currently,1,186overseasinstitutionalinvestorshaveinvestedinChineseonshorebonds,andtheirtotalinvestmentreached1.73trillionyuan.Amongtheseforeigninstitutions,505accessthemarketthroughtheBondConnect.Thebalanceoftheirexistingbondsis180billionyuan,hesaid.DatashowthatthenetinflowofforeignfundsintoChina'sbondmarketwasabout0billionlastyear,accountingfor80percentofthefundsflowingintothebondmarketsofemergingeconomies.Suchastrongappetitefromoverseasinvestorsforrenminbi-denominatedassetswaspartlybecausereturnsonChinesegovernmentbondsarehigherthanthoseofdevelopedcountriesandmajoremergingeconomies.Theyieldonthe10-yearChinesegovernmentbondwas3.3percentinDecember2018,comparedwith2.83percentfortheUSTreasurybondsand0.05percentforJapanesegovernmentbondswiththesamematurity.OverseasinvestorsinChina'sinterbankbondmarkethavelargelyinvestedingovernmentbondsandpolicybankbonds,holding8.1percentoftheChinesegovernmentbondsintheinterbankbondmarket.Thereisstillhugeroomforinvestmentinhigh-gradecorporatebondsandasset-backedbonds,saidPan."TheopeningofChina'sfinancialmarketisamongthemostimportantandexcitingcapitalmarketdevelopmentsofourtime,"saidMarySchapiro,vice-chairmanofBloomberg.ShenotedthatChina'sbondmarketisthethirdlargestintheworld,butstilllargelyunexploredbyglobalinvestors."TheglobalinvestorswespeaktotellustheyareexcitedaboutChina'sbondmarketopportunitybutexpectgreaterimprovementsinmarketefficiency.Cost,liquidityandpricetransparencyareparamount.Havingtherightmarketinfrastructureandclearrulesarevitalforinvestorprotection,"shesaid."Therealityis,China'sbondmarketisanopportunitymanyinvestorscannolongerignore.Clearregulatoryframeworksandaccessmechanismsdrivemarketliquidityanddemand-keycomponentstowardChinabeinganinvestablebondmarket,"shesaid.ChinaForeignExchangeTradeSystemandBloombergannouncedattheforumthatBloomberganditsglobalaffiliateswillstartprovidingqualifiedinvestorswithchannelstoaccessChina'sinterbankbondmarket.GlobalinvestorscantradeonshoreChinesebondsviatheBloombergTerminal,theysaid.

AsChina'sTomb-sweepingDayapproaches,tensofthousandsofflowersweredisplayedtopaytributetomartyrsatYuhuataiMartyrsMemorialParkinNanjingintheeastChina'sJiangsuProvince,April1,2019.(Photo/ChinaNewService)Theflowersinfrontofthemartyrs'memorialweredesignedtoformtwoChinesecharacters"HuaiNian",whichmeans"commemoration"inEnglish.AsChina'sTomb-sweepingDayapproaches,tensofthousandsofflowersweredisplayedtopaytributetomartyrsatYuhuataiMartyrsMemorialParkinNanjingintheeastChina'sJiangsuProvince,April1,2019.(Photo/ChinaNewService)AsChina'sTomb-sweepingDayapproaches,tensofthousandsofflowersweredisplayedtopaytributetomartyrsatYuhuataiMartyrsMemorialParkinNanjingintheeastChina'sJiangsuProvince,April1,2019.(Photo/ChinaNewService)AsChina'sTomb-sweepingDayapproaches,tensofthousandsofflowersweredisplayedtopaytributetomartyrsatYuhuataiMartyrsMemorialParkinNanjingintheeastChina'sJiangsuProvince,April1,2019.(Photo/ChinaNewService)Special:Chinawillcontinuetopushforwideropeningupofthebondmarkettooverseasinvestorsandcreateasoundmarketenvironment,anofficialsaidSunday.Overthepasttwoyears,China'sbondmarkethastakenfaststepsofopeningup,asthecountryimprovedpoliciestomakeiteasierforoverseasinvestorstoissuepandabondsandinvestinitsbondmarket,PanGongsheng,vicegovernorofthePeople'sBankofChina,toldapressconferenceonthesidelinesoftheannuallegislativesession.Atpresent,overseasinvestorsholdaround1.8trillionyuan(about268billionU.S.dollars)inChina'sbondmarket,andtheholdingsrosenearly600billionyuanin2018,Pansaid.However,bondsownedbythemrepresentonlyalittlemorethan2percentinChina'stotal."Theratioisnotveryhighandthereisstillhugepotentialinthefuture,"Pansaid.OverseasholdingsrosesignificantlyinthepasttwoyearsthankspartlytotheBondConnectprogram,amarketaccessschemelaunchedinJuly2017thatallowsoverseasinvestorstoinvestintheChinesemainland'sinterbankbondmarketusingfinancialinstitutionsofthemainlandandHongKong.Tofurtheropenupthebondmarket,thecountryannouncedinNovember2018thatoverseasinstitutionsinvestinginitsbondmarketwouldbeexemptedfromcorporateincometaxandvalue-addedtaxontheirbondinterestearningsforaperiodofthreeyears.Special:Chinawillcontinuetopushforwideropeningupofthebondmarkettooverseasinvestorsandcreateasoundmarketenvironment,anofficialsaidSunday.Overthepasttwoyears,China'sbondmarkethastakenfaststepsofopeningup,asthecountryimprovedpoliciestomakeiteasierforoverseasinvestorstoissuepandabondsandinvestinitsbondmarket,PanGongsheng,vicegovernorofthePeople'sBankofChina,toldapressconferenceonthesidelinesoftheannuallegislativesession.Atpresent,overseasinvestorsholdaround1.8trillionyuan(about268billionU.S.dollars)inChina'sbondmarket,andtheholdingsrosenearly600billionyuanin2018,Pansaid.However,bondsownedbythemrepresentonlyalittlemorethan2percentinChina'stotal."Theratioisnotveryhighandthereisstillhugepotentialinthefuture,"Pansaid.OverseasholdingsrosesignificantlyinthepasttwoyearsthankspartlytotheBondConnectprogram,amarketaccessschemelaunchedinJuly2017thatallowsoverseasinvestorstoinvestintheChinesemainland'sinterbankbondmarketusingfinancialinstitutionsofthemainlandandHongKong.Tofurtheropenupthebondmarket,thecountryannouncedinNovember2018thatoverseasinstitutionsinvestinginitsbondmarketwouldbeexemptedfromcorporateincometaxandvalue-addedtaxontheirbondinterestearningsforaperiodofthreeyears.

Special:Chinawillcontinuetopushforwideropeningupofthebondmarkettooverseasinvestorsandcreateasoundmarketenvironment,anofficialsaidSunday.Overthepasttwoyears,China'sbondmarkethastakenfaststepsofopeningup,asthecountryimprovedpoliciestomakeiteasierforoverseasinvestorstoissuepandabondsandinvestinitsbondmarket,PanGongsheng,vicegovernorofthePeople'sBankofChina,toldapressconferenceonthesidelinesoftheannuallegislativesession.Atpresent,overseasinvestorsholdaround1.8trillionyuan(about268billionU.S.dollars)inChina'sbondmarket,andtheholdingsrosenearly600billionyuanin2018,Pansaid.However,bondsownedbythemrepresentonlyalittlemorethan2percentinChina'stotal."Theratioisnotveryhighandthereisstillhugepotentialinthefuture,"Pansaid.OverseasholdingsrosesignificantlyinthepasttwoyearsthankspartlytotheBondConnectprogram,amarketaccessschemelaunchedinJuly2017thatallowsoverseasinvestorstoinvestintheChinesemainland'sinterbankbondmarketusingfinancialinstitutionsofthemainlandandHongKong.Tofurtheropenupthebondmarket,thecountryannouncedinNovember2018thatoverseasinstitutionsinvestinginitsbondmarketwouldbeexemptedfromcorporateincometaxandvalue-addedtaxontheirbondinterestearningsforaperiodofthreeyears.AsChina'sTomb-sweepingDayapproaches,tensofthousandsofflowersweredisplayedtopaytributetomartyrsatYuhuataiMartyrsMemorialParkinNanjingintheeastChina'sJiangsuProvince,April1,2019.(Photo/ChinaNewService)Theflowersinfrontofthemartyrs'memorialweredesignedtoformtwoChinesecharacters"HuaiNian",whichmeans"commemoration"inEnglish.AsChina'sTomb-sweepingDayapproaches,tensofthousandsofflowersweredisplayedtopaytributetomartyrsatYuhuataiMartyrsMemorialParkinNanjingintheeastChina'sJiangsuProvince,April1,2019.(Photo/ChinaNewService)AsChina'sTomb-sweepingDayapproaches,tensofthousandsofflowersweredisplayedtopaytributetomartyrsatYuhuataiMartyrsMemorialParkinNanjingintheeastChina'sJiangsuProvince,April1,2019.(Photo/ChinaNewService)AsChina'sTomb-sweepingDayapproaches,tensofthousandsofflowersweredisplayedtopaytributetomartyrsatYuhuataiMartyrsMemorialParkinNanjingintheeastChina'sJiangsuProvince,April1,2019.(Photo/ChinaNewService)ForeigncapitalflowstoChinaareexpectedtorisefromMondayafteraportionofthenation'snearly-trillionofonshorebondswereincludedinakeyglobalindex.OnMonday,China'srenminbi-denominatedgovernmentandpolicybanksecuritieswereincludedintheBloombergBarclaysGlobalAggregateIndex,aglobalfixed-incomeinvestmentbenchmark,whichcouldtriggermorecapitalinflowsintothecountryandprovidestabilitytocurrencyandfundborrowers.GlobalbankshavepredictedthattheBloombergBarclaysindexinclusionwillattract0billionto0billionofoverseasfundsforthenextfiveyears.Morethan67percentofthemarketparticipantsinAsiaarelikelytoincreasetheirinvestmentinChineseonshorebondsthisyear,drivenlargelybytheindexinclusion,saidarecentsurveyfromBloomberg,theUS-basedfinancialinformationprovider.TheStateAdministrationofForeignExchangesaidonFridaythatimprovingconvertibilityofthecapitalaccountwouldbeoneofthekeytasksthisyearsoastograduallyachievefreecross-bordercapitalflowsandfurtheropenthebondmarket.BloombergChairmanPeterGrauertoldChinaDailyinanexclusiveinterviewaweekagothattheindexinclusionwillmaketheChinesebondmarketmoreattractivetoglobalinvestorsandbringinmoreliquidity.Heexpectsmorepolicymeasurestobetakeninthesubsequentyears.ThesemeasuresincludeimprovingChina'screditratingssystemandcorporatedisclosurelevels,launchingnewindexproducts,suchasbondexchange-tradedfunds,andexpandinghedgingtoolstomanageforeignexchangeandinterestrisks,saidGrauer.Aftera20-monthprocess,therenminbi-denominatedgovernmentandpolicybankbondswillrepresentabout6to7percentoftheindex'scomponents,hesaid.Accordingtothecentralbank,China'sonshorebondmarketworthwas88trillionyuan(.12trillion)bytheendofFebruary."InternationalinvestorswanttoparticipateinthegrowthoftheChineseeconomy.Onewaytheycandothatisbyinvestinginfixed-incomeinstruments,"hesaid.Besides,theindexwillallowglobalinvestorstocompareperformancewiththeoverallsituation,akeyglobalbenchmark.Currently,China's10-yeartreasuryyieldsarehigherthanthatintheUnitedStates,GermanyandJapan,andtheirreturnsarehigherthanothereconomieswithsimilarcreditratings.Thatcoulddriveinvestordemandandprovidediversificationopportunitiestoglobalinvestors,accordingtoGrauer.InvestorsintheUnitedStateshaveconfidenceintheChinesefinancialmarket,hesaid."Ifyouwanttoplayontheglobalstage,youshouldhaveastakeonthegroundinChinaandbeagoodcorporatecitizenwithalong-termviewaboutSino-USrelations."IbelievetheopeningofChina'sfinancialmarketmaybeoneofthebiggestchangesinthehistoryofglobalcapitalmarkets,andoneofthemostexciting."TheinclusionofChinesedomesticdebtintheindexcouldpotentiallyleadtoabouttrillionoffundinflowsintotheChineseonshorebondmarket,accordingtoIvanChung,associatemanagingdirectorofMoody'sInvestorsService,aglobalratingscompany.BytheendofJanuary,foreignholdingsofChinesedomesticbondstotaled1.75trillionyuan,whichwasequivalentto2percentoftotaloutstandingonshorebonds,accordingtoMoody'sdata."AsinvestorsparticipateincreasinglyinandunderstandbettertheChineseonshorebondmarket,theywillfeelmorecomfortableincreasingtheirrenminbi-denominatedassetallocations,andexpandingtheirinvestmentstoothercreditbondslikemunicipalbonds,corporatebondsandasset-backedsecurities,"saidChung.Theamountofgovernmentandpolicybankbondsincustodyaccountstotaled47.86trillionyuanbytheendofFebruary,accordingtodatafromtheState-ownedclearinghouseChinaCentralDepositoryandClearing.Comparedwithtreasuriesandpolicybankbonds,Chinesecorporatebondsarenotsoattractivesofarfortheforeigninvestor,giventhecurrentlevelofcorporatedisclosureandgovernancequality.Concernsonpotentialdefaultrisksmighthavediscouragedthemtoincreaseholdingsinassetallocations.ZhouXiaochuan,formercentralbankgovernor,saidattheBoaoForumforAsiathatasChinaisfurtheropeningthetrilliononshorebondmarket,foreigninstitutionswillparticipatemoreintheChinesebondmarket,andtheywillincreaseinterestinunderwritingcorporatebonds.Theforeignexchangeregulatorshowedthatin2018,thenetinflowsofforeigncapitalintotheonshorebondmarketstoodat.7billion,upby1.4timesfromthelevelseenin2017."It(theinclusion)indicatestheorderlyopening-upoftheChinesecapitalmarket,andtheimprovementoffinancialmarketinfrastructure,"saidtheSAFE2018annualinternationalbalancereportreleasedonFriday.

应对日本出口限制 韩拒买日货现象持续蔓延至各个阶层 #标题分割#  7月18日电据韩国国际广播电台(KBS)17日报道,为应对日本出口限制,韩国国内拒买日货的浪潮已持续了两周。分析称,此次拒购日货并不是一时现象,目前该现象正持续蔓延至全国各地和各个阶层。  报道指出,虽然以往曾有过拒绝购买日本商品的现象,但此次有所不同,最近包括餐厅和商店等,都是自发参与禁售日本商品的活动。  据统计,3600个中小型商店、23000多家超市开始下架100多种日本商品。虽然大型超市和便利店等没有正式阐明各自的立场,但日本啤酒销量在最近2周下降了20%。  与日本企业合作较多的乐天集团正在研拟有关对策。自韩国掀起拒买日货的浪潮后,乐天集团的市价总额减少了1万亿韩元。应对日本出口限制 韩拒买日货现象持续蔓延至各个阶层 #标题分割#  7月18日电据韩国国际广播电台(KBS)17日报道,为应对日本出口限制,韩国国内拒买日货的浪潮已持续了两周。分析称,此次拒购日货并不是一时现象,目前该现象正持续蔓延至全国各地和各个阶层。  报道指出,虽然以往曾有过拒绝购买日本商品的现象,但此次有所不同,最近包括餐厅和商店等,都是自发参与禁售日本商品的活动。  据统计,3600个中小型商店、23000多家超市开始下架100多种日本商品。虽然大型超市和便利店等没有正式阐明各自的立场,但日本啤酒销量在最近2周下降了20%。  与日本企业合作较多的乐天集团正在研拟有关对策。自韩国掀起拒买日货的浪潮后,乐天集团的市价总额减少了1万亿韩元。




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