乐彩-最新版app下载-手机极速版2.06-免费版vapp9.8.6

 
Spotlight: Inclusion of China's bonds in global index to promote its financial integration into global economy
                 Source: Xinhua | 2019-04-02 23:51:37 | Editor: huaxia


File Photo (Xinhua)

WASHINGTON, April 2 (Xinhua) -- The Bloomberg Barclays Global Aggregate Index started including China's yuan-demoninated bonds Monday, with a 20-month phase-in period.

The inclusion of the 356 bonds, issued by the government and policy banks, in the index is expected to attract foreign inflows into the Chinese bond market and foster a further opening-up of the country's financial sector.


FOREIGN INFLOWS

After their full inclusion, Chinese renminbi (RMB)-denominated bonds will become the fourth-largest currency component, following the U.S. dollar, the euro and the Japanese yen. China's weight would reach approximately 6 percent of the index, using data as of Jan. 31 this year.

"It will effectively lead to more purchases of Chinese bonds by foreigners and provide investors globally with an opportunity to diversify their assets," Alfred Schipke, the International Monetary Fund (IMF) senior resident representative for China, told Xinhua in a recent interview.

Goldman Sachs estimated in February that total inflows into China's bond market prompted by this inclusion would be 120-135 billion U.S. dollars over the 20-month scale-in period.

Morgan Stanley, meanwhile, expects to see 80-100 billion dollars of inflows into the government bond market in 2019, compared to 35 billion dollars on average between 2015 and 2018.

It sees as much as 120 billion dollars going into China's government bond market annually from 2020 to 2030, according to a February report.

China's bond market stood at about 86 trillion yuan (12.84 trillion dollars) by the end of 2018, with about 1.8 trillion yuan (260 billion dollars), or 2 percent, held by global investors, up 46 percent from a year earlier, according to the People's Bank of China.

Deutsche Bank's projections suggest that foreigners will own as much as a fifth of central government debt in five years, Bloomberg reported last week.

An expected growth in inflows will make the foreign investor community "an increasingly significant stakeholder" in China's financial system, Bloomberg said.


IMPORTANT MILESTONE

The inclusion is an "important milestone" in China's financial integration into the world economy, said Changyong Rhee, director of the IMF's Asia and Pacific Department, at a book forum held in Washington D.C. in March.

"This development follows the establishment in 2017 of the so-called Bond Connect, which allows foreigners to enter the Chinese bond market, as well as the authorities' recent commitments to further develop and open the market," Rhee said in his opening remarks at the event.

According to a government work report delivered in early March, China will implement reform and opening-up measures in the financial sectors and improve policies on opening the bond market.

Schipke noted that the inclusion of the renminbi (RMB) in the Special Drawing Rights (SDR) basket in November 2016 was associated with operational improvements in China's bond market, which has triggered a surge in global investor interest.

"More foreign central banks and sovereign wealth funds have bought RMB bonds as part of their reserves," he said, as holdings of RMB reserves by foreign central banks have gone up about 100 percent since 2016.

Citing the "co-movement" of the RMB with other currencies in the world, Schipke said the international monetary system might be moving away from the bipolar U.S. dollar and the euro blocs to a tripolar system. "That probably means that there will be additional demand for RMB bonds," he said.

China's bond market, the third largest in the world, is reaching a "tipping point" as regulation, market access, investor demand and benchmarks are firmly in place, Li Bing, head of Bloomberg China, said in a statement.

China's inclusion in the index has been a journey as financial reforms deepen and as its capital markets become more transparent to global investors, Li said.


FURTHER OPENING-UP

Bloomberg suggested China enhance market liquidity, improve its rating system, increase hedging tools and address operational concerns in order to promote the healthy development of China's bond market, Li said.

As foreign rating agencies start operating in the Chinese bond market, its rating system has to improve to meet global standards, Li said, adding that it is critical for the next evolution of China's corporate bond inclusion into the Bloomberg Barclays index.

Bloomberg found it "encouraging" to hear that a key task for the People's Bank of China this year is to provide sufficient financial hedging instruments to allow investors to effectively manage risks, Li said.

Goldman Sachs thinks that the operational issues should improve over time as teething issues are addressed during the phased inclusion, which should pave the way for other bond indices to include China.

Two other major global bond indices include the FTSE World Government Bond Index and the J.P. Morgan Government Bond Index-Emerging Markets.

"We expect all three major bond indices to include China (or at least announcement of plans to include China) by the end of 2020," Goldman Sachs said in the February report.

Schipke, one of the editors of the book "The Future of China's Bond Market" published by the IMF in March, said the team thinks that China's financial sector integration in the next decade will bring many opportunities for investors globally to diversify their portfolios.

Looking ahead, the book's contributors believe that a careful sequencing of reforms could help minimize risks and promote the development of China's bond market. The team suggested that China strengthen the capacity of financial regulators, boost foreign participation and improve communication, among other things.

"It is important to further the quantity of information that is available for investors," Schipke said, adding that more transparency should be conducive to the development of China's bond market.

"Last year China celebrated its 40th anniversary of reform and opening-up, which contributed to China's trade and product integration," said Schipke.

"But if you're looking at the future, our view is that the future will be about China's financial sector integration with the world and the bond market will play a particular role," he said.

Back to Top Close
Xinhuanet

Spotlight: Inclusion of China's bonds in global index to promote its financial integration into global economy

Source: Xinhua 2019-04-02 23:51:37


File Photo (Xinhua)

WASHINGTON, April 2 (Xinhua) -- The Bloomberg Barclays Global Aggregate Index started including China's yuan-demoninated bonds Monday, with a 20-month phase-in period.

The inclusion of the 356 bonds, issued by the government and policy banks, in the index is expected to attract foreign inflows into the Chinese bond market and foster a further opening-up of the country's financial sector.


FOREIGN INFLOWS

After their full inclusion, Chinese renminbi (RMB)-denominated bonds will become the fourth-largest currency component, following the U.S. dollar, the euro and the Japanese yen. China's weight would reach approximately 6 percent of the index, using data as of Jan. 31 this year.

"It will effectively lead to more purchases of Chinese bonds by foreigners and provide investors globally with an opportunity to diversify their assets," Alfred Schipke, the International Monetary Fund (IMF) senior resident representative for China, told Xinhua in a recent interview.

Goldman Sachs estimated in February that total inflows into China's bond market prompted by this inclusion would be 120-135 billion U.S. dollars over the 20-month scale-in period.

Morgan Stanley, meanwhile, expects to see 80-100 billion dollars of inflows into the government bond market in 2019, compared to 35 billion dollars on average between 2015 and 2018.

It sees as much as 120 billion dollars going into China's government bond market annually from 2020 to 2030, according to a February report.

China's bond market stood at about 86 trillion yuan (12.84 trillion dollars) by the end of 2018, with about 1.8 trillion yuan (260 billion dollars), or 2 percent, held by global investors, up 46 percent from a year earlier, according to the People's Bank of China.

Deutsche Bank's projections suggest that foreigners will own as much as a fifth of central government debt in five years, Bloomberg reported last week.

An expected growth in inflows will make the foreign investor community "an increasingly significant stakeholder" in China's financial system, Bloomberg said.


IMPORTANT MILESTONE

The inclusion is an "important milestone" in China's financial integration into the world economy, said Changyong Rhee, director of the IMF's Asia and Pacific Department, at a book forum held in Washington D.C. in March.

"This development follows the establishment in 2017 of the so-called Bond Connect, which allows foreigners to enter the Chinese bond market, as well as the authorities' recent commitments to further develop and open the market," Rhee said in his opening remarks at the event.

According to a government work report delivered in early March, China will implement reform and opening-up measures in the financial sectors and improve policies on opening the bond market.

Schipke noted that the inclusion of the renminbi (RMB) in the Special Drawing Rights (SDR) basket in November 2016 was associated with operational improvements in China's bond market, which has triggered a surge in global investor interest.

"More foreign central banks and sovereign wealth funds have bought RMB bonds as part of their reserves," he said, as holdings of RMB reserves by foreign central banks have gone up about 100 percent since 2016.

Citing the "co-movement" of the RMB with other currencies in the world, Schipke said the international monetary system might be moving away from the bipolar U.S. dollar and the euro blocs to a tripolar system. "That probably means that there will be additional demand for RMB bonds," he said.

China's bond market, the third largest in the world, is reaching a "tipping point" as regulation, market access, investor demand and benchmarks are firmly in place, Li Bing, head of Bloomberg China, said in a statement.

China's inclusion in the index has been a journey as financial reforms deepen and as its capital markets become more transparent to global investors, Li said.


FURTHER OPENING-UP

Bloomberg suggested China enhance market liquidity, improve its rating system, increase hedging tools and address operational concerns in order to promote the healthy development of China's bond market, Li said.

As foreign rating agencies start operating in the Chinese bond market, its rating system has to improve to meet global standards, Li said, adding that it is critical for the next evolution of China's corporate bond inclusion into the Bloomberg Barclays index.

Bloomberg found it "encouraging" to hear that a key task for the People's Bank of China this year is to provide sufficient financial hedging instruments to allow investors to effectively manage risks, Li said.

Goldman Sachs thinks that the operational issues should improve over time as teething issues are addressed during the phased inclusion, which should pave the way for other bond indices to include China.

Two other major global bond indices include the FTSE World Government Bond Index and the J.P. Morgan Government Bond Index-Emerging Markets.

"We expect all three major bond indices to include China (or at least announcement of plans to include China) by the end of 2020," Goldman Sachs said in the February report.

Schipke, one of the editors of the book "The Future of China's Bond Market" published by the IMF in March, said the team thinks that China's financial sector integration in the next decade will bring many opportunities for investors globally to diversify their portfolios.

Looking ahead, the book's contributors believe that a careful sequencing of reforms could help minimize risks and promote the development of China's bond market. The team suggested that China strengthen the capacity of financial regulators, boost foreign participation and improve communication, among other things.

"It is important to further the quantity of information that is available for investors," Schipke said, adding that more transparency should be conducive to the development of China's bond market.

"Last year China celebrated its 40th anniversary of reform and opening-up, which contributed to China's trade and product integration," said Schipke.

"But if you're looking at the future, our view is that the future will be about China's financial sector integration with the world and the bond market will play a particular role," he said.

010020070750000000000000011100001379442971
快3彩票购彩平台 大发彩票welcome 彩神 5分pk10 乐彩彩票 快三网站 大众购彩 一分11选5 极速快3 五分快乐十分 大发购彩中心 乐发lll 大发welcome 大发系列平台 东方彩票 五五世纪平台 凤凰快3 乐发IV彩票购彩中心 彩88 凤凰彩票官方网站 5分pk10 五五世纪 山西快3 55世纪购彩平台 乐发lx Welcome彩神 乐发3彩票APP 购彩中心 55世纪-购彩大厅 大发云app 星辰阁彩票购彩大厅 彩神v 大发彩票购彩平台 5分快3 快三彩票购彩平台 大發3分快3 快3平台 乐彩彩票 大发彩票快乐8 乐发IV welcome手机购彩 大众购彩 天天中平台 快盈IV500 幸运快三 买大小平台赚钱 1分快3 彩神彩票购彩平台 大发pk10 彩信平台 三分11选5 快3购彩中心 乐发ll下载app 彩神Welcome登录入口 乐发 采彡神争霸 快盈iv 神彩v8 55世纪官网 大发彩票www官方 凤凰彩票 10分快三 快三彩票官方网站 五分飞艇 乐发彩票官方网站 乐发Vll 大发快乐8官网 乐发app 大发彩票welcome 幸运5分彩 百姓快3 百度彩票 彩神网 大发彩票 3分快三 快3彩票 一分11选5 极速快3 五分快乐十分 大发购彩中心 乐发lll 大发welcome 大发系列平台 东方彩票 五五世纪平台 凤凰快3 乐发IV彩票购彩中心 彩88 凤凰彩票官方网站 5分pk10 55世纪 重庆快3 55世纪官方网站 乐发VI 彩神 乐发Ⅲ welcome大发彩票 大发购彩大厅welcome 百姓快三 名发app PK彩票 大发彩票购彩平台 5分快3 快三彩票购彩平台 大發3分快3 快3平台 乐彩彩票 大发彩票快乐8 乐发IV welcome手机购彩 五分快三 10元投资彩票赚钱平台 鼎发彩票 彩神iv争霸 网信快3 一分快3 凤凰彩票app下载 3分pk10 乐彩 湖南快3 快3购彩平台 乐发lv 彩神Welcome入口 乐发1 彩神8 百姓彩票welcome 一分三可空降可约app下载 彩神ix 彩票宝 大发彩票app下载 10分快3 快3彩神官方网站 四川快3 乐发彩票购彩平台 乐发彩票ll 大发快乐8官方网站 乐发app下载 welcome凤凰彩票 万乐彩 在线快3 百度彩票 彩神网 大发彩票 3分快三 快3彩票 一分11选5 极速快3 五分快乐十分 大发购彩中心 乐发lll 彩神welcome 乐发网投平台 网信彩票 优彩彩票 彩神8v 网信快三 乐乐彩 凤凰彩票购彩平台 10分pk10 55世纪 重庆快3 55世纪官方网站 乐发VI 彩神 乐发Ⅲ welcome大发彩票 大发购彩大厅welcome 百姓快三 名发app PK彩票 大发彩票购彩平台 5分快3 快三彩票购彩平台 大發3分快3 快3平台 分分快3 大发快乐8 乐发ll welcome购彩中心 五分快三 10元投资彩票赚钱平台 鼎发彩票 彩神iv争霸 网信快3 一分快3 凤凰彩票app下载 3分pk10 乐彩 湖南快3 55世纪购彩平台 乐发lx Welcome彩神 乐发3彩票APP 购彩中心 55世纪-购彩大厅 大发云app 星辰阁彩票购彩大厅 彩神v 大发彩票官方网站 五分快3 快3彩票购彩平台 三分PK10 乐发彩票 乐发国际 大发快乐8购彩平台 乐发III 手机购彩 一分快3平台 彩神v8 快三网站 天天彩票 快三平台 1分快三 彩神彩票官方网站 大发三分快3 极速快三 三分PC蛋蛋 彩神购彩中心 乐发lll下载 彩神welcome 乐发网投平台 网信彩票 优彩彩票 彩神8v 网信快三 乐乐彩 凤凰彩票购彩平台 10分pk10 快三彩票官方网站 五分飞艇 乐发彩票官方网站 乐发Vll 大发快乐8官网 乐发app 大发彩票welcome 幸运5分彩 百姓快3 vip彩票购彩大厅 直播快三 彩神彩票 3分快3 快三彩票 大發5分快3 极速快3购彩平台 分分快3 大发快乐8 乐发ll welcome购彩中心 五分快三 10元投资彩票赚钱平台 鼎发彩票 彩神iv争霸 网信快3 一分快3 凤凰彩票app下载 3分pk10 乐彩 湖南快3 快3购彩平台 乐发lv 彩神Welcome入口 乐发3彩票APP 购彩中心 55世纪-购彩大厅 大发云app 星辰阁彩票购彩大厅 彩神v 大发彩票购彩平台 5分快3 快三彩票购彩平台 大發3分快3 快3平台 乐彩彩票 大发彩票快乐8 乐发IV welcome手机购彩 大众购彩 天天中平台 快盈IV500 幸运快三 买大小平台赚钱 1分快3 彩神彩票购彩平台 大发pk10 彩信平台 三分11选5 快3购彩中心 乐发ll下载app 彩神Welcome登录入口 乐发 采彡神争霸 快盈iv 神彩v8 55世纪官网 大发彩票www官方 凤凰彩票 10分快三 快三彩票官方网站 五分飞艇 乐发彩票官方网站 乐发Vll 大发快乐8官网 乐发app 大发彩票welcome 幸运5分彩 百姓快3 百度彩票 彩神网 大发彩票 3分快三 快3彩票 一分11选5 极速快3 五分快乐十分 大发购彩中心 乐发lll 大发welcome 大发系列平台 东方彩票 五五世纪平台 凤凰快3 乐发IV彩票购彩中心 彩88 凤凰彩票官方网站 5分pk10 五五世纪 山西快3 55世纪购彩平台 乐发lx Welcome彩神 乐发3彩票APP 购彩中心 55世纪-购彩大厅 大发云app 星辰阁彩票购彩大厅 彩神v 大发彩票官方网站 五分快3 快3彩票购彩平台 三分PK10 乐发彩票 乐发国际 大发快乐8购彩平台 乐发III 手机购彩 一分快3平台 10元投资彩票赚钱平台 鼎发彩票 彩神iv争霸 网信快3 一分快3 凤凰彩票app下载 3分pk10 乐彩 湖南快3 快3购彩平台 乐发lv 彩神Welcome入口 乐发1 彩神8 百姓彩票welcome 一分三可空降可约app下载 彩神ix 彩票宝 大发彩票app下载 10分快3 快3彩神官方网站 四川快3 乐发彩票购彩平台 乐发彩票ll 大发快乐8官方网站 乐发app下载 welcome凤凰彩票 万乐彩 在线快3 百度彩票 彩神网 大发彩票 3分快三 快3彩票 一分11选5 极速快3 五分快乐十分 大发购彩中心 乐发lll 彩神welcome 乐发网投平台 网信彩票 优彩彩票 彩神8v 网信快三 乐乐彩 凤凰彩票购彩平台 10分pk10 55世纪 重庆快3 55世纪官方网站 乐发VI 彩神 乐发Ⅲ welcome大发彩票 大发购彩大厅welcome 百姓快三 名发app PK彩票 大发彩票购彩平台 5分快3 快三彩票购彩平台 大發3分快3 快3平台 乐彩彩票 大发彩票快乐8 乐发IV welcome手机购彩 大众购彩 天天中平台 快盈IV500 幸运快三 买大小平台赚钱 1分快3 彩神彩票购彩平台 大发pk10 彩信平台 三分11选5 快3购彩平台 乐发lv 彩神Welcome入口 乐发1 彩神8 百姓彩票welcome 一分三可空降可约app下载 星辰阁彩票购彩大厅 彩神v 大发彩票官方网站 五分快3 快3彩票购彩平台 三分PK10 乐发彩票 乐发国际 大发快乐8购彩平台 乐发III 手机购彩 一分快3平台 彩神v8 快三网站 天天彩票 快三平台 1分快三 彩神彩票官方网站 大发三分快3 极速快三 三分PC蛋蛋 彩神购彩中心 乐发lll下载 彩神welcome 乐发网投平台 网信彩票