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中国债券市场发展与展望

Development and Prospects on China Bonds Market. 中国债券市场发展与展望. 上海证券交易所 Shanghai Stock Exchange. 主要内容 Main Content. 中国债券市场概貌 General Picture of China bond market 交易所债券市场 Bond market of Stock Exchange 中国债券市场展望 Prospect of China bond market.

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中国债券市场发展与展望

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  1. Development and Prospects on China Bonds Market • 中国债券市场发展与展望 上海证券交易所 Shanghai Stock Exchange

  2. 主要内容 Main Content • 中国债券市场概貌 • General Picture of China bond market • 交易所债券市场 • Bond market of Stock Exchange • 中国债券市场展望 • Prospect of China bond market

  3. 1.中国债券市场概貌General Picture of China bond market • 中国债券市场基本格局 • Basic Structure • 中国债券市场产品 • Market Products • 中国债券市场规模 • Market Scale

  4. 1.1 中国债券市场基本格局 Basic structure of Bond market of China

  5. 交易所市场： Stock Exchange market: 国债 Government bond 企业债 Corporation bond 可转债 Transferable bond 资产证券化证券 ABS 银行间市场： Inter-bank market: 国债 Government bond 政策性金融债 Policy Finance bond 中央银行票据 Central Bank Bill 短期融资券 Short-term Financing bill 企业债 Corporation bond 1.2 中国债券市场产品Market Products

  6. 1.3 中国债券市场规模Market Scale • Spot trading：792 • Repo trading：2299 • Gross of total trade：3091 • Amount of trusteeship：903.5 • Increase of issue：average 100 billion per year • Varieties:168;365. • By the end of 2005, billion US dollars

  7. 2.交易所债券市场Bond market of Stock Exchange • 上证所债券市场特点 • Characteristics of SSE bond market • 上证所债券市场发展 • Development of SSE bond market • 亚债ETF产品 • China bond ETF of ABF ( Asia Bond Fund)

  8. 2.1 上证所债券市场特点Characteristics of SSE bond market • 上证所市场具有重要地位，是中国债券市场定价中心； • With important status,SSE is the value center of bond market of china; • 指令驱动的撮合交易机制为主，报价驱动的大宗交易机制为辅； • The matching system is the main trading system;SSE has the block trading system; • 标准化特点的回购业务; • REPO is a standard product in SSE market; • 广泛的投资人群体；broad investors of SSE market

  9. 2.2 .1 上证所债券市场发展Development of SSE bond market • 指导思想 • The Basic Guiding Principles • 建设与股票市场平行、独立、投资功能强的债券市场体系 • To establish an independent bond market system with strong investment functionality which can be in parallel with the stock market

  10. 2.2.2 上证所债券市场发展Development of SSE bond market • 建设多层次的债券市场参与人体系 • To establish a multi-level bond market participant system • 建立统一互联的技术支持平台 • To set up a unified inter-connected technology supporting platform • 以产品创新保持上证所债券市场生命力 • Product innovation helps maintain the vitality of SSE bond market

  11. 2.3 .1 亚债ETF产品China bond ETF of ABF ( Asia Bond Fund) • 背景Background： • 东亚及太平洋中央银行行长会议组织(Executives’ Meeting of East Asia and Pacific Central Banks) 成立于1991年2月，属于地区性央行间合作组织， • 2002年提出以各成员的外汇储备发起亚洲债券基金（Asia Bond Fund），投资于各成员国家或地区发行的主权债和准主权债。 • 2004年EMEAP开始筹建第二期亚债基金（ABF2），投资于8个成员的主权与准主权本币债券，分为泛亚指数基金和8只单一市场基金，对两者出资规模各为10亿美元。

  12. 2.3 .2 亚债ETF产品China bond ETF of ABF ( Asia Bond Fund) • 借鉴上证50ETF成功经验，已经确定了亚债券中国ETF方案； • According to the successful experiences of SSE 50ETF; • 投资对象包括银行间和交易所国债、央行票据和政策性金融债； • The object of the ETF include the main varieties of bonds; • 亚债中国ETF对市场发展的重要意义（SSE、CHINA、ASIA） • It’s importantly significant to promote development of markets;

  13. 3. 中国债券市场展望Prospect of China bond market • 建设统一互联的中国债券市场； • To build a united and mutual bond market in china; • 中国利率自由化的基础； • Bond market will be foundation of free interest rate in China; • 是最具潜力的中国市场。 • Bond market is the financial market with high potential.

  14. 谢谢大家!Thank You All!

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