久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

Global EditionASIA 中文雙語Fran?ais
Business
Home / Business / Finance

Diverse panda bond issuers reap benefits

By Chen Jia | China Daily | Updated: 2019-06-17 08:20
Share
Share - WeChat
A Chinese clerk counts RMB (renminbi) yuan banknotes at a branch of Bank of China in Nantong city, East China's Jiangsu province, July 23, 2018. [Photo/IC]

Home to the world's third-largest bond market worth more than 86 trillion yuan ($12.45 trillion), China has already attracted more than 1,200 overseas institutions to its onshore market so far.

Thanks to large trading volumes and a wide investor base, issuing renminbi-denominated bonds, or the panda bonds, in the onshore market has become more popular not only for sovereign issuers but foreign companies.

Semiconductor Manufacturing International Co, which is registered in Cayman Islands, is a case in point. It sold 500 million yuan panda bonds in the interbank market on April 29. China Chengxin International Credit Rating's AAA label suggested SMIC's panda bonds were regarded as of top quality.

According to the prospectus, the proceeds will be used to fund SMIC's Shanghai subsidiary and narrow the latter's 4.5 billion yuan financing gap.

As per local regulations, SMIC opened a non-resident account, or NRA, in Chinese banks for settlement. SMIC could borrow money from its cross-border RMB capital pool and transfer the fund to its Shanghai subsidiary.

As an increasing number of international companies start to do business in China, panda bonds have become an important tool to raise funds to support their domestic projects and operations.

Yuan-denominated bonds will help reduce currency rate risks, said Wang Tailei, a researcher at the National Association of Financial Market Institutional Investors.

Some of the world's Top 500 companies, such as Daimler AG, BMW and Air Liquidity, have issued panda bonds in China. "For international issuers, entering the Chinese bond market means they can tap a larger number of investors with diversified risk appetite," said Wang.

Besides, since 2016, the Chinese yuan has been part of the International Monetary Fund's basket of Special Drawing Rights, or SDRs, the supplementary foreign exchange reserve assets. So, global investors are more interested in holding yuan-denominated assets to hedge currency rate risks, said experts.

"Corporations are diversifying their investments by increasing RMB bonds, instead of focusing on investment in US dollar bonds," said Ivan Chung, head of China credit research and analysis at Moody's Investors Services.

The panda bond issuance cost is one of the key factors that global issuers consider before deciding the currency in which they issue their bonds. The RMB exchange rate against the US dollar, and China's interest rate level compared with the US Federal Reserve's policy rates, may influence the panda bond issuance levels, said Chung.

Global investors hope the Chinese financial regulators will remove certain policy restrictions, market insiders said.

On their wish list is permission for foreign investors to freely transfer positions among the existing cross-border investment mechanisms like qualified financial institutional investors, RMB-qualified foreign institutional investors, bond connects and China interbank bond market accounts.

This, they believe, will help improve the efficiency of fund deployment, said Guo Kai, deputy director-general of the International Department of the People's Bank of China.

"But a big gap remains in the depth and breadth of the bond market in China compared with that of major reserve-currency-issuing countries. China needs to further develop, open up, and improve the quality of the bond market not only to maintain financial stability as an emerging market but to meet the need for the yuan to become a major reserve currency," said Guo.

Top
BACK TO THE TOP
English
Copyright 1994 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

    日韩欧美视频网站| 久久久精品麻豆| 日本肉体xxxx裸体xxx免费| 成人午夜免费在线视频| www.se五月| 成年网站在线免费观看| 9色视频在线观看| 一级片视频免费观看| 拔插拔插海外华人免费| 最新中文字幕久久| 无码少妇一区二区三区芒果| 久久久久久www| 日韩成人午夜影院| caoporm在线视频| 美女黄色片视频| 欧美 日韩 激情| 17c丨国产丨精品视频| 伊人国产精品视频| 亚洲xxx在线观看| 狠狠爱免费视频| 黄页免费在线观看视频| av日韩在线看| av不卡在线免费观看| 在线黄色免费看| 久久久久久久片| 无码人妻h动漫| 男人添女人下面高潮视频| 成人免费a级片| 激情视频小说图片| 国产经典久久久| 午夜探花在线观看| 午夜免费福利网站| 911福利视频| www.色就是色.com| 亚洲另类第一页| 手机av在线网| 日韩欧美理论片| 亚洲精品第三页| 国产aⅴ爽av久久久久| 污污的视频免费| 国产成年人视频网站| 亚洲第一天堂久久| 欧美视频亚洲图片| 亚洲小说欧美另类激情| 2021狠狠干| 国产日韩亚洲欧美在线| 国产夫妻自拍一区| 久久精品国产sm调教网站演员 | 日日鲁鲁鲁夜夜爽爽狠狠视频97| 国产手机免费视频| 青青青免费在线| 男人天堂网视频| 中文字幕第21页| 五月天婷婷影视| 久久免费一级片| 日本手机在线视频| 怡红院av亚洲一区二区三区h| 欧美亚洲国产成人| 天天操天天摸天天爽| 中文字幕成人免费视频| 色婷婷一区二区三区在线观看| 日韩欧美色视频| 国产精品igao激情视频| 精品视频免费在线播放| 国产精品亚洲αv天堂无码| 中文字幕第36页| 国产又大又长又粗又黄| 大荫蒂性生交片| 无码精品国产一区二区三区免费| 91激情视频在线| 少妇熟女一区二区| 国产91xxx| 自拍偷拍一区二区三区四区| 亚洲一级片免费观看| 欧美黑人在线观看| 热久久精品国产| 伊人五月天婷婷| 18禁免费观看网站| 中文字幕亚洲欧洲| 青青草综合在线| 免费国产成人av| 最近中文字幕免费mv| 亚洲 高清 成人 动漫| 岛国毛片在线播放| 欧妇女乱妇女乱视频| 99久久国产宗和精品1上映| 91在线第一页| 中国丰满人妻videoshd| 成人性生交视频免费观看| 日韩欧美不卡在线| 亚洲国产成人va在线观看麻豆| 国产激情片在线观看| 日本久久精品一区二区| 中文字幕55页| 国产一区二区网| 天天干天天色天天干| 国产 福利 在线| 91香蕉视频网址| 久久久久久久久久久久久国产精品| 911福利视频| av7777777| 日韩精品福利片午夜免费观看| 国产精品wwwww| www.欧美黄色| 一区二区三区欧美精品| 鲁一鲁一鲁一鲁一色| 黄色高清视频网站| 91视频免费版污| 男女激情免费视频| 亚洲欧美日韩精品一区| 激情伊人五月天| 日韩视频在线观看视频| 天天干在线影院| 国产白丝袜美女久久久久| 精品少妇人妻av一区二区| 99草草国产熟女视频在线| 久艹在线免费观看| 玖玖爱视频在线| 欧在线一二三四区| 久久这里只有精品23| 天天操精品视频| 国产精品一区二区小说| 人妻有码中文字幕| 无码粉嫩虎白一线天在线观看 | 99热手机在线| 国产免费毛卡片| 97干在线视频| 欧美一级中文字幕| 91香蕉国产线在线观看| 高清一区在线观看| 日韩av播放器| 精品99在线视频| 波多野结衣乳巨码无在线| 国产黄色激情视频| 日本xxxxx18| 2021狠狠干| 色香蕉在线观看| 特级毛片在线免费观看| 色噜噜狠狠永久免费| 青青草精品视频在线观看| 欧美日韩激情视频在线观看| 国产无限制自拍| 2018国产在线| 霍思燕三级露全乳照| wwwwww欧美| 狠狠噜天天噜日日噜| 欧美黄网在线观看| 久久手机在线视频| 国产精品久久久久7777| 国产日本在线播放| 男人添女人荫蒂免费视频| 国产激情在线看| 国产爆乳无码一区二区麻豆| 日韩一二区视频| www.在线观看av| 丁香六月激情婷婷| ww国产内射精品后入国产| 日韩免费视频播放| 黄在线观看网站| 男女曰b免费视频| 最新中文字幕免费视频| 尤物国产在线观看| 国产农村妇女精品久久| 黄色a级在线观看| 日产精品久久久久久久蜜臀| 野外做受又硬又粗又大视频√| 轻点好疼好大好爽视频| 大j8黑人w巨大888a片| 欧美日韩第二页| 国产高清视频网站| 欧美一级特黄aaa| 黄色录像特级片| 日韩一级性生活片| 能在线观看的av| www.夜夜爽| 五月天综合婷婷| 三上悠亚久久精品| 日本va中文字幕| 红桃视频 国产| 特级西西人体www高清大胆| 日韩一级性生活片| 日韩欧美xxxx| 中文字幕亚洲影院| 免费的一级黄色片| 爱福利视频一区二区| 亚洲黄色a v| 日本一二三区视频在线| 黄色成人在线看| 男女视频在线看| 日本天堂免费a| 无码日韩人妻精品久久蜜桃| 天堂在线一区二区三区| 国产精品三级一区二区| 国产三级三级三级看三级| 超碰成人在线免费观看| av影院在线播放| 日韩国产小视频| 波多结衣在线观看| 久操手机在线视频| 国产三级日本三级在线播放|