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  本报记者 韩 昱

  近段时间以来,境外机构持续积极参与中国债券市场。中国人民银行(以下简称“央行”)数据显示,截至4月15日,共有1160余家境外机构进入中国债券市场,境外机构在我国持有债券总量为4.5万亿元,较2024年末增加2700多亿元。我国债券市场总规模已达到183万亿元,居世界第二位。

  “境外机构对中国债券市场的参与热情持续升温。”中信证券首席经济学家明明在接受《证券日报》记者采访时表示,这主要受以下因素驱动,一方面是中国宏观经济运行稳健,人民币债券价格波动小、回报稳定,具备分散化投资价值;另一方面,在美元指数波动、国际地缘政治风险上升的背景下,中国债市的避险属性逐渐增强,且中国债券在三大国际债券指数(彭博、摩根大通、富时罗素)中的权重稳步提升,吸引跟踪指数的被动资金流入。

  “中国经济基本面的稳健增强了境外机构的投资信心、人民币债券收益稳定且配置价值高、国内政策环境不断改善提升了投资便利性,这些因素都驱动了境外机构持续参与中国债券市场。”陕西巨丰投资资讯有限责任公司高级投资顾问于晓明告诉记者。

  明明认为,我国稳步扩大债券市场高水平对外开放,优化境外机构入市流程等,也是境外机构持续加码中国债市的驱动力之一。

  记者注意到,近年来债券市场制度建设不断推进,比如,2024年1月份,央行与香港金管局合作,将“债券通”项下的人民币债券纳入香港金管局人民币流动资金安排合格抵押品。同年7月份,央行在“债券通”七周年论坛上宣布支持境外机构使用“债券通”债券缴纳“互换通”保证金。而在同年12月份,央行推动中英债券市场互联互通柜台银行业务落地。

  此外,熊猫债市场近年来也呈现出持续扩容的趋势,境外机构积极来华发行熊猫债,截至4月15日,累计发行量超9500亿元。仅在去年,Wind资讯数据显示,以债券起息日计,我国债券市场就发行了109只熊猫债,发行规模共计1948亿元,创历史新高。截至4月20日,今年以来熊猫债发行规模也达到了538亿元。

  明明分析,随着人民币跨境支付和投融资功能提升,境外机构对人民币资产配置需求增加。熊猫债作为人民币计价的核心融资工具,成为外企锁定低成本资金的重要渠道。今年熊猫债发行延续增长势头,同时,在发行主体方面也从国际金融机构扩展至跨国企业,纯外资主体占比上升;发行期限方面,5年期至10年期债券占比提升,满足长期融资需求。

  于晓明表示,熊猫债近年来发行量持续增长,发行主体趋于多元化。未来熊猫债市场提质扩容可在以下方面发力,包括丰富债券品种、完善发行交易等市场基建、吸引境外中长期资金(如主权基金等)、强化监管保障市场稳健等。

  明明认为,未来熊猫债市场可继续鼓励发行绿色债券、社会责任债券等创新品种,优化定价和交易机制,提升市场透明度。可扩大国际合作与发行人多样性,吸引更多共建“一带一路”国家和新兴行业企业参与。同时,推动熊猫债在更多离岸市场上市,增强国际流动性。此外,还可吸引养老金、主权财富基金等长期资金入市,提升境外持债占比。

  金价在亚洲市场早盘上涨,受到全球贸易不确定性下可能出现的避险需求提振。现货黄金上涨0.6%,报每盎司3,347.33美元。GivTrade董事长兼创始人HassanFawaz表示,贸易谈判缺乏明确的时间表继续令投资者保持谨慎。欧洲央行最近的降息可能会提高该贵金属在低收益率环境下的吸引力。投资者的关注点可能集中在美国宏观经济数据和贸易方面的任何新进展上。

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