Debt city will greet our country long-term intersected incident of a milepost: Interconnection each other is connected.
According to on July 19 news of network of Central Bank official, for investor of farther convenience bond, high quality of market of bond of stimulative our country develops, recently, inspect of the Central Bank, card can be released jointly " announcement of committee of supervisory management of negotiable securities of China of Chinese people bank (〔 2020 〕 the 7th) " , agree with a bank related to bourse bond market infrastructure orgnaization begins interconnection each other to connect collaboration.
The Central Bank expresses, each other of interconnection of debt city infrastructure implementation is connected, be helpful for forming unified market and uniform price, for monetary policy smooth conduct and macroscopical adjusting control is carried out effectively lay solid foundation. "All the time since, an item that the client cares quite is city of the debt between the bank and bourse debt city cost rate is unified. " firm of merchant of a certificate closes an analyst to sign up for reporter of conch finance and economics to express to new capital. Additionally the personage inside course of study expresses, interconnection each other knows the financing environment that is helpful for building a normative and unified, low cost to send debt company, city letting debt develops direct financing function better.
Debt city ever departed for a long time
Alleged interconnection each other is connected, it is to show the with bourse bond market eligible investor between the bank carries two markets join of relevant infrastructure orgnaization, buying and selling two markets trade the mechanism arrangement of current bond. Interconnection each other is connected abide by investor inspect of the people bank such as proper sex, card can concern superintendency provision. Meeting general strengthens inspect of people bank, card superintendency collaboration and harmonious, issue to connecting the bond that launch through interconnection each other jointly, register, trade, the behavior such as mandatory, liquidation, settle accounts carries out supervisory management.
Why can you have two markets? Public data shows, in June 1997, enter the stock market to prevent bank financing to violate compasses shedding, the stability that ensures financial industry moves, relevant section decides to stop a commercial bank to be engaged in bond trading in the stock exchange activity. Henceforth, chinese bond market is broken up to be the market between the bank and exchange market.
"The market between the bank, exchange market is the examination of the long-standing mutual independence between two big markets, mandatory, trade, liquidation, superintend wait for two systems. Although the canal of ask someone else to do what is asked of one of development is partial bond breed later,the be in harmony between two city is connected offerred a channel, the application way that Dan Jifei electron changes does not have true get through hedge trades between two city, separate state still handles on two city whole. " firm closes institute of Shanghai negotiable securities Hu Yuexiao analysis weighs chief analyst.
A few problems also appear below market depart condition. Hu Yuexiao expresses, the price efficiency that is bond market above all is not tall, the is used at appraise to be worth a price interest rate curve that two existence difference exists on the market; Next, market segregation makes market competition dissimilation, because market participator, dimensions is mixed,trade regular the difference that wait, make same breed differs in the fluidity on different market. Market depart returns long-standing to going firm add to having potential effect, make the risk releases degree to be put in difference between two city.
As a of direct financing main carrier, debt city also is concerning hypostatic economy grows. Hu Yuexiao says, development of market of the bond in development of Chinese capital market lags behind relatively all the time, this makes Chinese debt form direct financing develops opposite lag, restricted the propulsion of transition of our country economy directly.
In recent years each other of debt city interconnection is connected carry fast
Two detached markets have an advantage each. City of the debt between the bank is in national debt, place debt, finance debt, medium the certificate such as the ticket is planted on hold dominant position, bourse debt city is planted in the certificate such as negotiable securities of support of debenture, capital the respect has an advantage. And from the point of investor structure, the bank is the absolutely investment main body of bond market.
"The bank participation to bourse bond market degree behoove rises and thorough, this also is to deepen reform of financial supply side, each other of interconnection of promotion finance natural resources is connected and drive financial element freedom to flow, serve the external demand of direct financing demand. " the personage inside course of study says.
2009, card inspect is met and former silver-colored inspect can be released jointly " about appearing on the market the commercial bank participates in bond to trade in the stock exchange the announcement of pilot concerned matters concerned " , appear on the market the bank is allowed those who limit ground participates in the bond breed such as debt of national debt, company, debenture to show certificate to trade, and the other breed that approves via superintending a branch trades.
Begin from 2018, city interconnection each other connects debt to be carried further fast. September 2018, the Central Bank and card inspect can combine dispatch, market of the bond between progressively and unified bank and aptitude of business of grade of bourse bond market, strengthen pair of credit grade orgnaizations to superintend waited for a problem to have a standard; In May 2019, the Central Bank and card inspect can plan to roll out what be investment mark in order to cross market bond breed, the fund of bond index fair collect that can appear on the market to trade or be made over in agreement of the market between the bank in bourse.
In August 2019, meeting, Central Bank and combination of the silver-colored meeting that keep watch allot card inspect announcement, divide clearly farming outside commercial firm and farming letter company, all banks all can participate in bourse bond market to trade. Expand in bourse bond market to share the bank range that shows certificate to trade, this is regarded as to be the key that develops in coordination with exchange market between the bank by the personage inside many course of study one pace.
The Central Bank also is mentioned in this second announcement, while market of the bond between the bank and each other of interconnection of bourse bond market connect implementation, national development bank and policy sex bank, state-owned commercial bank, share-holding system commercial bank, city commercial bank, be in China the other bank that foreign capital bank and churchyard appear on the market, can choose to connect a mechanism to perhaps participate in bourse bond market to show certificate agreement to trade with the means that opens an account directly through interconnection each other.
Benefit is conducted at monetary policy and direct financing
The Central Bank expresses, bond market infrastructure realizes interconnection each other to connect, be helpful for cogent and convenience bond crossing the market to issue with trade, the element freedom such as stimulative capital flows, form unified market and uniform price, for monetary policy smooth conduct and macroscopical adjusting control is carried out effectively lay solid foundation, also be helpful for promoting infrastructure of market of our country bond service level and efficiency, drive compose to build the bond market infrastructure that is center, measurable competition with the client to serve a system, serve hypostatic economy better.
"Each other of interconnection of open of city of two old debt is connected, bigger to the meaning of debt city itself, the bank does not share exchange market before, think to if buying company debt, be to use a passageway to buy commonly; It is the bank can be bought next turn debt, the client cared both sides to be united cost rate quite. " firm of merchant of a certificate closes an analyst to sign up for reporter of conch finance and economics to express to new capital.
Analysis of dawn of introduced from the northern and western nationalities or from abroad month says, each other of two city interconnection connects a mechanism to be able to enhance the effectiveness of the market apparently, in advantage trade and while capital flows, make the risk of bond is reflected and price efficiency rises. Of bond market effectiveness rise, for prospective debt city further progress planned a requirement; The enlarge of bond market is allowed and deepen, to Chinese capital market deepen perfect having distinct effect -- market of capital of economic transition need produces bigger effect, of bond market the crucial link that deepening development is function of play capital market.
Smooth old negotiable securitiesFirm closes chief analyst Zhang Xu to also think, the interconnection each other of bond market is connected, beak a contract of the unity of information exposure level, bond deals with of the mechanism perfect, be helpful for building the financing environment that gives normative and unified, low cost to send debt company. Market innovation is crossed to trade in what interconnection each other connects a foundation to go up conduce to dish of vivid bond that put an amount, increase bond liquidity, reduce the policy that crosses the market to cover benefit action.
Zhang Xu expresses, on a few specific professional work, interconnection each other is connected also can offer more advantage for the orgnaization. For instance, instantly participates in bond market to trade, because two city are kept apart, orgnaization participator must be in more open an account, and after interconnection each other is connected, conduce to reduce an orgnaization to participate in debt city obstacle, especially to the negotiant outside the condition character, can attract more of gold of condition foreign capital to enter Chinese bond market.