「全球視野下的人民幣國際化與點心債市場發展」
A Global Perspective on RMB Internationalization and Development of the Offshore Yuan Bond Market
The Macau Institute of Financial Services (IFS), the Macau Financial Markets Association (MFMA) and Thomson Reuters will jointly organize a seminar on “A Global Perspective on RMB Internationalization and Development of the Offshore Yuan Bond Market” on June 20, 2014 (Friday). The seminar details are as follows:
日期 Date
2014 年 06 月 20 日（星期五），June 20, 2014 (Friday)
時間 Time
登記時間： 下午 6 時 15 分至時 6 時 30 分
Registration Time: 6:15pm to 6:30pm
講座時間： 下午 6 時 30 分至時 7 時 30 分
Seminar Time: 6:30pm to 7:30pm
講座費用 Fee
全免 Free of Charge
講者 Speakers
陳敏小姐 (Ms. Michelle Chen) ，趙鳴然小姐 (Ms. Crystal Zhao)
語言 Language
普通話 (Mandarin)
地點 Venue
澳門金融管理局禮堂（澳門東望洋斜巷二十四至二十六號）
Auditorium of the Monetary Authority of Macao
(Calçada do Gaio, No. 24-26, Macau)
講座介紹 Seminar Description：
作爲世界第二大經濟體，中國正加快國內資本市場開放並推動人民幣在國際貿易和投資中的使
用，以期其貨幣最終可以成爲與美元匹敵的國際儲備貨幣。自 2010 年香港離岸人民幣市場形成
以來，中國一直利用這一全球金融中心作爲推動人民幣國際化的試驗田，在人民幣貿易結算、點
心債市場、外匯交易等方面取得長足的發展，離岸人民幣市場也日趨成熟。今年以來，中國政府
繼續加快放鬆對跨境資本流動的限制，並有意鼓勵香港之外更多離岸人民幣中心出現。目前，包
括臺灣、新加坡、倫敦、盧森堡、巴黎和法蘭克福在內的諸多離岸人民幣市場競爭日趨白熱化，
2014 年將成爲各離岸中心確立地位的關鍵之年。
隨著人民幣在全球範圍內愈發受歡迎，點心債市場亦在過去兩年健康穩步發展，為投資者提供了
一個以短期限債券品種投資人民幣資產的理想平台。發行人和投資者的日益多元化支撐着市場發
展，今年以來一級市場發行量較去年同期大漲 80%。雖然人民幣維持頹勢，點心債市場卻表現堅
挺。隨著中國進一步擴大資金跨境流動，我們認為點心債市場將繼續成為人民幣國際化藍圖的重
要組成部分。
As an important part of China’s ambitions to open up its domestic markets and lift the global status of its currency to make it finally on par with the U.S. dollar, the world’s second-largest economy has been capitalizing on Hong Kong as a pioneer to promote the yuan to global investors and trade partners for years. Significant growth has been made in areas such as trade settlement, dim sum bond issuance, FX transactions, etc. in the past four years when a nascent CNH market gradually grew into maturity.
Beijing’s acceleration of capital account liberalization this year will no doubt give the market a booster shot and see quicker expansion of the Chinese currency not only in Hong Kong, but globally. In fact, competition among Taiwan, Singapore, London, Luxembourg, Paris and Frankfurt has already intensified as they strive to become the next leading offshore yuan center following Hong Kong. The year of horse will definitely be a crucial one to see which of these cities will stand out.
Dim Sum market witnessed a healthy and steady growth in the past two years on the back of growing popularity of RMB globally. It offers investors an ideal platform for convenient China exposure with short duration. The increasing diversity of issuer and investor bases underpinned the market development: YTD primary issuance jumped 80% from the same period last year. We are encouraged to see its resilient performance amid the recent policy-engineered FX weakness. The essential support
comes from accelerating accumulation of offshore RMB from various centers. As China continues to promote cross-border flows, as indicated by the latest relaxation on cross-border guarantee and the launch of Shanghai Free Trade Zone, we are optimistic that Dim Sum market will continue to be an important part of the blueprint for RMB internationalization.
MFMA June 20 Seminar Invitation.pdf (481.96 KB)
