作　者：谭小芬 徐慧伦 耿亚莹
关键词：人民币国际化； 债券市场开放； 债券通
摘　要：

在人民币被纳入SDR、A股被纳入MSCI指数、“一带一路”稳步推进等有利环境下，中国推出了“债券通”，以期通过开放和发展债券市场、巩固香港离岸人民币金融中心地位、提高“一带一路”沿线国家人民币资产持有比例等渠道，促进人民币向国际储备货币转变。人民币国际化需要一个较为完善的金融市场作为支撑，尤其是只有较具规模、深度和流动性的债券市场，才能给全球投资者提供较为稳定回报的基础资产。中国应该完善债券市场监管框架、评级体系和发行制度，深化债券市场的层次、品种、期限结构和衍生品市场，充分发挥债券市场开放对人民币国际化的推动作用，加快提升人民币的国际地位。

The Development of Chinese Bond Market and Renminbi’s Internationalization

Tan Xiaofen,Xu Huilun & GengYaying  (Central University of Finance and Economics)

Abstract:Recently renminbi has become part of the SDR basket,A-shares have been included in the MSCI Emerging Markets Index,and the Belt and Road Initiative has already shown broad prospects.Based on these favorable factors,the Bond Connect has been launched with a view to promoting renminbi as an international reserve currency through several channels,such as developing and openingChinese bond market,consolidating the position of Hong Kong as the offshore renminbi financial center and increasing the proportion of renminbi priced asset holding by countries along the Belt and Road.With respect to renminbi’s internationalization,it is needed to develop a complete financial market,especially a large-scaled,deep and liquid bond market,which provides global investors with sustainable\|return assets.Therefore,it is necessary for China to improve the framework of bond market regulation,bond ratings and issuance system.Moreover,it is of equal importance to enrich the levels,products,term structures and derivatives of bond market.by fully exploiting the development and openness of Chinese bond market,the international status of renminbi will be promoted.
 

Key words:renminbi internationalization; bond market openness; the Bond Connect

[PDF]（下载数：）