The international financial market fluctuated sharply in March, but the bonds of China Banking market held by foreign investment have not changed much.In terms of classification, overseas institutions have greatly increased their holdings of interbank deposits, offset the scale of national debt reduction.
According to Bloomberg, the announcement of the People's Bank of China last Friday (April 21) showed that at the end of March, the balance of custody in the inter -bank bond market at the end of March basically stabilized at 321 trillion yuan (RMB, the same below, the same belowAbout 620 billion yuan).According to the data announced by China Bond later, foreign investment sold 27.8 billion yuan in domestic bonds. In the first quarter, the total reduction of national bonds was about 159.7 billion yuan, and the amount of holdings was reached a new quarter high.
At the same time, after 14 consecutive months of reducing policy bank bonds, foreign capital last month slightly increased its policy financial bonds of 340 million yuan.In addition, according to the data of the Shanghai Clearance Institute, the interbank deposits held by overseas institutions have increased significantly, with a scale of more than 42 billion yuan to about 195.1 billion yuan.
It is reported that the yield of China Treasury bonds is significantly lower than the US bond yield is still the disadvantage of foreign institutions to invest in shore bonds.The difference in 10 -year yields in March and the United States in March hit the most since November last year, and the conditions for foreign investment to continue to flow into the Chinese bond market have not yet matured.According to data from the central bank, the percentage of foreign -owned bonds accounted for the total number of custody of the interbank market, from 2.7%at the end of last year to 2.5%at the end of the first quarter.
Wu Kun, director of Asian research at the Australian and New Bank Asia Research: "Before the yield of Chinese Treasury bonds and US Treasury bonds narrowed, it is expected that the situation will not change ... Due to China's inflation comparedLow, the central bank is not in a hurry to raise interest rates, so the change will only come from the end of the US bond. But the good news is that the flow of funds in other types of bonds constitutes offset, especially the same industry deposit list. "
Australia and New BankXing Zhaopeng, a senior Chinese strategist, said that due to the relatively high interest rate at the end of February at the end of February, more foreign capital may buy interbank deposit bills in March.Bloomberg data shows that China's 1 -year AAA rating interbank deposit interest rate reached a high of 2.76%in early March, at a high level in the past year.
Looking forward to the future, Xing Zhaopeng believes that the foreign investment in the Chinese bond market is mainly based on the fundamental fundamental. It is expected that the Chinese consumer price index will rebound in May.The quarter is still mainly selling.
However, the official is also planning to attract more foreign capital to enter the domestic interest rate market. In February this year, the People's Bank of China officially solicited opinions on the society on the interconnection of the interest rate exchange market in mainland China and the Hong Kong interest rate exchange market.Jiang Tianxiang, executive general manager of CICC, said in an interview that "interchange" is expected to inspire overseas institutions to further increase the proportion of bonds in China.
