中國準備年底前推出“債券通”

China plans to introduce a bond trading link between Hong Kong and the mainland by year-end, according to premier Li Keqiang.

根據中國總理李克強的說法，中國計劃在年底前推出香港與中國內地債券交易互聯機制。

Dubbed “Bond Connect”, the programme would operate alongside the existing Stock Connect system that allows international and mainland investors their only direct access to each others’ markets.

這一名爲“債券通”的計劃將與現有的兩地股市互聯機制一道運營，後者令國際投資者和中國內地投資者獲得了直接進入彼此市場的唯一途徑。

On Wednesday, the Chinese premier said: “We are preparing to implement for the first time this year a bond market connect between the mainland and Hong Kong,” which would allow “overseas capital to buy mainland bonds overseas for the first time”.

週三，李克強表示：“我們準備今年在香港和內地試行‘債券通’，也就是說允許境外資金在境外購買內地的債券，這是第一次。”

He added: “This will help Hong Kong maintain its status as an international financial centre, and provide Hong Kong investors with more options.”

他還表示：“這有利於維護香港國際金融中心的地位，有利於香港居民有更多的投資渠道。”

Significantly, Bond Connect would not require international investors to open accounts onshore, but rather allow them to trade mainland bonds from their Hong Kong accounts.

值得注意的是，“債券通”將不要求國際投資者在中國內地開設賬戶，而允許他們通過在香港的賬戶交易內地債券。

The scheme has long been on the wish list of Charles Li, the chief executive of the Hong Kong Stock Exchange, who is keen to position the exchange as the financial securities gateway between China and the outside world.

長期以來，香港交易所(HKEx)行政總裁李小加(Charles Li)一直期望能夠建立這樣的機制。他渴望將港交所定位爲中國與外部世界之間的金融證券門戶。

The premier’s blessing gives the project a big push: it was a similar announcement from China’s Mr Li that signalled the green light for the Stock Connect programme three years ago.

中國總理的首肯對該計劃來說是個巨大的推動：三年前李克強曾發佈類似的聲明，爲“滬港通”開了綠燈。

The move is the latest in China’s efforts to attract international investors to its vast bond markets — the world’s third-largest, with some Rmb64tn ($9.3tn) of debt outstanding.

此舉是中國吸引國際投資者投資其巨大的債券市場的最新努力。中國的債市規模爲全球第三大，未償債務約爲64萬億元人民幣（合9.3萬億美元）。

Last year, China eased the approvals process for foreign fund managers to buy Chinese bonds, and just last month it removed another stumbling block by allowing them to hedge the currency risk of those purchases onshore.

去年，中國放鬆了外國基金管理公司購買中國債券的審批程序。就在上月，中國還允許外國基金管理公司對衝它們在中國內地購買的債券的匯率風險，移除了另一塊絆腳石。

However, foreigners still hold less than 2 per cent of Chinese debt.

不過，由外國資金持有的中國債務的佔比仍不到2%。

With Bond Connect, “the aim is to provide cross-border cash bond trading and settlement connectivity with the mainland’s major onshore bond market infrastructures”, the HKEx chief said recently. “We are confident that we can deliver a unique value proposition to make existing markets connect better, without trying to reinvent the way that investors currently trade bonds.”

李小加最近表示，債券通機制“旨在連通內地主要在岸債券市場基礎設施，提供跨境現貨債券交易及結算”。“相信最後提出來的方案能夠在不用改變投資者當前買賣債券模式基礎上便可建立一個便捷的市場連通模式。”