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China Financial Market Development Report

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China Financial Market Development Report CHINA FINANCIAL MARKET DEVELOPMENT REPORT PBC Shanghai Head Office China Financial Market Development Report Committee 责任编辑：童祎薇 白子彤 责任校对：张志文 责任印制：程 颖 图书在版编目（CIP）数据 中国金融市场发展报告. 2018：英文/中国人民银行上海总部《中国金融市场发展报告》 编写组编. —北京：中国金融出版社，2020.5 ISBN 978 - 7 - 5220 - 0434 - 1 Ⅰ. ①中… Ⅱ. ①中… Ⅲ. ①金融市场—研究报告—中国—2018—英文 IV.①F832.5 中国版本图书馆CIP数据核字（2020）第007272号 出版 发行 社址 北京市丰台区益泽路2号 市场开发部 （010）66024766，63805472，63439533（传真） 网 上 书 店 http://www.chinafph.com （010）66024766，63372837（传真） 读者服务部 （010）66070833，62568380 邮编 100071 经销 新华书店 印刷 北京侨友印刷有限公司 尺寸 210毫米×285毫米 印张 12.75 字数 250千 版次 2020年5月第1版 印次 2020年5月第1次印刷 定价 110.00元 ISBN 978 - 7 - 5220 - 0434 - 1 如出现印装错误本社负责调换 联系电话（010）63263947 2018 China Financial Market Development Report Committee Chair: LIU Guoqiang Vice Chair: JI Zhihong JIN Penghui Executive Vice Chair: ZHENG Wufu MA Jianyang Members (listed in the surname stroke order): KONG Yan LIU Jianhong LIU Ti HE Haifeng LI Haichao SONG Yuqin ZHANG Cuiwei ZHOU Zili ZHOU Rongfang RONG Yihua MEI Yunbo HAN Ping PENG Ming Editors & Authors Of The Chinese Edition: DU Haijun ZENG Ziliang DENG Lingyuan WANG Wenzhu CUI Linjing YANG Jie WANG Lijie ZOU Qiong TANG Lie WANG Tongyi Other Authors (listed in the surname stroke order): MA Junqing YIN Yuqiao WANG Fan WANG Fei WANG Haonian WANG Ran YE Kesong XIANG Lili JIANG Huifen YAN Lijuan SONG Weiwei ZHANG Yizheng ZHANG Song ZHANG Jieke ZHANG Jin ZHANG Can YANG Zonghang CHEN Xiaowu CHEN Jianan ZHOU Qingwu MENG Lingkuo ZHENG Yuling ZHENG Rusi ZHENG Lingyun HOU Haiting HU Yingchun ZHAO Yunxiao JIA Ying GUO Jianfeng GUO Huiming CHANG Ming CHANG Xinxin XIE Guochen TENG Yang LEI Shaoming MIAO Sisi English Edition Chief Editor: WANG Lijie Editor: WANG Lijie DENG Lingyuan WANG Wenzhu CUI Linjing YANG Jie ZOU Qiong TANG Lie ZHENG Rusi Contents Contents Chapter 1 Overview 1 1.3.3 Opening-up of the financial 1.1 The macro environment for financial market market will be pushed forward 19 development in 2018 1 1.3.4 Continuous efforts will be made 1.1.1 International economic and in preventing and defusing financial financial conditions 1 risks 20 1.1.2 Domestic economic and financial conditions 7 Chapter 2 Money Market 21 1.2 Main features of China’s financial market 2.1 Interbank lending market 21 performance in 2018 13 2.1.1 Performance of the interbank 1.2.1 The size of the financial market lending market 21 grew continuously, and the financing 2.1.2 Main features of the interbank capacity of the bond market enhanced lending market 22 markedly 13 2.1.3 Outlook of the interbank lending 1.2.2 Reform and innovation were market 24 pushed forward step by step, and the 2.2 Bond repo market 24 quality and efficiency of serving the real 2.2.1 Performance of the bond repo economy improved 14 market 25 1.2.3 Opening-up of the financial 2.2.2 Main features of the bond repo market was steadily advanced, and the market 26 level of openness continued to increase 15 2.2.3 Outlook of the bond repo market 32 1.2.4 With stronger market- and law- 2.3 NCD market 32 based approaches, efforts to prevent and 2.3.1 Performance of the NCD market 32 defuse major financial risks were paid off 17 2.3.2 Main features of the NCD market 32 1.3 Outlook of China’s financial market 2.3.3 Outlook of the NCD market 35 development in 2019 18 2.4 Bill market 35 1.3.1 Efforts to serve the real economy 2.4.1 Performance of the bill market 36 will be further strengthened 18 2.4.2 Main features of the bill market 39 1.3.2 Financial market innovation and 2.4.3 Institutional arrangements and development will advance in an orderly infrastructure development of the bill way 19 market 41 China Financial Market Development Report 2018 1 Contents 2.4.4 Outlook of the bill market 42 3.3.5 Breakthroughs were made BOX 1 The interbank market launched the tri- in targeted convertible bonds and party repo business 42 convertible notes 54 BOX 2 The bill market strengthened its support 3.3.6 CFETS-BOC Traded Bond Index for the development of MSEs and private businesses 44 was launched 54 3.4 Institutional arrangements and infrastructure Chapter 3 Bond Market 46 development in the bond market 54 3.1 Performance of the bond market 46 3.4.1 The management system of bond 3.1.1 Primary market 46 issuance was constantly improved 54 3.1.2 Secondary market 47 3.4.2 The construction of bond trading 3.2 Main features of the bond market 50 management system was promoted 56 3.2.1 The market kept strengthening 3.4.3 The risk prevention and disposal throughout 2018 and yields fell constantly 50 mechanism was strengthened 56 3.2.2 Corporate credit bond issuance 3.4.4 The information disclosure and grew substantially, with a surge in net credit system in the bond market were financing 51 enhanced 57 3.2.3 Major types of bonds became 3.4.5 Infrastructure development of the more active on the whole and turnover bond market was promoted 57 rate of interest rate bonds in the 3.4.6 Regulation coordination of the interbank bond market rose by a large bond market was strengthened 59 margin 51 3.5 Opening-up of the bond market 59 3.2.4 Participants in the interbank 3.5.1 Opening-up policies were market increased and bond holdings of constantly improved 59 overseas investors grew substantially 52 3.5.2 Overseas institutions enjoyed 3.2.5 The number and scale of defaults greater participation in the interbank rose with issuers widely dispersed market 60 across different industries 52 3.5.3 The opening-up of market pricing 3.3 Innovation in the bond market 52 and trading was constantly deepened 61 3.3.1 The launch of support instrument 3.5.4 The bond market strengthened its for bond financing by private enterprises 52 support to the Belt and Road Initiative 62 3.3.2 Special bonds for MSEs boomed 53 3.6 Outlook of the bond market 62 3.3.3 Types of local government bonds Box 3 Support Instruments of Bond Financing for increased 53 Private Enterprises 64 3.3.4 Efforts were made to promote Box 4 China’s Green Bond Market 66 innovation in assets securitization of MSEs 53 Chapter 4 Stock Market 68 China Financial Market Development Report 2 2018 Contents 4.1 Performance of the stock market 68 4.3.6 Risk management instruments 4.1.1 Stock issuance and financing 68 were improved and market risk 4.1.2 Stock indices and trading 68 prevention mechanism optimized 74 4.2 Main features of the stock market operation 70 4.4 Opening-up of the stock market 75 4.2.1 Financing structure was 4.4.1 Connectivity between the stock continuously optimized to support the markets of the Mainland China and development of new economy 70 Hong Kong was improved 75 4.2.2 External uncertainties increased 4.4.2 Works of Shanghai-London and market fluctuations intensified 70 Stock Connect were implemented in an 4.2.3 Investor structure was improved orderly fashion 75 with noticeable increase of the 4.4.3 A-share stocks were officially percentage of institutional investors 70 included into MSCI EM Index 76 4.2.4 Turnover of Shanghai- and 4.4.4 Remarkable progress was made Shenzhen-Hong Kong Stock Connect in supporting the Belt and Road increased with a larger share of overseas Initiative 76 institutional investors 71 4.5 Outlook of the stock market 77 4.3 Product innovation and institutional BOX 5 Actively preparing the STAR Market construction of the stock market were advanced 71 innovation board for new economic development 77 4.3.1 New investment products were Box 6 Understanding stock-pledge risks in a introduced to support key national comprehensive and objective manner 80 development strategies 71 4.3.2 The IPO of innovative businesses Chapter 5 Foreign Exchange Market 84 was promoted and the CDR issuance 5.1 Performance of the foreign exchange market 84 mechanism was set up 72 5.1.1 Trading volumes continued 4.3.3 The science and technology to grow and the number of market innovation board was established and members increased steadily 84 the IPO registration system was in pilot, 5.1.2 RMB exchange rate index accelerating development of a multi- depreciated slightly 85 tiered capital market 72 5.2 Main features of the foreign exchange market 86 4.3.4 Stock trading suspension and 5.2.1 Foreign currency businesses resumption system for listed companies developed briskly 86 was regulated while delisting and stock 5.2.2 RMB first appreciated and then repo system improved 73 depreciated against USD 87 4.3.5 Market regulation system was 5.2.3 Factors influencing the RMB/ strengthened and regulation efficiency USD exchange rate became more improved with Fintech 73 diversified 87 China Financial Market Development Report 2018 3 Contents 5.2.4 Expectations of exchange rate in 6.3 Innovation, institutions, and infrastructure of both domestic and overseas market the gold market 103 remained stable 88 6.3.1 Strengthen institutional norms of 5.3 Institutional construction of the foreign the gold market 103 exchange market 89 6.3.2 Encourage product innovation in 5.3.1 The new-generation foreign the gold market 104 exchange trading platform was launched 6.3.3 Improve infrastructure development with improved functions 89 of the gold market 104 5.3.2 Product categories were enriched, 6.4 Opening-up of the gold market 105 and the domestic benchmark USD 6.4.1 Trading of the international board interest rate system was constructed 89 continued to grow 105 5.3.3 The trading mechanism was 6.4.2 Commercial banks were active in improved, and supporting products and the overseas gold market 105 services were optimized 90 6.4.3 Shanghai Gold Benchmark Price 5.3.4 The two-way opening-up of the became more influential in the world 105 foreign exchange market
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