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China Bond Basic a – Z

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China Bond Basic a – Z China Bond Basic A – Z China Bond Basic A to Z - Abbreviations Glossary A ADBC Agricultural Development Bank of China was established in 1994 to take over the policy lending function from the Agricultural Bank of China. is a state bank solely owned by the Chinese government and under the direct leadership of the State Council. As one of the three policy bank in China, ADBC main business is to raise funds to support the development of the agriculture industry and the rural economy. C CIBM Abbreviations for China’s Interbank Bond Market, which is a financial market for bond transactions, repos and bond forwards. The market is based on the financial infrastructures provided by China Foreign Exchange Trade System (CFETS) and China Central Depository and Clearing Co., Ltd (CCDC). As one of the most important over-the-counter market, Interbank bond market is under the regulation of People’s Bank of China. The market is quote driven and mainly consists of commercial banks, rural credit unions, insurance companies, security companies and other institutional investors such as asset managers. As at March 2016, it is the 3rd largest bond market in the world after US & Japan1. CP Refers are commercial paper issued by corporations with less than 1 year maturity. CBRC China Banking Regulatory Commission is an agency of the People's Republic of China (PRC) authorized by the State Council to regulate the banking sector of PRC except Hong Kong and Macau, both of which are special administrative regions. CSRC China Securities Regulatory Commission is an institution of the State Council of the People's Republic of China (PRC) act as the main regulator of the securities industry of China. Corporate Refers to bonds that are issued by a non-financial company, with a Bond maturity of more than 1 year. The issuers of corporate bonds are mainly listed companies. The bonds are regulated and approved by the China Securities Regulatory Commission (CSRC). CCDC China Central Depository & Clearing Co., Ltd. (CCDC) is the first central securities depository (CSD) approved by the State Council in China. It is a state- owned financial institution, which bears the national wills and 1 BIS, PBoC, E Fund 2016. represents market demands. CCDC is a financial market infrastructure characterized by neutrality, independence, and public interest. CDB China Development Bank is a financial institution in China. It is led by a cabinet minister level Governor, under the direct jurisdiction of the State Council. As one of three policy banks of the PRC, it is primarily responsible for raising funding for large infrastructure projects, including most of the funding for the Three Gorges Dam and Shanghai Pudong International Airport. Established by the Policy Banks Law of 1994, CDB is described as the engine that powers the national government’s economic development policies. Debts issued by CDB owned by local banks are treated as risk free assets under the proposed People's Republic of China capital adequacy rules i.e. same treatment as PRC government bonds. The bank is the second- biggest bond issuer in China after the Ministry of Finance in 2009, accounting for about a quarter of the country’s yuan bonds, and the biggest foreign-currency lender. CFETS China Foreign Exchange Trade System is a sub-institution of the PBoC. Its main functions includes: providing systems for FX trading, RMB lending, bond trading, and exchange rate and interest rate derivatives trading; organizing FX trading, RMB lending, bond trading, and exchange rate and interest rate derivatives trading; providing clearing, information, risk management, and surveillance services on interbank markets; and engaging in other businesses authorized by the PBoC. CNH The ISO code for Renminbi which traded in off-shore markets such as Hong Kong, Singapore, London & etc. CNY The ISO code for Renminbi (which may also be used for the yuan) is CNY (an abbreviation for "Chinese yuan") D Dim Sum Bond Bonds issued outside of China but denominated in Chinese renminbi, rather than the local currency. They are named after dim sum, a popular style of cuisine in Hong Kong. The China Development Bank issued the first dim sum bond in July 2007. E Enterprise Refer to bonds that are issued by a non-financial company, with a Bond maturity of more than 1 year. The issuers of Enterprise bonds are mainly state owned, government related companies. The bonds are regulated and approved by the National Development and Reform Commission (NDRC). These platforms are usually created by local government through the injection of land or other capital, with a primary task of undertaking public welfare or quasi-public welfare projects. EXIM China Export & Import Bank founded in 1994, the Export-Import Bank of China is a state bank solely owned by the Chinese government and under the direct leadership of the State Council. Its international credit ratings are the same as China's sovereign ratings. The Bank's main mandate is to facilitate the export and import of Chinese mechanical and electronic products, complete sets of equipment and new- and high-tech products, assist Chinese companies with comparative advantages in their offshore project contracting and outbound investment, and promote international economic cooperation and trade. F Financial Bond Bond issued by policy banks, commercial banks and other financial institutions as their primary source of funding. L LGFV (or Local Government Funding Vehicles are entities set up by local “LGFP”) governments to raise funds primarily for costly infrastructure and real estate development projects and LGFV are by definition also SOEs. It is sometimes refers as Local Government Funding Platform “LGFP”. M MOF Ministry of Finance MTN Refers to medium term notes, which are notes longer than one year issued by SOEs and other corporations approved by NAFMII. N NAFMII National Association of Financial Market Institutional Investors was founded on September 3, 2007, under the approval of the State Council of China. NAFMII aims to propel the development of China OTC financial market, which is composed of interbank bond market, inter-bank lending market, foreign exchange market, commercial paper market and gold market. As a self-regulation organization (SRO) in China, the membership of NAFMII includes policy banks, commercial banks, credit cooperative banks, insurance companies, securities houses, fund management companies, trust and investment companies, finance companies affiliated with corporations, credit rating agencies, accounting firms and companies in non-financial sectors. NDRC The National Development and Reform Commission of the People's Republic of China (NDRC), formerly State Planning Commission and State Development Planning Commission, is a macroeconomic management agency under the Chinese State Council, which has broad administrative and planning control over the Chinese economy. The NDRC's functions are to study and formulate policies for economic and social development, maintain the balance of economic development, and to guide restructuring of China's economic system. P Panda Bond Chinese renminbi-denominated bond from a non-Chinese issuer, sold in the People's Republic of China. The first two Panda bonds were issued in October 2005 on the same day by the International Finance Corporation and the Asian Development Bank. PBoC People’s Bank of China; the Central Bank of China of the People's Republic of China with the power to carry out monetary policy and regulate financial institutions in mainland China. The People's Bank of China has more financial assets than any single public institution, and is second only to the Federal Reserve System of the United States in terms of overall central bank assets. Policy Bank Policy bank bonds refer to the bonds issued by The Export-Import Bank of Bond China, Agricultural Development Bank of China and China Development Bank. Policy banks are non-profit banks that are created or owned by the government. They are created to implement certain financial policies or to cooperate with the government financing activities. PPN Stands for private placement notes, which are bond issued by nonfinancial corporates to qualified investors through private placement offerings. PPNs issued tends to be mainly blue chips companies but can also be issued by SMEs with lower credit rating. Q QFII Qualified Foreign Institutional Investor (QFII) Scheme is a transitional arrangement that allows institutional investors who meet certain qualification to invest in a limited scope of cross-border securities products, in the context of incomplete free flow of capital accounts. This regime was first introduced in 2003 and has granted 272 institutions with US$80.996 billion of quota globally.2 R Railway Bond Railway bonds generally refer to the bonds issued by China Railway Corporation (CRC), a company that originates from the former Ministry of Railway. Railway bonds have different varieties, including commercial papers, mid-term notes and corporate bonds. The corporate bonds issued by CRC enjoy the tax deduction treatment from the Ministry of Finance, who issued two documents in 2011 and 2014 to deduct half of the business income tax associated with CRC corporate bonds from 2011 to 2015. RMB Renminbi is the official currency in China. The name literally means "people's currency"& often refers as “Chinese Yuan “in international context. 2 ) SAFE, E Fund, April 29th 2016. RQFII RQFII stands for RMB Qualified Foreign Institutional Investor. RQFII is a policy initiative of the Mainland authorities, which allow qualified holders of RQFII quota to raise funds in Hong Kong and channel such funds to directly invest into Mainland securities available in the Mainland securities market. This scheme was first introduced in 2012 starting in HK and is now granted globally to over 162 institutions with RMB 471.425 billions of quota granted. 3 S SAFE State Administration of Foreign Exchange is an administrative agency of PBoC tasked with drafting rules and regulations governing foreign exchange market activities, and managing the state foreign exchange reserves.
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