RMB Assets Show Growing Appeal For Global Investors

鄢昭

Renminbi - denominated assets remained a strong magnet for international investors amid sound long- term prospects and China's continuous efforts to open its financial market.

More than 60 percent of surveyed overseas financial institutions will increase their holdings of RMB- denominated assets，a recent white paper from the Bank of China said，citing a survey covering over 3，400 enterprises and institutions globally last year.

The proportion increased by 9 percentage points com-

由于外資對人民幣資產的長期前景看好，以及我國持續擴大金融市場的對外開放，人民幣資產對國際投資者仍然保持著強大吸引力。

中國銀行近期發布的一份白皮書稱，2021年對全球3400多家企業機構開展的問卷調查顯示，超過60%的受訪境外金融機構將增加人民幣計價金融資產的配置。

白皮書指出，這一比例較2020年的調查結果

pared with the 2020 survey，the white paper said.

Echoing the white paper，official data has revealed that global investors showed increasing interest in pursuing RMB- denominated assets to diversify their investment portfolios over the past few years.

From 2018 to 2021，the total net increase in the holdings of domestic stocks and bonds by global investors exceeded 700 billion US dollars，with an annual growth rate of 34 percent，data from the State Administration of Foreign Exchange showed.

“Global investors' allocation in China's A-share market in 2022 is expected to continue the momentum in recent years，”said Fang Xinghai，vice chairman of the China Securities Regulatory Commission.

As the world's second largest bond market，China's bond market saw 1，035 overseas institutional investors hold a total of 3.9 trillion yuan in bonds by the end of April，surging 225 percent from the end of 2017，central bank data showed.

Last month，Chinese authorities announced measures to support qualified overseas institutional investors that were investing directly or through connectivity in the exchange bond market，and independently choosing trading venues，marking the latest move to open bond market.

There is still much room for foreign investors to further increase their holdings of RMB assets，Wang Chunying，deputy head of China's forex regulator，has said.

RMB accounts for only 2.79 percent of global forex reserves and foreign investors' holdings in China's stock and bond markets stand at a relatively low level of 3 percent to 5 percent.

The global community continued to show recognition and confidence in the Chinese financial market，as the International Monetary Fund lifted the weighting of RMB in Special Drawing Rights currency basket from 10.92 percent to 12.28 percent in May.

The rise of RMB's weighting indicates that RMB is playing an increasingly important role in international payment and settlement，reserves，investment and financing，Zhou Maohua，an analyst with the China Everbright Bank，noting that RMB internationalization is accelerating.

提升了9個百分點。

和白皮書相呼應的是，官方數據揭示，近年來全球投資者為了實現資產組合多樣化，對人民幣資產的興趣日益濃厚。

國家外匯管理局的數據顯示，2018年至2021年，外資累計凈增持境內債券和股票超過7000億美元，年均增速達34%。

中國證券監督管理委員會副主席方星海預計，2022年外資配置A股市場將延續過去幾年的趨勢。

央行數據顯示，截至2022年4月末，共有1035 家境外機構投資者進入中國債券市場，總持債規模為3.9萬億元人民幣，較2017年末增長了225%。中國債券市場現在是世界第二大債券市場。

上個月，中國相關部門宣布將出臺措施支持合格境外機構投資者直接或通過互聯互通投資交易所債券市場，自主選擇交易場所。這是我國開放債券市場的最新舉措。

中國國家外匯管理局副局長王春英表示，境外投資者進一步增持人民幣資產還有很大提升空間。

當前人民幣在全球外匯儲備中只占2.79%，國內股票和債券市場中外資占比在3%至5%之間，也相對較低。

今年五月，國際貨幣基金組織將人民幣在特別提款權（SDR）貨幣籃子中的權重從10.92%上調至12.28%，標志著國際社會對人民幣的認可度和信心持續增強。……