人民币资产对境外投资者有较强吸引力

中国人民银行20日宣布，当日在香港成功发行50亿元人民币央行票据。此次发行受到境外投资者广泛欢迎，表明人民币资产对境外投资者有较强吸引力，也反映了全球投资者对中国经济的信心。

 

Financial analysts said the market response to the People's Bank of China's issuance of central bank bills in Hong Kong demonstrates the attractiveness of yuan-denominated assets and the confidence of global investors in the Chinese economy.

金融分析师表示，市场对中国人民银行在香港发行央行票据的反应，显示了人民币计价资产的吸引力，以及全球投资者对中国经济的信心。

 

On Tuesday, the PBOC, the country's central bank, issued six-month central bank bills worth 5 billion yuan in Hong Kong, with the winning bid interest rate of 2.2 percent. The application amount is 19 billion yuan, making the over-subscription 3.8 times compared to the issuance amount.

上周二，中国人民银行在香港发行了50亿元6个月期人民币央行票据，中标利率为2.20%。投标总量约为190亿元，是发行金额的3.8倍。

 

"Global investors are anticipating that mainland authorities will relax some of the COVID measures next year. The theme of border-reopening may be a catalyst for boosting the domestic economy next year," said Conita Hung, investment strategy director at Tiger Faith Asset Management.

骏达资产管理有限公司投资策略总监Conita Hung表示：“全球投资者预计，中国明年将放松一些防控措施。重新开放边境可能会成为明年提振国内经济的催化剂。”

 

"If the mainland reopens its borders, it may boost domestic consumption and investment. Investors are anticipating this will happen," Hung said.

她说：“如果中国重新开放边境，可能会刺激国内消费和投资。投资者预计这将会发生。”

 

Referring to the attractiveness of yuan-denominated assets, Hung said this depends on the trend of the renminbi in 2023.

在谈到人民币计价资产的吸引力时，Conita Hung表示，这取决于2023年人民币的走势。

 

"If the economy of the United States dips into recession next year, then US interest rate hikes may not be so drastic as they have been in the past two years. When the pace of US interest rate hikes slows down, the strength of the US dollar may weaken and that may boost the renminbi exchange rate next year," she added.

“如果美国经济明年陷入衰退，那么美国加息可能不会像过去两年那样剧烈。当美国加息步伐放缓时，美元的强势可能会减弱，这可能会在明年提振人民币汇率”，她补充道。

 

The central bank bill issuance was widely welcomed by banks, mutual funds and other institutional investors from countries and regions in the Americas, Europe and Asia. International financial organizations also actively participated in the subscription.

央行票据发行受到美洲、欧洲和亚洲国家和地区的银行、共同基金等机构投资者的广泛欢迎。国际金融机构也踊跃参与认购。

 

"The over-subscription amount indicates investor confidence in China's sovereign rating and the Chinese market. Investor confidence is gradually coming back," GROW Investment Group Chief Economist Hong Hao said.

思睿集团首席经济学家洪灏说：“超额认购金额表明投资者对中国主权评级和中国市场有信心。投资者信心正在逐渐恢复。”

 

Hong said: "With the easing of monetary policy, the economy should be restored. Border reopening particularly will be very important to attract foreign investment into China again."

洪灏说：“随着货币政策的放松，经济应该会恢复。特别是重新开放边境对吸引外国投资再次进入中国非常重要。”

 

Hong also said whether the renminbi will sustain a rising trend in 2023 depends on the strength of the Chinese economic recovery next year.

洪灏还表示，人民币是否会在2023年保持升值趋势，取决于明年中国经济复苏的力度。

 

The central bank bills are the 12th issuance of this year. The maturity date is June 22 next year.

此次发行的今年第十二期中央银行票据到期日为2023年6月22日。

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