Interbank bond market opens wider
Print Edition
CHINA has allowed another 32 foreign institutions to trade in its onshore interbank bond market as the country quickens the pace of opening up its capital market.
Eleven Qualified Foreign Institutional Investors, 11 Renminbi Qualified Foreign Institutional Investors and 10 financial institutions including commercial banks and insurers have been given access to China’s interbank bond market, according to statements released on the Shanghai Clearing House’s website yesterday.
The number of new approvals compared with a total of 73 granted last year and brought the total number of foreign institutional investors in the market to 243, according to Shanghai Daily calculations based on the 2014 financial market report released by the People’s Bank of China.
China’s bond market is the third-largest globally at 36.7 trillion yuan (US$5.9 trillion) by the end of March, with the interbank market taking up 95 percent of the total trading volume.
China first opened the interbank bond market to RQFIIs in 2012 and QFIIs in 2013. Foreign central banks with currency swap deals with the PBOC and offshore yuan clearing banks can also invest in the market.
Local media said last month that China may further ease curbs on foreign participation in the interbank market by replacing the current approval system with a registration system.
As of the end of last year, foreign institutions held 572 billion yuan in China’s interbank bonds, or 17.7 percent of the total, according to data from the central bank.
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