中國在全球固定收益市場中的地位上升
Demand for Chinese bonds from international investors has risen significantly over the past two years and is forecast to grow further as Beijing opens up the country’s financial markets.
過去兩年，國際投資者對中國債券的需求顯著增長，隨着北京方面開放中國的金融市場，這一需求預計還將進一步增長。Holdings of onshore Chinese bonds by foreign institutional investors have increased by about 60 per cent since December 2016. Reforms such as the launch of the Bond Connect programme in July last year should help to facilitate fixed-income inflows from a wider pool of international investors.
自2016年12月以來，外國機構投資者所持的中國在岸債券增長了約60%。去年7月啓動的“債券通”(Bond Connect)計劃等改革，應該會有助於促進範圍更廣的國際投資者的資金流入中國固定收益市場。Chinese 10-year government bonds currently offer a yield of 3.96 per cent, higher than the US (2.66 per cent), Germany (0.63 per cent) or Japan (0.08 per cent).
中國10年期國債目前的收益率爲3.96%，高於美國（2.66%）、德國（0.63%）和日本（0.08%）。
The Chinese government announced measures late last year designed to strengthen the financial system.
中國政府去年晚些時候宣佈了加強金融體系的措施。It also aims to reduce the debt pile that has accumulated in an effort to defuse risks that could destabilise the world’s second-biggest economy.
中國政府還力求削減累積的債務，以化解或破壞世界第二大經濟體穩定的風險。Although the country’s headline economic growth is expected to slow from its previously unsustainably high pace, China will remain the biggest driver of global economic expansion expected over the next two years.
儘管中國的總體經濟增長預計將從之前不可持續的高速放緩，但在接下來兩年裏，預計中國仍將是全球經濟擴張的頭號引擎。
Hayden Briscoe, head of fixed income Asia Pacific at UBS, says he expects to see a reduction in credit growth and further deleveraging this year, measures that should provide support to Chinese government bond yields.
瑞銀(UBS)亞太固定收益主管海登?布里斯科(Hayden Briscoe)表示，他預計今年信貸增長將會減速，去槓桿將進一步推進，這些措施應該會爲中國的國債收益率提供支撐。UBS estimates that foreign investors hold just 2.1 per cent ($167bn) of China’s $7.6tn bond market, the third largest in the world.
據瑞銀估計，外國投資者所持債券僅佔中國7.6萬億美元債券市場的2.1%（合1670億美元）。中國是全球第三大債券市場。Index providers are adjusting their benchmarks to reflect the growing importance of China in global fixed-income markets.
指數提供商正在調整它們的基準，以反映出中國在全球固定收益市場中日益提高的重要性。Mr Briscoe expects to see a “major reallocation of capital” once China is included in the global fixed-income indices, which are widely used as benchmarks by international investors.
布里斯科預計，一旦中國被納入全球固定收益指數，將出現“重大的資本重配”。全球固定收益指數被國際投資者廣泛用作基準。
