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2018 Chinabond International Collateral Forum

On November 23, 2018, China Central Depository & Clearing Co., Ltd. (hereinafter referred to as CCDC) successfully held in Hangzhou the ChinaBond International Collateral Forum with the theme "New Trends of Cross-border Collateral Management Services under the Background of Globalization". The forum gathered more than 120 representatives from nearly 70 domestic and foreign regulatory bodies and institutions, including the Ministry of Finance, Asian Development Bank, New Development Bank, Asian Infrastructure Investment Bank, TMX Group, ClearStream, Euroclear, CFFEX, CFETC, Shanghai Futures Exchange, Shanghai Gold Exchange, Shanghai Clearing House, ICBC, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, China Development Bank, JPMorgan Chase Bank, and HSBC.

Bai Weiqun, supervisor of CCDC, pointed out in his speech that the international financial regulatory environment has become tightened in the post-crisis era, and the gap in qualified financial collateral in the international market has further expanded. The U.S. Treasury Borrowing Advisory Committee predicted that the international market’s demand for collateral will reach $11 trillion in 2019. At the same time, the rise of China's bond market has made RMB-denominated bonds more attractive to investors. According to the data of CCDC, as of October 2018, foreign investors have been increasing their holdings of RMB bonds for 20 consecutive months to over 1.7 trillion yuan. The more use of RMB bonds as cross-border collateral will improve the efficiency of investors’ asset allocation, enhance the attractiveness of RMB bonds, and inject a large amount of qualified collateral into the global market. According to the survey, more than 70% of overseas investors are willing to accept RMB bonds as qualified collateral in the international financial market. More than 60% of foreign investors express their support for more interconnection between financial infrastructures and more cross-border use of collateral which may add value to their bond holdings. In line with the market developments and as an answer to the call of market participants, CCDC is committed to creating a cross-border collateral service platform, building a mutual recognition channel for China’s and global collateral, and attracting the participation of global depositories, trading platforms and investors. By doing so, it aims to provide high quality liquidity management and risk management solutions to global investors.

Zhang Zhengwei, deputy director general of the MOF Department of International Economic and Financial Cooperation, said in his speech that international financial cooperation is an important boost to China's financial openness. On the one hand, the investment and financing activities of international financial organizations have led to more and more participation of overseas issuers and investors into Chinese bond market. On the other hand, the participation of international financial organizations will also help the Chinese government to further improve the market mechanisms. Currently, the international financial cooperation has made important progress in various fields, including the successful establishment of Asian Infrastructure Investment Bank and New Development Bank. The cumulative use of loans from international financial organizations and bilateral development agencies registered to more than 160 billion US dollars, supporting more than 4,200 projects. And China and international financial organizations also carried out a number of joint research projects. Zhang believes that the interconnection of financial infrastructures is an important channel for future international financial cooperation, including fostering and gathering global issuers of RMB bonds, introducing collateral mechanisms, improving government external debt risk management, and enriching derivatives based on RMB benchmark interest rates and valuation price system. All these will also play an important role in promoting the financing cooperation and bond market development in the countries related to the “Belt and Road Initiative”.

In addition, Rong Zhiping, general manager of CFFEX, Zong Liang, chief economist of Bank of China, and Zhang Ting, deputy director of Chinabond Collateral Business Center gave their keynote speeches on “Innovation and Application of RMB Bond Collateral in Derivatives Market”, "Outlook of Bond Market Opening amid the New Round of Financial Opening", and "Promoting Market Innovation and Development with the Professional Collateral Management Services", respectively. The first panel discussion, “Innovation and Change”, focused on the new trends of cross-border collateral services, the outlook of the collateral management services in capital market, the relevant legal frameworks and institutional arrangements; the second panel, “Interconnection and Cooperation”, focused on the global collateral infrastructure interconnection and cooperation, including the application of blockchain technology in collateral management, development of tri-party repo market, and the global collateral management services and innovation. The panelists agreed that under the background of globalization, the interconnection between financial infrastructures is unstoppable, and the capital market will usher in new development opportunities.

The Chinabond International Collateral Forum was founded by CCDC with the aim to create a high-level, high-profile and international-based communicative platform for experts, scholars and practitioners in the global collateral management industry. The forum focuses on the market demands and the needs for interconnections in the industry, brings in global perspectives, promotes high-level dialogues and cooperative mechanisms, and serves as a window for global investors to understand market trends and dynamics.

Chinabond Collateral Business Center is the world's largest collateral management service platform. As of September 2018, over 13 trillion yuan of bond collateral is under its management. It plays a significant role in promoting the cross-border use of RMB bonds and in containing China’s financial market risks.

 

2018.11.27
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