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CCDC Held “Seminar on Financial Market Benchmark Prices and the Construction of Shanghai International Financial Center”

————ChinaBond Pricing Center Co., Ltd. Settled in Shanghai

On July 5, the "Seminar on Financial Market Benchmark Prices and the Construction of Shanghai International Financial Center" was held by CCDC in Shanghai. Zhou Bo, member of Standing Committee of Shanghai Municipal Committee and Executive Deputy-Mayor of Shanghai City, attended the meeting and delivered an important speech. Zhou Bo extended his appreciation to CCDC for its efforts in promoting the construction of CCDC Shanghai Headquarters and the establishment of ChinaBond Pricing Center in Shanghai, and called for coordinated support by local regulatory bodies and institutions to the development of the Center in facilitating Shanghai international financial center construction. He also expected the Center to play an important role in forming the RMB interest rate pricing center in Shanghai.

Hang Yingwei, Deputy Secretary-General of Shanghai Municipal Government and Chief Executive of Pudong District, and Zheng Yang, Director of Shanghai Municipal Financial Service Office, also attended the meeting, joined by leaders from National Development and Reform Commission, Ministry of Finance, PBC Shanghai Headquarter and CBRC Shanghai Bureau. The seminar also gathered more than 60 representatives from Asset Management Association of China, Insurance Asset Management Association of China, China Foreign Exchange Trading System and China Financial Futures Exchange, as well as banks, securities companies, fund managers and other institutions.

In his opening address, CCDC Chairman Shui Ruqing pointed out that as a national core financial infrastructure, CCDC has made a series of milestone contributions to the development of China's bond market. As the bond market is the basic and core part of the financial market, the formation of the benchmark price indices in bond market, represented particularly by the bond yield curves, will play a fundamental role in servicing the entire financial system and will significantly promote the implementation of major national strategies including the liberation of interest rates and the internationalization of RMB. “Improving Treasury bond yield cures that better capture market supply and demand dynamics” is an important task on the reform agenda of the resolution of the Third Plenary Session of the 18th CPC Central Committee, indicating that the overall significance of bond yield curves has drawn great attention at the national level. Reflecting its role as the central pivot of the critical infrastructure of the bond market, the benchmark prices published by CCDC are of intrinsic advantages in terms of data quality and expertise. In accordance with the requirements of the Central Leading Group for Comprehensively Deepening Reform, and authorized and commissioned by Ministry of Finance, the People's Bank of China and other regulatory authorities, CCDC issues on a daily basis benchmark price indices including most notably the Treasury bond yield curves, which are also published on websites of Ministry of Finance, PBC and Asian Development Bank. In particular, the three-month Treasury bond yield curve has been included by the International Monetary Fund into the SDR interest rate basket.

Shui Ruqing pointed out that the establishment of CCDC Shanghai Branch in May, 2015 was in response to the national strategy of Shanghai international financial center construction. The five-year development plan of CCDC set out in 2016 formulated the development strategy for the Shanghai Headquarters. The establishment of ChinaBond Pricing Center in Shanghai and the local publishing of authoritative price indices not only reflects the great efforts in implementing the national strategy of Shanghai international financial center construction, but also demonstrates a major step forward of CCDC in pursue of its internationalization strategy.

Li Jun, deputy director of Shanghai Financial Services Office, delivered a keynote speech, in which he pointed out that the local publishing of bond market benchmark prices by ChinaBond Pricing Center in Shanghai will further consolidate Shanghai’s position as the RMB asset pricing center. The bond market is the foundation of all financial markets, which can help quality enterprises improve their efficiency of financing and can promote the healthy growth of the real economy. Since Shanghai has some favorable conditions for the development of the bond market, by choosing Shanghai as its home, ChinaBond Pricing Center will secure even greater development, taking advantage of a full spectrum of financial factors and a concentrated institutional habitation of Shanghai International Financial Center.

Xu Xiaobo, Deputy Director of NDRC Department of Fiscal and Financial Affairs, summarized the experience of corporate bond market management, and highly praised CCDC’s contributions in monitoring corporate bond market, disclosing credit risk, giving technical supports on valuation, supporting corporate bond market credit system construction, and reducing the financing costs of the real entities. She encouraged CCDC to further enhance its strength in providing pricing benchmark and to enlarge the scope of its application.

Liu Fan, Vice President of CCDC and General Manager of ChinaBond Pricing Center Co., Ltd., briefed the seminar on the current development of the Center. He noted that in order to further accelerate the liberalization of interest rates, the Treasury bond yields can be used as the intermediate target of price-based monetary policy, and the market-based bond market interest rates as the benchmark for deposit and lending interest rates. Liu Fan also proposed a working agenda for the Center, including widening the use of the yield curves in the deposit and lending pricing process, promoting the design of products with ChinaBond indices as the underlying assets, and integrating scattered data sources, and called for support from Shanghai municipal government.

 


 

2017.07.06
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