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CCDC Held the 3rd CIBM Overseas Investors Annual Conference


On December 5, 2017, the 3rd “CIBM Overseas Investors Annual Conference” organized by China Central Depository & Clearing Co., Ltd. (hereinafter referred to as "CCDC") was held at CCDC Shenzhen Center. Wang Jianxun, chief accountant with Treasury Department of Ministry of Finance (MOF), Cao Yuanyuan, division chief of Financial Market Department of People's Bank of China (PBC), Ye Kesong, deputy division chief of PBC Shanghai Headquarters, Zhang Guobin, deputy division chief of Capital Project Management Division of SAFE, and Wang Xindong, deputy director of the Shenzhen Municipal Government Financial Development and Service Office attended the meeting. Chen Gangming, president of CCDC attended and addressed the meeting, and Liu Fan, vice president of CCDC, moderated the meeting. Representatives of more than 100 institutions from 11 countries and regions, including United States, South Korea, Singapore, Hong Kong SAR of China and Taiwan Province of China, attended the meeting.

In his speech, Chen Gangming introduced the mandates and functions of CCDC as the core financial infrastructure of China and its efforts in serving the entry of overseas institutions into CIBM. Since its inception in 1996, under the leadership and with the support of competent authorities, CCDC has evolved from a centralized depository of government bonds into a central depository of various types of fixed income securities. Now CCDC has become the core operation platform of the bond market, the implementation platform of the national macro-control policies, the benchmark pricing platform of financial markets, the risk management platform of financial markets, the diversified service platform for financial markets, the R&D platform for the bond market, and a platform for market opening up. As of the end of October 2017, market participants had opened more than 18,000 accounts with CCDC and nearly RMB 50 trillion assets are under CCDC’s custody. In recent years, in response to the opening up strategy of the bond market and to the needs of quality services to overseas investors, CCDC has stepped up its international efforts to launch a series of new services and initiatives, including enhancing communications with overseas clients, improving market supporting mechanism, upgrading cross-border business support, introducing bilingual services, and promoting the improvement of various business lines in an innovative manner. Next year is the 40th anniversary of China's reform and opening up and also the first implementation year of the 19th CPC National Congress strategy. Under the leadership of the competent authorities, CCDC will continue to keep the doctrine of “opening up” in mind, actively follow the customer needs, enhance its international capabilities, and stick to the goal of making itself a major international financial infrastructure to better serve the global investors.

Wang Jianxun, chief accountant with Treasury Department of Ministry of Finance (MOF), delivered a speech on the development of government bonds in the context of RMB internationalization. Wang said that the report of the 19th CPC National Congress called for a new pattern of full opening up. With the development of RMB internationalization, the opening up of the Chinese bond market further deepens. The introduction of overseas institutions to China government bond market will diversify the investor base of government bonds, encourage issuance of government bonds and raise the efficiency of public debt management. Since China government bonds are quality RMB assets, accelerating the opening up of the government bond market is conducive to further attracting foreign investors, expanding RMB asset allocation and boosting the RMB internationalization process. In recent years, many important achievements have been made. Government bond yield curves have become important benchmarks for the pricing of various types of financial products; the operation of the primary government bond market has been highly efficient and of international standard; the secondary bond market mechanism has been further improved and the level of bond liquidity has been raised; major breakthroughs have been made in the reform of the issuance mechanism of local government bonds. At present, the share of foreign-funded institutions in the underwriting of government bonds has risen to 4%. During the issuance of the first local government FTA bonds of RMB3 billion in 2016, the foreign-funded bank won the bid of 180 million yuan, which marks the first underwriting of foreign bank in China local government bonds. As of the end of October 2017, foreign-funded institutions held government bonds of 767.343 billion yuan, an increase of 144.3 billion yuan or 23% from the end of 2016. Among them, the foreign central banks and domestic foreign-funded banks are the major holders, with holdings of 478.534 billion yuan and 202.8 billion yuan respectively, an increase of about 32% and 4% over the end of 2016. In terms of maturities, foreign-funded institutions mainly hold short-term government bonds, of which 531.376 billion yuan are government bonds with a term of three years or less, accounting for about 69% of the total holding and up 65.384 billion yuan from the end of 2016. As the next step, the Ministry of Finance will continue to work with relevant government bodies to actively study ways of encouraging foreign-funded institutions to participate in underwriting, summarize the experience of foreign investors in underwriting of FTA bonds and advocate the sound practice.

Cao Yuanyuan, division chief of Financial Market Department of People's Bank of China, delivered a keynote speech on the development and opening up of the bond market. She reviewed the history of the development of China's bond market and the important significance of the establishment of the inter-bank bond market on China's financial system. She noted that the experience in the interbank market development during the past two decades, including shifting to an over-the-counter market, changing the approval mode of government administration by, focusing on infrastructure construction, and actively cultivating a diversified institutional investor base, had greatly boosted the development of the market. The stock of bonds issued gradually increased from around 100 billion yuan to more than 60 trillion yuan. The market investors have expander from commercial banks to various financial institutions. An efficient and safe transaction, depository and settlement system has been in place. In recent years, with the addition of RMB to the SDR basket, the opening-up of the bond market is being accelerated. The continued issuance of Panda Bonds and Mulan Bonds, the continued enrichment of overseas market participants, the effective simplification of the policy system and the continuous innovation of the market mechanisms have effectively improved the internationalization level of the market. In the future, the People's Bank of China will continue to step up its work on market rating, accounting auditing, taxation standards setting and information disclosure, and promote the development of the inter-bank bond market into a well-developed and comprehensive RMB funding and investment platform for international investors and issuers.

Zhang Guobin, deputy division chief of Capital Project Management Division of SAFE, made a speech on the foreign exchange policy concerning the overseas investors entering China inter-bank bond market. In recent years, along with the opening up of the bond market, the SAFE has also introduced a series of reforms and innovations, drastically simplifying or canceling the approval procedures of foreign exchange administration for the foreign institutions participating the domestic bond market. The relevant notices issued by SAFE in 2016 and 2017 clarified that there is no administrative license for overseas investors to invest in the inter-bank bond market, no foreign exchange quota restrictions and that overseas institutions can independently choose the types of RMB-foreign exchange derivatives. At present, the entire foreign exchange policy has been very accommodative for overseas investors. As the next step, the SAFE will continue to work actively with relevant bodies to discuss ways to further deepen the development of the foreign exchange market, enrich the trading tools in the bond market, expand the base of participants, and better meet the needs of various institutional investors in the inter-bank bond market.

Wang Xindong, deputy director of the Shenzhen Municipal Government Financial Development and Service Office, made a speech on the financial development of Shenzhen City and its supports to the business of CCDC. Shenzhen has become an important financial center in China with reasonable structure and complete functions and about 432 licensed financial institutions have their presence in Shenzhen. As of the third quarter of 2017, the value-added of financial services in Shenzhen amounted to nearly 230 billion yuan, accounting for 15% of Shenzhen's GDP and tax revenue accounting for about 21% of the city’s total. In recent years, Shenzhen has taken full advantage of its geographical advantages by building the Shenzhen-Hong Kong cooperation platforms and promoting the docking of the two financial markets for mutual development. As a core financial infrastructure, CCDC has the natural geographical advantage of connecting the mainland and Hong Kong bond markets. In the future, Shenzhen Finance Service Office will continue to strengthen communications and cooperation with CCDC and promote the construction of financial infrastructure in Shenzhen.

Since 2015, CCDC has continued to hold the annual meetings of overseas investors per request of the competent authorities. This meeting helped inform market development to the overseas investors that have entered or are entering the market and bolster the invest confidence. It also served for market investors as an investment experience exchange and sharing platform. In the future, CCDC will continue to stick to the core values ​​of “honesty, responsibility and service”, give full play to its advantages and concentrate its resources to provide better, more efficient and more comprehensive services to regulators, market institutions and overseas investors.


2017.12.12
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