中國(guó)債市將迎來(lái)大量外資流入

Foreign holdings of Chinese bonds have jumped 50 per cent in the past two years as overseas investors have seized on Beijing’s push to open up its estimated Rmb73tn ($11tn) fixed-income market.

過(guò)去兩年，外國(guó)對(duì)中國(guó)債券的持有量增長(zhǎng)了50%，海外投資者抓住了北京方面開(kāi)放規(guī)模約為73萬(wàn)億元人民幣(合11萬(wàn)億美元)的固定收益市場(chǎng)的機(jī)會(huì)。

But, if some commentators are to be believed, we have not seen anything yet.

但是，如果一些評(píng)論員的話可信的話，好戲還在后頭。

Despite the buying spree, foreigners still only held Rmb921bn of Chinese bonds in October, according to data from the Chinese Academy of Social Sciences and Citi, as the chart below shows.

根據(jù)中國(guó)社會(huì)科學(xué)院和花旗(Citi)的數(shù)據(jù)，盡管出現(xiàn)購(gòu)買狂潮，10月份外國(guó)人的中國(guó)債券持有量仍只有9210億元人民幣，如下圖所示。

At just 1.86 per cent of the market, this is a smaller share (of an admittedly fast-growing market) than in early 2015.

市場(chǎng)份額僅為1.86%，跟2015年初相比(在一個(gè)無(wú)疑是高速增長(zhǎng)的市場(chǎng)上)占比更低。

But inclusion in the world’s major bond indices, which some believe is more a question of “when” than “if”, could catalyse far greater flows.

但是，中國(guó)債券被納入全球主要債券指數(shù)——有些人認(rèn)為這只是“何時(shí)”而非“能否”的問(wèn)題——可能刺激更大的資金流入。

Analysts at Citi estimate that China’s inclusion in the JPMorgan Government Bond Index-Emerging Markets, Bloomberg Barclays Global Aggregate and London Stock Exchange Group’s World Government Bond Index would deliver additional inflows of $779bn by 2025.

花旗分析師估計(jì)，如果中國(guó)被納入摩根大通(JPMorgan)新興市場(chǎng)政府債券指數(shù)(GBI-EM)、彭博巴克萊全球綜合指數(shù)(Bloomberg Barclays Global Aggregate)和倫敦證券交易所集團(tuán)(London Stock Exchange Group)的全球政府債券指數(shù)(WGBI)，到2025年將有7790億美元的額外資金流入。

About $250bn of this would come merely from passive investors, whose behaviour is easiest to predict, as shown in the table below.

其中約2500億美元來(lái)自被動(dòng)投資者，其行為最容易預(yù)測(cè)，如下表所示。

Rob Drijkoningen, head of emerging market debt at asset manager Neuberger Berman, sees potential for at least $250bn-$300bn to flood into China if and when it is included in the indices, noting that “some foreign investors are looking at larger allocations than the benchmarks would provide”.

資產(chǎn)管理公司Neuberger Berman新興市場(chǎng)債務(wù)負(fù)責(zé)人羅布•德里科寧根(Rob Drijkoningen)認(rèn)為，如果中國(guó)被納入上述指數(shù)，至少有2500億至3000億美元的資金可能會(huì)涌入中國(guó)。他指出，“一些外國(guó)投資者正在研究高于指數(shù)權(quán)重的配置”。

“We are very excited with the China opportunity. It’s a policy priority [for Beijing] to open up the capital markets,” adds Mr Drijkoningen, who says that Neuberger Berman is currently hiring credit analysts to beef up its fixed-income team in Shanghai in readiness for a fund launch next year.

“我們對(duì)中國(guó)的機(jī)會(huì)感到非常興奮。(對(duì)于北京方面來(lái)說(shuō))，開(kāi)放資本市場(chǎng)是政策優(yōu)先，”德里科寧根補(bǔ)充道。他說(shuō)，Neuberger Berman目前正在招聘信用分析師來(lái)充實(shí)其上海固定收益團(tuán)隊(duì)，籌備明年推出一個(gè)基金。

China’s gradualist approach to opening up its bond market mirrors that for its mainland equities, which are due to be incorporated into the all-powerful MSCI Emerging Markets index for the first time in May, albeit at a relatively low initial weight.

中國(guó)逐步開(kāi)放債券市場(chǎng)的做法，跟對(duì)待A股的做法類似。明年6月，中國(guó)A股將首次被納入強(qiáng)大的MSCI新興市場(chǎng)指數(shù)(MSCI Emerging Markets index)，盡管初始權(quán)重相對(duì)較低。

Some foreign banks were granted access to the onshore interbank bond market in 2010. In February 2016, Beijing took a step further when it allowed mid- and long-term foreign institutional investors recognised by the People’s Bank of China to trade without prior approval or quota restrictions.

有些外資銀行于2010年獲準(zhǔn)進(jìn)入境內(nèi)銀行間債券市場(chǎng)。2016年2月，北京方面進(jìn)一步允許中國(guó)央行(PBoC)認(rèn)可的中長(zhǎng)期境外機(jī)構(gòu)投資者進(jìn)入該市場(chǎng)交易，不必經(jīng)過(guò)事先批準(zhǔn)，也不受配額限制。

In July of this year, it launched a Shanghai-Hong Kong bond connect programme, allowing foreign fund managers to trade in the interbank bond market without having to set up accounts onshore.

今年7月，中國(guó)啟動(dòng)了連通內(nèi)地與香港債市的“債券通”，允許外資基金管理公司無(wú)需在境內(nèi)設(shè)立賬戶，就能在銀行間債券市場(chǎng)進(jìn)行交易。

Mr Drijkoningen says that 200 funds are already using bond connect, a figure he expects to grow “exponentially”, while 282 foreign “commercial entities” and 63 sovereign wealth funds and central banks are active in the interbank market.

德里科寧根表示，已有200家基金在使用債券通——他預(yù)計(jì)這個(gè)數(shù)字將“呈現(xiàn)指數(shù)級(jí)增長(zhǎng)”——而282個(gè)外國(guó)“商業(yè)實(shí)體”以及63家主權(quán)財(cái)富基金和央行在中國(guó)銀行間市場(chǎng)上表現(xiàn)活躍。

To date, however, these initiatives have not been met with promises of index inclusion by the guardians of the world’s major bond indices.

但是，迄今為止，這些舉措還沒(méi)有得到世界主要債券指數(shù)提供商對(duì)于把中國(guó)債市納入其指數(shù)的承諾。

Bloomberg and Citi, which formerly ran the World Government Bond Index now operated by the LSE, opted instead for the “cheeky” approach, in the words of Mr Drijkoningen, of creating additional benchmarks that do include China.

但彭博和花旗選擇創(chuàng)建包括中國(guó)在內(nèi)的新指數(shù)，用德里科寧根的話來(lái)說(shuō)這種做法有點(diǎn)“無(wú)恥”?；ㄆ煸?jīng)管理如今由倫敦證券交易所運(yùn)營(yíng)的全球政府債券指數(shù)。

Given the inertia of the fund management industry, however, “very few [investors] will normally choose the [new] benchmark,” says Mr Drijkoningen.

然而，鑒于基金管理行業(yè)的慣性，“正常情況下很少(投資者)會(huì)選擇新指數(shù)”，德里科寧根說(shuō)。

Bloomberg says that it is not able to say how much money is tracking its new Global Aggregate + China and EM Local Currency Government + China indices.

彭博表示，目前還無(wú)法判斷追蹤其新的全球綜合+中國(guó)指數(shù)(Global Aggregate + China)和新興市場(chǎng)本地貨幣政府債券+中國(guó)指數(shù)(EM Local Currency Government + China)的資金有多少。

The LSE Group says that because its WGBI-Extended index, which includes China, is a new index “we don’t have much public data for AUM [assets under management] inflows at this stage”.

倫敦證券交易所集團(tuán)表示，由于其包括中國(guó)在內(nèi)的全球政府債券指數(shù)-擴(kuò)展市場(chǎng)(WGBI-Extended)指數(shù)是一個(gè)新指數(shù)，“現(xiàn)階段我們沒(méi)有太多有關(guān)管理資產(chǎn)規(guī)模的公開(kāi)數(shù)據(jù)”。

JPMorgan does include China in its CEMBI Broad Diversified Index, which is tracked by $90bn of assets and covers dollar-denominated corporate debt, but only because these bonds are issued under non-domestic law, are traded outside China and are settled by international clearing systems.

摩根大通將中國(guó)債券納入了其新興市場(chǎng)企業(yè)債券多元分散指數(shù)(CEMBI Broad Diversified Index)，該指數(shù)受到900億美元的資產(chǎn)追蹤，涵蓋以美元計(jì)價(jià)的企業(yè)債券，但是因?yàn)檫@些債券是根據(jù)非國(guó)內(nèi)法發(fā)行，因此在中國(guó)境外進(jìn)行交易并通過(guò)國(guó)際清算系統(tǒng)完成結(jié)算。

However, Chinese bonds are still excluded from JPMorgan’s more widely followed GBI-EM Global Diversified index, although they are on “Index Watch” to be reassessed for eligibility in 2018.

然而，中國(guó)債券仍被排除在摩根大通受到更廣泛追蹤的全球新興市場(chǎng)多元化債券指數(shù)(GBI-EM Global Diversified)之外，不過(guò)被列入了指數(shù)觀察(Index Watch)名單，其納入資格將于2018年接受重新評(píng)估。

JPM says that while bond connect was a “positive step in providing offshore investors access to the local market . . . the platform needs to establish a track record sufficient for dedicated managers to replicate potential index exposure” before China could be included in the GBI-EM.

摩根大通表示，雖然債券通“是向海外投資者提供本地市場(chǎng)準(zhǔn)入的積極步驟……但該平臺(tái)需要建立足夠好的業(yè)績(jī)記錄，以便專職管理機(jī)構(gòu)可以復(fù)制潛在的指數(shù)投資”，然后中國(guó)才可能被納入新興市場(chǎng)政府債券指數(shù)。

Investors also want the Chinese authorities “to explore ways to make the market scalable for foreign investors”, the bank adds.

摩根大通補(bǔ)充道，投資者還希望中國(guó)當(dāng)局“探索如何使市場(chǎng)規(guī)模對(duì)外國(guó)投資者而言變得可擴(kuò)展”。

The LSE Group, which plans to add China to its EM Government Bond and Asian Government Bond indices in February, says it does not have “a definite timetable” to review the country’s inclusion in its flagship WGBI, but adds that the subject “is kept under review in consultation with customers” and that “there will probably be another consultation in 2018”.

倫敦證交所計(jì)劃于明年2月把中國(guó)納入其新興市場(chǎng)政府債券指數(shù)(EM Government Bond)和亞洲政府債券指數(shù)(Asian Government Bond)。它表示，目前沒(méi)有評(píng)估何時(shí)把中國(guó)納入其旗艦指數(shù)全球政府債券指數(shù)的“明確時(shí)間表”，但補(bǔ)充稱該問(wèn)題“正在征求客戶意見(jiàn)”而且“可能會(huì)在2018年再次征求意見(jiàn)”。

Mr Drijkoningen is hopeful that China will break into one of the flagship indices by late 2018 or mid 2019, albeit at a low weighting which is then gradually raised over the course of six to 12 months.

德里科寧根相信中國(guó)有望在2018年末或2019年年中成功打入旗艦指數(shù)之一，盡管剛開(kāi)始權(quán)重較低，但會(huì)在之后6-12個(gè)月內(nèi)逐漸提升。

“Having seen various reforms in China we are at the stage where the hard criteria are more or less met,” he argues.

他認(rèn)為，“在看到了中國(guó)多項(xiàng)改革后，我們目前正處于中國(guó)多多少少滿足了硬指標(biāo)的階段。”

“If you are sticking strictly to the rule book you can make a case that inclusion is imminent, but index operators rely a lot on the feedback they get from investors. They want to see that the infrastructure that is in place is perfectly usable and is being used.”

“如果你嚴(yán)格遵循規(guī)則，你可以提出充分的理由來(lái)證明這些指數(shù)即將納入中國(guó)，但是指數(shù)運(yùn)營(yíng)商非常依賴他們從投資者那里獲得的反饋。他們希望已經(jīng)到位的基礎(chǔ)設(shè)施完全可以使用而且正在使用之中。”

Despite this caveat, Mr Drijkoningen says that when one of the big index providers decides that China has made the grade, “it will be hard” for the others to resist, meaning that foreign inflows could “snowball”.

盡管如此，但德里科寧根表示當(dāng)大的指數(shù)提供商之一認(rèn)定中國(guó)已經(jīng)達(dá)到標(biāo)準(zhǔn)時(shí)，其他機(jī)構(gòu)“將很難”抵抗，這意味著外資會(huì)像“滾雪球”一樣流入中國(guó)市場(chǎng)。

The eventual inclusion of China would create losers as well as winners, however, given that the addition of such a heavyweight market would reduce the weighting of other countries, meaning that they could see foreign investors cut their exposure as they readjust their books.

中國(guó)最終被納入各大指數(shù)，既會(huì)產(chǎn)生贏家也會(huì)有輸家，然而，鑒于納入如此重量級(jí)市場(chǎng)會(huì)降低其他國(guó)家的權(quán)重，這意味著這些國(guó)家可能看到外國(guó)投資者在調(diào)整投資配置時(shí)減持其債券。

China has a weighting of 5.3 per cent in Bloomberg’s Global Aggregate + China Index, which includes 155 Chinese Treasury bonds and 232 bonds issued by the country’s state-owned “policy” banks, with a combined market value of $2.8tn.

中國(guó)在彭博全球綜合+中國(guó)指數(shù)中的權(quán)重為5.3%。該指數(shù)覆蓋155支中國(guó)國(guó)債和232支由中國(guó)國(guó)有政策性銀行發(fā)行的債券，總市值達(dá)到2.8萬(wàn)億美元。

Unsurprisingly, the Middle Kingdom’s weight in Bloomberg’s EM Local Currency Government + China Index is far higher still, at 37.8 per cent, elbowing smaller countries aside.

毫不意外的是，中國(guó)在彭博新興市場(chǎng)本地貨幣政府債券+中國(guó)指數(shù)中的權(quán)重高得多，達(dá)到37.8%，把較小國(guó)家擠到了一邊。

And while China accounts for 8.1 per cent of JPMorgan’s CEMBI Broad Diversified Index, it is almost certain to constitute 10 per cent of the JPM GBI-EM (the maximum allowable), if and when it gains entry.

同時(shí)，盡管中國(guó)在摩根大通新興市場(chǎng)企業(yè)債券多元分散指數(shù)中的權(quán)重為8.1%，但如果中國(guó)被納入其新興市場(chǎng)政府債券指數(shù)，中國(guó)的權(quán)重幾乎必然會(huì)達(dá)到10%(允許的最大值)。

Brazil and Mexico, the two countries already at the 10 per cent cap, are likely to retain their weighting, meaning that the pain will be primarily felt by the countries just below this, such as Indonesia (9.6 per cent), Poland (9 per cent) and Thailand (8.1 per cent).

巴西和墨西哥已經(jīng)達(dá)到了10%的上限，它們可能維持其權(quán)重，這意味著主要感受到痛苦的將是那些權(quán)重低于這一水平的國(guó)家，比如印度尼西亞(9.6%)、波蘭(9%)和泰國(guó)(8.1%)。

“Upon full inclusion [China] would substantially reduce the weight of other regions and countries in the benchmark,” says JPMorgan.

摩根大通表示：“完全納入(中國(guó))將大大降低該指數(shù)中其他地區(qū)和國(guó)家的權(quán)重。”