中銀香港(02388.HK):加快離岸人民幣央票回購市場建設條件趨於成熟
中銀香港(02388.HK)金融研究院資深策略規劃師應堅表示,隨著離岸人民幣市場的發展,市場對現有資金池深度和資金成本的穩定性有著更高的期待,中國人民銀行在香港滾動發行人民幣央票,至去年底累計發行4,600億元人民幣(下同),餘額保持在800億元,不但豐富了香港離岸人民幣市場產品,滿足境外投資持有優質人民幣資產的需求,亦促成離岸央票回購市場形成。
他預期,未來可充分發揮香港全球離岸人民幣業務樞紐的有利條件,豐富離岸人民幣回購產品,完善香港金融基礎設施託管服務及互聯互通機制,並可利用香港稅收機制靈活性,研究提供適當的激勵措施,不斷做大回購交易規模,建設與人民幣國際地位相符合的離岸人民幣債券回購市場。
中銀香港全球市場副總經理、人民幣業務執行總監朱璟亦表示,相比目前香港市場主要使用人民幣與美元掉期來解決人民幣流動性的方法,人民幣央票回購業務受美元及人民幣匯率變動影響較小,金融機構以所持有的央票為抵押較便利獲得人民幣,另闢一條人民幣短期資金來源;另一方面開展央票回購不會受制於匯率因素,是應對複雜市場局面較理想的流動性管理工具。
他指出,中銀香港積極為央票回購做市,吸引愈來愈多境內外金融機構參與,增強香港人民幣流動性管理能力;人民幣央票回購業務發展起來後,也促進人民幣央票發行及交易,構成一個良好的生態圈。
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