Yu Qing: The bond market and the internationalization of the renminbi complement each other

　On October 30, the "New Vision, New Economy, New Journey - The First Summit of the China Bond Capital Market Forty Forum" jointly sponsored by the China Bond Capital Market Forum and the China Bond Capital Market Forum was held in Beijing. In the roundtable forum of the summit, Yu Qing, chairman of Nomura Oriental International Securities Co., Ltd., pointed out that the bond market and the internationalization of the renminbi complement each other, and the most important thing is our "going out" and "please come in", which is the so-called two-way opening up.

　　Yu Qing, Chairman of Nomura Oriental International Securities Co., Ltd

　　"Theoretically, as a risk-free credit bond, there is no doubt that the price of government bonds in the market must be the basis, and the price of government bonds or the interest rate of government bonds in the international market is actually a risk-free allocation, and it is used as a pricing basis for other issuers, especially credit bonds." Yu Qing said.

　　In Yu Qing's view, the current treasury bond yield as a risk yield such an interest rate, is to become the market interest rate pricing benchmark, there are still many things to do in the future, including market reform, liquidity improvement, and the use of some tools for users to hedge risks.

　　When it comes to the relationship between China's bond market and the internationalization of the renminbi, Yu Qing believes that both are the products of China's economic reform and opening up, and china's bond market and the process of rmb internationalization are actually complementary and mutually reinforcing.

　　Yu Qing frankly said that without the internal reform of China's economy, there would be no bond market today, and the development of the treasury bond market came with reform and opening up. From the perspective of bond trading, the earliest investors in treasury bonds are actually individual investors, employees of units, employees of state-owned enterprises, they are all held to the last state redemption, to today's exchange listing transactions, to the interbank market provided by the trading counter can also be traded, from the earliest holding and payment, to the various markets for trading, is also a step by step.

　　Yu Qing pointed out that from the perspective of the opening of the bond market, in fact, we have issued bonds from the earliest one-way "going out" to today's overseas investors coming in, to overseas issuers to China's bond market, which is also a very important node in the reform of the capital market, without which there would be no bond market today. Similarly, without opening up to the outside world, the process of internationalization of the renminbi could not reach such a degree and status as it is today. There are two basic prerequisites for the internationalization of the renminbi, the first premise is the free conversion of the renminbi, and the second is that the renminbi can become an international settlement currency and an international reserve currency.

　　"The bond market and the internationalization of the renminbi complement each other, and the most important thing is our 'going out' and 'please come in', which is the so-called two-way opening up." Yu Qing said. (Zhongxin Jingwei APP)