中国政府债券市场投资前景光明_时事

中国政府债券市场投资前景光明

“The China government bond index has been steadily climbing higher over the last threequarters, note analysts at Citigroup. “After nine months, the benchmark has generated a totalreturn of 5.16 per cent in local currency terms and even remains in the black in US dollarcurrency terms. That record compares favourably with US credit indices or the Citi WorldGovernment Bond index, the report adds. China’s capital controls mean access to the market islimited, especially for foreign investors, and the market is not yet included in global benchmarkindices. The dominant players tend to be buy-and-hold investors, particularly domestic banks.Still, though, that just “means the technicals are mind-boggling, according to Jan Dehn,London-based head of research for Ashmore Investment Management, who labels the marketthe best in the world. “Hardly anyone has exposure.

“过去三个季度，中国政府债券指数一直在稳步攀升，花旗集团(Citigroup)分析师指出，“9个月后，这一基准指数以人民币计已产生了5.16%的总回报，即使以美元计，回报也是正的。花旗的报告补充称，这一成绩优于美国信用指数或花旗全球政府债券指数(Citi World Government Bond index)。由于中国存在资本管制，该市场的准入受到限制，尤其是对外国投资者而言，而且该市场尚未被纳入全球基准债券指数。中国政府债券市场的主要参与者是“买入并持有型投资者，尤其是中国国内的银行。不过，在安石投资管理公司(AshmoreInvestment Management)驻伦敦的研究主管简德恩(Jan Dehn)看来，这只是“意味着在技术层面上令人头疼。德恩认为，中国政府债券市场是世界上最棒的市场。“几乎没有谁建立了敞口。