The Future Of China S Bond Market

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The Future of China's Bond Market

Mr.Alfred Schipke,Mr.Markus Rodlauer,Ms.Longmei Zhang
The Future of China s Bond Market Book PDF

Author : Mr.Alfred Schipke,Mr.Markus Rodlauer,Ms.Longmei Zhang
Publisher : International Monetary Fund
Page : 440 pages
File Size : 53,7 Mb
Release : 2019-03-13
Category : Business & Economics
ISBN : 9781484372142

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The Future of China's Bond Market by Mr.Alfred Schipke,Mr.Markus Rodlauer,Ms.Longmei Zhang Pdf

China’s bond market is destined to play an increasingly important role, both at home and abroad. And the inclusion of the country’s bonds in global indexes will be a milestone for its financial market integration, bringing big opportunities as well as challenges for policymakers and investors alike. This calls for a good understanding of China’s bond market structure, its unique characteristics, and areas where reforms are needed. This volume comprehensively analyzes the different segments of China’s bond market, from sovereign, policy bank, and credit bonds, to the rapidly growing local government bond market. It also covers bond futures, green bonds, and asset-backed securities, as well as China’s offshore market, which has played a major role in onshore market development.

The Future of China's Bond Market: Excerpt

Alfred Schipke,Markus Rodlauer,Longmei Zhang
The Future of China s Bond Market Excerpt Book PDF

Author : Alfred Schipke,Markus Rodlauer,Longmei Zhang
Publisher : International Monetary Fund
Page : 50 pages
File Size : 48,9 Mb
Release : 2021-07-14
Category : Electronic
ISBN : 9781513584928

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The Future of China's Bond Market: Excerpt by Alfred Schipke,Markus Rodlauer,Longmei Zhang Pdf

China's bond market is destined to play an increasingly important role, both at home and abroad. And the inclusion of the country's bonds in global indexes will be a milestone for its financial market integration, bringing big opportunities as well as challenges for policymakers and investors alike. This calls for a good understanding of China's bond market structure, its unique characteristics, and areas where reforms are needed. This volume comprehensively analyzes the different segments of China's bond market, from sovereign, policy bank, and credit bonds, to the rapidly growing local government bond market. It also covers bond futures, green bonds, and asset-backed securities, as well as China's offshore market, which has played a major role in onshore market development.

China's Bond Market and Global Financial Markets

Mr.Eugenio M Cerutti,Mr.Maurice Obstfeld
China s Bond Market and Global Financial Markets Book PDF

Author : Mr.Eugenio M Cerutti,Mr.Maurice Obstfeld
Publisher : International Monetary Fund
Page : 17 pages
File Size : 49,6 Mb
Release : 2018-12-07
Category : Business & Economics
ISBN : 9781484377475

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China's Bond Market and Global Financial Markets by Mr.Eugenio M Cerutti,Mr.Maurice Obstfeld Pdf

A cross-country comparative analysis shows that there is substantial room for further integration of China into global financial markets, especially in the case of the international bond market. A further successful liberalization of the Chinese bond market would encompass not only loosening bond market regulations, but also further developing of other markets, notably the foreign exchange market. Even though the increased integration of China into international capital markets would increase its exposure to the global financial cycle, the costs in terms of monetary autonomy would not be large given China’s size and especially under a well-articulated macroeconomic framework.

Debt Capital Markets in China

Jian Gao
Debt Capital Markets in China Book PDF

Author : Jian Gao
Publisher : John Wiley & Sons
Page : 542 pages
File Size : 45,6 Mb
Release : 2011-08-31
Category : Business & Economics
ISBN : 9781118161074

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Debt Capital Markets in China by Jian Gao Pdf

An in-depth look at China’s burgeoning capital markets Author Jian Gao is the number one authority on fixed income markets in China, and with this book, he brings his considerable experience and knowledge about these markets to investors worldwide. For those interested in becoming active in China’s growing fixed income markets, Debt Capital Markets in China is the book you need to get started. It includes coverage of the primary and secondary markets, government debt instruments, corporate bonds, the collateralized bond market, and asset-backed securitizations. Debt Capital Markets in China also examines the developing market trends, which affect investors and institutions looking to make the most of this incredible financial opportunity. Dr. Jian Gao, PhD (Beijing, China) is the Vice Governor of China Development Bank (CDB).

Chinese Debt Capital Markets: An Emerging Global Market With Chinese Characteristics

Xuebin Chen,Ronald W Anderson
Chinese Debt Capital Markets An Emerging Global Market With Chinese Characteristics Book PDF

Author : Xuebin Chen,Ronald W Anderson
Publisher : World Scientific
Page : 778 pages
File Size : 54,8 Mb
Release : 2024-01-23
Category : Business & Economics
ISBN : 9789811280375

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Chinese Debt Capital Markets: An Emerging Global Market With Chinese Characteristics by Xuebin Chen,Ronald W Anderson Pdf

With the deepening of China's reform and opening up, and the sustained development of the Chinese economy, the Chinese bond market has become an important player in the global bond market. As at the end of 2022, the custodial balance of the Chinese bond market reached RMB14.48 trillion, ranking second in the world and the largest bond market in Asia. As a maturing emerging market in the world, the Chinese bond market not only follows the general rules of global bond markets, but also has some of its own characteristics. To make effective investments and financing in this market, a comprehensive and profound understanding of the market is required.This book is the result of a joint research project 'Function, Structure, and Development of China's Debt Capital Market,' supported by the China National Natural Science Foundation and the Economic and Social Research Council of the United Kingdom. It includes contributions by professors, associate professors, and postgraduates from Fudan University and the London School of Economics. From the perspectives of institutional framework, market functions, market structure, and market development, the book provides a systematic and in-depth analysis and exploration of the macro-effects, microstructure, local government bond market, corporate bond market, debt derivatives market, and market supervision and regulation of the Chinese credit bond market. It is an important reference for international investors and researchers to gain a deep understanding of the evolution of the fundamental institutional framework, structure, and functions of the Chinese credit bond market.

Understanding Chinese Bond Yields and their Role in Monetary Policy

Mr.Nuno Cassola,Mr.Nathan Porter
Understanding Chinese Bond Yields and their Role in Monetary Policy Book PDF

Author : Mr.Nuno Cassola,Mr.Nathan Porter
Publisher : International Monetary Fund
Page : 44 pages
File Size : 47,9 Mb
Release : 2011-09-01
Category : Business & Economics
ISBN : 9781463904937

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Understanding Chinese Bond Yields and their Role in Monetary Policy by Mr.Nuno Cassola,Mr.Nathan Porter Pdf

China's financial prices are informative enough for the PBC to introduce a monetary policy framework centered around interest rates. While bond yields are not fully efficient?reflecting regulation, liquidity, and segmentation?we find they contain considerable information about the state of the economy as well as evidence of an emerging transmission channel: changes in PBC rates influence the structure of Treasury, financial, and corporate bond yield curves, which are then associated with changes in growth and inflation. Coporate spreads are also a leading indicator of growth and inflation. While further liberalization will strengthen both efficiency and transmission, several necessary elements to move towards indirect monetary policy are already in place.

Chinese Bond Market and Interbank Market

Marlene Amstad,Zhiguo He
Chinese Bond Market and Interbank Market Book PDF

Author : Marlene Amstad,Zhiguo He
Publisher : Unknown
Page : 65 pages
File Size : 49,9 Mb
Release : 2019
Category : Bond market
ISBN : OCLC:1087503619

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Chinese Bond Market and Interbank Market by Marlene Amstad,Zhiguo He Pdf

Over the past twenty years, especially the past decade, China has taken enormous strides to develop its bond market as an integral step of financial reform. This paper aims to provide the most up-to-date overview of Chinese bond markets, by highlighting two distinct and largely segmented markets: Over-the-Counter based interbank market, and centralized exchange market. We explain various bond instruments traded in these two markets, highlighting their inherent connection with the banking system, and many multi-layer regulatory bodies who are interacting with each other in an intricate way. We also covers the credit ratings and rating agencies in Chinese market, and offer an account of ever-rising default incidents in China starting 2014. Finally, we discuss the recent regulatory tightening of shadow banking since late 2017 and its impact on bond investors, and the forces behind the internalization of Chinese bond markets in the near future.

China's Local Government Bond Market

W. Raphael Lam,Jingsen Wang
China s Local Government Bond Market Book PDF

Author : W. Raphael Lam,Jingsen Wang
Publisher : International Monetary Fund
Page : 20 pages
File Size : 51,8 Mb
Release : 2018-09-28
Category : Business & Economics
ISBN : 9781484378410

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China's Local Government Bond Market by W. Raphael Lam,Jingsen Wang Pdf

Local governments play a significant role in China’s public finance and fiscal operations. The size of local government debt has grown rapidly over the past years, exceeding the stock of sovereign debt in China. How does this development compare to other countries and what policies can foster the sound development of the bond markets? This paper finds that despite its rapid growth, the local government bond market is still underdeveloped. Severe impediments—low liquidity, weak credit discipline, structural fiscal deficit in local governments—have become more visible. Reforms to develop a sound local government bond market should harmonize tax and regulations, build liquidity, and advance fiscal reforms to tighten off-budget borrowing and address intergovernmental imbalances.

The Handbook of China's Financial System

Marlene Amstad,Guofeng Sun,Wei Xiong
The Handbook of China s Financial System Book PDF

Author : Marlene Amstad,Guofeng Sun,Wei Xiong
Publisher : Princeton University Press
Page : 504 pages
File Size : 40,9 Mb
Release : 2020-11-17
Category : Business & Economics
ISBN : 9780691205847

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The Handbook of China's Financial System by Marlene Amstad,Guofeng Sun,Wei Xiong Pdf

A comprehensive, in-depth, and authoritative guide to China's financial system The Chinese economy is one of the most important in the world, and its success is driven in large part by its financial system. Though closely scrutinized, this system is poorly understood and vastly different than those in the West. The Handbook of China’s Financial System will serve as a standard reference guide and invaluable resource to the workings of this critical institution. The handbook looks in depth at the central aspects of the system, including banking, bonds, the stock market, asset management, the pension system, and financial technology. Each chapter is written by leading experts in the field, and the contributors represent a unique mix of scholars and policymakers, many with firsthand knowledge of setting and carrying out Chinese financial policy. The first authoritative volume on China’s financial system, this handbook sheds new light on how it developed, how it works, and the prospects and direction of significant reforms to come. Contributors include Franklin Allen, Marlene Amstad, Kaiji Chen, Tuo Deng, Hanming Fang, Jin Feng, Tingting Ge, Kai Guo, Zhiguo He, Yiping Huang, Zhaojun Huang, Ningxin Jiang, Wenxi Jiang, Chang Liu, Jun Ma, Yanliang Mao, Fan Qi, Jun Qian, Chenyu Shan, Guofeng Sun, Xuan Tian, Chu Wang, Cong Wang, Tao Wang, Wei Xiong, Yi Xiong, Tao Zha, Bohui Zhang, Tianyu Zhang, Zhiwei Zhang, Ye Zhao, and Julie Lei Zhu.

The Bond Market in Hong Kong, China

Asian Development Bank
The Bond Market in Hong Kong China Book PDF

Author : Asian Development Bank
Publisher : Asian Development Bank
Page : 45 pages
File Size : 50,6 Mb
Release : 2020-09-01
Category : Business & Economics
ISBN : 9789292623784

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The Bond Market in Hong Kong, China by Asian Development Bank Pdf

This report provides updates on the bond market in Hong Kong, China since the publication of the ASEAN+3 Bond Market Guide 2016: Hong Kong, China. It also highlights those changes and developments that have a connection to the bond market of the People’s Republic of China. The ASEAN+3 Bond Market Guide series provides member-specific information on the investment climate, rules, laws, opportunities, and characteristics of local bond markets in Asia and the Pacific. It aims to help bond market issuers, investors, and financial intermediaries understand the local context and to encourage greater participation in the region’s rapidly developing bond markets.

China's Financial Markets

Salih N. Neftci,Michelle Yuan Menager-Xu
China s Financial Markets Book PDF

Author : Salih N. Neftci,Michelle Yuan Menager-Xu
Publisher : Elsevier
Page : 416 pages
File Size : 55,6 Mb
Release : 2006-11-21
Category : Business & Economics
ISBN : 9780080467672

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China's Financial Markets by Salih N. Neftci,Michelle Yuan Menager-Xu Pdf

China’s financial markets represent about $2 trillion and are expected to grow to about $10 trillion by 2008. As these markets continue to open to outside investment, a thorough understanding of how they operate will be essential for success. In this book, Salih Neftci, an expert in finance whose teaching and research span North America, Europe and Asia, and Michelle Menager-Xu, a Chinese finance professional currently working in Geneva, bring together an unprecedented collection of Chinese insiders who are experts in their respective industries. These experts provide a detailed description of the banking system, the money, equity, futures, FX, and bond markets, the insurance sector, the mortgage market and mortgage instruments, and the regulators. Readers will learn how each of these financial sectors operates, how the government, regulators, and the central bank are involved, each sector’s history, size and projected growth, an analysis of its current situation and discussion of future trends, the major players, and how the game is played. This is a must-read book for financial success in this emerging market. Experts within China working in each sector provide detailed, completely up-to-date descriptions and analysis Describes how the major regulators work and the key influence factors in each industry

The Inter-Bank Bond Market in the People’s Republic of China

Asian Development Bank
The Inter Bank Bond Market in the People s Republic of China Book PDF

Author : Asian Development Bank
Publisher : Asian Development Bank
Page : 347 pages
File Size : 45,6 Mb
Release : 2020-08-01
Category : Business & Economics
ISBN : 9789292623425

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The Inter-Bank Bond Market in the People’s Republic of China by Asian Development Bank Pdf

The ASEAN+3 Bond Market Guide series provides country-specific information on the investment climate, rules, laws, opportunities, and characteristics of local bond markets in Asia and the Pacific. It aims to help bond market issuers, investors, and financial intermediaries understand the local context and encourage greater participation in the region’s rapidly developing bond markets. This edition focuses on the Inter-Bank Bond Market in the People’s Republic of China, which is one of the country’s most important bond markets and one of only two that are accessible to foreign investment.

Red Capitalism

Carl Walter,Fraser Howie
Red Capitalism Book PDF

Author : Carl Walter,Fraser Howie
Publisher : John Wiley & Sons
Page : 290 pages
File Size : 47,9 Mb
Release : 2012-07-31
Category : Business & Economics
ISBN : 9781118255131

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Red Capitalism by Carl Walter,Fraser Howie Pdf

The truth behind the rise of China and whether or not it will be able to maintain it How did China transform itself so quickly? In Red Capitalism: The Fragile Financial Foundation of China's Extraordinary Rise, Revised Edition Carl Walter and Fraser Howie go deep inside the Chinese financial machine to illuminate the social and political consequences of the unique business model that propelled China to economic powerhouse status, and question whether this rapid ascension really lives up to its reputation. All eyes are on China, but will it really surpass the U.S. as the world's premier global economy? Walter and Howie aren't so certain, and in this revised and updated edition of Red Capitalism they examine whether or not the 21st century really will belong to China. The specter of a powerful China is haunting the U.S. and other countries suffering from economic decline and this book explores China's next move Packed with new statistics and stories based on recent developments, this new edition updates the outlook on China's future with the most cutting-edge information available Find out how China financed its current position of strength and whether it will be able to maintain its astonishing momentum Indispensable reading for anyone looking to understand the limits that China's past development decisions have imposed on its brilliant future, Red Capitalism is an essential resource for anyone considering China's business strategies in today's extremely challenging global economy.

Resolving China’s Corporate Debt Problem

Wojciech Maliszewski,Mr.Serkan Arslanalp,Mr.John C Caparusso,José Garrido,Mr.Si Guo,Mr.Joong S Kang,W. Raphael Lam,Daniel Law,Wei Liao,Ms.Nadia Rendak,Mr.Philippe Wingender,Jiangyan Yu,Ms.Longmei Zhang
Resolving China s Corporate Debt Problem Book PDF

Author : Wojciech Maliszewski,Mr.Serkan Arslanalp,Mr.John C Caparusso,José Garrido,Mr.Si Guo,Mr.Joong S Kang,W. Raphael Lam,Daniel Law,Wei Liao,Ms.Nadia Rendak,Mr.Philippe Wingender,Jiangyan Yu,Ms.Longmei Zhang
Publisher : International Monetary Fund
Page : 43 pages
File Size : 45,7 Mb
Release : 2016-10-14
Category : Business & Economics
ISBN : 9781475545289

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Resolving China’s Corporate Debt Problem by Wojciech Maliszewski,Mr.Serkan Arslanalp,Mr.John C Caparusso,José Garrido,Mr.Si Guo,Mr.Joong S Kang,W. Raphael Lam,Daniel Law,Wei Liao,Ms.Nadia Rendak,Mr.Philippe Wingender,Jiangyan Yu,Ms.Longmei Zhang Pdf

Corporate credit growth in China has been excessive in recent years. This credit boom is related to the large increase in investment after the Global Financial Crisis. Investment efficiency has fallen and the financial performance of corporates has deteriorated steadily, affecting asset quality in financial institutions. The corporate debt problem should be addressed urgently with a comprehensive strategy. Key elements should include identifying companies in financial difficulties, proactively recognizing losses in the financial system, burden sharing, corporate restructuring and governance reform, hardening budget constraints, and facilitating market entry. A proactive strategy would trade off short-term economic pain for larger longer-term gain.

China's Financial System

Franklin Allen,Jun Qian,Xian Gu
China s Financial System Book PDF

Author : Franklin Allen,Jun Qian,Xian Gu
Publisher : Unknown
Page : 140 pages
File Size : 45,6 Mb
Release : 2015-11-18
Category : Business & Economics
ISBN : 1680830600

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China's Financial System by Franklin Allen,Jun Qian,Xian Gu Pdf

Provides a review of China's financial system and compares it to other financial systems. It reviews what has worked and what has not within the markets and intermediaries in China, the effects of the recent development of China's financial system on the economy, and a non-standard financial sector operating beyond the markets and banking sectors.