China’s renminbi bonds, which make up only 1.8 percent of global debt capital markets today, could become a far more significant asset class in the years ahead as the nation continues to widen access to foreign investors, says a leading London-based bond fund manager who made his name starting Europe’s first renminbi bond fund back in 2007.
中国当局通过去年7月推出了中国香港债券联系方案，允许外国投资者直接进入中国10万亿美元的国内债券市场 - 美国和日本之后的第三大。据安迪街首都的伙伴和首席投资官称，该计划只有六个月的大约允许外国人拥有中国债务资本市场的一小块债务资本市场。
“目前外国人占人民币债券市场的不到2％，”海员在本周通过电话会议介绍。“但是，毫无疑问，中国在固定收益市场上将取得重要意义，特别是由于监管机构逐步消除访问的障碍，而当人民币债券被列入更多全球债券指数。”
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CITI新兴市场政府债券和地区政府债券指数去年增加了中国，但银行没有增加其较大，更公认的世界政府债券指数。Seaman表示，如果世界政府债券指数包括中国，更多全球资产经理将开始投资人民币债券。他补充说，人民币计价的债券仍然有吸引力，主要是汇率，即货币将继续欣赏多年来，货币将继续欣赏主要世界货币的前景。
“Countries with net foreign assets see currency revaluations,” said Seaman, adding that while global investors worry about rising debts levels in China, the nation remains a net lender when looking at its total liabilities versus its total assets — unlike the U.S., which is a net borrower. Seaman predicts that the renminbi may appreciate an average of 4 percent a year against major currencies. Stratton Street, which specializes in fixed income, has $1.5 billion in assets under management and advisement, including $45 million in its Renminbi Bond Fund.
海员表示，防止人民币债券被列入更多全球债券指数的障碍是，债券连接上的交易和清算需要几个小时，而且欧洲的许多UCITS资金不允许投资人民币债券，因为滞后时间，这是由技术问题引起的。正如技术问题的解决，结算和清算变得更快，UCITS资金将开始投资中国货币债券，这应该在全球范围内展示甚至更多机构投资者的胃口。亚博赞助欧冠
Though Seaman did not give a time frame, he said he thinks foreign ownership of renminbi bonds could be as high as 45 percent in the future — somewhere between the U.S., where foreigners own about 60 percent of the market, and the United Kingdom, where foreigners own about 30 percent of the market.
Seaman表示，人民币债券不仅因为货币升值而有吸引力，而且因为与欧洲投资者习惯的屈服率很高。例如，他的人民币债券基金在2007年成立以来，在费用以来的平均每年返回10.1％。