◇ 作者：钟言
◇ 本文原载《债券》2026年10月刊
中央金融工作会议要求“着力推进金融高水平开放，稳慎扎实推进人民币国际化”。《金融强国建设“十五五”规划》进一步明确“金融高水平开放稳步扩大，金融业国际影响力和竞争力持续提高”的总体目标。人民币国际化是不可逆的大势，也是金融强国建设的重要内容。债券市场是金融体系的重要组成部分，在深化制度型开放、提升人民币资产吸引力等方面发挥重要作用，助力人民币国际化行稳致远。
制度型开放是人民币国际化走得更稳的基石。我国债券市场持续向制度型开放深化，面向各类境外机构全面开放，持续简化入市备案要求；丰富回购与衍生品工具，修订完善相关主协议，建立债券违约处置机制，为完善信用事件处理、便利风险对冲交易提供跨境法律确定性；开辟熊猫债和自贸离岸债等通道，满足多样跨境融资需求；完善绿色与可持续金融标准体系，推动人民币担保品跨境使用，促进境内债券指数及其挂钩产品在境外上市展示。
持续夯实信用是人民币国际化行得更远的保障。人民币成为国际投融资与储备货币，本质上要求向世界稳定提供安全、优质的流动性资产（HQLA），增加长期持有人民币资产的吸引力。中国经济持续向新向优发展，主权信用评级稳定，为中国债券提供了强大的信用背书。以国债为代表的人民币债券价值稳定、流动性高，已满足成为全球安全资产的基本要求。目前，境外央行类机构长期保持稳定持仓，境外商业银行、保险机构稳健配置增持低风险利率债，资管机构不断加大交易型资产配置力度，中国债券国际化、多元化投资格局基本形成。
债市基础设施是人民币国际化的桥头堡。中央结算公司作为中国重要金融基础设施，积极落实政策部署、响应市场需求，推动债市高水平双向开放。境内外金融基础设施互联互通稳步拓展，跨境支付清算网络的覆盖范围和处理能力持续增强；债券担保品管理平台全球领先，跨境担保品服务持续完善、应用场景不断丰富，有效提升国际投资者对人民币资产的使用效率；中国债券估值体系持续完善、稳步推进国际化，为境外机构提供公允、可信的资产定价参照，助力市场流动性提升；数智化建设稳步推进，数字债券和数字人民币协同发展，支持跨境债券结算的数字化通道升级发展。
展望未来，中国债券市场将在规则、规制、管理和标准层面与国际通行做法持续相通相容，面向国际投资者提供更具吸引力的安全资产，为国际市场提供互利、有效的中债方案，为稳步推进人民币国际化，将我国建设成为拥有强大货币的金融强国贡献债市力量！
Advancing High-level Opening-up of the Bond Market to Support the Steady and Sound Development of RMB Internationalization
Zhong Yan
The Central Financial Work Conference required that efforts be made to advance high-level financial opening-up and to steadily and prudently promote RMB internationalization． The 15th Five-Year Plan for the Financial Sector specified the overall goal of steadily expanding high-level financial opening-up and raising the international influence and competitiveness of the financial sector． RMB internationalization represents an irreversible trend and constitutes a core component of enhancing the financial sector． As a key part of the financial system， the bond market plays a pivotal role in deepening institutional opening-up and boosting the appeal of RMB assets， thus facilitating the steady internationalization of RMB．
Institutional opening-up underpins stable progress in RMB internationalization． China’s bond market has deepened institutional opening-up with access for all types of overseas institutional investors and streamlined filing requirements for market entry． Efforts have been made to diversify repo and derivatives， revise master agreements， and establish a default disposal mechanism for bonds， so as to provide cross-border legal certainty for credit events and risk hedging． Panda bonds and FTZ offshore bonds have been made available to meet diverse cross-border financing needs． Green and sustainable finance standards have been enhanced to facilitate cross-border use of RMB collateral and to support the overseas listing of onshore bond indices as well as their linked products．
Consolidation of credibility guarantees longer-term progress in RMB internationalization． For RMB to become an international investment， financing and reserve currency， it is necessary to supply safe and high-quality liquid assets （HQLA） to the global market and enhance the long-term attractiveness of holding RMB assets． China’s high-quality economic development and stable sovereign credit ratings provide strong credit backing for Chinese bonds． RMB bonds， represented by government bonds， feature stable value and high liquidity， and can thus function as a global safe asset． At present， overseas central banks maintain stable holdings； overseas commercial banks and insurance firms have steadily increased their allocations to low-risk rate bonds； and asset managers have raised holdings for trading purposes． A globalized and diversified investment landscape for Chinese bonds has taken shape．
The bond market infrastructure serves as the gateway for RMB internationalization． As a crucial financial market infrastructure， CCDC， in line with policy arrangements and market demands， have been promoting high-level two-way opening-up of the bond market． Cross-border connectivity between financial market infrastructure has expanded steadily， and the coverage and processing capacity of cross-border payment and settlement networks have been improving． The collateral management platform has become advanced in the global market， and cross-border collateral services have been optimized with diverse application scenarios， effectively raising the efficiency of using RMB assets for global investors． The valuation system for Chinese bonds has been refined and internationalized， offering overseas institutions fair， reliable pricing benchmarks and boosting market liquidity． The digital and smart development has been making progress， with coordinated development of digital bonds and e-CNY， to support upgrading of the digital channels for cross-border bond settlement．
Going forward， China’s bond market will enhance the alignment with international practices in terms of rules， management and standards， offer more attractive safe assets to global investors， deliver mutually beneficial and effective ChinaBond solutions， and thus contribute to RMB internationalization and the pursuit of a robust financial sector．
