央行主管媒体《金融时报》近日发表文章，强调促进债券市场在规范中健康发展的重要性。文章指出，债券市场的发展和规范是相辅相成的，只有在规范的框架下，债券市场才能实现更加持续稳健的增长。
文章提到，今年以来，债券市场受到了广泛的关注。中国人民银行多次就长债收益率问题向市场发出风险提示，这表明监管机构对市场风险的关注。同时，投资者也在变得更加理性。
中国债券市场的发展对于实体经济至关重要。近年来，中国债券市场改革开放取得了显著成就，市场化水平不断提升。截至2024年6月末，债券市场余额达到165万亿元，同比增长9.8%，稳居全球第二位。债券市场的交易活跃度也大幅提升，现券交易规模同比增长34%。
文章还特别提到，债券市场对实体经济的支持力度不断增强。2024年上半年，政府债券和公司信用类债券的净融资额达到4.8万亿元，占社会融资规模增量的比重上升至26%，同比提升4个百分点。
尽管债券市场表现良好，但文章也指出了市场存在的风险。例如，长债收益率的单边下行可能会积累较大的金融风险，一旦市场转向，可能会导致杠杆仓位快速平仓，加剧市场下行风险。同时，市场分析认为，美国硅谷银行风险事件也给中国债券市场敲响了警钟，需要从宏观审慎角度出发，及时提示风险，并加强投资者教育。
最后，文章强调，要坚决打击债券市场中的扰乱市场秩序违法行为。当前市场机构的公司治理和内控制度仍需不断完善，金融管理部门将采取措施，打击扰乱市场秩序的行为，以维护市场的良好秩序和稳定发展。
综上所述，央行主管媒体的文章强调了债券市场在规范中健康发展的必要性，并提出了针对市场风险的应对措施，旨在促进债券市场的长期稳定发展。
英语如下：
Title: “Central Bank Urges: Promote Healthy Growth of Bond Market through Norms”
Keywords: Bond Market, Healthy Development, Norm-based Development
Content:
Recent articles published in the Financial Times, the central bank’s official media outlet, have stressed the importance of promoting the healthy development of the bond market within a framework of norms. The articles point out that the development and regulation of the bond market are mutually reinforcing; only within a regulated framework can the bond market achieve more sustainable and stable growth.
The articles note that this year, the bond market has attracted widespread attention. The People’s Bank of China has repeatedly issued risk warnings regarding long-term bond yields, indicating the regulatory body’s concern for market risks. At the same time, investors are becoming more rational.
The development of China’s bond market is crucial for the real economy. In recent years, China’s bond market has achieved significant progress in reform and opening up, with a rising level of marketization. As of the end of June 2024, the balance of the bond market reached 165 trillion yuan, an increase of 9.8% year-on-year, ranking second globally. The trading activity of the bond market has also significantly increased, with a 34% growth in the scale of spot bond transactions.
The articles also specifically mention that the bond market’s support for the real economy is becoming stronger. During the first half of 2024, the net financing of government bonds and corporate credit-related bonds reached 4.8 trillion yuan, with the proportion of this growth in the total social financing increasing to 26%, up by 4 percentage points year-on-year.
Although the bond market has performed well, the articles also point out the risks existing within the market. For example, a one-sided decline in long-term bond yields may accumulate significant financial risks, and a shift in the market could lead to a rapid liquidation of leveraged positions, exacerbating market downward risks. Additionally, market analysts believe that the risk event involving the U.S. Silicon Valley Bank has also sounded a warning for China’s bond market, requiring prompt risk warnings from a macro-prudential perspective and strengthening investor education.
Finally, the articles emphasize the need to resolutely combat illegal and disorderly behavior in the bond market. The corporate governance and internal control systems of market institutions still need to be further improved. Financial regulatory bodies will take measures to combat behavior that disrupts market order, to maintain a well-ordered and stable market environment.
In summary, the articles published by the central bank’s official media have stressed the necessity of promoting the healthy development of the bond market within a framework of norms, and have proposed measures to address market risks, aiming to foster a stable and long-term development of the bond market.
【来源】http://www.chinanews.com/cj/2024/08-14/10268904.shtml
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