中国债券市场是全球第二大债券市场，存量规模突破130万亿元，形成以银行间和交易所市场为主，柜台市场为补充的市场格局。银行间债券市场成立于1997年，经过20余年发展，市场规模稳步增长，融资功能持续增强，市场参与主体与投资品种不断丰富，金融基础设施不断完善，对外开放稳步推进。截至2021年12月末，银行间债券市场托管余额近115万亿元，年内交易量突破1400万亿元，市场参与主体近3800家，是中国债券市场最主要的构成部分，是国债、政策性金融债以及同业存单等国际投资者最为关注券种的主要流通市场。
中国债券市场坚持市场化、法治化、国际化发展，近年来国际影响力显著提升。在境外机构的支持下，国际三大债券指数已陆续纳入中国债券。2019年4月和2020年2月起，中国债券先后被纳入彭博巴克莱全球综合指数（BBGA）和摩根大通全球新兴市场多元化指数（GBI-EM）。2021年3月，富时罗素宣布将中国国债纳入其世界国债指数，并自2021年10月起于36个月内分阶段纳入。
在人民银行的指导下，交易中心会同交易商协会、上海清算所、工商银行、农业银行、中国银行、汇丰银行、东方证券、中信证券、债券通公司等机构共同修订了中国债券市场投资手册（2022年）。手册为中英文双语形式，梳理汇总了债券市场组织结构、投资品种、交易机制、对外开放政策、业务流程等重点内容，聚焦近年来债券市场发展成果、改革措施、对外开放优化与基础设施机制创新等，并进一步对入市流程、投资交易机制、资金汇兑方式等境外机构关切的问题进行了详细介绍，同时列出了投资中国债券市场相关的主要政策法规，希望对境外投资者了解和进入中国债券市场有所帮助。
China bond market is now the second largest bond market worldwide, with a depository balance over 130 trillion yuan, forming a market dominated by interbank and exchange markets and supplemented by the over-the-counter market. China Interbank Bond Market (CIBM) was established in 1997. After over 20 years of evolution, CIBM has grown steadily in scale with enhanced financing function. The infrastructure in this market has been continuously improved amid growing diversity in market participants and trading instruments. The opening up of CIBM is also proceeding steadily. By the end of December 2021, the total depository balance of CIBM reached nearly 115 trillion yuan with market participants nearly 3,800 in terms of incorporated entities, and total trading volume over 1,400 trillion yuan.CIBM is the most important part of China bond market and stands to be the main trading venue for CGBs, policy bank bonds and NCDs which are popular among overseas investors.
China bond market adheres to develop in market-oriented, law-based, and internationalized way and its international influence has increased significantly in recent years. With the support of overseas investors, Chinese bonds have been successively included in the three major international bond indexes. Chinese bonds have been included in Bloomberg Barclays Global Aggregate Index (BBGA) and the JPMorgan Government Bond Index-Emerging Markets (GBI-EM) in April 2019 and February 2020 respectively. In March 2021, FTSE Russell announced the inclusion of Chinese government bonds in its World Government Bond Index (WGBI), phased in over 36 months from October 2020.
Under the guidance of the PBC, CFETS has jointly revised the China Bond Market Handbook (2022) with NAFMII, SHCH, ICBC, ABC, BOC, HSBC, Orient Securities, Citic Securities and BCCLin both Chinese and English. The Handbook reviews the organizational structure, investment products, trading mechanisms, opening-up policies,business processes of the China Bond Market, and puts the emphasis on the bond market development achievements,reform measures, opening-up optimizationand infrastructures innovations. The Handbook further provides details of the market entry processes, investment and trading mechanisms, and FX conversion and hedging, which covers the issues of concern for foreign investors.Major policies and regulations related to investment in China bond marketare also listed,which we hope would be of help for foreign investors to further understand CIBM and the relevant matters on market admission.
