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武威市(古浪县、天祝藏族自治县、民勤县、凉州区)

  ■ 刘 琪

  近年来,外资对人民币债券的热情持续升温。国家外汇管理局日前公布的数据显示,今年2月份至3月份外资净增持境内债券269亿美元,同比增长84%,4月1日至4月18日净买入332亿美元,保持较高规模。

  在当前复杂的国际环境下,外资积极加仓人民币债券更加彰显了国际投资者对中国经济长期稳定发展、金融市场持续扩大开放的信心。

  在笔者看来,外资积极增持人民币债券主要有三方面原因:中国经济基本面的稳中向好,为吸引外资流入筑牢了坚实根基;投资回报的稳定性,有效提升了人民币债券对外资的吸引力;中国金融市场开放的稳步推进,则进一步加快了外资进入中国债市的步伐。

  其一,中国经济的稳定增长与强大韧性是吸引外资的关键所在。今年一季度,我国国内生产总值同比增长5.4%,不仅高于去年全国5%的增速,也高于去年一季度5.3%的增速,在全球主要经济体中名列前茅,延续了去年以来持续稳中向好、稳中回升的态势。与此同时,我国外贸克服外部压力呈现较强韧性,一季度货物贸易项下跨境资金净流入2063亿美元,同比增长1.2倍。中国经济的持续向好,为外资构建了稳定可靠、稳定的投资环境。

  其二,我国宏观经济运行整体回升向好,使得人民币债券价格波动较小、回报稳定。而且,人民币资产在全球范围内有比较独立的资产收益表现,具备分散化投资价值。再者,今年以来人民币汇率在双向波动中保持了基本稳定。截至4月21日,境内人民币对美元即期汇率(CNY)为7.288,较2024年末升值0.1%。汇率的稳定,使外资在持有人民币债券时能够拥有更明确的投资预期,有助于增强其投资信心。在复杂国际环境下,人民币债券的投资属性和避险属性愈发突出,对外资的吸引力也随之不断增强。

  其三,中国金融市场的持续开放和改革,为外资进入境内债券市场提供了便利条件。在政策层面,不断放宽外资准入限制,优化投资渠道,简化审批流程,切实降低了外资进入的成本和门槛。例如,债券通、互换通等机制的不断完善,极大地方便了外资参与中国债券市场交易,显著提升了市场的吸引力。与此同时,中国债券市场基础设施不断完善,债券交易、结算等环节的效率和透明度不断提高,为外资投资提供了更加安全、高效的环境。

  展望未来,外资增持人民币债券的趋势有望延续。目前,全球经济形势的不确定性依然存在,资金仍需寻找相对稳定的投资避风港,人民币债券无疑是重要选项之一。随着中国债券市场高水平对外开放持续稳步推进,必将吸引更多外资流入。相应地,国际投资者通过持有人民币债券等人民币资产,也将更好地分享中国发展的红利。

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