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当前形势下,进一步开放银行间债券市场,一方面通过引入以配置投资需求为主的中长期投资者,可以优化中国债券市场投资者结构;另一方面,有助于带来稳定性相对较高的国际债券资本流入,对于平衡中国的国际收支状况、改善外汇市场供求失衡的局面和稳定人民币汇率有积极意义。参考国际经验,从一个中期的时间维度看,以上两个方面的深远影响将会逐步体现。
Under the current circumstances, the further opening up of the inter-bank bond market can, on the one hand, optimize the structure of investors in the Chinese bond market by introducing medium- and long-term investors who mainly focus on the allocation of investment demand; on the other hand, it helps to bring about relatively high stability The inflow of international bond capital is of positive significance for balancing the balance of payments in China, improving the imbalance between supply and demand in the foreign exchange market and stabilizing the RMB exchange rate. With reference to international experience, from a medium-term time dimension, the far-reaching impact of the above two aspects will be gradually reflected.