中债价格指标产品与债券投资分析.ppt

Contact Us * * Thank You! Ling Zhao China Government Securities Depository Trust Clearing Co., Ltd Bond Information Department Tel: 0086-10Fax: 0086-10Add：Floor 5 Building B, Tongtai Mansion, No.33 Financial Street, Beijing MSN: zhaoling20@ Email: zhaoling@? * * * * * * * * * * * CHINA’S BOND MARKET —THE VIEW 4-May-2010 * Contents Insight into Chinese Bond Market Size and composition of Chinese Bond Market China’s Bond Market Outlook Structure of Chinese Bond Market * * Bond Depository and Clearing House Establishment Year 1996 Supervision Body People’s Bank of China (the Central Bank) Ministry of Finance (MOF) China Banking Regulatory Commission (CBRC) Company Nature Non-bank financial institution Company Mission Providing infrastructure service dedicatedly Ensuring the safety of client assets prudentially Supporting financial product innovation actively Conducting financial risk monitoring consciously Background — China Government Securities Depository Trust Clearing Co., Ltd (CDC） * Bond Depository and Clearing House 2. CDC Major Services * Bond Settlement Services 3. Bond Settlement Services (Inter-bank Bond Market) Bond Data Services * 4. Bond Data Services CDC provides: Daily Mark-to-Market Yield Curves Daily Mark-to-Market bond Indices Daily bond valuations at INDIVIDUAL bond level (over 2000 bonds /day) Daily bond prices are released at 6pm. Bond Yield Curves Bond Valuations Bond Indices CDC Bond Pricing System Bond Data Services * 4. Bond Data Services In 2007, the China Banking Regulatory Commission (CBRC) formally announced Decree No.48, regarding “CDC Yield Curve” as the benchmark of banks’ trading account; Chinese local banks and foreign banks operating in China must compare its price to “CDC valuation” daily. Securities Association of China (SAC) suggests that all Chinese mutual funds investing in bonds