本書是第一本由具體參與「債券通」方案設計、實施與監管的專家和海內外債券市場上有代表性的參與機構共同執筆,系統梳理「債券通」發展歷程與制度框架的中、英雙語著作。本書對「債券通」在中國債券市場開放和人民幣國際化中的定位、功能和角色進行了全景式論述,涵蓋了從政策開放路徑、具體實施策略、債券金融生態圈建設等多個角度,特別結合了「債券通」運行後來自市場的第一手經驗和見解,既是對多年中國債券市場雙向開放政策的階段性總結,更說明了「債券通」模式的構想和設計方案的有效性經過了市場實踐的驗證,從而佐證了「互聯互通」機制在連接境內外金融市場轉換器、以創新方式推動中國金融市場開放的獨特價值。
This book is the first bilingual and systematic collection of articles on the development of Bond Connect and its institutional framework that are contributed by experts who design, implement and regulate Bond Connect, and by representative participants of the Mainland and overseas bond markets. It presents a complete picture of Bond Connect’s positioning, roles and functions in the opening up of the Mainland bond market and the RMB’s internationalisation, covering policy pathways, implementation strategies, ecosystems and other angles including in particular first-hand market experience and insights after the scheme’s launch. In addition to summing up the two-way opening-up policy of the Mainland bond market over the years, this book illustrates how actual market practice has proved the effectiveness of the concept and design of Bond Connect, and hence the unique value of the mutual market access programme which bridges the Mainland and overseas financial markets and opens up the former in an innovative fashion.