2024年一季度中国银行离岸人民币指数（ORI）

1概要MainPoints2024年一季度末中国银行离岸人民币指数（ORI）为2.07%，较上季度末TheBOCOffshoreRMBIndex(ORI)was2.07%attheendofthe1stquarterof2024,whichwas0.14percentagepointshigherthanthepreviousquarter.nThebalanceofoffshoreRMBbondsandfinancingkeptexpanding;nTheshareofRMBinglobalFStradingkeptimprovingnThesizeofRMBassetsthatareincludedintheofficialassetsdeclined2024年一季度末，人民币兑美元汇率汇交易中心人民币汇率指数和参考BIS货币篮子、SDR货币篮子的人民币汇率指数MarketProfileAttheendofthe1stquarterof2024,theUSD/CNYclosedat7.2232,whichdepreciatedby1.85%fromtheendoflastyear.TheRMBexchangerateindexbasedonCFETS,BISandSDRcurrencybasketclosedat99.78，105.09and94.43respectively,whichclimbedby2.4%、2.6%and1.3%respectively.（Graph1）2离岸与在岸市场的利差水平在大部分Duringthe1stquarter,giventhattheRMBexchangerateweakenedslightlyagainstUSD,theRMBexchangerateindexwithreferencetoCFETS、BIS、SDRbasketsofcurrenciesstrengthened.ThespreadbetweenCNHandCNYbecamewasgenerallystablebuttheCNH/USDwaspersistentlyweakerthanCNY.TheinterestratespreadbetweentheCNYandCNHwasstableformoreofthetime,attheendofthe1stquarter,theCNHinterestrateclimbedquicklywhichledawideningoftheinterestratespreadbetweentheCNYandCNH.(Graphs2and3).Graph3:3-monthSH3非居民人民币存款占离岸存款总量的比重n境外承担或向境外发放的人民币贷款和台湾地区人民币贷款及融资余额合计约境内机构向境外提供的人民币贷款余一季度共计发行离岸人民币债券（不含按发行人区域看，2024年一季度，来AnalysisnThebalanceofoffshoreRMBdepositsincreasedanditsweightintheglobaloffshoredepositsdeclined.Attheendofthe1stquarterof2024,theoffshoreRMBdepositswereabout2.63trillion,whichincreasedfromtheendofthepreviousquarter,duetoadepreciationofRMBagainstUSD,theshareofnonresidentsRMBdepositsintotaloffshoredepositsdeclinedby0.01percentagepointsto1.32%.ThebalanceofRMBdepositssawupsanddownsacrossmajoroffshoreRMBmarkets.Comparedwiththatattheendof2023,attheendofthe1stquarterof2024,theRMBdepositsinHongKong,MacauandTaiwantotaledRMB1.14trillion,whichwasroughlyunchanged.RMBdepositsinSingaporeincreasedby7billion,thatinAustraliadeclinedbyRMB2.8billion.nTotalamountofRMBloans/financingundertakenorissuedinoffshoremarketsincreased.Attheendofthe1stquarterof2024,thebalanceofRMBloansinHongKongandTaiwantotaledRMB542.7billion,upbyRMB82.2billion.ThatinAustraliawasRMB22.7billion,upby6.6billionfromtheendoftheyear2023.TheoutstandingRMBloansextendedtooverseasborrowersbydomesticinstitutionswereRMB1.42trillion,upbyRMB123.1billionfromtheendofthelastyear.nTheoutstandingamountofoffshoreRMBbonds(excludingCD)increased.Attheendofthe1stquarterof2023,thebalanceofoffshoreRMBbondsstoodatRMB1.04trillion,upbyRMB86.7billionfromtheendoftheyear2023.Duringthe1stquarter,issuanceofoffshoreRMBbonds(excludingCD)totaledRMB196.6billion,upbyRMB72.8billionfromthe4thquarterof2023.Fromtheperspectiveoftheoriginsofthe4自中国大陆和香港的发行人在离岸市场发上季度增加607亿元。来自欧洲和美国的发行人在离岸市场发行人民币债券分别为一季度末，境外持有的人民币计价的权益n人民币外汇交易占全球外汇交易的份度人民币外汇交易量较上一季度增加9.2%，同期全球外汇交易量较上一季度下降8.2%，人民币外汇交易占全球外汇交易伦敦市场人民币外汇交易量折合约23.3万亿美元，较上季度增长6.6%；香港n人民币资产占外汇储备资产的比重下bondsissuers,comparedwiththatforthe4thquarterof2023,duringthe1stquarterof2024,totalbondsissuancebyissuersfromMainlandChinaandHongKongSARwasRMB168,8billion,whichincreasedbyRMB60.7billion.IssuancebyissuersfromEuropeandUStotaledRMB13.4andRMB5.5billion,upbyRMB6.4and2.8billionrespectively.nTheshareofRMB-denominatedequitiesheldbyoverseasinvestorsinglobalcapitalizationdeclined.Attheendofthe1stquarterof2024,theshareoftheRMB-denominatedequitiesheldbyoverseasinvestorsinglobalcapitalizationdroppedfromtheendoftheyear2023.nTheshareofRMBFXtradingintheglobalFXtradingincreased.Duringthe1stquarterof2024,RMBFXtradingvalueexpandedbyabout9.2%whiletheglobalFXtradingvaluedecreasedby8.2%fromthepreviousquarter,theshareofRMBinglobalforeignexchangetradingvalueclimbedto5.55%,orby0.89percentagepoints,amongwhich:AccordingtodatafromSWIFTmessage,duringthe1stquarter,theRMBtradinginLondonvaluedUSD23.3trillion,upby6.6%;thatinHongKongvaluedUSD18.6trillion,upby15.6%;thatinFrancevaluedUSD4trillion,upby17.9%;thatinSingaporevaluedUSD3trillion,upby0.3%;thatinJapanvaluedUSD1.3trillion,upby14.5%onQoQbasis.nThesizeofRMBassetsincludedintheofficialreservesdeclined.Attheendofthe1stquarterof2024,theequivalentvalueofRMBassetsthatwereincludedintotheofficialforeignexchangereserveswasUSD246.9billion,or2.15%oftheofficiallydisclosedreserveassets,theweightdeclinedby0.14percentagepointsfromtheendoftheyear2023.5离岸人民币市场点评OffshoreRMBMarketsR境内银行代客涉外收支中的人民币收付民币在境外支付结算使用比例扩大至民币在中国跨境交易中的使用规模持续扩大，在境外支付结算使用水平持续提民币交易量环比增长9%，部分中国周边国家和地区人民币外汇交易量增长较离岸市场人民币融资规模进一步扩大，3月末香港人民币贷款余额突破5200亿元，较2023年末增长18.8%，离岸市场未到期人民币债券余额首次突Duringthe1stquarterof2023,theactiveRMBrelatedFXtradingandexpandingRMBfinancinginoffshoremarketscontributedtothecontinuousincreaseofORI,theoffshoreRMBmarketshowedthefollowingcharacteristics:nThecross-borderuseofRMBkeptactivewhichgiverisetoexpansionofoffshoreRMBmarkets.Duringthe1stquarter,thetotalamountofcustomers’crossborderRMBreceiptsandpaymentsthroughbankswasRMB12trillion,whichincreasedby8.2onQoQbasis.TheshareofRMBinglobalpaymentincreasedto4.44%,whichclimbedby0.3percentagepointsfromthepreviousquarter.TheexpandingsizeofcrossborderuseofRMBandtheincreasinglevelofpaymentuseofRMBinoverseasmarketpromotedtheaccumulationofRMBfundsinoverseasmarkets,whichboostedRMBdeposits,loans,financingsandinvestments,andpushforwardthedevelopmentofoffshoreRMBmarkets.nThesizeofRMBrelatedFXtradingandfinancingfurtherincreased.Duringthe1stquarter,RMBrelatedFXtradingincreasedby9%QoQ，someneighboringcountriesandregionsofChinasawRMBtradinggrowrapidly,e.g.thevalueofRMBrelatedtradinginHongKong,JapanandMalaysiagrewby15.6%,14.5%and19.8%respectively.ThesizeofRMBrelatedfinancingfurtherexpanded,attheendofMar,thebalanceofRMBloansexceededRMB520billion,upby18.8%fromtheendoftheyear2023;thebalanceofoutstandingRMBbondsexceededRMB1trillionforthefirsttime,upby9.1%fromtheendofthelastyear.ThebondsissuanceamountedtoRMB196.6trillion,upby58.8%onQoQbasis.6初香港金融管理局宣布将“债券通”北券纳入人民币流动资金安排合格抵押品动性支持提供了更大便利，这一安排进一步提升了境外投资者参与人民币债券nTheinfrastructurefacilitiesinoffshoreRMBmarketsfurtherimproved.Earlythisyear,theHongKongMonetaryAuthorityannouncedthatRMBtreasurybonds,policyfinancialbondsunderthenorthboundconnectofBondConnectwouldbeincludedintothelistofqualifiedcollateralforRMBliquidities.ThismeasureexploredandstrengthenedthefunctionofdomesticbondsascollateralandprovidedmoreconveniencefortheoverseasinvestorswhowandtoacceleratetheturnoverofbondholdingsandseektimelyRMBliquiditiessupports.ThisarrangementhelpstoenhancetheenthusiasmofinvestorsthatparticipateinRMBbondsinvestments.币汇率指数总体稳定并趋向升值，人民素保持总体向好有利于离岸人民币市场。Forthefirst5monthsof2024,thetotalvalueofmerchandiseimportsandexportsofChinareachedRMB17.5trillion,orincreaseby6.3%onYoYbasis;theexportvaluereachedhistorichigh.TheRMBexchangevalueagainstbasketsofcurrencieswasstableandstrengthening,theRMBinterestratewasstableandatlowlevel.ThefundamentalsweregenerallyfavorablewhichwillfosterthesustaineddevelopmentofoffshoreRMBmarkets,ItisanticipatedthattheORIwillremainontheupwardtrendandtheforecastvalueforthe2ndquarterORIisaround2.08%.7中国银行交易银行部跨境本外币团队或访问我们的网址：/fimarkets/cri/Cross-borderRMB&FXteam,TransactionBankingDepartment,BankofChina,ourwebsite:Website:/fimarkets/cri/Definition:BOCOffshoreRMBIndexorORIisanindextoreflecttheRMBdevelopmentintheinterandtheprogressofRMBinternationalization.Indexframework:Fiveindicatorsaresetandcalculatedonaweightingbasis,suchaloans,percentageofRMBinglobalforeignexchangereserves,andpercentageofRMB-denominatedinternationalbequityinvestmentsinsuchbondsandinvestmentsdenominatedinallcurrencies,whichrepresenttheexerciseinternationalcurrencyfunctionswithRMB,i.e.,valuestorecurrency,financingcurrency,investmen关注离岸市场。ORI指数是对人民币在离岸金融市场上资金存量规模、资金运用状况、marketsintermsofsizeofexistingfunds,useoffundsanduseoffinancialinstruments.Reflectingdevelopmentprogress.ORImeasuresandpresentstheprogressofRMBinternationalizationattheendofthereportingperiodbasicallybasedonexistingindicators,i.e.thebalanceofvariousassetsandliabilitiesattheendofthereportingperiod.展现形式直观。ORI指数以各项离岸金融市场活动中人民币占各种货币的比重进行综合加权计算，以Intuitiveform.ORIcalculatesthepercentageofRMBinaloffshorefinancialmarketactivities,tointuitivelyreflectRMBdevelopmentinth中国银行是中国全球化和综合化