债券市场结构

Chapter 9 Structure of the Bond Market

The structure of the bond market includes three parts,which are stock structure of the bond market,investor structure of the bond structure and position structure of the bond market.The structure of Chinese bond market has its own characteristics. Through analyzing the position structure of the bond market as well as its change characteristics,the type of investors and transaction behaviour,we can get good referrings to strengthen the construction of our investor group and perform the function of the bond market better.

9.1 A overview of the scale and structure of the bond market

The amount of bond custody is the total amount of bonds issued but not yet due. It can demonstrate the position structure of the bond market,thus becoming one of the important indicators of the bond market..As is showed in Figure 9-1,Chinese bond market has entered into a new stage of steady development from 2001.The amount of bond custody grew up from 3.04 trillion yuan at the end of 2001 to 21.12 trillion yuan by the end of September of 2001, 19 times of growth in 16 years.From less than 5 trillion yuan in 2003 to more than 10 trillion yuan in 2007, to above 20 trillion yuan in 2010, to over 30 trillion yuan in 2014,to over 48 trillion yuan in 2015,to more than 60 trillion yuan in September 2016, our country has become the third largest bond market in the world. Thus it can be seen that Chinese bond market is clearly accelerating its development.

From the total amount of custody (as shown in Table 9-1), the total amount of total trust in the national market has reached 61.12 trillion yuan as of September 30 2016, which is 13 trillion yuan more than that of the end of 2015. Estimated at 6.7% GDP growth,the amount of bond custody account for 83.6% of GDP. Of course, it will be much higher than if counted with the full year. While it was only 27. 6% at the end of 2001 and only 49.9% at the end of 2013. 90. The amount of bond custody /GDP is an important index to reflect the degree of financial deepening.In the term of this index, the development of Chinese bond market is at a very fast pace and security market continues to deepen in recent years.

FIG 9-1 the stock of China’s bond market and its proportion of GDP

Table 9-1 The development of government bond market from bond custody

Note: GDP of 2016 is estimated at 6.7% growth based on 2015

According to the data released by The Bank for International Settlements (BLS) in September 2016, the top five countries concerning bond market scale from the view of outstanding bond balance in the first quarter in 2016 are the United States, Japan, China, Britain and France, with their all domestic and international outstanding bond balance being $37.40 trillion, $12.43 trillion, $7.89 trillion, $5 .90 trillion, and $4. 21 trillion respectively. Although the scale of China's bond market was listed the third in the world, China's bond market still has great space for development with its second largest economy size in the world and its amazing development speed which is far beyond those developed countries.

At present, China's bond market includes inter-bank market, exchange market, inter-agency private product quotation and service system and commercial bank and securities company's counter market. Among them, the inter-bank market and the exchange market are the main components of China's bond market. Seen from the market structure of the managed stock, because of a lot of participaton of commercial Banks, the stock of bonds in inter-bank market take up over 90% of the whole national bond market for it is the main part of China’s bond market.

The most distinct characteristic of China's bond custody and clearing system is its separability.There are two kinds of bond custody and clearing system,one kind is China Government Securities Depository Trust & Clearing Co. Ltd. (referred to as CDC) , which is supervised by Central Bank and China Banking Regulatory Commission together, and Inter-bank Clearing House Co. Ltd. (referred to as SHCH) approved by Ministry of Finance and Central Bank. CDC and SHCH ,which perform as the background support system for inter-bank bond market, are responsible for the trust and clearing of all kinds of bonds on the market. Another kind is China Securities Depository and Clearing Corporation (referred to as CSDC) regulated by China Securities Regulatory Commission. It can be divided again into Shanghai branch and Shenzhen branch, which take charge of the trust and clearing of all securities on exchange ,including bonds,in Shanghai Stock Exchange and Shenzhen Stock Exchange respectively.

Therefore, when calculating the amount of the whole market bond custody, we will add custody of CDC,SHCH and CSDC together, and then minus the custody of cross-market varieties (including score keeping national debt, local government bonds and corporate bonds) of the exchange market on CDC .In this way, total market trust at the end of September 2016 is 61.12 trillion RMB. The amount of trust from 2013 to 2015 was also obtained so. In addition to the three agencies, the amount of bond cutody held by inter-agency private market is so small that can be ignored.

From Table 9-2, we can see that up to the end of September 2016, the proportion of bond custody held by CDC and SHCH amounted to 91.97 %. Among them, CDC accounted for 68.9% of total market trust,whose number was 42.11 trillion yuan 9%,while SHCH make up 23.07% and its total amount of custody is 14.