在研究了纽约联邦储备银行(Federal Reserve bank of the New York, Jennie Bai, 2007)发表的《中国政府与债券市场的微观结构》(the micro – of China’s government and bond market)报告后，我发现这篇论文中详尽的债券发行信息来自彭博社(Bloomberg)。这些信息描述了期限、票面利率、债券文件数量、票面类型、发行规模、发行日期、到期日和发行价格。彭博对1996年1月至2011年12月发行的人民币计价债券使用了629个唯一的文件编号。然而，当债券同时在上海和深圳证券交易所发行时，交易所使用不同的文件编号。报告称，近年来，所有证券的数据可用性都有了显著改善。这种发展在2009年最为明显。特别是在2009年4月，数据可访问性从上个月的23.6%跃升至56.3%。然而，中国债券市场正面临许多严重问题，阻碍了其发展目标。其中一个担忧是缺乏流动性和参与不足。
After examining the report ‘The microstructure of China’s government and bond market” issued by the Federal Reserve bank of the New York (Jennie Bai, 2007), I came across the fact that thorough bond issuance information in the paper comes from Bloomberg. Such information depicts the period, coupon rate, bond documentation amount, coupon type, issue size, issuance date, maturity date, and issuance price. Bloomberg uses 629 unique documentation numbers for RMB-denominated bonds distributed between January 1996 and December 2011. However, different documentation number is used for exchanges when the bond is distributed on both the Shanghai and Shenzhen stock exchanges. According to the report, the availability of data has improved remarkably over the recent years across all securities. This development is most obvious in 2009. In April 2009, in particular, the data accessibility jumps to 56.3% from 23.6% the previous month.Nevertheless the Chinese bond market is confronting many serious problems that hamper its aim of development. One such concern is absence of liquidity and inadequate participation.
Though the extent of outstanding bonds does not seem mainly small in light of the extent of Chinese equity market, one subject in which both the policy makers and practitioners agree is the absence of participation and the consequential absence of liquidity in the bond. Nevertheless many more participants have been permitted by PBOC to participate in the interbank bond market.As China flings open the entrances to its massive bond markets, foreign investors are reluctant to step their foot inside it. In current weeks, Beijing has taken resolute actions to give global money managers admission to its formerly closed-off $6.4 trillion market, allowing foreign banks to tap its short-term loaning markets for the very first time and doing away with some investment limitations. While this action marks a noteworthy moment for China’s financial-market liberalization, the pickup has been gentle. Foreigners just own less than 3% of Chinese bonds.That pace is an example of the trials foreign investors still encounter in taking part in the world’s third-biggest bond market. Its disjointed structure, with a mesh of controllers and rules, remains problematic for worldwide investors to handle. In other parts of the world, bond markets dominate a larger share of gross domestic product as compared to loans. However in the case of China, the reverse is true. (TRIVEDI, 2015)