“Empowering the Bond Market through RMB Internationalization: Development Logic and Future Outlook” — The 25th Investor Exchange Meeting (Hong Kong) Hosted by Anrong Credit Rating
On the afternoon of August 26, 2025, Anrong Credit Rating Co., Ltd.-ACRC successfully held its 25th Investor Exchange Meeting (Hong Kong) at the new office of Anrong (Hong Kong) Credit Rating Co., Ltd.- ARHK Centered on the theme "Empowering the Bond Market through RMB Internationalization: Development Logic and Future Outlook," the meeting gathered nearly 30 prominent representatives from well-known domestic and international financial institutions, investment firms, and compliance service organizations, including SunRiver International Securities, CITIC Construction Investment, Fubon Fund Management, Nomura International (HK) Ltd, BOCI Internation, Insight Capital, SDHG International Securities, Zhonghui International Securities, Penghua Fund Management, CVG Capital Co.,Limited, Yuanzi Alternative Investment, Ruifeng Capital, DaoDe Investment, OCI International, and CGWS International Financial Limited. Through keynote speeches and roundtable discussions, participants conducted an in-depth analysis of the opportunities in the bond market amid the RMB internationalization process, jointly explored innovative offshore bond paths and cross-border investment cooperation directions, and consolidated industry consensus to promote the coordinated development of RMB internationalization and the bond market.
The meeting was held at ARHKs’ new office, marking an important milestone in Anrong Credit Ratings’ deep cultivation of the Hong Kong market and expansion of its international business footprint. It also demonstrated the company’s firm commitment to advancing the deeper application of RMB in the international financial market. The event was hosted by Zeng Yingfeng, Vice President of Anrong Credit Ratings and General Manager of the Hong Kong-Shenzhen Headquarters. In his opening remarks, he pointed out that the RMB internationalization process is continuously advancing in depth. As the core carrier of RMB international circulation, the bond market’s development mechanism, current status, and potential opportunities have become focal points of industry attention. This meeting focused on both policy guidance and market dynamics, aiming to build a high-level dialogue platform to spark new industry development momentum through the collision of top-tier insights.
During the keynote speech session, Vice President Zeng Yingfeng took the lead with a presentation entitled “RMB Internationalization and Bond Market Development: Mechanisms, Current Status, and Opportunities.” From both policy and market practice perspectives, he systematically explained the bidirectional empowerment logic between RMB internationalization and the bond market: on one hand, the bond market provides a solid foundation for RMB internationalization through three core functions—offering an “asset anchor,” building a “reflow channel,” and improving the “pricing benchmark”; on the other hand, the RMB internationalization process continuously drives diversification of bond market investor structures, enrichment of product innovation, and market-oriented trading mechanisms.
Citing key market data, Zeng further noted that as of the end of June 2025, the custody balance of China’s bond market reached RMB 150 trillion, with overseas institutions holding RMB 4.5 trillion, accounting for 3%, a significant increase since 2017. The cumulative issuance of Panda bonds exceeded RMB 1.08 trillion, while offshore RMB bonds (Dim Sum bonds) issuance surpassed RMB 300 billion. These figures fully demonstrate the growing influence of RMB-denominated bonds in the international market. Regarding bond investment opportunities, he recommended investors focus on three main areas: first, interest rate bonds such as government bonds and policy financial bonds; second, stable categories such as high-rated central and state-owned enterprise credit bonds; and third, innovative products including Dim Sum bonds, Panda bonds, and green bonds. He advised balancing risk and return through cross-market diversified allocation, dynamic tracking of policies, exchange rate fluctuations, and rating changes.
Subsequently, Dr. Zhou Yuanfan, Chairman of the Board of Directors of ARHK, delivered a keynote speech titled “Positioning and Pathways for China’s Credit Rating Industry to ‘Go Global’ under the RMB Internationalization Trend.” He emphasized that RMB internationalization is the fundamental premise for China’s credit rating industry to expand internationally. The industry must accelerate the shift from following the “US dollar pricing power” to building “RMB discourse power,” guiding capital flows by influencing global capital pricing, and better serving the national financial opening strategy.
Regarding practical implementation, Dr. Zhou proposed three core directions: first, based on safeguarding national financial security and the broader framework of a “community with a shared future for mankind,” establish a rating methodology system that aligns with China’s realities and global governance requirements; second, referencing international standards, accelerate the creation of a “trinity” rating quality verification system centered on default rates, with rating transition matrices and credit spreads as complementary elements, to enhance international market recognition; third, use the Panda bond and offshore RMB bond markets as key breakthroughs, leveraging the Belt and Road Initiative to radiate globally and gradually expand the international business footprint.
He also shared the latest progress in RMB internationalization: in 2024, cross-border RMB payment volume reached RMB 64 trillion, a year-on-year increase of nearly 23%, maintaining its position as the world’s fourth-largest payment currency for ten consecutive months. Hong Kong, as the largest offshore RMB market, recorded an annual RMB clearing volume of RMB 660 trillion. Other offshore markets such as the UK and Singapore also steadily developed, and enterprises in Belt and Road regions showed significantly higher willingness to increase RMB usage than other regions. These positive changes provide broad space for the internationalization of China’s credit rating industry.
The meeting then proceeded to a roundtable discussion segment, where representatives from participating institutions engaged in in-depth exchanges on three core topics: “Offshore Bond Innovation,” “Cross-border Investment Demand,” and “Institutional Cooperation Pathways.” Drawing on their market practices, guests confronted current industry pain points: insufficient trading activity and liquidity in some credit bonds; product homogeneity and lack of innovation in offshore bonds; and the need for improved exchange rate risk management and cross-regional regulatory coordination in cross-border investments. To address these issues, participants proposed practical solutions from perspectives of product design, mechanism optimization, and tool innovation: suggestions included further enriching offshore bond innovative products, exploring combination models such as “green bonds + cross-border guarantees” and “tech innovation bonds + offshore funds”; optimizing market entry procedures for overseas investors, reducing transaction costs, and better aligning with cross-border investment demands in regions with growing RMB acceptance such as ASEAN and the Middle East; strengthening data sharing and strategic coordination between domestic and overseas institutions, jointly developing bond index products suited for cross-border allocation, while improving the application of exchange rate hedging tools and establishing comprehensive compliance and risk management systems.
During the discussion, participants freely exchanged views and ideas, systematically reviewing core market demands and consolidating consensus on institutional collaboration, providing clear directions for subsequent business implementation.
With the successful conclusion of the roundtable discussion, the investor exchange meeting came to a fruitful close. Anrong Credit Rating’s relevant officials stated that the meeting focused on core industry topics and brought together top domestic and international wisdom. It not only deeply dissected the underlying logic of the bidirectional development between RMB internationalization and the bond market but also clarified practical operational pathways, successfully building an efficient communication and cooperation bridge for domestic and overseas institutions.
Attendees widely praised the meeting for combining theoretical depth with practical guidance. Whether in the data insights and opportunity analyses of the keynote speeches or the problem-solving discussions in the roundtable, the content provided important references for future business development. Looking ahead, they expressed anticipation to strengthen linkage and deepen cooperation with Anrong Credit Rating and industry peers, jointly seizing the historic opportunities brought by RMB internationalization, promoting high-quality development of the bond market, and helping the RMB play a greater role in the international financial market.