There Is No Fundamental Change In The Double Mismatch In The Asian Financial System.

Getting rid of over reliance on bank financing and establishing and improving a sound and rational financial system are still pressing tasks faced by many Asian countries.

The financing needs of the "one belt and one way" construction can certainly bring new opportunities and ideas to the construction of the Asian bond market, but the development of the Asian bond market is still facing challenges and requires concerted efforts from all sides.

To promote the construction and development of the Asian bond market is to better satisfy "

The financing needs of construction are also needed for stabilizing the Asian financial system.

First of all, in the Asian infrastructure investment bank and BRICs development bank level, we must constantly improve the governance structure and improve our credit rating and fund management level in the international financial market.

Generally speaking, the success of an international development financial institution may involve two factors: first, whether the loan project can achieve the original intention of the investment project while maintaining the meager profit; that is to say, whether we can achieve the expected function of the international development financial institution; secondly, whether we can raise enough funds for the project in the international capital market at a lower cost.

There is no doubt that capital adequacy and low cost are the main factors for the successful operation of international development finance institutions.

And basic premise.

Although there has been much controversy over the three international rating agencies and their rating results after the global financial crisis, their higher credit rating still has a crucial impact on the low cost financing of international development financial institutions.

Generally speaking, the credit ratings of the three international rating agencies depend on the ability of the rating agencies to repay their financial debts, and also involve their governance structure and risk management level.

Although most of the international development financial institutions are able to get a higher credit rating worldwide, there are also some regional financial institutions that have low ratings.

Judging from the current situation,

The credit rating that investment banks may get at least should not be lower than China's sovereign credit rating.

With the continuous expansion of the founders and member states of the Asian infrastructure investment bank, on the one hand, it will have a positive impact on enhancing the representativeness and diversification, improving the governance structure, introducing international talents and enhancing the level of internationalization, absorbing all kinds of advanced experience, improving operational capacity and risk management of water equality. On the other hand, it will also bring great challenges to the efficiency of day-to-day business decision-making.

Secondly, as pointed out in the vision and action, in order to ensure the normal operation of financial intermediation, it is necessary to strengthen financial supervision and cooperation in various countries along the government level, promote the signing of a memorandum of understanding on bilateral regulatory cooperation, and gradually establish an efficient regulatory coordination mechanism in the region. We should improve the system of risk response and crisis disposal, construct a regional financial risk early warning system, form an exchange and cooperation mechanism to deal with cross-border risks and crisis disposal, strengthen cross border exchanges and cooperation between credit management departments, credit rating agencies and rating agencies, and give full play to the role of sovereign funds in various countries, and guide all kinds of social capital to participate in the investment in key projects of "one belt and one road".

All these need not only to cooperate sincerely, but also to delay.

Thirdly, the development of regional bond market requires convenient cross border pactions, while convenient cross border pactions require the opening of capital account pactions by Asian countries and the integration of the national debt market infrastructure.

Regional market infrastructure construction and integration include: credit guarantee and mortgage mechanism, foreign exchange trading and clearing system, credit rating and information disclosure requirements, accounting standards and tax system and so on.

This requires not only the technical support of developed countries, but also the close cooperation of relevant institutions in various countries.

Finally, in the current international financial market changing circumstances, in order to avoid foreign exchange risk, we need not only to effectively avoid the mechanism and tools of exchange rate risk, but also to expand the scope and scale of bilateral currency swap and settlement of the countries along the line.

In particular, with the help of the current trend of RMB internationalization, it will provide support and convenience for the governments and enterprises with higher credit rating and financial institutions to issue RMB bonds in China.

For example, because the renminbi has become a hard currency in some Southeast Asian countries, construction projects in these countries can issue Renminbi bonds directly on some major offshore RMB centers in mainland China or around the world.

At the same time, eligible Chinese financial institutions and enterprises can also issue Renminbi bonds and foreign currency bonds abroad, and encourage the use of funds raised in the countries along the border.

There is no doubt that the development of the Asian regional bond market, especially the issuance, trading and liquidation of the currency tender bonds in the region, is a very important financial innovation and should be promoted actively and steadily.