In July, The Bank Of China CRI Index Was 279 Points.

On the 18 day, the Bank of China issued the cross-border RMB index (CRI) in July 2015.

The results showed that in July 2015, the CRI index of the Bank of China was 279 points, down 14 points from the previous month.

According to the Bank of China, the index operation in July has the following characteristics:

everything

Cross border activity declined, but

The overall level is still at a high level in recent years.

In July, the amount of cross-border RMB settlement under regular and direct investment was about 733 billion yuan, an increase of 33.6% over the same period last year, but decreased by 9% compared with June.

It shows that the increase of the RMB settlement volume has slowed down, and the activity of cross-border use of RMB is generally maintained at a high level.

Two is the main

The acceptance and use of RMB will continue to rise, pushing up the global activity of RMB.

In July, the share of RMB in global payment and settlement increased by 0.25 percentage points from last month to 2.34%, a record high.

Among them, besides mainland China, the amount of Renminbi payment in Hongkong, the United Kingdom, the United States and other three places has increased most rapidly, which has become an important factor in promoting the global share of payments.

Three, the RMB cross-border income and expenditure has maintained a net inflow for 7 consecutive months since the beginning of this year.

The continuous net inflow of RMB under direct investment projects has continued to maintain the "favorable balance" pattern of RMB under the current account since the beginning of this year, especially in the trade of goods.

The continued net pressure of RMB net return will have an impact on the expansion of RMB's overseas use.

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Years of low interest rates have also led to changes in the market structure of corporate bonds, characterized by the infrequent trading of bonds, that is, the decline in liquidity.

The new rules of bank regulation have dealt a blow to bond trading, which is generally considered to be the reason for the falling liquidity of the corporate debt market.

Nonetheless, large investors no longer trade after buying bonds.

For example, the bank for International Settlements released a report last year that in the four years after the financial crisis, the size of the bonds held by the 20 largest Asset Management Co was estimated to increase by $4 trillion.

In 2002, the total assets of the top 20 Asset Management Co accounted for 50% of the top 300 largest investment companies.

By 2012, the proportion had risen to 60%.

Citigroup's chart shows that most investment grade corporate debt pactions come from smaller institutional investors.

The low cost of US dollar borrowing has spawned an upsurge in emerging market companies issuing US dollar bonds.

Barclay analysts estimate that the scale of the issuance of US dollar bonds by emerging market companies has increased dramatically, faster than that of other fixed income products, and the size of US dollar bonds in emerging markets has increased 7 times compared with 10 years ago.

BIS has warned many times that the surge in US dollar bonds in emerging markets may not yield a good result. If the Fed raises interest rates, the cost of the US dollar will rise.

As companies can easily extend their maturity bonds by issuing new debt, investors' demand for corporate debt also means that the risk of default is extremely low.

The S & P rating chart shows that in recent years, even the default rate of junk bonds has historically been low.

Some analysts also say it is hard to predict future default rates.