Risk Prevention In The Cross-border Opening Of The Bond Market

Financial security is a core national interest.China is in an important stage of opening up to the outside world,and the risk door of keeping the financial opening to the outside world has been elevated to an important height of safeguarding national financial security.As an important part of financial market,the bond market plays a more and more important role in the process of opening to the outside world in our country.In terms of RMB internationalization and the construction of a global financial center,the opening up of the bond market is not only conducive to the further opening of the capital account and supporting the "going global" of real enterprises,but also can play the role of "shock absorber" to slow down the external shock in the process of domestic currency internationalization.Therefore,effectively preventing and reducing the risk in the process of opening the bond market to the outside world is of great importance to our financial opening and even our national security.In the process of opening up the bond market,we face not only financial risks such as international capital speculation,hot money inflow,and loss of pricing power,but also political risks such as long-arm jurisdiction and financial sanctions.Looking around the world,judging from the opening up process of other emerging economies,most of the countries that did not fully understand the seriousness of risks suffered serious financial crises,with tragic consequences and profound lessons.Therefore,in the process of vigorously promoting the opening up of the bond market,we must firmly hold the risk string unwaveringly,adhere to the bottom line thinking,take the initiative to plan and take responsibility,and resolutely safeguard national financial security.In view of the importance of bond market opening risk to financial security,there have been a lot of relevant studies at home and abroad.First of all,in view of the risks that the bond market may face in the process of opening to the outside world,the existing literature mainly focuses on cross-border money laundering risks(Gu Wenxin,2017;Wu Thant and Zong Liang,2018;)The risk of international capital speculation(Chen Jing,2004;Shi Hongbo,2019;E Zhihuan,2019),Interest rate risk and exchange rate Risk brought about by offshore market linkage(Kim and Singal,2000;Guo Na and Feng Li,2020),market competition risk(Li Songliang and Li Fangzhu,2018)and regulatory risk(Zhao Xijun and Chen Qiqing,2002)were analyzed.Secondly,the opening of the mature bond market and the bond market of emerging countries may provide experience and lessons for China.Existing literatures respectively analyze the opening of the bond market in the United States(Ren Zhonghong and Chen Xinping,2017),Japan(Sun Shuqiang and Gong Jiayu,2019)and Thailand(Xie Yaxuan et al.,2017),in order to provide experience and reference for China.Finally,in view of the risks faced in the process of opening to the outside world,scholars put forward relevant countermeasures(Li Haiyan,2006;Luo Jianglin,2006;Huang Chao,2018;Zhong Yan,2020).Through the review of the above literatures,this paper finds that the existing literatures focus on the macro aspects of the risk of bond market opening and case analysis,and few scholars analyze the risk of bond market opening and the possible impact of the above risks on financial security and even national security from the meso and micro perspectives.At the same time,there is a lack of systematic analysis of recent risk events in the international bond market.The risk prevention measures mostly stay at the macro level.Based on this,this topic will start from the perspective of preventing and resolving bond market risks,and conduct in-depth research on the opening risks of onshore bond market and offshore bond market along the macro-mesoscopic and micro-microscopic routes.This paper will combine the business characteristics of financial infrastructure.By analyzing the history and status of the opening up of the bond market in our country,the experiences and lessons of the opening up of the international bond market and the domestic and foreign risk events,this paper tries to set up the frame of the opening up risk of the bond market,and tries to put forward countermeasures for preventing and resolving the risk,in order to contribute positively to the high-quality opening up of the bond market in our country.