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Treasury bond futures to be implemented: CSRC

By Li Zhenyu (People's Daily Online)

17:04, June 05, 2012

With the rise of Chinese economy, the commodity futures market is ushering in prosperity, with new products springing up one after another.

The China Securities Regulatory Commission (CSRC), China's top securities regulator, recently said in a statement on its website that it is focusing on the launch of private placement bonds, and the treasury bond futures are expected to be implemented.

The bond market needs to further increase innovation, for example, to develop the high-yield bonds to make up for the vacancy of bond market system and better meet the investment and financing needs, the CSRC said in the statement.

"The CSRC is focusing on the launch of the private placements of small and medium enterprises," the statement said.

"As corporate bonds, the private placement bonds meet the market demand of high-yield bonds but are not limited to it. It is legal to issue such bonds and it also is conducive to improving the financing facilities and means of small and medium-sized enterprises."

The CSRC has done a preliminary research on the local governments, the bond issue enterprises and intermediary organizations and is working out relevant plans, according to the statement.

Such bonds as municipal bonds and agency bonds are conducive to promoting urban infrastructure construction and improving the debt transparency of local governments and decentralizing banking risks. The regulatory authorities will carefully study and actively create conditions to promote the development of the two types of bond products, the statement said.

As for other new products of the bond market, the CSRC is preparing to introduce the treasury bond futures, which have special significance to the marketization of the interest rates.

"With a long period of careful preparation, the treasury bond futures are also expected to be implemented in the near future," the CSRC said in the statement.

"The treasury bond futures have special significance to the marketization of the interest rates, the hedging of financial institutions and the solution of market risks."

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