The Government Bonds Market
in the Shanghai Stock Exchange




  Bo FENG Director of Bonds & Funds Dept
          14th Nov...
The Shanghai Stock Exchange:An Overview


                 The Shanghai Stock Exchange
                 (SSE) was founded ...
The Shanghai Stock Exchange:An Overview



  After 12-year operation, the Shanghai stock market has
  become the predomina...
The Shanghai Stock Exchange:An Overview


  December 2001 ended with over 34 million investors and
  646 listed companies....
The Shanghai Stock Exchange:An Overview

                               Listed Securities
     2002 10 31                 ...
The SSE Government Bonds Market

                      (           Turnover RMB100million

25000


20000


15000          ...
The SSE Government Bonds Market

                                      T-bond vs. Total Securities




                   ...
1990 12 19


1990   5

1992
1993
1994
1996 1 8

1996 6 14

1997
2000
2001        20
2002
50
  1980 1992
  1992 1996



     1997 2001
     :2001
The Government Bonds Market Structure




               ³ ¡ ÊС
                 ÄÚ³                                     ...
Ê Ð Æ· Ö
                         ³ ¡ Ö
                   listed securities



 Ï Ö¯
   È                     » غ
      ...
SSE Market & Inter-bank Market:Comparison
        46233
                                     43653

                      ...
SSE Market & Inter-bank Market:Comparison
50%
1 2 4
2002 10 14   50%
2002 10 21   1
CA
“        ”
“       ” “
” “       ”
THANK YOU!

Contact:
Bo FENG
bfeng@sse.com.cn
0086-21-68800108
The Government Bonds Market The Government Bonds Market in ...
The Government Bonds Market The Government Bonds Market in ...
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The Government Bonds Market The Government Bonds Market in ...

  1. 1. The Government Bonds Market in the Shanghai Stock Exchange Bo FENG Director of Bonds & Funds Dept 14th November 2002
  2. 2. The Shanghai Stock Exchange:An Overview The Shanghai Stock Exchange (SSE) was founded on Nov. 26th, 1990 and in operation on Dec. 19th the same year. It is a non-profit-making institution directly governed by the China Securities Regulatory Commission (CSRC). 1990 11 26 12 19
  3. 3. The Shanghai Stock Exchange:An Overview After 12-year operation, the Shanghai stock market has become the predominant stock market in Mainland China in terms of number of listed companies,number of shares listed,total market value,tradable market value,securities turnover in value,stock turnover in value and the T-bond turnover in value. 12
  4. 4. The Shanghai Stock Exchange:An Overview December 2001 ended with over 34 million investors and 646 listed companies. The total market capitalization of SSE hit RMB 2.7 trillion, or 28.7% of the country’s GDP in 2001. Capital raised from SSE market surpassed RMB 380 billion. A large number of companies from key industries, infrastructure and high-tech sectors have not only raised capital, but also improved their operation mechanism through listing on Shanghai stock market. 2001 3400 646 2.7 2001 28.7% 3800
  5. 5. The Shanghai Stock Exchange:An Overview Listed Securities 2002 10 31 As of Oct. 31th 2002 Securities number Stocks 750 A A Share 696 B B Share 54 Funds 25 T-bonds 22 Spots 15 Repos 7 Coporate Bonds 11 Convertible Bonds 3 Total 811
  6. 6. The SSE Government Bonds Market ( Turnover RMB100million 25000 20000 15000 15189 17691 12124 15343 12439 13147 10000 11912 5000 6047 5277 457 1172 4962 3468 764 3657 4383 4927 63 0 1994 1995 1996 1997 1998 1999 2000 2001 2002.1-10 Ö» Ï õ spot ع » º r epo
  7. 7. The SSE Government Bonds Market T-bond vs. Total Securities ä û ¤ ¯ Æ Ë Ö È Ot he r s 93. 6 87. 1 ú ® ¹ Õ T- bond 76. 8 70. 6 62. 9 61. 8 59. 5 51. 5 48. 3 44. 7 33. 7 21. 4 3. 3 00 01 90 91 92 93 94 95 96 97 98 99 10 20 20 1- . 02 20
  8. 8. 1990 12 19 1990 5 1992 1993 1994
  9. 9. 1996 1 8 1996 6 14 1997 2000 2001 20 2002
  10. 10. 50 1980 1992 1992 1996 1997 2001 :2001
  11. 11. The Government Bonds Market Structure ³ ¡ ÊС ÄÚ³ ³ Í â ³ ¡ ¡ ÊÐ stock exchange market OTC market ÖÖµ Ç Ð¤ CSDC ÖÑë ÇÇ« ¾ Ð µ ¼¹ Ë Í ÒÖÐÄ ¬ µ CGDC inter-bank market ÉÏ Ëù ½» Éî » ù ½Ë SSE Shenzhen Stock Exchange
  12. 12. Ê Ð Æ· Ö ³ ¡ Ö listed securities Ï Ö¯ È » غ ¹ ÆÚ õ » spots repos futures 16Ö » ú ® ¹ Õ 7¸ ö Ï Æ· Æ ÆÚ Þ Å 16 bonds 7 repos from 1 day to 182days
  13. 13. SSE Market & Inter-bank Market:Comparison 46233 43653 Ï £ Ð ³ É º Ê ¡ SSE Ma r k e t ø Ò Ð ä Ê ¡ I nt e r - ¼Ð ³ 21862 ba n 13643 10303 3340 2580 2047 Ü ³ ½ð ¶ × É » ½î Ö õ ³ ½ Ï » É » Ø º ³ ½ » ¹ É » ® ¯ Ð ¹ Á Õ È Í Ü ¿ Tot a l Spot s Re pos Amount of Unit:RMB 100 Million Tur nov e r Cus t ody Bonds 2002 1 6 As of First-half of 2002
  14. 14. SSE Market & Inter-bank Market:Comparison
  15. 15. 50% 1 2 4
  16. 16. 2002 10 14 50%
  17. 17. 2002 10 21 1
  18. 18. CA “ ”
  19. 19. “ ” “ ” “ ”
  20. 20. THANK YOU! Contact: Bo FENG bfeng@sse.com.cn 0086-21-68800108

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