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国债的收益率、收益率的波动性及储备货币地位是影响境外投资者持债动机的重要原因。美国国债相对较高的收益率、低波动风险和美元国际储备货币的强势地位增强了美国国债的吸引力;日本国债的低波动性使其境外投资者往往在危机时期将日本国债视为避风港。我国国债较高的收益率会加强境外投资者的持债动机,但高波动性不利于债市开放。可从完善境外投资者跨境投资途径、加强外汇市场建设、稳步推进人民币国际化等方面入手提高我国债市开放度。
The yield of national debt, the volatility of the yield and the reserve currency status are the important reasons that affect the motivation of foreign investors to hold debt. The relatively high yields of U.S. Treasury bonds, the risk of low volatility and the strong position of the U.S. dollar’s international reserve currency have increased the attractiveness of U.S. Treasury bonds. The low volatility of Japanese government bonds has caused their overseas investors to treat Jubilees as a safe haven at times of crisis. The higher yield of China’s government bonds will strengthen the offshore investors’ motivation to hold their debts. However, the high volatility will not be conducive to the opening up of the bond market. We can improve the openness of China’s bond market by improving the cross-border investment opportunities for overseas investors, strengthening the construction of the foreign exchange market, and steadily promoting the internationalization of the RMB.