上海清算所董事长马贱阳在“全球南方”本币融资创新合作研讨会上的视频演讲（中英文实录）

    当地时间2024年11月12日，新华通讯社、交通银行主办的“全球南方”本币融资创新合作研讨会在巴西圣保罗成功召开，上海清算所董事长马贱阳受邀参加并以视频方式发表演讲。
    以下是视频演讲文字实录：

 Respected guests, ladies and gentlemen, good morning!
      I'm very glad to be invited by Xinhua News Agency to attend this event. I am Ma Jianyang from Shanghai Clearing House (SHCH). 
     As an important FMI (financial market infrastructure), SHCH witnesses, participates in, and benefits from the development and opening up of China’s financial market.
     Today I would like to share my views on the responsibilities and missions of SHCH as a FMI.
     I. SHCH offers safe and efficient bond registration, custody, and settlement services, contributing to the high-level opening-up of China's bond market moving towards a new stage.
     In recent years, under the guidance of PBOC, SHCH, as an important FMI, has made achievements on the high-level opening-up of the bond market.
     For issuers, we've focused on two areas.
     One is, "Bringing In": We actively support the innovation of Panda bond and play a key role in helping foreign issuers to participate in China's bond market.
     As of the end of October 2024, SHCH Panda bond custody balance reached 0.27 trillion Yuan, a 31% year-on-year increase.
     The other one is, "Reaching Out": We have worked with the Euroclear Bank, an ICSD (International Central Securities Depository), to launch the "Yulan Bond", which helps domestic issuers raise funds in global markets, including in RMB and other currencies.
     Just last week, we supported the issuance of the first non-financial enterprise “Yulan Bond”, marking significant progress in issuer types, sustainable finance, and cross-market listing.
     This is a major step forward in product innovation and improvement of “Yulan Bond”, providing strong support for the internationalization of RMB assets.
     For investors, Firstly, SHCH helps foreign investors to participate in CIBM through direct access.
     By the end of October, the balance held by foreign investors in SHCH via CIBM direct access was 785 billion Yuan.
     Secondly, we worked with Hong Kong CMU to provide the two-way service for "Bond Connect", which contribute to the link between mainland and offshore FMIs.
     By the end of October, bond held by Northbound foreign investors in SHCH was 418 billion yuan.
     On September 24 2021, the Southbound Bond Connect was launched.
     By the end of October, the bond held by Southbound investors in SHCH was 468 billion Yuan and 40 million Hong Kong dollars.
     II. SHCH leverages the synergy of the "two pillars" business of CCP and CSD to help the two-way opening-up of the derivatives market.
     SHCH is one of the three CSDs in China, and is also the only CCP in China's interbank market. Over the years, we steadily promote the two-pillar business of clearing and custody. By innovation and development, we improve bond issuance, registration, custody and settlement services.
     We also provide central clearing services for five products: bonds, interest rates, FX, credit and commodities. By the end of October 2024, the clearing scale of CCP clearing reached 167 trillion Yuan, an increase of 14.1% year-on-year.
     In the process of promoting the opening-up of China’s financial market, SHCH promotes its two major businesses at the same time, and builds the cross-border connections.
     SHCH has expanded its services from the registration, custody, settlement of bonds to the clearing of derivatives. In May 2023, SHCH launched Swap Connect with HKEX, which further helped foreign investors to participate in the trading and clearing of CIBM.
     By the end of October 2024, 89 overseas institutions have participated in Swap Connect with a clearing volume of 3.7 trillion Yuan.
     Since 2024, the transaction volume takes 86.4% of total transactions of foreign investors in domestic derivatives market.
     Swap Connect has already become the main channel for foreign investors to manage interest rate risks of their RMB assets.
     Besides, SHCH aims to build a strong CCP, and focuses on participating in the global financial governance.
     As the first QCCP recognized by regulators in China, SHCH conducted PQD in line with global standards such as PFMI. SHCH also promotes the CCP data of RMB derivatives to be incorporated into the statistics of global clearing industry.
    SHCH also worked with major financial regulators of EU, Hong Kong and UK, to bridge the differences of legal systems.
     And SHCH worked with CCP Global (an association for global CCPs) to promote the PQD Template in Shanghai, known as Shanghai Clearing Standard. It helps standardize the PQD business. Now, 58 major CCPs accounting for 99% of the global market share have adopted the Standard.
      III. Local currency cooperation in the Global South is moving forward, and SHCH will actively participate in it.
      In recent years, the Global South, has continued to increase its contribution to world economic growth. At the same time, cross-border trading volume among the Global South has also been growing, providing a solid foundation for bilateral local currency cooperation.
      As bilateral local currency cooperation involves payment, clearing and settlement, investment and financing, it’s necessary to build an extensive cross-border network of FMIs.
      Under the guidance of the PBoC, SHCH will further explore bilateral local currency cooperation.
      Firstly，focusing on serving the real economy and expanding the local currency cooperation. SHCH will expand the pilot scope and establish a cross-border commodity trade clearing standard, and build a multi-type account clearing and settlement system that supports various free trade accounts.
      The second is to focus on the high-level two-way opening up of the financial market, and provide strong support for promoting bilateral local currency cooperation. SHCH will continue to support the Global South, explore the application of digital currency and block-chain technology. SHCH will fulfill its role as a FMI to connect the Global South financial institutions, promoting the circulation of factors, resources and services in domestic and foreign markets.
      Thirdly, we will focus on deepening our cooperation with other FMIs, continuously sharing experiences of opening-up. SHCH will continue the open and inclusive cooperation, explore practical cooperation more actively and contribute to the bilateral local currency cooperation among Global South.
      We hope to make more friends with FMIS in Global South and strengthen business cooperation.
      Finally, I sincerely invite you to come to Shanghai, and visit SHCH. I wish this event a great success! Thank you!

    以下是上海清算所董事长马贱阳在 “全球南方”本币融资创新合作研讨会上视频演讲英文实录的中文对照内容：

    尊敬的各位领导、各位嘉宾，大家好：
    很高兴受新华社邀请参加本次会议！我是来自上海清算所的马贱阳。作为中国金融市场的重要金融基础设施，上海清算所是中国金融市场蓬勃发展、对外开放的参与者、见证者和受益者。围绕今天的会议，我想从上海清算所的金融基础设施职责使命出发，谈几个认识：
    一、上海清算所提供安全高效的债券登记托管结算服务，助力债券市场迈向高水平对外开放新阶段
    近年来，在人民银行等监管部门统筹指导下，上海清算所作为重要金融基础设施，在推动债券市场高水平开放方面取得积极成效。 
    发行人服务领域。一是“引进来”，积极支持熊猫债产品创新，充分发挥熊猫债服务境外债务主体参与中国债券市场的主渠道作用。截至2024年10月末，上海清算所熊猫债托管余额共计2710亿元、同比增长31%。二是“走出去”，与国际中央证券存管机构（ICSD）欧清银行合作推出“玉兰债”业务，服务境内发行人走到国际市场进行人民币等各币种的发债融资。就在刚刚过去的一周，上海清算所支持全球首单非金融企业玉兰债重磅落地，实现了在发行人类型、可持续金融、多地联合挂牌等数个领域的同步重大突破，标志着“玉兰债”在产品创新和机制优化上又一次质的跃升，有力支持了人民币资产国际化发展。
    投资人服务领域。一是服务境外投资者直接入市，推出多项便利服务举措。截至2024年10月末，直接入市境外投资者在上海清算所持仓余额7845.52亿元。二是与香港CMU合作服务“债券通”南北双向通车，打通金融基础设施跨境双向互联托管通路。截至2024年10月末，“北向通”境外投资者在上海清算所持仓余额4175.93亿元。2021年9月24日，债券通“南向通”正式上线。截至2024年10月末，“南向通”投资者在上海清算所持仓规模4684.12亿元人民币、0.4亿元港币。
    二、上海清算所充分发挥清算和托管“双支柱”组合拳效应，助力衍生品市场双向开放迈上新台阶
    上海清算所是中国三家债券发行登记托管机构之一，也是中国银行间市场唯一中央对手清算机构，多年来稳步推进清算与托管双支柱业务发展，在创新发展并不断完善债券发行登记托管结算服务的同时，持续为债券、利率、外汇、信用和大宗商品五大类产品提供统一、专业的集中清算服务。截至2024年10月末，公司中央对手清算规模达到167万亿元，同比增长14.1%。
    特别是在推进中国金融市场对外开放的过程中，上海清算所更是充分发挥“双支柱”优势，致力于成为全链条、一站式的境内外金融市场枢纽，服务场景从债券登记托管结算领域，扩展到衍生品清算领域。2023年5月，上海清算所会同香港交易所等合作伙伴，创新性地推出“互换通”，支持境外投资者便捷参与中国银行间市场利率互换交易及清算。截至今年10月末，“互换通”已发展境内外参与机构89家，累计清算合约超3.7万亿元。2024年以来“互换通”成交量占境外投资者在内地衍生品市场整体成交的86.4%，已成为境外投资者管理人民币资产利率风险的主要渠道。
    此外，上海清算所以建设强大中央对手清算机构为出发点和落脚点，把积极参与国际金融治理摆在突出位置。作为国内首家获监管认可的QCCP，率先按照《金融市场基础设施原则》（PFMI）等国际标准开展量化信息披露，推动以人民币计价的衍生品集中清算数据纳入全球清算行业信息统计。推动与欧盟、香港、英国等主要金融市场的跨境监管认证，弥合司法辖区之间法律制度的差异。推动全球中央对手方协会（CCPG）制定并发布全球清算行业国际标准——《CCPG量化披露实务标准》（“上海清算标准”），用于规范全球CCP公开披露业务运行和风险管理等关键量化信息，目前已覆盖全球市场规模99%的58家主要CCP。
    三、“全球南方”本币合作稳步向前，上海清算所将立足自身功能积极参与、开展更多有益探索
    近年来，“全球南方”对世界经济增长的贡献率持续提升。与此同时，全球南方国家之间的跨境贸易额也不断增长，为双边本币合作提供了牢固的基础。从广泛的视角来看，双边本币合作涉及支付、清算结算、投融资等多个领域，必须要持续构建广泛的金融基础设施跨境联通网络。上海清算所将在人民银行等监管部门统筹指导下，立足自身功能，积极在双边本币合作中开展更多有益探索。
    一是聚焦服务实体经济，积极拓展本币合作应用场景。上海清算所将择机扩展试点范围及应用场景，探索创设全流程大宗商品跨境贸易清算标准，构建支持多类型账户清结算体系，灵活适应跨境贸易场景。
    二是聚焦服务金融市场高层次双向开放，为推进资本账户项下领域的双边本币合作提供有力支持。上海清算所将继续积极支持与全球南方金融领域相关合作，积极探索数字货币、区块链技术等在相关领域的落地应用，充分发挥金融基础设施连接“全球南方”金融市场网络核心节点作用，畅通境内外市场、要素、资源、服务循环。
    三是聚焦金融基础设施互联互通，持续分享开放联通经验，践行人类命运共同体发展理念。上海清算所将继续秉持开放包容、合作共赢的理念，更加热情地交流成功经验、探讨务实合作，更加努力地为“全球南方”本币合作贡献智慧和力量，更加积极地扩大“全球南方”金融基础设施朋友圈！
    最后，我诚挚地邀请各位参会机构、嘉宾，有时间的话，能亲自来到中国上海，来到上海清算所实地走一走、看一看，同时，预祝本次会议圆满成功！谢谢大家！