概要 (Summary)

中银境内外债券投融资比较指数（BOC CIFED）由中国银行总行投行资管部与中银国际固定收益研究（香港）联合研发，于2015年3月19日正式对外发布。它可以较为全面、客观、同步地反映离岸与在岸人民币债券市场收益率的差异及其变动情况。指数选取离岸人民币债券市场与在岸信用债市场上3年期（目前离岸人民币债券的主流发行期限）、且符合一定条件的企业债券作为样本，通过对两地样本的到期收益率差进行加权平均，得出一系列子指数和总指数。指数为正，意味着在岸信用债收益率高于离岸，数值越大，利差越大；反之，指数为负意味着在岸债券收益率率低于离岸。

Co-developed by BOC’s Investment Banking and Asset Management Department and BOCI (HK)’s Fixed Income Research, the Bank of China Credits Investment & Financing Environment Difference Index (BOC CIFED Index) was officially launched on March 19, 2015. The Index tracks the yield differentials between offshore and onshore RMB bonds on a comprehensive, objective and synchronized basis. The index selects index-qualified 3-year (the mainstream tenor of offshore RMB bonds) offshore and onshore RMB corporate bonds as constituents. The index and its sub-indices calculate the weighted average of YTM difference between the onshore and offshore markets. A positive level indicates a higher yield condition onshore versus offshore. Greater the value, larger the yield differentials, and vice versa.

指数特色 (Index features)

• 及时性：每日更新数据，每月定期发布，紧跟市场脉搏。
  Time sensitive: Updated on a daily basis; published monthly; closely reflecting market moves.
• 唯一性：市场首创，有别于全价类指数，亦有别于单市场类指数。
  Uniqueness: The first of such product in the market; different from the total return performance indices; distinctive from single-market indices.
• 准确性：有效反映中资企业跨境人民币债券投融资利差变动趋势。
  Accuracy: Effectively quantifying the moves of cross-border RMB bond yield difference.
• 专业性：凝聚中银集团全球固定收益研究精粹，中港联袂打造。
  Expertise: A collective effort by BOC’s fixed-income professionals from both mainland and HK research teams.

指数走势 (Index trend)

CIFED指数编制的起始时间为2013年7月2日，多数时间为正值，2013年7-8月曾短暂“倒挂”（即在岸利率低于离岸），2014年10月开始出现持续倒挂。2015年2月底，CIFED总指数为-160点。
CIFED Index began on July 2nd, 2013. Mostly the index runs in the positive zone. It once demonstrated for a short time a reversed cross-border relationship(i.e. onshore yields lower than offshore ones) in July and August of 2013. In October 2014, such relationship came out again and lasts since then. At the end of February, the BOC CIFED Index stands at -160.