Driven by the strong import and export of the mainland, the RMB was strong against the US dollar. Among them, the onshore RMB rose more than 100 basis points against the US dollar on the morning of the 8th, rising to 6.3555, a new high since 2018. The offshore RMB also broke the 6.36 yuan mark, a new high since May this year. At the same time, in the context of RMB appreciation, RMB bonds continue to be "hot" by foreign investors. According to the data recently released by the China foreign exchange trading center and the Shanghai headquarters of the people's Bank of China, in November, foreign institutional investors bought a net 110.6 billion yuan of domestic bonds. By the end of the month, overseas institutions had held 3.93 trillion yuan of domestic bonds, an increase of about 80 billion yuan compared with 3.85 trillion yuan at the end of October, a new high in the scale of holdings in a single month since February this year. Specifically, in November, foreign institutional investors reached a total of 1039 billion yuan in cash bond transactions, an increase of 38% month on month, accounting for about 5% of the total trading volume of the cash bond market in the same period. Among them, the purchase of bonds was 574.8 billion yuan and the sale of bonds was 464.2 billion yuan. At the same time, the number of foreign institutional investors continued to increase. By the end of November 2021, taking legal persons as the statistical caliber, 503 foreign institutional investors had entered the market through the settlement agency mode, and 4 had been added in November; A total of 721 foreign institutional investors entered the market through the bond link mode, with 8 newly added in November. According to the November briefing on investment in interbank bond market by overseas institutions, as of the end of November 2021, overseas institutions held 3.93 trillion yuan of interbank bond market, accounting for about 3.4% of the total custody of the interbank bond market. From the perspective of securities, the main custody securities of overseas institutions are treasury bonds, with a custody amount of 2.39 trillion yuan, accounting for 60.8%; The second is policy financial bonds, with a custody amount of 1.08 trillion yuan, accounting for 27.5%. In addition, bond trading is also very active. According to the operation report of bond link, the average daily trading volume of bond link in November was 29.3 billion yuan, with a monthly turnover of 644 billion yuan, an increase of 44% month on month. Among them, treasury bonds and policy financial bonds were the most active, accounting for 44% and 41% of the monthly trading volume respectively. The amount of bonds held by foreign investors reached 3.85 trillion yuan, involving 34 countries and regions. In fact, in recent years, the allocation of Chinese bonds by foreign investors has become a long-term strategy. Zhou Maohua, an analyst at Everbright Bank, said that China's economic development has been improving for a long time, the financial market has deepened its high-level opening to the outside world, and RMB assets will attract the trend inflow of global capital. It is worth mentioning that recently, China's treasury bonds were officially included in the FTSE world treasury bond index (wgbi). This is the third international bond index included in Chinese bonds after Bloomberg Barclays global composite index (bbga) and JPMorgan global emerging market diversification index (gbi-em). So far, China's bonds have been fully included in the three major international bond indexes. "With the significant appreciation of the RMB in recent years and the continuous opening of the bond market, bonds may become an important position for China's financial market to attract foreign investment. China's economy is stable and improving, domestic demand is accelerating the recovery, investment momentum is strong, and consumption is significantly improved, which will support investors' confidence in the development of China's economy and financial market. Through investing in China's bonds and other RMB International investors will also better share the dividends of China's economic development. " Some institutions said (outlook new era)