2022年8月外文研究报告financial markets

INDUSTRIES

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MARKETSFinancialmarketsworldwideCHAPTER

01MoneymarketShort-terminterestratesinselectedcountriesworldwidefrom2010to2021Short-terminterestratesinselectedcountriesworldwide2010to2021AustraliaCanadaJapanRussia*UnitedStatesEuroarea(19countries)16%14%12%10%8%6%4%2%0%-2%2010201120122013201420152016201720182019202020213tobefoundintheeuroareaandJapan,withinterestratesof-0.55percentand-0.07percentrespectively.ReadmoreNote(s):Worldwide;2010to2021;*Nodataavailablefor2020.Releasedateisdateofaccess.ReadmoreSource(s):OECDPrimarycreditrateintheUnitedStatesfrom2003to2022PrimarycreditrateintheU.S.2003-20227%6.25%6%5.25%4.75%5%4%3%2%1%0%3.25%3%2.5%2.25%2%2%1.75%1.25%1%1%0.75%

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20224Description:ThestatisticshowsthedevelopmentofprimarycreditrateintheUnitedStatesfrom2003to2022.Theprimarycreditratedepictstherateatwhichcentralbanksextendloanstofinancialinstitutionsforashortduration.TheprimarycreditrateintheUnitedStatesamountedto2.5percentasofAugust2022.ReadmoreNote(s):UnitedStates;2003to2022Source(s):FederalReserveFederalfundsratelevelintheUnitedStatesfrom1990to2021FederalfundsratelevelintheUnitedStates1990-20218.0%7.31%7.0%6.4%6.0%5.0%4.0%3.0%2.0%1.0%0.0%5.6%5.02%4.97%3.22%2.16%1.92%1.82%1.83%1.67%1.35%1.13%1%0.39%0.37%0.16%

0.18%0.14%0.1%0.11%

0.09%0.13%0.08%1990

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20215Description:ThefederalfundsrateintheUnitedStatesfelltoitslowestpointin2021afterrisingtoitshighestpointsincetheGreatRecessionin2019.In2021,itwas0.08percent.ThefederalfundsrateistheinterestrateoftheFederalReserve,thecentralbankintheUnitedStates.Itisaveryimportantfinancialindicatorandanalystsallovertheworldwatchthisrate.ReadmoreNote(s):UnitedStates;1990,1995,2000to2021;AsofDecember31stofeachyearSource(s):FederalReserveInterestratesonshorttermU.S.governmentsecuritiesfrom2007to2021,bymaturityInterestratesonshorttermU.S.governmentsecurities2007-2021,bymaturity3-monthtreasurybill6-monthtreasurybill3.5%3.0%2.5%2.0%1.5%1.0%0.5%0.0%20072008200920102011201220132014Year20152016201720182019202020216Description:ThisstatisticshowsmoneymarketinterestratesofshorttermgovernmentsecuritiesintheUnitedStatesfrom2007to2021.InDecember2021,theaveragemarketyieldof3-monthtreasurybillsonU.S.governmentsecuritiesamountedto0.09percent.ReadmoreNote(s):UnitedStates;2007to2021Source(s):FederalReserveFinancialassetsofmoneymarketmutualfundsintheUnitedStatesfrom2000to2022(inbillionU.S.dollars)FinancialassetsofU.S.moneymarketmutualfunds2000-20226,0005,205.464,765.925,0004,0003,0002,0001,00004,002.473,832.243,315.893,034.473,289.693,120.532,955.223,085.763,047.283,072.973,078.22,996.592,941.892,338.452,026.822,285.321,265.082,040.021,901.71,845.252000

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20217Description:Since2000,thefinancialassetsofthemoneymarketmutualfundsintheUnitedStatesgrewsteadily.In2022,thefinancialassetsofthemoneymarketmutualfundsexceededfivetrillionU.S.dollars,increasingapproximatelytenpercentcomparedtothepreviousyear.ReadmoreNote(s):UnitedStates;2000to2022Source(s):FederalReserveCHAPTER

02EquitymarketTotalmarketcapitalizationsofdomesticcompanieslistedonstockexchangesworldwidefrom2013toJune2022(intrillionU.S.dollars)Domesticequitymarketcapitalizationworldwide2013-2022121.94109.21105.0793.3387.1674.4371.0567.8366.9665.04201320142015201620172018201920202021June20229Description:Thisstatisticpresentstheglobaldomesticequitymarketcapitalizationworldwidefrom2013toJune2022.Thevalueofglobaldomesticequitymarketincreasedfrom65.04trillionU.S.dollarsin2013to121.94trillionU.S.dollarsin2021.AsofJune2022,thetotalmarketcapitalizationofdomesticcompanieslistedonstockexchangesworldwiderecordedas105.07trillionU.S.dollars.ReadmoreNote(s):Worldwide;2013toJune2022;asofDecembereachyearSource(s):WFETotalmarketcapitalizationofdomesticcompanieslistedonstockexchangesworldwidefrom2013toJune2022,byregion(intrillionU.S.dollars)Domesticequitymarketcapitalizationworldwide2013-2022,byregion20132014201520162017201820192021June2022140120100806040200AmericasAsia-PacificEMEATotal**10Description:Thisstatisticpresentstheglobaldomesticequitymarketcapitalizationfrom2013toJune2022,byregion.ThevalueofdomesticequitymarketinAmericasincreasedfromapproximately28.3trillionU.S.dollarsinDecember2013to57trillionU.S.dollarsattheendofDecember2021,thelargestglobally.ReadmoreNote(s):Worldwide;2013toJune2022Source(s):WFENumberofequityexchangetradedderivatives(ETDs)onglobalmarketsfrom2010to2021,byinstrument(inbillions)NumberofequityETDcontractstradedglobally2010-2021,byinstrumentETFoptionsStockindexfuturesStockindexoptionsSinglestockfuturesSinglestockoptions504540353025201510510.24.827.243.416.327.794.519.036.564.21.14.451.464.361.741.13.513.74413.63.813.23.481.143.193.90.92.82.31.53.330.852.772.551.676.325.754.081.863.381.892.61.82.751.562.41.52.381.612.31.32.21.44.64.24020102011201220132014201520162017201820192020202111Description:Thisstatisticpresentsthecontractnumbersofequityexchangetradedderivatives(ETDs)onglobalmarketsfrom2010to2021,listedbyinstrument.In2021,approximately10.2billioncontractsforsinglestockoptionsweretradedworldwideR.

eadmoreNote(s):Worldwide;2010to2021Source(s):WFEDevelopmentoftheMSCIWorldUSDindexfrom1986to2021ValueofMSCIWorldUSDindex1986-20213,5003,0002,5002,0001,5001,000500012Description:ThestatisticshowsthedevelopmentoftheMSCIWorldUSDIndexfrom1986to2021.The2021year-endvalueoftheMSCIWorldUSDindexamountedto3,231.73pointsR.

eadmoreNote(s):Worldwide;1986to2021Source(s):MSCICHAPTER

03BondmarketValueofdealsontheinternationaldebtcapitalmarketsfrom1stquarter2016to4thquarter2021(inbillionU.S.dollars)Valueoftheinternationaldebtcapitalmarketdeals2016-20212,5002,0001,5001,0005000Q116

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Q42114Description:Inthefourthquarterof2021,thevalueoftheinternationaldebtcapitalmarkettransactionsamountedtoapproximately1.1trillionU.S.dollars.Thedebtmarketisthepartofthecapitalmarketonwhichfixed-interestsecuritiesaretraded.Thesesecuritiesinclude,forexample,government,municipal,corporateormortgagebonds.ReadmoreNote(s):Worldwide;Q12016

toQ42021Source(s):Dealogic;ICMAValueofdealsoninternationaldebtcapitalmarketsinthe4thquarterof2021,bycurrency(inbillionU.S.dollars)Valueofinternationaldebtcapitalmarketdealsbycurrency2021ValueinbillionU.S.dollars0100200300400500600700800UnitedStatesdollars(USD)Euro(EUR)684.7284.3Poundsterling(GBP)Australiandollar(AUD)Canadiandollar(CAD)Swissfranc(CHF)49.614.47.15Chineseyuan(CNY)Singaporedollar(SGD)Japaneseyen(JPY)4.13.73.11.9Swedishkrona(SEK)Norwegiankrone(NOK)

1.5NewZealanddollar(NZD)

1.3HongKongdollar(HKD)

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0.4SouthAfricanrand(ZAR)

0.215Description:TheU.S.dollarwasthecurrencymostcommonlyusedfordealsontheinternationaldebtcapitalmarketinthefourthquarterof2021.Atthattime,thevalueofdealsinthatcurrencywas685billionU.S.dollars.Read

moreNote(s):Worldwide;Q42021Source(s):Dealogic;ICMAYieldonten-yeargovernmentbondsofselectedcountriesworldwideasofMay2022Yieldonten-yeargovernmentbondsofselectedcountries2022Yield0.0%Greece0.5%1.0%1.5%2.0%2.5%3.0%3.5%4.0%3.53%ItalyUnitedStatesPortugalSpain2.96%2.89%2.13%2.08%Ireland1.64%1.59%1.54%1.52%1.45%BelgiumAustriaFranceFinlandNetherlandsLuxembourgGermanyJapan1.29%1.23%1%0.24%16Description:InMay2022,theaverageyieldonten-yeargovernmentbondsintheUnitedStateswasequalto2.89percent.Thiswasthethirdhighestoftheselecteddevelopedeconomiesconsideredinthisstatistic.ThecountrieswiththelowestyieldwereGermanyandJapan,with1and0.21percentrespectively.ReadmoreNote(s):Worldwide;May2022Source(s):BanquecentraleduLuxembourg;BloombergMonthlydevelopmentoftenyeartreasurybondratesintheUnitedStatesfromMay2013toJune2022TenyeartreasurybondratesintheU.S.2013-20223.5%3.0%2.5%2.0%1.5%1.0%0.5%0.0%17Description:Theyieldon10-yearU.S.treasurybondshasseentwopeakssince2013:firstinDecember2013,whentheyieldwas3.04percent,andagaininOctober2018,whenreached3.15percent.ByOctober2021,theyieldhadfallento1.55percent.Thisisstillsignificantlyhigherthanthepost-coronaviruslowof0.55percentinJuly2020.Sincethebeginningof2022,theyieldon10-yearU.Streasurybondsincreasedconsiderably,reaching2.98percentattheendofJuneR.

eadmoreNote(s):UnitedStates;May2013toJune2022;EndofmonthdataSource(s):FederalReserve(BoardofGovernorsoftheFederalReserveSystem)Marketyieldon10-yeartreasurysecuritiesintheUnitedStatesfrom1970to2021Marketyieldon10-yearU.S.treasurysecurities1970-202114%12%10%8%6%4%2%0%1970

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202118Description:In2021,theyieldon10-yearU.S.treasurysecuritiesdeclinedsignificantlyto1.45percent,upfrom0.89percentinthepreviousyear.2020recordedthelowestvalueintheperiodunderconsideration,andwellbelowthelonger-termaverage.In1980theyieldwas11.43percent.

ReadmoreNote(s):UnitedStates;1970to2021Source(s):FederalReservePredictionof10yearU.S.TreasurynoteyieldfromSeptember2019toFebruary2023Predictionof10yearU.S.Treasurynoterates2019-20234.5%4.0%3.5%3.0%2.5%2.0%1.5%1.0%0.5%0.0%19Description:InMarch2022,theyieldona10yearU.S.Treasurynotewas3.14percent,forecastedtoincreasetoreach3.59percentbyFebruary2023.Treasurysecuritiesaredebtinstrumentsusedbythegovernmenttofinancethenationaldebt.Read

moreNote(s):UnitedStates;September2019toFebruary2023;*Forecast.Valuesaremonthlyaverages.ReadmoreSource(s):FinancialForecastCenter;USDepartmentoftheTreasuryCHAPTER

04CurrencymarketDevelopmentofglobalcurrencyreservesfrom1995to2021(intrillionU.S.dollars)Annualvalueofforeignexchangereservesworlwide1995-20211412.9212.711.8211.6911.61210811.45

11.4310.9510.9310.7210.29.268.167.356.7165.254.323.7543.032.412.051.941.781.57

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202121Description:ThecompositionofofficialforeignexchangereservesgrewbynearlyonetrillionUSDbetween2020and2019,afteradeclinein2018.Forexreservesrefertoforeign-currencydepositsheldbymonetaryauthoritiesandgovernments.AmajorityofthesereservesaremadeupoftheU.S.dollar,althoughtheeuroandtheJapaneseyendidgainmoreprominenceinrecentyears.In2021,globalcurrencyreservesamountedtonearly13trillionU.S.dollars.ReadmoreNote(s):Worldwide;1995to2021;AsoftheendofQ4withineachyearSource(s):IMFForeignexchangesreservesinselectedcountriesandterritoriesacrosstheworldasofAugust26,2022(inbillionU.S.dollars)Forexreservesin82countriesandterritoriesworldwide2022Jan

20223577.471431.591094.08632.08630.21530.8Feb20223576.631430.531101.38633.83Mar20223552.371402.571066.26609.35Apr20223480.251369.1May20223484.521376.131042.67605.24Jun20223425.621357.11964.09Jul2022China(Mainland)Japan1368.89SwitzerlandIndia1033.38598.71591.19RussiaHongKongSARSouthKoreaSaudiArabiaSingaporeBrazil527.51461.77441.5520.05457.81451.36379.67353.17308.41261.45503.9449.3496.91447.71451.68345.28346.42298.05254.6481.85438.28466.7461.53446.8451.67365.18345.1418.39358.4426.63357.74306.59260.51314.32341.96292.08249.48346.4286.51246.68GermanyFrance292.29250.62304.6259.2822Description:Ofallthecountriesintheworld,Chinahad,byfar,thelargestinternationalreservesin2022,with3.46trillionUSDinreservesandforeigncurrencyliquidity.JapanandSwitzerlandweretheonlyothercountrieswithoveratrillionU.S.dollarsinreservesinearly2022,withatotalof1.4trillionU.S.dollarsandnearlyonetrillionU.S.dollarsrespectively.ReadmoreNote(s):Worldwide;August26,2022;Figuresarenotreportedatthesametime,causingdelaysandinconsistenciesSource(s):IMFShareofcurrenciesheldinglobalforeignexchangereservesfrom1stquarter1999to1stquarter2022Quarterlyshareoftheworld'slargestreservecurrencies1999-2022U.S.dollar(USD)Euro(EUR)JapaneseYen(JPY)Swissfranc(CHF)Poundsterling(GBP)OthercurrenciesChineserenminbi(CNY)Canadiandollar(CAD)Australiandollar(AUD)120%100%80%60%40%20%0%Currency23Description:TheU.S.dollarwasthemostcommoncurrencyinforeignexchangereservesin2020,comprisingmorethanthreetimestheamountoftheeuroinglobalreservesthatyear.Thistotalpeakedin2015,partlyduetothestrengthofthedollarduringtheEurozonecrisis.ThesharetheU.S.dollarhaslostsincehasgonetotheJapaneseyenandeuro,aswellasothercurrencies.ReadmoreNote(s):Worldwide;Q11999toQ42022Source(s):IMFU.S.Dollar(USD)toeuro(EUR)exchangeratefromJanuary2012toSeptember2,2022USD/EURFXrate,upuntilSeptember2,20221.11.00.90.80.724Description:Inearly2021,theexchangerateoftheU.S.dollartotheeurowasbelow0.9,meaningoneU.S.dollarwouldbuylessthan90eurocentsatthattime.Thiswasdownfromthe2016peakof0.95eurosperdollar,butstillabovethepricebeforetheEurozoneCrisis,whichhasstartedin2009andwascausedbydifficultiesofseveralEuropeancountrieswithrepayinggovernmentdebt.ReadmoreNote(s):Worldwide;January2012toSeptember2,2022;UnitsofEURperU.S.dollarSource(s):Refinitiv;WallStreetJournalValueofcurrencyincirculationintheUnitedStatesfrom2000to2020,bydenomination(inbillionU.S.dollars)ValueofU.S.dollarbanknotesincirculation2000-2020,bydenomination$1$2$5$10$20$50$100$500to$10,0002,5002,0001,5001,00050002000

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202025Description:ThetotalvalueofUSDincirculationincreasedsignificantlybetween2019and2020,with100dollarbillstakingupalargemajority.AsofDecember31,2020,theoverallvalueof100dollarbillsthatwerincirculationamountedtomore1.6trillionU.S.dollars.ThetotalvalueofU.S.currencyincirculationin2020amountedtoapproximately2trillionU.S.dollars.ReadmoreNote(s):UnitedStates;2000to2020;AsofDecember31ofeachyear;IncludesFederalReservenotes,U.S.notes,andcurrencynolongerissuedSource(s):FederalReserveU.S.Dollar(USD)toRussianruble(RUB)exchangeratefromJanuary2012toSeptember2,2022RubleUSD/RUBFXrate,upuntilSeptember2,2022110100908070605040302026Description:TheUSDtorublevaluelostsignificantgroundafterRussia'sinvasionofUkraine,reachingalowof135rublesinMarch2022.ThisdevaluationisalsoobservedinachartthatcomparesthemonthlyaverageoftherubleagainstboththeU.S.dollarandtheeurosince2008.AdeclinestartedinNovember2020,andcontinuedinto2021-nospecificreasonwasgivenforthetimingofthisdevelopment.Interestingly,theUSD/RUBexchangeratereacheditshighestpointearlierin2020,asoneU.S.[...R]

eadmoreNote(s):Worldwide;January2012toSeptember2,2022;UnitsofRUBperU.S.dollar;Monthlyfiguresareasoftheendofthatparticularmonth.Source(s):Refinitiv;WallStreetJournalCHAPTER

05MiscellaneousLargestsovereignwealthfundsworldwideasofJune2022,byassetsundermanagement(inbillionU.S.dollars)Leadingglobalsovereignwealthfunds2022,byassetsundermanagementManagedassetsinbillionU.S.dollars200

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60008001,0001,2001,4001,600NorgesBankInvestmentManagement(Norway)ChinaInvestmentCorporation(China)StateAdministrationofForeignExchanges(China)AbuDhabiInvestmentAuthority(UAE)GovernmentofSingaporeInvestmentCorporation(Singapore)KuwaitInvestmentAuthority(Kuwait)PublicInvestmentFund(SaudiArabia)HongKongMonetaryAuthority(HongKongSAR)NationalCouncilforSocialSecurityFund(China)QatarInvestmentAuthority(Qatar)1,3621,222980829799693620587452445InvestmentCorporationofDubai(UAE)Mubadala(UAE)300284283Temasek(Singapore)KoreaInvestmentCorporation(Korea)FutureFund(Australia)20518328Description:Theworld`slargestsovereignwealthfund(SWF)asofJune2022wasNorgesBankInvestmentManagement,managingassetsreachingaround1.36trillionU.S.dollars.ThefundisalsoknownasNorway`soilfundandwasestablishedin1969afterNorway`sdiscoveryofoilintheNorthSea.

ReadmoreNote(s):Worldwide;2022Source(s):GlobalSWFValueofassetsmanagedbyhedgefundsworldwidefrom1997toQ12022(inbillionU.S.dollars)Assetsundermanagementofhedgefundsworldwide1997-20226,0005,0004,0003,0002,0001,00001997

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Q1202229Description:Thehedgefundindustryboomedinthe1990s,andvalueofassetsmanagedbyhedgefundsworldwidegrewsteadilyuntil2007.Thevaluefellmar