优化人民币债券市场投资环境 境外央行类机构开户再迎利好

Group 1 - The core viewpoint of the articles highlights the positive developments in the investment environment for foreign central bank institutions in China's bond market, particularly with the recent fee exemption for account openings [1][2] - The Central Securities Depository and Clearing Co., Ltd. announced that starting from January 1, 2025, foreign central bank institutions will be exempt from a 500 yuan account opening fee, reflecting the government's commitment to reducing costs and enhancing the investment experience for foreign investors [1] - There has been a significant increase in foreign investment in Chinese bonds, with foreign institutions net increasing their holdings of Chinese government bonds, particularly in the first quarter of 2025, where net purchases reached 269 billion USD, a year-on-year increase of 84% [2] Group 2 - The trend of foreign investment in Chinese bonds is expected to continue, driven by the strengthening of the RMB and the relative attractiveness of Chinese bond yields compared to international markets [2][3] - Regulatory measures have been implemented to simplify the entry process for foreign institutions and enhance cross-border liquidity management, which has been well-received by foreign investors [2] - Market participants anticipate that as the infrastructure of the Chinese bond market continues to improve, the trend of foreign capital increasing its holdings of Chinese bonds will likely persist [3]