债券回购质押券“解冻”有利于提高债市深广度

Core Viewpoint - The proposed cancellation of the freezing requirement for pledged bonds in bond repurchase agreements by the People's Bank of China aims to enhance market liquidity and attract more foreign investment in the domestic bond market [1][2][3] Group 1: Market Dynamics - The current bond market in China, being the second largest globally, requires continuous improvement in trading activity and diversification of participants [1] - The monthly transaction volume of pledged repurchase agreements in the interbank bond market is around 100 trillion yuan this year, indicating a significant amount of short-term interest rate bonds could be "unfrozen," thereby increasing bond supply and enhancing market depth [2] - The removal of the freezing requirement is expected to improve liquidity in the bond market, facilitating foreign institutions' participation in repurchase transactions [1][2] Group 2: Regulatory Changes - The freezing of pledged bonds is primarily a risk management measure to protect lenders, but the necessity for such measures has diminished due to improved regulatory frameworks and reduced default risks in the bond market [1] - The shift towards allowing the reuse of pledged bonds during the repurchase period aligns with practices in mature overseas markets, potentially attracting more foreign investment and enhancing the breadth of the bond market [2][3] Group 3: International Integration - The cancellation of the freezing requirement may lead to a more unified trading framework between onshore and offshore RMB bond markets, promoting a positive cycle between the two and facilitating better integration of the RMB bond market with international standards [3]