投资范围扩大程序简化 债市制度型开放更进一步

Core Viewpoint - The recent announcement by the People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange marks a significant step in the institutional opening of China's bond market, facilitating foreign institutional investors' access to both interbank and exchange bond markets [1][2]. Group 1: Market Access and Regulations - The announcement simplifies the entry procedures for foreign institutional investors while expanding their investment scope to include the exchange bond market [1][2]. - Foreign institutional investors are allowed to invest directly or through mutual connectivity in the exchange bond market, with the ability to choose their trading venues autonomously [2]. - The range of approved foreign institutional investors remains unchanged, but the process for entering the market has been streamlined, eliminating the need for individual product filings for new products from registered institutions [2]. Group 2: Market Growth and International Confidence - As of April 2022, the total balance of China's bond market reached 138.2 trillion yuan, making it the second largest in the world, with 1,035 foreign institutional investors holding a total of 3.9 trillion yuan in bonds, a 225% increase since the end of 2017 [3]. - Major international bond index providers, including Bloomberg, JPMorgan, and FTSE Russell, have included Chinese bonds in their primary indices, reflecting international investors' confidence in China's long-term economic health and financial openness [3]. - The continued deepening of bond market openness is expected to attract more foreign capital into China, enhancing the international competitiveness of its financial markets [3].