两部门：境外机构投资者在银行间债券市场开展债券回购业务，将采取国际市场通行做法

Core Viewpoint - The People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange have jointly issued an announcement to further support foreign institutional investors in conducting bond repurchase transactions in the interbank bond market [1] Group 1: Announcement Details - The announcement addresses the operational differences between China's pledge-style bond repurchase and international market practices, highlighting that the current method does not transfer the pledged bonds from the seller to the buyer but instead freezes them [1] - Foreign institutional investors have expressed a preference for a model that allows for the transfer of pledged bonds and their usability, which aligns with international practices and enhances overall market liquidity [1] Group 2: Transition Period - Following the announcement, foreign institutional investors will adopt the common international practice of bond transfer and usability in their repurchase transactions [1] - To facilitate a smooth transition for foreign institutional investors already engaged in bond repurchase transactions, a 12-month transition period is provided during which these institutions can continue to operate under the original model [1]