央行等三部门：支持可在中国债市开展现券交易的境外机构投资者开展债券回购业务

Core Insights - The People's Bank of China, along with the China Securities Regulatory Commission and the State Administration of Foreign Exchange, has announced support for foreign institutional investors to conduct bond repurchase transactions in the Chinese bond market [1][2] - The number of foreign institutional investors and their bond holdings in China have significantly increased, with approximately 1,170 institutions from 80 countries holding around 4 trillion RMB in bonds as of August 2025 [1] - The initiative aims to enhance the attractiveness of RMB-denominated bonds, optimize the Qualified Foreign Institutional Investor system, and strengthen Hong Kong's status as an international financial center [2] Group 1 - The announcement supports foreign institutional investors in conducting bond repurchase transactions, which is expected to meet market demand and enhance the liquidity management needs of these investors [1][2] - Since 2015, the People's Bank of China has progressively opened the interbank bond market for bond repurchase transactions, initially supporting sovereign institutions and offshore RMB clearing banks [1] - The collaboration with the Hong Kong Monetary Authority to launch offshore repurchase business using "Bond Connect" northbound bonds is set for 2025 [1] Group 2 - The People's Bank of China is working to align domestic and international repurchase market practices, facilitating the transfer and usability of bond collateral for foreign investors [2] - Future efforts will focus on implementing the central government's strategy for expanding financial openness while ensuring security, with ongoing improvements to mechanisms for the bond market [2] - The initiative is part of a broader strategy to promote high-level institutional openness in the Chinese bond market [2]