进一步开放！三部门：支持各类境外机构投资者开展债券回购业务

Core Viewpoint - The People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange jointly issued an announcement to support foreign institutional investors in conducting bond repurchase transactions in the Chinese bond market, marking a significant milestone in the high-level opening of China's bond market [1] Group 1: Support for Foreign Investors - The announcement allows various foreign institutional investors to participate in bond repurchase transactions, enhancing the attractiveness of RMB-denominated bonds and optimizing the Qualified Foreign Institutional Investor system [1][2] - Eligible participants include foreign central banks, international financial organizations, sovereign wealth funds, commercial banks, insurance companies, securities firms, fund management companies, and other asset management institutions [2] Group 2: Mechanism Design - The announcement aligns the bond repurchase mechanism in the interbank market with international practices, facilitating the transfer and usability of collateralized bonds for foreign investors [3] - The bond repurchase business includes both pledged and buyout repurchase forms, with the new design addressing previous operational differences compared to international markets [3] Group 3: Financial Management and Regulation - The announcement emphasizes the importance of open and secure financial markets, implementing closed-loop fund management for foreign investors in bond repurchase transactions [4] - Enhanced monitoring and regulatory measures will be established through transaction, custody, settlement, and exchange processes [4] Group 4: Trading and Quota Management - Foreign investors using the "Bond Connect" channel will initially follow the existing bond trading mechanism, engaging in repurchase transactions with market makers [5] - Market makers will be selected based on their performance and must comply with the unified management framework for cross-border RMB interbank financing [5]