央行等三部门联合公告！

Core Viewpoint - The announcement by the People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange aims 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 the market [1][2]. Group 1: Announcement Details - The announcement allows all foreign institutional investors, including central banks, sovereign wealth funds, commercial banks, and asset management firms, to participate in bond repurchase transactions in the interbank bond market [1][2]. - The initiative is designed to meet the liquidity management needs of foreign investors and promote connectivity between onshore and offshore financial markets [2][4]. Group 2: Market Impact - As of August 2025, the Chinese bond market has a total balance of 192 trillion RMB, ranking second globally, with a bond issuance scale exceeding 59 trillion RMB from January to August 2025, reflecting a 14% year-on-year growth [2][3]. - The international influence and attractiveness of the Chinese bond market have significantly increased, with Chinese bonds included in major international indices, such as Bloomberg Barclays and FTSE Russell, indicating strong global investor confidence in RMB-denominated assets [2][3]. Group 3: Operational Changes - The announcement aligns with international practices by allowing the transfer of collateralized bonds in repurchase agreements, which enhances the appeal of the Chinese bond market to foreign investors [4][5]. - The transition to this new operational model will take place over a 12-month period, allowing existing foreign investors to continue using the previous model during the transition [5]. Group 4: Regulatory Framework - The regulatory framework emphasizes a balance between openness and security, ensuring robust management of transactions, custody, settlement, and foreign exchange processes for foreign institutional investors [6]. - The initial phase of bond repurchase transactions will utilize existing market mechanisms, with selected market makers required to demonstrate strong funding and bond quoting capabilities [6].