三部门：支持境外机构投资者开展债券回购业务

Core Insights - The People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange have jointly announced support for foreign institutional investors to engage in bond repurchase transactions in the Chinese bond market [1][2] - The number of foreign institutional investors and the scale of 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] Group 1 - The announcement aims to enhance the attractiveness of RMB-denominated bonds and optimize the Qualified Foreign Institutional Investor (QFII) system [2] - The bond repurchase business is expected to facilitate liquidity management for foreign investors, reflecting a growing demand for such services [1][2] - The People's Bank of China has been progressively opening the interbank bond market for repurchase transactions since 2015, allowing sovereign institutions and offshore clearing banks to participate [1] Group 2 - The collaboration with the Hong Kong Monetary Authority to launch offshore repurchase business using "Bond Connect" is a significant step towards integrating onshore and offshore markets [1][2] - Future efforts will focus on enhancing financial openness while ensuring security, in line with the broader strategic deployment of the central government [2] - The initiative is expected to strengthen Hong Kong's position as an international financial center and promote the coordinated development of onshore and offshore RMB markets [2]