三部门：对境外机构投资者开展债券回购业务实现资金闭环管理

Core Viewpoint - The People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange have jointly announced measures to further support foreign institutional investors in conducting bond repurchase transactions, emphasizing the importance of balancing openness and security in financial markets [1] Group 1: Regulatory Framework - The announcement outlines a framework for enhancing the management of bond repurchase transactions, focusing on transaction, custody, settlement, and foreign exchange processes to ensure closed-loop fund management [1] - The regulatory approach includes strengthened monitoring and oversight through transaction custody data reporting, promoting a transparent regulatory environment for foreign investors [1] Group 2: Market Participation - Foreign institutional investors will initially use the existing bond trading mechanism to conduct repurchase transactions through the "Bond Connect" channel, engaging with market makers [1] - Market makers must demonstrate strong funding and bond pricing capabilities, selected from outstanding primary dealers in the "Bond Connect" market, with a list published by the National Interbank Funding Center [1] Group 3: Limit Management - The funding limits for market makers will adhere to a unified management framework for cross-border RMB interbank financing, with the repurchase balance for foreign institutional investors managed according to the leverage ratio regulations of the interbank bond market [1] - Specific requirements for the implementation of these measures will be detailed in guidelines issued by the interbank market infrastructure [1]