三部门发文支持境外机构投资者开展债券回购业务

Core Points - The People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange jointly announced support for foreign institutional investors to conduct bond repurchase transactions in the Chinese bond market [1] - Bond repurchase is a widely used liquidity management tool internationally, allowing financial institutions to engage in short-term capital financing using bonds as collateral [1] - The announcement enables all foreign institutional investors, including those entering through direct market access and the "Bond Connect" channel, to participate in bond repurchase transactions [1] Summary by Sections Bond Repurchase Business - The bond repurchase business will adopt international market practices, allowing for the transfer and usability of the underlying bonds [1] - Since 2015, the People's Bank of China has been promoting the opening of the bond repurchase business to foreign investors, initially supporting sovereign institutions and clearing banks [1] - A joint offshore repurchase business using "Bond Connect" northbound bonds is set to launch in 2025 with the Hong Kong Monetary Authority [1] Market Impact - Supporting foreign institutional investors in bond repurchase transactions is expected to meet market demand, enhance the attractiveness of RMB-denominated bonds, and optimize the Qualified Foreign Institutional Investor system [1] - This initiative aims to strengthen Hong Kong's position as an international financial center and facilitate the coordinated development of onshore and offshore RMB markets [1] Growth of Foreign Investment - The Chinese bond market has seen significant growth in foreign investment, with 1,170 foreign institutions from 80 countries and regions entering the market by the end of August 2025, holding approximately 4 trillion RMB in bonds [2] - The People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange will continue to enhance mechanisms for financial openness while ensuring security [2]