境外机构银行间债市回购业务全面放开，中国债市高水平开放再迈关键一步

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 enhance the international attractiveness of China's bond market and promote the steady progress of the internationalization of the Renminbi [1][2]. Group 1: Market Demand and Growth - China's bond market has shown significant growth, with a total balance reaching 192 trillion RMB by August 2025, and a bond issuance scale exceeding 59 trillion RMB in the first eight months of 2025, marking a 14% year-on-year increase [2]. - The bond market has become the second-largest channel for financing the real economy, with net bond financing accounting for 44.5% of the total social financing increment during the same period [2]. Group 2: Internationalization and Investor Confidence - Chinese bonds have been included in major international bond indices, with their representation in the FTSE Russell Global Government Bond Index rising to the second position globally and third in the Bloomberg Barclays Global Aggregate Index, reflecting strong global investor confidence in Renminbi-denominated bonds [2][3]. - As of August 2025, foreign institutions from over 80 countries held approximately 4 trillion RMB in bonds, with a trading volume of about 11.8 trillion RMB in the first eight months of 2025, indicating active participation in the market [2]. Group 3: Bond Repurchase Business - The opening of the bond repurchase business to all foreign institutional investors is a response to the growing demand for liquidity management tools, aligning with international practices [3][4]. - The new rules allow for the transfer of bond ownership during repurchase transactions, which is expected to enhance market liquidity and efficiency [5][6]. Group 4: Regulatory Framework and Risk Management - The announcement includes detailed operational rules and risk management measures, emphasizing the importance of balancing openness and security in the market [4][6]. - The initial phase of the repurchase business will require foreign institutions to trade with market makers, ensuring a controlled and regulated environment for transactions [6].