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三部门发文力挺!境外机构均可参与债券回购 交易方式与国际接轨
2 1 Shi Ji Jing Ji Bao Dao·2025-09-26 13:32

Core Viewpoint - 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 engage in bond repurchase transactions in the Chinese bond market, enhancing liquidity management and promoting high-level opening of the market [1][3][9]. Group 1: Bond Repurchase Business - Bond repurchase is a short-term financing behavior between financial institutions, widely used as a liquidity management tool internationally [3]. - As of August 2025, 1,170 foreign institutions from 80 countries and regions held approximately 4 trillion RMB in Chinese bonds, indicating a growing demand for bond repurchase to improve capital efficiency [3][9]. - The announcement allows all foreign institutional investors, including central banks, sovereign wealth funds, and various financial institutions, to participate in bond repurchase transactions [4][9]. Group 2: Changes in Transaction Methods - The announcement introduces a change in the transaction method for foreign institutional investors, aligning with international practices by allowing the transfer and use of pledged bonds, which enhances clarity in rights and obligations [6][7]. - A transition period of 12 months is provided for institutions already engaged in bond repurchase to adapt to the new model [6]. Group 3: Enhancing Market Connectivity - The initiative aims to strengthen the interconnection between onshore and offshore financial markets, thereby enhancing the attractiveness of RMB-denominated bonds and supporting the development of Hong Kong as an international financial center [4][9]. - The People's Bank of China has been actively promoting financial cooperation between the mainland and Hong Kong, with significant growth in foreign institutional participation in the Chinese bond market since the launch of the Bond Connect program [9][10]. Group 4: Future Measures - The People's Bank of China announced four key measures to further enhance cross-border investment and financing convenience, including the support for bond repurchase, expanding the swap market, and increasing the availability of high-quality RMB assets in Hong Kong [10].