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

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][2] - The announcement aims to enhance liquidity management for foreign investors and promote high-level opening of the Chinese bond market [2][5] - As of August 2025, 1,170 foreign institutions from 80 countries held approximately 4 trillion RMB in Chinese bonds, indicating significant foreign interest [1][6] Summary by Sections Announcement Details - The announcement allows all foreign institutional investors, including central banks, sovereign wealth funds, and various financial institutions, to participate in bond repurchase transactions [2][3] - The bond repurchase mechanism will align with international practices, allowing for the transfer and use of underlying bonds, which is expected to improve market liquidity [3][4] Market Impact - The new policy is anticipated to enhance the attractiveness of RMB-denominated bonds for foreign investors and strengthen Hong Kong's position as an international financial center [2][5] - The bond repurchase business will facilitate better liquidity management and risk management for foreign investors, expanding the depth and breadth of the market [5][6] Transition and Implementation - A transition period of 12 months will be provided for foreign investors to adapt to the new bond repurchase model, while they can continue using the old model during this time [3][4] - The People's Bank of China will implement a closed-loop management system for transactions, custody, settlement, and foreign exchange to ensure security [5][6] Broader Financial Initiatives - The announcement is part of a broader strategy to enhance the offshore RMB market, including increasing the number of market makers and expanding the range of RMB-denominated assets available in Hong Kong [7] - The People's Bank of China is also working to make Chinese bonds widely accepted as collateral in global markets, further integrating the Chinese bond market with international financial systems [7]