境外投资者迎利好，央行、证监会、外汇局联合发布

Core Insights - The cross-border bond repurchase business was officially launched on September 26, supported by the Hong Kong Monetary Authority, the People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange [1] - The announcement aims to facilitate offshore institutional investors' participation in the onshore bond repurchase market, enhancing liquidity and reducing financing costs for RMB [1][2] - This initiative is expected to strengthen the international appeal of onshore bonds and enhance the RMB's financing capabilities in the global market [1] Group 1 - The new policy allows all offshore institutions that have entered the onshore bond market, including Bond Connect investors, to engage in onshore bond repurchase transactions [1] - The Hong Kong Monetary Authority indicated that this measure follows the launch of offshore RMB bond repurchase business earlier this year, contributing to more stable liquidity in the offshore RMB market [1][2] - The cross-border repurchase and offshore RMB repurchase businesses complement each other, meeting the asset allocation and liquidity management needs of offshore investors [1] Group 2 - There are operational differences between China's pledged bond repurchase and international market practices, which will be addressed by adopting internationally accepted methods for bond transfers and usability [2] - A transition period of 12 months will be provided for offshore institutions already engaged in the bond repurchase business to continue operating under the original model [2] - The People's Bank of China and the State Administration of Foreign Exchange emphasized the importance of balancing openness and security in financial market operations, implementing closed-loop management of funds and enhancing regulatory oversight [2]