央行等三部门：支持境外机构投资者开展债券回购业务

Core Viewpoint - The announcement by the People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange to support foreign institutional investors in conducting bond repurchase transactions in the Chinese bond market is a significant step towards enhancing the liquidity management of these investors and improving the international framework for participation in the Chinese bond market [1][2]. Group 1 - The introduction of cross-border bond repurchase business will greatly expand the channels for foreign investors to access RMB liquidity, meeting their liquidity management needs [1]. - The move is expected to enhance the attractiveness of RMB assets in global capital markets and strengthen the service capabilities of market makers, further promoting the development and internationalization of the Chinese bond market [1][2]. - As of August 2025, there are 1,170 foreign institutions from 80 countries and regions participating in the Chinese bond market, holding a total of approximately 4 trillion RMB in bonds [1]. Group 2 - The People's Bank of China has been steadily promoting the opening of the interbank bond market for bond repurchase business since 2015, supporting foreign sovereign institutions and offshore RMB clearing banks in conducting such transactions [1]. - The recent policy is also aimed at optimizing the Qualified Foreign Institutional Investor (QFII) system and consolidating Hong Kong's status as an international financial center, facilitating the coordinated development of onshore and offshore RMB markets [2]. - The central bank plans to continue implementing the overall strategy of expanding opening-up, balancing financial openness and security, and steadily advancing high-level institutional opening of the Chinese bond market [2].