央行、证监会、国家外汇局联合发布

Core Viewpoint - The People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange have jointly announced support for foreign institutional investors to conduct bond repurchase transactions in the Chinese bond market, enhancing the attractiveness of RMB-denominated bonds and optimizing the Qualified Foreign Institutional Investor system [1][2]. Group 1: Market Development - The Chinese bond market has seen significant progress in opening up, with 1,170 foreign institutions from 80 countries and regions participating, holding a total of approximately 4 trillion RMB in bonds as of the end of August 2025 [1]. - The People's Bank of China has been promoting the opening of the bond repurchase business in the interbank bond market since 2015, initially supporting sovereign institutions and offshore RMB clearing banks [1]. Group 2: Business Model and Mechanism - The new measures aim to enhance the liquidity management needs of foreign institutional investors through bond repurchase transactions, aligning domestic and international market practices [2]. - The People's Bank of China plans to continue implementing the overall strategic deployment of expanding opening-up, balancing financial openness and security, and improving mechanisms for high-level institutional opening of the Chinese bond market [2].