央行、证监会、外汇局联合发文 进一步支持各类境外机构投资者开展债券回购

Core Viewpoint - The People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange jointly issued an announcement to further support foreign institutional investors in conducting bond repurchase transactions in the Chinese bond market [1] Group 1: Policy and Market Opening - The announcement allows all types of foreign institutional investors to participate in bond repurchase transactions in the interbank bond market, including those entering through direct market access and the "Bond Connect" channel [1] - Since 2015, the central bank has been gradually promoting the opening of the bond repurchase business to foreign investors, initially supporting sovereign institutions and offshore clearing banks [1] Group 2: Business Model and Mechanism - The announcement enhances the bond repurchase mechanism in the interbank market, aligning it with international practices by allowing the transfer and usability of the underlying bonds [1][2] - The adoption of a model that allows for the transfer of underlying bonds is expected to clarify rights and responsibilities, facilitate default resolution, and align with the trading habits of foreign institutional investors [2] Group 3: Market Liquidity and Attractiveness - The new measures are anticipated to meet the liquidity management needs of foreign institutional investors and promote connectivity between onshore and offshore financial markets [1] - Experts believe that aligning the bond repurchase mechanisms with international standards will enhance the attractiveness of the Chinese bond market to foreign investors, thereby expanding the market's breadth and depth [2]