进一步支持各类境外机构投资者开展债券回购

Core Points - The People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange jointly issued an announcement to support foreign institutional investors in conducting bond repurchase transactions in the Chinese bond market [1] - The announcement further opens up the bond repurchase business, allowing all types of foreign institutional investors to participate, including those entering through direct market access and the "Bond Connect" channel [1] - Bond repurchase is a widely used liquidity management tool internationally, and the announcement aims to meet the liquidity management needs of foreign institutional investors and promote connectivity between onshore and offshore financial markets [1] Group 1 - The announcement strengthens the bond repurchase mechanism in the interbank market and aligns it with international practices, providing greater convenience for foreign institutional investors [2] - The bond repurchase business includes both pledged and buyout repurchase forms, with current differences in operational practices compared to international markets [2] - The mechanism design of transferring the ownership of the underlying bonds aligns with international mainstream repurchase practices, enhancing the attractiveness of the Chinese bond market to foreign institutional investors [2]