境外机构投资者债券回购放开 债券市场高水平开放再进一步

Core Viewpoint - The People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange have announced measures to support foreign institutional investors in conducting bond repurchase transactions, enhancing the attractiveness of China's bond market to these investors [1][2]. Group 1: Bond Repurchase Business - The bond repurchase business allows financial institutions to conduct short-term capital financing using bonds as collateral, which is a widely used liquidity management tool internationally [1]. - The cumulative transaction volume of bond repurchases in China reached 14.88 trillion yuan in the first eight months of this year, reflecting a year-on-year increase of 5.2% [1]. - Since 2015, certain foreign sovereign institutions and clearing banks have been able to engage in bond repurchase transactions, but the recent announcement expands this capability to a broader range of foreign institutional investors [1][2]. Group 2: Market Development and Internationalization - The opening of the bond repurchase market is expected to enhance the international competitiveness and influence of the renminbi, while also solidifying Hong Kong's status as an international financial center [2]. - The People's Bank of China has been actively supporting the development of Hong Kong as an international financial hub, promoting initiatives like the "Bond Connect" and optimizing business operation mechanisms to enhance connectivity between onshore and offshore financial markets [2]. - As of the end of August, China's bond market had a total balance of 192 trillion yuan, ranking second globally, with bond issuance exceeding 59 trillion yuan in the first eight months of the year, a 14% year-on-year increase [3]. Group 3: Foreign Investment and Market Confidence - China's bond market has seen significant international engagement, with 1,170 foreign institutions from over 80 countries holding approximately 4 trillion yuan in bonds as of the end of August [3]. - The inclusion of Chinese bonds in major international indices, such as Bloomberg Barclays and FTSE Russell, has increased global investor confidence, with the proportion of Chinese bonds in these indices rising to second and third globally, respectively [3].