进一步支持境外机构投资者 在中国债券市场开展债券回购业务

Core Viewpoint - The People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange jointly announced measures to further support foreign institutional investors in conducting 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: Support for Foreign Institutional Investors - The announcement allows all types of foreign institutional investors, including central banks, sovereign wealth funds, commercial banks, and asset management firms, to participate in bond repurchase transactions in the interbank bond market [3]. - As of August 2025, there are 1,170 foreign institutions from 80 countries and regions holding approximately 4 trillion RMB in Chinese bonds, indicating a growing demand for liquidity management through bond repurchase [2]. Group 2: Operational Changes - The new operational model will align with international practices by allowing the transfer and usability of the underlying bonds in repurchase agreements, which is expected to enhance overall market liquidity [4]. - A transitional period of 12 months will be provided for institutions already engaged in bond repurchase transactions to adapt to the new model [5]. Group 3: Risk Management and Regulatory Compliance - The measures emphasize a balance between openness and security, with a focus on transaction, custody, settlement, and exchange rate management to ensure a closed-loop fund management system [5]. - Foreign institutional investors must comply with existing regulations regarding fund and account management when conducting transactions in the interbank bond market [6].