三部门支持境外机构投资者开展债券回购，债市“磁吸力”持续释放

Core Insights - China's bond market is increasingly attractive and influential internationally, with enhanced openness [1] - The People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange have jointly allowed foreign institutional investors to engage in bond repurchase transactions in the interbank bond market, boosting the appeal of RMB-denominated bonds [2][3] - The expansion of bond repurchase business is a significant step towards building a multi-tiered bond market system, enhancing the application scenarios for RMB bonds [3][4] Summary by Sections Market Opening and Attractiveness - The recent policy allows all foreign institutional investors to participate in bond repurchase transactions, increasing the international appeal of RMB assets and solidifying Hong Kong's status as an international financial center [2][3] - As of August 2023, 1,170 foreign institutions from 80 countries and regions have entered the Chinese bond market, holding approximately 4 trillion RMB in bonds [4] Liquidity Management - The bond repurchase transaction is a widely used liquidity management tool in international markets, and the new policy aligns with familiar trading models for foreign investors, facilitating their participation [4] - The demand for liquidity management is growing as foreign investors increase their holdings of RMB bonds, necessitating the expansion of repurchase business to all types of foreign investors [4][5] Regulatory Framework and Transition - The new rules will align China's repurchase operations with international practices, allowing for the transfer and use of pledged bonds, which differs from the current domestic model [7] - A 12-month transition period is provided for foreign investors to adapt to the new operational model while maintaining the original transaction method during this period [7] - Regulatory measures will be strengthened to ensure closed-loop management of funds and enhance monitoring through transaction and custody data reporting [7]