解读·利好频出、提供便利！全球投资者对人民币债券资产信心提升

Core Viewpoint - The People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange have announced new policies to support foreign institutional investors in conducting bond repurchase transactions in the Chinese bond market [1][4]. Group 1: Policy Implications - The new policy allows foreign institutional investors, including central banks, international financial organizations, sovereign wealth funds, and various financial institutions registered abroad, to engage in bond repurchase transactions [4]. - This initiative provides a flexible and efficient liquidity management channel and risk management tool for foreign institutional investors, aligning with international practices [6]. Group 2: Market Impact - As of August 2025, the cumulative bond repurchase transaction volume in China reached 14.88 trillion yuan, reflecting a year-on-year increase of 5.2% [4]. - The international influence and attractiveness of the Chinese bond market have significantly improved, with 1,170 foreign institutions from 80 countries and regions participating, holding a total of approximately 4 trillion yuan in bonds [9]. Group 3: Global Integration - Chinese bonds have been included in major international bond indices, such as Bloomberg Barclays, JPMorgan, and FTSE Russell, with their representation in the FTSE Russell Global Government Bond Index rising to the second position globally and the Bloomberg Barclays Global Aggregate Index to the third position [12].