境外机构投资者回购债券迎利好

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][4]. Group 1: Bond Market Development - The bond repurchase is a widely used liquidity management tool among financial institutions, facilitating short-term financing [3]. - As of August 2025, foreign institutions from over 80 countries held approximately 4 trillion RMB in the Chinese bond market, with a trading volume of about 11.8 trillion RMB in the first eight months of 2025 [3]. - The bond repurchase transaction volume reached 148.8 trillion RMB from January to August 2025, marking a year-on-year increase of 5.2% [3]. Group 2: Support for Foreign Investors - The announcement allows all types of foreign institutional investors, including central banks, sovereign wealth funds, and various financial institutions, to participate in bond repurchase transactions in the interbank bond market [6]. - The measures aim to expand channels for foreign investors to access RMB liquidity and enhance the global appeal of RMB assets [4][6]. Group 3: Regulatory Framework - The announcement emphasizes a balanced approach to openness and security in the financial market, with a focus on comprehensive monitoring and regulation of bond repurchase activities [7]. - The initial trading mechanism for foreign investors will follow existing practices, with a transition period of 12 months for those already engaged in bond repurchase transactions [6][7].