进一步满足境外机构投资者通过债券回购开展流动性管理的需求

Core Viewpoint - The People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange jointly issued an announcement to further support foreign institutional investors in conducting bond repurchase transactions in the interbank bond market [1] Group 1: Background and Market Context - The announcement was made in response to the increasing attractiveness and international influence of China's bond market, with 1,170 foreign institutions from 80 countries holding approximately 4 trillion RMB in bonds as of August 2025 [2] - China's bonds have been included in major international bond indices, and there is a growing demand for foreign investors to manage liquidity through bond repurchase transactions [2] Group 2: Participants in the Bond Repurchase Market - All foreign institutional investors in the interbank bond market can participate in bond repurchase transactions, including central banks, international financial organizations, sovereign wealth funds, commercial banks, insurance companies, and various asset management institutions [3] Group 3: Transaction Methods - The bond repurchase transactions will adopt international market practices, allowing for the transfer and use of pledged bonds, which aligns with the trading habits of foreign investors and enhances overall market liquidity [4] Group 4: Risk Management Measures - The announcement emphasizes a balanced approach to openness and security, with measures in place for transaction, custody, settlement, and foreign exchange processes to ensure closed-loop fund management and enhanced regulatory oversight [5] Group 5: Fund Management Requirements - Foreign institutional investors must adhere to specific fund and account management regulations when conducting bond repurchase transactions, following existing guidelines and announcements from the People's Bank of China and the State Administration of Foreign Exchange [6]