支持境外机构投资者开展债券回购业务

Core Viewpoint - The announcement by the People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange supports foreign institutional investors in conducting bond repurchase transactions in the Chinese bond market [2] Group 1: Policy Support - The joint announcement allows foreign institutional investors who can engage in cash bond trading in China to also participate in bond repurchase transactions [2] - Bond repurchase is a widely used liquidity management tool internationally, facilitating short-term financing among financial institutions [2] Group 2: Market Participation - All foreign institutional investors, including those entering the market directly and through the "Bond Connect" channel, are eligible to engage in bond repurchase transactions [2] - The implementation of bond repurchase will follow international practices, allowing for the transfer and utilization of the underlying bonds [2] Group 3: Historical Context - Since 2015, the People's Bank of China has progressively opened the bond repurchase market to foreign entities, initially supporting sovereign institutions and offshore clearing banks [2] - By August 2025, a total of 1,170 foreign institutions from 80 countries and regions had entered the Chinese bond market, holding approximately 4 trillion RMB in bonds [2]