三部门发文：支持境外机构投资者开展债券回购业务

Core Viewpoint - The People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange have jointly announced support for foreign institutional investors to engage in bond repurchase transactions in the Chinese bond market [1] Group 1: Bond Repurchase Business - The bond repurchase is a short-term financing activity between financial institutions using bonds as the underlying asset, widely used internationally as a liquidity management tool [1] - Following the announcement, all foreign institutional investors in the interbank bond market can participate in bond repurchase transactions, including those entering through direct market access and the "Bond Connect" channel [1] - Foreign institutional investors will adopt internationally accepted practices for bond repurchase, enabling the transfer of underlying bonds and their usability [1] Group 2: Market Opening and Participation - In recent years, the People's Bank of China has steadily promoted the opening of the bond repurchase business in the interbank bond market to foreign investors [1] - Since 2015, the central bank has supported foreign sovereign institutions, offshore RMB clearing banks, and foreign participating banks to engage in bond repurchase transactions in the interbank market [1] - By the end of August 2025, a total of 1,170 foreign institutions from 80 countries and regions had entered the Chinese bond market, holding a total of approximately 4 trillion RMB in bonds [1]