Core Insights - The People's Bank of China (PBOC) has reported that as of September 2025, foreign institutions held 3.78 trillion yuan in the interbank bond market, accounting for 2.2% of the total market [1] - The report indicates a significant increase in the number of foreign institutional participants, with 11 new entities entering the market in September alone, contributing to a total of 1,176 foreign institutions [1][2] - A new policy allowing foreign institutions to engage in bond repurchase transactions in the Chinese bond market was introduced, which is expected to enhance market liquidity and attract more foreign investment [3][4] Foreign Institutional Holdings - As of September, foreign institutions held 2.00 trillion yuan in government bonds, 0.86 trillion yuan in interbank certificates of deposit, and 0.77 trillion yuan in policy financial bonds, with the latter two showing a decline compared to previous months [2] - The overall trading volume of foreign institutions in the interbank bond market was approximately 0.96 trillion yuan in September, with an average daily trading volume of about 41.7 billion yuan [1] Market Dynamics - The trading activity of different types of institutions showed structural changes, with credit cooperatives increasing their trading volume significantly from 0.36 trillion yuan in August to 0.47 trillion yuan in September [2] - Commercial banks maintained a dominant position in the market, with a trading volume of 24.46 trillion yuan, while securities companies saw a slight decline in their trading volume [2][3] New Policy Impact - The new policy introduced on September 26 allows foreign institutions to conduct bond repurchase transactions, which is expected to diversify the types of participants in the market and enhance trading convenience [3][4] - The initial response from financial institutions was swift, with major banks and securities firms engaging in multiple transactions under the new mechanism shortly after its announcement [4] Future Outlook - Analysts believe that the introduction of the bond repurchase mechanism will reduce transaction friction and enhance the willingness of foreign institutions to hold bonds, thereby stabilizing the market [5][6] - The diversification of participants is expected to lead to more trading strategies and improve the overall efficiency of the domestic bond market [6]
9月债市新增11家境外机构主体 境外回购新政落地积极
2 1 Shi Ji Jing Ji Bao Dao·2025-10-23 08:33