券商迎来新业务，沪深交易所发布业务细则

Core Viewpoint - The recent notification from the Shanghai and Shenzhen Stock Exchanges and China Clearing supports foreign institutional investors in conducting bond repurchase transactions, enhancing liquidity management tools for these investors [1][2]. Group 1: Business Opportunities - The new bond repurchase business will provide opportunities for securities firms, as they will act as participants in these transactions [2]. - The bond repurchase business includes pledge-style agreements and tri-party repurchase agreements, allowing foreign investors to lend funds as reverse repos [3]. Group 2: Regulatory Framework - Foreign institutional investors must sign relevant agreements with domestic securities firms before participating in bond repurchase transactions, ensuring compliance with exchange regulations [3]. - The exchanges and China Clearing will monitor the activities of foreign investors and their agents, implementing self-regulatory measures for any violations [4]. Group 3: Market Development - The initiative is part of a broader effort by the People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange to support foreign institutional investors in the Chinese bond market [5]. - As of August 2025, 1,170 foreign institutions from 80 countries hold approximately 4 trillion RMB in Chinese bonds, indicating significant growth in foreign investment [5]. Group 4: Strategic Benefits - This move is expected to enhance the attractiveness of RMB-denominated bonds and optimize the Qualified Foreign Institutional Investor (QFII) system, reinforcing Hong Kong's status as an international financial center [6]. - The initiative aims to facilitate the development of both onshore and offshore RMB markets, improving the overall bond repurchase mechanism in China [6].