境外机构获准参与中国债券回购，外资进入再提速

Core Viewpoint - The recent announcement by the Shanghai and Shenzhen Stock Exchanges, along with China Securities Depository and Clearing Corporation Limited, supports qualified foreign institutional investors to engage in bond repurchase transactions in the Chinese bond market [1][3]. Group 1: Bond Repurchase Business Scope - The defined scope of bond repurchase business includes pledged repo agreements, tri-party repos, and reverse repos in the Bond Connect general pledged repo business [3]. - The exchanges and China Clearing will dynamically adjust the business scope based on market development needs [3]. Group 2: Participation Requirements - Foreign institutional investors must appoint a domestic securities company with membership in the exchanges as a trading participant to engage in the relevant transactions [1][3]. - Prior to participating in the general pledged repo, foreign investors must sign a corresponding entrustment agreement with the appointed securities company [3]. - For pledged repo agreements or tri-party repos, investors are required to sign the main repo transaction agreement and complete investor suitability filing before participating in tri-party repos [3]. Group 3: Risk Management and Monitoring - Clear risk management requirements are set for trading and settlement participants, who must diligently manage the trading behaviors of foreign institutional investors and report any violations to the exchanges [3]. - The exchanges and China Clearing will conduct regular monitoring of the trading, registration, and settlement activities of foreign institutional investors and their appointed institutions [3]. - Violations will be subject to self-regulatory measures or disciplinary actions, with severe cases reported to the China Securities Regulatory Commission for further investigation [3]. Group 4: Market Context and Growth - This initiative is a concrete implementation of the announcement made by the People's Bank of China, China Securities Regulatory Commission, and State Administration of Foreign Exchange in late September to further support foreign institutional investors in the Chinese bond market [4]. - The number of foreign institutional investors and the scale of bond holdings have been steadily increasing, with 1,170 foreign institutions from 80 countries and regions entering the Chinese bond market, holding approximately 4 trillion RMB as of August 2025 [4].