今日视点：交易所债券市场深度、广度、包容性再进阶

Core Viewpoint - The recent announcement by the Shanghai and Shenzhen Stock Exchanges, in collaboration with China Securities Depository and Clearing Corporation, to support foreign institutional investors in engaging in bond repurchase transactions is a significant step towards enhancing China's financial openness and market functionality [1][6]. Group 1: Market Liquidity and Depth - The introduction of bond repurchase business will fundamentally change the current situation where foreign investors primarily adopt a "buy and hold" strategy, allowing them to easily access RMB funds without having to sell bonds under liquidity pressure [2][7]. - This mechanism will enhance the flexibility and willingness of foreign investors to hold RMB-denominated bonds, injecting continuous liquidity into the market [2][7]. - The involvement of diverse international participants in the repurchase market will improve price discovery, making funding prices more reflective of global capital supply and demand, thus transitioning the domestic bond market from a "financing venue" to an internationally influential "pricing center" [2][7]. Group 2: Broadening Foreign Financing Channels - The availability of repurchase tools will optimize the investment ecosystem for foreign capital, allowing for more flexible leverage management and liquidity adjustment, which is crucial for long-term investors like sovereign wealth funds and pension funds [3][8]. - This development is expected to significantly enhance the attractiveness and stickiness of the bond market, guiding cross-border capital to become stable capital that supports China's long-term economic growth [3][8]. - The optimization of capital structure will play a vital role in maintaining financial market stability and managing foreign exchange market expectations [3][8]. Group 3: Supporting the Real Economy - The enhancement of bond liquidity will lower the financing costs for enterprises, particularly for private and technology-driven companies that rely on direct financing [4][9]. - As foreign investors find it easier to liquidate or finance their bond holdings through repurchase agreements, their willingness to hold these bonds will increase, leading to lower yield requirements and thus reduced interest costs for companies issuing bonds [4][9]. - Increased foreign participation and a more active repurchase market will introduce more capital into the real economy, while also encouraging domestic issuers to improve corporate governance and financial transparency [4][9]. Conclusion - The support for foreign institutions to participate in bond repurchase transactions, while focused on a specific business, has far-reaching implications for market functionality, investment ecosystem optimization, and enhancing the effectiveness of services to the real economy [10].