利好来了！央行、证监会、外汇局，刚刚宣布

Core Viewpoint - The announcement by the People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange aims to further support foreign institutional investors in conducting bond repurchase transactions in the Chinese bond market, enhancing the attractiveness of RMB-denominated bonds and optimizing the Qualified Foreign Institutional Investor system [2][3]. Summary by Sections Overview of the Announcement - The announcement was made on September 26, 2025, to support foreign institutional investors in engaging in bond repurchase transactions in the Chinese bond market [2]. - As of August 2025, 1,170 foreign institutions from 80 countries and regions have entered the Chinese bond market, holding approximately 4 trillion RMB in bonds [2]. Benefits of the Initiative - This initiative is expected to meet market demand, enhance the attractiveness of RMB bond assets, and optimize the Qualified Foreign Investor system, thereby consolidating Hong Kong's status as an international financial center [3]. - It aims to facilitate the coordinated development of onshore and offshore RMB markets [3]. Business Model and Mechanism - The People's Bank of China has summarized domestic and international repurchase market practices to improve the bond repurchase mechanism in the interbank market, providing greater convenience for foreign institutional investors [3]. - The announcement specifies that foreign institutional investors include central banks, international financial organizations, sovereign wealth funds, and various financial institutions registered outside China [7]. Types of Repurchase Transactions - The bond repurchase business includes both pledged repurchase and outright repurchase [7]. Compliance and Regulations - Foreign institutional investors must comply with Chinese laws and regulations, and their fund transfers must adhere to the management regulations of their corresponding investment channels [7]. - Relevant domestic financial market infrastructures are required to develop or revise business rules and operational details to support this initiative [8]. Supervision and Management - The People's Bank of China will implement macro-prudential management for foreign institutional investors engaging in bond repurchase transactions, while the China Securities Regulatory Commission and the State Administration of Foreign Exchange will oversee compliance [8][9]. - The announcement applies to institutions established in Hong Kong, Macau, and Taiwan [9].