9月债市迎来新变化

Core Viewpoint - The article highlights the increasing participation of foreign institutions in China's interbank bond market, with a notable expansion in the number of foreign entities entering the market and the introduction of new policies facilitating bond repurchase transactions for these investors [1][6][8]. Group 1: Foreign Institution Participation - As of the end of September 2025, foreign institutions held 3.78 trillion yuan in interbank market bonds, accounting for 2.2% of the total custody volume [1]. - In September, 11 new foreign institutions entered the interbank bond market, contributing to a total of 1,176 foreign entities participating, with 612 entering through settlement agency channels and 837 through the "Bond Connect" channel [1][3]. - The total 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]. Group 2: Changes in Trading Volume - The trading volume of foreign institutions in September was about 0.83 trillion yuan, a slight decrease from 0.87 trillion yuan in August, indicating a limited overall scale and slight contraction [4]. - Commercial banks remained the dominant players in the interbank market, with a trading scale of 24.46 trillion yuan in September, showing a small increase from August [4]. - The trading volume of securities companies decreased to 14.98 trillion yuan in September from 15.52 trillion yuan in August, reflecting a decline in participation [4]. Group 3: New Policy Impact - On September 26, a significant policy was announced allowing foreign institutional investors to conduct bond repurchase transactions in the Chinese bond market, enhancing the market's openness [6][7]. - The new repurchase mechanism is expected to improve liquidity and attract more foreign capital into the domestic bond market, thereby increasing the efficiency of RMB bond assets [8][9]. - The introduction of this policy is anticipated to diversify the types of participants in the market, including central banks, international financial organizations, and various financial institutions, which will enhance market resilience and pricing efficiency [7][8].