● 本报记者 彭扬 中国人民银行9月26日消息，中国人民银行、中国证监会、国家外汇管理局联合发布关于进一步支持境 外机构投资者在中国债券市场开展债券回购业务的公告。 业内人士表示，此次公告中关于标的债券过户等机制设计与国际主流回购实践接轨，有助于增强中国债 券市场对境外机构投资者的吸引力，进一步拓展市场的广度和深度。 中国人民银行、国家外汇局有关负责人介绍，公告发布后，银行间债券市场的境外机构投资者均可参与 债券回购业务，包括通过直接入市和"债券通"渠道入市的全部境外机构投资者。投资者类型包括：境外 中央银行或货币当局、国际金融组织、主权财富基金；境外商业银行、保险公司、证券公司、基金管理 公司、期货公司、信托公司及其他资产管理机构等各类金融机构，以及养老基金、慈善基金、捐赠基金 等中长期机构投资者。 自2015年起，境外主权类机构、境外人民币业务清算行和境外参加行三类机构可以在银行间债券市场开 展债券回购业务，随着金融市场对外开放程度不断深化，其他境外机构投资者对于通过债券回购开展流 动性管理的需求也在与日俱增。 业内人士表示，为进一步满足境外机构投资者通过债券回购开展流动性管理的需求，促进在岸和离岸金 融 ...

9月26日，中国人民银行、中国证监会、国家外汇局联合发布公告，支持可在中国债券市场开展债券现券交易的境外机构投资者开展债券回购业务。 | | | | 中国人民银行 THE PEOPLE'S BANK OF CHINA | | 条法司 Legal Affairs Department | | | --- | --- | --- | --- | --- | --- | --- | | 信息公开 | 新闻发布 | 法律法规 | 货币政策 | 宏观审慎 | 信贷政策 | 金融市场 | | | 金融科技 | 人民币 | 经理国库 | 国际交往 | 人员招录 | 学术交流 | | 服务互动 | 政务公开 | 政策解读 | 公告信息 | 图文直播 | 央行研究 | 音频视频 | | | 网送文告 | 办事大厅 | 在线申报 | 下载中心 | 网上调查 | 意见征集 | | 首页 | | 2025年9月26日 星期五 我的位置:首页 > 条法司 > 规范性文件 | | | | | 据介绍，在业务模式上，中国人民银行深入总结境内外回购市场实践，加强银行间市场债券回购机制和国际市场通行做法衔接，实现标的债券过户和可使 用，为境外 ...

Core Viewpoint - The People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange have jointly announced support for foreign institutional investors to conduct bond repurchase transactions in the Chinese bond market, enhancing the attractiveness of RMB-denominated bonds and optimizing the Qualified Foreign Institutional Investor system [1][2]. Group 1: Market Development - The Chinese bond market has seen significant progress in opening up, with 1,170 foreign institutions from 80 countries and regions participating, holding a total of approximately 4 trillion RMB in bonds as of the end of August 2025 [1]. - The People's Bank of China has been promoting the opening of the bond repurchase business in the interbank bond market since 2015, initially supporting sovereign institutions and offshore RMB clearing banks [1]. Group 2: Business Model and Mechanism - The new measures aim to enhance the liquidity management needs of foreign institutional investors through bond repurchase transactions, aligning domestic and international market practices [2]. - The People's Bank of China plans to continue implementing the overall strategic deployment of expanding opening-up, balancing financial openness and security, and improving mechanisms for high-level institutional opening of the Chinese bond market [2].

答记者问 （文章来源：新华财经） 新华财经北京9月26日电中国人民银行、中国证监会、国家外汇局26日联合发布公告，支持可在中国债 券市场开展债券现券交易的境外机构投资者开展债券回购业务。 近年来，中国债券市场对外开放取得积极成效，境外机构投资者投资中国债券市场的数量和持债规模扩 大，通过债券回购业务开展流动性管理的需求不断增加。截至2025年8月末，共有来自80个国家和地区 的1170家境外机构进入中国债券市场，持债总量约4万亿元人民币。中国人民银行有序推动银行间债券 市场债券回购业务对外开放，自2015年起，支持境外主权类机构、境外人民币业务清算行和境外参加行 在银行间市场开展债券回购业务；2025年，与香港金管局共同推出以"债券通"北向通债券为标的的离岸 回购业务。 中国人民银行、中国证监会、国家外汇局进一步支持各类境外机构投资者开展债券回购业务，不仅有利 于满足市场需求，进一步增强人民币债券资产吸引力，也有利于优化合格境外投资者制度，巩固提升香 港国际金融中心地位，助力在岸离岸人民币市场协同发展。业务模式上，中国人民银行深入总结境内外 回购市场实践，加强银行间市场债券回购机制和国际市场通行做法衔接，实现 ...

近年来，中国债券市场对外开放取得积极成效，境外机构投资者投资中国债券市场的数量和持债规模扩 大，通过债券回购业务开展流动性管理的需求不断增加。截至2025年8月末，共有来自80个国家和地区 的1170家境外机构进入中国债券市场，持债总量约4万亿元人民币。中国人民银行有序推动银行间债券 市场债券回购业务对外开放，自2015年起，支持境外主权类机构、境外人民币业务清算行和境外参加行 在银行间市场开展债券回购业务；2025年，与香港金管局共同推出以"债券通"北向通债券为标的的离岸 回购业务。 中国人民银行、中国证监会、国家外汇局进一步支持各类境外机构投资者开展债券回购业务，不仅有利 于满足市场需求，进一步增强人民币债券资产吸引力，也有利于优化合格境外投资者制度，巩固提升香 港国际金融中心地位，助力在岸离岸人民币市场协同发展。业务模式上，中国人民银行深入总结境内外 回购市场实践，加强银行间市场债券回购机制和国际市场通行做法衔接，实现标的债券过户和可使用， 为境外机构投资者开展债券回购业务提供更大便利，也有利于促进优化境内债券回购业务机制。 下一步，中国人民银行、中国证监会、国家外汇局将继续深入贯彻落实党中央、国务院关 ...

Core Insights - The People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange have jointly announced support for foreign institutional investors to engage in bond repurchase transactions in the Chinese bond market [1][2] - The number of foreign institutional investors and the scale of their bond holdings in China have significantly increased, with approximately 1,170 institutions from 80 countries holding around 4 trillion RMB in bonds as of August 2025 [1] Group 1 - The announcement aims to enhance the attractiveness of RMB-denominated bonds and optimize the Qualified Foreign Institutional Investor (QFII) system [2] - The bond repurchase business is expected to facilitate liquidity management for foreign investors, reflecting a growing demand for such services [1][2] - The People's Bank of China has been progressively opening the interbank bond market for repurchase transactions since 2015, allowing sovereign institutions and offshore clearing banks to participate [1] Group 2 - The collaboration with the Hong Kong Monetary Authority to launch offshore repurchase business using "Bond Connect" is a significant step towards integrating onshore and offshore markets [1][2] - Future efforts will focus on enhancing financial openness while ensuring security, in line with the broader strategic deployment of the central government [2] - The initiative is expected to strengthen Hong Kong's position as an international financial center and promote the coordinated development of onshore and offshore RMB markets [2]

Core Insights - The People's Bank of China, along with the China Securities Regulatory Commission and the State Administration of Foreign Exchange, has announced support for foreign institutional investors to conduct bond repurchase transactions in the Chinese bond market [1][2] - The number of foreign institutional investors and their bond holdings in China have significantly increased, with approximately 1,170 institutions from 80 countries holding around 4 trillion RMB in bonds as of August 2025 [1] - The initiative aims to enhance the attractiveness of RMB-denominated bonds, optimize the Qualified Foreign Institutional Investor system, and strengthen Hong Kong's status as an international financial center [2] Group 1 - The announcement supports foreign institutional investors in conducting bond repurchase transactions, which is expected to meet market demand and enhance the liquidity management needs of these investors [1][2] - Since 2015, the People's Bank of China has progressively opened the interbank bond market for bond repurchase transactions, initially supporting sovereign institutions and offshore RMB clearing banks [1] - The collaboration with the Hong Kong Monetary Authority to launch offshore repurchase business using "Bond Connect" northbound bonds is set for 2025 [1] Group 2 - The People's Bank of China is working to align domestic and international repurchase market practices, facilitating the transfer and usability of bond collateral for foreign investors [2] - Future efforts will focus on implementing the central government's strategy for expanding financial openness while ensuring security, with ongoing improvements to mechanisms for the bond market [2] - The initiative is part of a broader strategy to promote high-level institutional openness in the Chinese bond market [2]

下一步，中国人民银行、中国证监会、国家外汇局将继续深入贯彻落实党中央、国务院关于扩大对外开 放的整体战略部署，坚持统筹金融开放和安全，会同有关各方持续完善各项机制安排，稳步推进中国债 券市场高水平制度型开放。 中国人民银行、中国证监会、国家外汇局进一步支持各类境外机构投资者开展债券回购业务，不仅有利 于满足市场需求，进一步增强人民币债券资产吸引力，也有利于优化合格境外投资者制度，巩固提升香 港国际金融中心地位，助力在岸离岸人民币市场协同发展。业务模式上，中国人民银行深入总结境内外 回购市场实践，加强银行间市场债券回购机制和国际市场通行做法衔接，实现标的债券过户和可使用， 为境外机构投资者开展债券回购业务提供更大便利，也有利于促进优化境内债券回购业务机制。 9月26日，中国人民银行、中国证监会、国家外汇局联合发布公告，支持可在中国债券市场开展债券现 券交易的境外机构投资者开展债券回购业务。 近年来，中国债券市场对外开放取得积极成效，境外机构投资者投资中国债券市场的数量和持债规模扩 大，通过债券回购业务开展流动性管理的需求不断增加。截至2025年8月末，共有来自80个国家和地区 的1170家境外机构进入中国债券市 ...

近年来，中国债券市场对外开放取得积极成效，境外机构投资者投资中国债券市场的数量和持债规模扩 大，通过债券回购业务开展流动性管理的需求不断增加。截至2025年8月末，共有来自80个国家和地区 的1170家境外机构进入中国债券市场，持债总量约4万亿元人民币。中国人民银行有序推动银行间债券 市场债券回购业务对外开放，自2015年起，支持境外主权类机构、境外人民币业务清算行和境外参加行 在银行间市场开展债券回购业务；2025年，与香港金管局共同推出以"债券通"北向通债券为标的的离岸 回购业务。 中国人民银行、中国证监会、国家外汇局进一步支持各类境外机构投资者开展债券回购业务，不仅有利 于满足市场需求，进一步增强人民币债券资产吸引力，也有利于优化合格境外投资者制度，巩固提升香 港国际金融中心地位，助力在岸离岸人民币市场协同发展。业务模式上，中国人民银行深入总结境内外 回购市场实践，加强银行间市场债券回购机制和国际市场通行做法衔接，实现标的债券过户和可使用， 为境外机构投资者开展债券回购业务提供更大便利，也有利于促进优化境内债券回购业务机制。 下一步，中国人民银行、中国证监会、国家外汇局将继续深入贯彻落实党中央、国务院关 ...

Group 1 - In July, China's bond market issued a total of 77,536.2 billion yuan in various bonds, including 12,226.5 billion yuan in government bonds, 12,134.9 billion yuan in local government bonds, 13,905.5 billion yuan in financial bonds, 13,496.8 billion yuan in corporate credit bonds, 329.3 billion yuan in credit asset-backed securities, and 24,743.6 billion yuan in interbank certificates of deposit [1] - As of the end of July, the total custody balance of China's bond market reached 190.4 trillion yuan, with 168.4 trillion yuan in the interbank market and 22.0 trillion yuan in the exchange market [1] - By bond type, the custody balance includes 37.6 trillion yuan in government bonds, 52.5 trillion yuan in local government bonds, 43.4 trillion yuan in financial bonds, 34.0 trillion yuan in corporate credit bonds, 1.0 trillion yuan in credit asset-backed securities, and 20.7 trillion yuan in interbank certificates of deposit [1] Group 2 - As of the end of July, the custody balance of foreign institutions in China's bond market was 4.0 trillion yuan, accounting for 2.1% of the total custody balance [2] - Among foreign institutions, the custody balance in the interbank bond market was 3.9 trillion yuan, with 2.0 trillion yuan in government bonds (51.4%), 1.0 trillion yuan in interbank certificates of deposit (24.9%), and 0.8 trillion yuan in policy bank bonds (19.3%) [2]