人民财讯12月22日电，12月22日，中信证券助力境外机构投资者作为债券通用质押式回购业务的逆回购 方在深交所完成全市场首单回购交易。据悉，这一突破性的交易落地，标志着境外机构投资者参与我国 交易所市场债券回购业务实现零的突破，为境外机构投资者参与境内资本市场开辟了新路径，也彰显了 中国债券市场对外开放的深度拓展。 中信证券表示，此次首单交易落地既满足了境外机构投资者的流动性管理需求，也丰富了境外机构投资 者在中国资本市场的投资品种，助力合格境外投资者制度进一步完善。未来，中信证券将继续发挥综合 金融服务优势，积极响应国家金融开放战略，为推动境内外资本市场互联互通、服务经济高质量发展注 入更多金融动能。 转自：证券时报 ...

近日，沪深交易所以及中国证券登记结算有限责任公司联合发布通知，明确支持符合条件的境外机构投资者开展沪深交易所债券回购业务。根据规定，境外 机构投资者参与相关交易，必须委托具有沪深交易所会员资格的境内证券公司作为交易参与人。 通知界定的债券回购业务范围，包括债券质押式协议回购、债券质押式三方回购，以及在债券通用质押式回购业务中作为逆回购方融出资金。沪深交易所和 中国结算表示，可根据市场发展需要动态调整业务范围。 通知对交易参与人和结算参与人提出了明确的风险管理要求。接受委托的交易参与人需勤勉尽责，加强对境外机构投资者交易行为的管理，发现违规行为应 及时采取措施并向交易所报告。提供结算服务的结算参与人，则需遵守中国结算相关业务规则，加强结算风险管理。 沪深交易所与中国结算表示，将对境外机构投资者及其委托机构的交易、登记、结算等行为进行常态化监测，并依据业务规则对违规行为采取自律监管措施 或纪律处分，情节严重的将上报中国证监会查处。 此举是对今年9月底中国人民银行、中国证监会、国家外汇管理局联合发布的《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》 的具体落实。近年来，中国债券市场对外开放持续推 ...

Core Viewpoint - Recent data indicates that as of August 2025, 1,170 foreign institutions from 80 countries and regions have entered the Chinese bond market, holding a total of approximately 4 trillion RMB in bonds [1] Group 1: Market Opening and Growth - The People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange report that the opening of the Chinese bond market to foreign investors has achieved positive results, with an increase in both the number of foreign institutional investors and the scale of bond holdings [1] - The demand for liquidity management through bond repurchase transactions has been steadily increasing among foreign institutional investors [1] Group 2: Bond Repurchase Business - Since 2015, the People's Bank of China has been promoting the opening of the bond repurchase business in the interbank bond market, allowing foreign sovereign institutions, offshore RMB clearing banks, and foreign participating banks to engage in bond repurchase transactions [1] - In 2025, a joint offshore repurchase business was launched with the Hong Kong Monetary Authority, targeting bonds under the "Bond Connect" northbound scheme [1] - On September 26, a joint announcement was made to support foreign institutional investors conducting bond repurchase transactions in the Chinese bond market [1]

Core Viewpoint - The announcement by the People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange to support foreign institutional investors in conducting bond repurchase transactions in the Chinese bond market is a significant step towards enhancing the liquidity management of these investors and improving the international framework for participation in the Chinese bond market [1][2]. Group 1 - The introduction of cross-border bond repurchase business will greatly expand the channels for foreign investors to access RMB liquidity, meeting their liquidity management needs [1]. - The move is expected to enhance the attractiveness of RMB assets in global capital markets and strengthen the service capabilities of market makers, further promoting the development and internationalization of the Chinese bond market [1][2]. - As of August 2025, there are 1,170 foreign institutions from 80 countries and regions participating in the Chinese bond market, holding a total of approximately 4 trillion RMB in bonds [1]. Group 2 - The People's Bank of China has been steadily promoting the opening of the interbank bond market for bond repurchase business since 2015, supporting foreign sovereign institutions and offshore RMB clearing banks in conducting such transactions [1]. - The recent policy is also aimed at optimizing the Qualified Foreign Institutional Investor (QFII) system and consolidating Hong Kong's status as an international financial center, facilitating the coordinated development of onshore and offshore RMB markets [2]. - The central bank plans to continue implementing the overall strategy of expanding opening-up, balancing financial openness and security, and steadily advancing high-level institutional opening of the Chinese bond market [2].

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 conduct bond repurchase transactions in the Chinese bond market [1][2] - The initiative aims to enhance the attractiveness of RMB-denominated bonds and optimize the Qualified Foreign Institutional Investor (QFII) system, thereby reinforcing Hong Kong's status as an international financial center [2] Group 1 - The Chinese bond market has seen significant foreign participation, with 1,170 foreign institutions from 80 countries holding approximately 4 trillion RMB in bonds as of August 2025 [1] - 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 clearing banks [1] - A new offshore repurchase business linked to the "Bond Connect" northbound channel is set to launch in 2025, further facilitating foreign access to the Chinese bond market [1] Group 2 - The People's Bank of China is committed to aligning domestic and international repurchase market practices, enhancing the bond repurchase mechanism, and providing greater convenience for foreign institutional 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 high-level institutional opening of the Chinese bond market [2]

Core Viewpoint - The announcement by the People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange supports 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]. Group 1 - The Chinese bond market has seen significant foreign participation, with 1,170 foreign institutions from 80 countries holding approximately 4 trillion RMB in bonds as of the end of August 2025 [2]. - The People's Bank of China has been progressively opening the interbank bond market for bond repurchase transactions since 2015, allowing foreign sovereign institutions and offshore RMB clearing banks to engage in these activities [2]. - The introduction of offshore repurchase business linked to the "Bond Connect" northbound bond transactions in collaboration with the Hong Kong Monetary Authority in 2025 marks a significant step in this initiative [2]. Group 2 - The support for bond repurchase transactions is expected to meet market demand, enhance the attractiveness of RMB bonds, and strengthen Hong Kong's status as an international financial center [3]. - The People's Bank of China aims to align domestic and international repurchase market practices, facilitating the transfer of bond ownership and usability for foreign institutional investors [3]. - Future efforts will focus on implementing the central government's strategy for expanding financial openness while ensuring security, with continuous improvements to mechanisms for high-level institutional opening of the Chinese bond market [3].

Core Viewpoint - The recent "聚债 CFETS" promotional event in South Korea highlighted the growing opportunities for foreign investment in China's bond market and the facilitation of RMB asset investments through enhanced cooperation between Chinese financial institutions and their South Korean counterparts [1][2]. Group 1: Event Overview - The event was co-hosted by the China Foreign Exchange Trading System (CFETS) and the Industrial and Commercial Bank of China (ICBC) Seoul Branch, focusing on the Chinese bond market and RMB asset investment opportunities [1]. - Key representatives from local banks, securities firms, and insurance companies attended the event, indicating strong interest from South Korean financial institutions [1]. Group 2: Market Insights - CFETS shared insights on the development of the bond market, foreign investment policies, and the current status of overseas institutional investments, emphasizing the importance of market innovation and green bond development [2]. - ICBC representatives discussed interest rate trends, investment opportunities, Panda bond issuance, and the role of ICBC as a market maker and settlement agent, providing a comprehensive overview of services available to foreign investors [2]. Group 3: Future Initiatives - CFETS plans to continue implementing the People's Bank of China's initiatives for bond market openness, optimizing connectivity mechanisms, and enhancing financial infrastructure to better serve foreign institutional investors [2]. - The "聚债 CFETS" series of meetings will be continued to facilitate communication between onshore and offshore bond markets, providing a platform for domestic and foreign institutions to exchange ideas and promote higher levels of openness in China's bond market [2].