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]

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。 彭博亚太区总裁李冰对《中国经营报》记者表示：跨境债券回购业务的推出将大幅拓展境外投资者获取 人民币流动性的渠道，满足其流动性管理需求，是完善国际投资者参与中国债券市场的制度框架的重要 之举。它将有助于提升人民币资产在全球资本市场中的吸引力，增强做市商的服务能力，进一步推动中 国债券市场的蓬勃发展和国际化进程。 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 ...

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。 （编辑 孙倩） 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 ...

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、 ...

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].