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。 具体而言，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。 境外金融基础设施、自律组织和行业协会可为境外机构投资者在银行间债券市场开展债券回购业务提供 服务，相关行为应当符合中国法律法规和金融管理部门规定，境外自律组织和行业协会应将主协议标准 版本向中国人民银行备案。 提升人民币资产吸引力 债券回购是金融机构之间以债券为标的的短期资金融通行为，是国际上应用最广泛的流动性管理工具之 ...

Group 1 - The event "RWA New Opportunities A+H New Wave" was successfully held, focusing on the opportunities in the Hong Kong stock market and the innovation of the A+H dual financing model [1] - The chairman of the Listed Companies Leaders Club emphasized that the Hong Kong market is becoming a core hub connecting Chinese innovative assets with global capital, and the A+H model will be key for companies' globalization [1] - The club aims to provide a platform for communication and cooperation among listed company leaders, helping them discover opportunities and expand resources [1] Group 2 - The co-founder of Ctrip, Fan Min, discussed the internationalization of RMB assets, suggesting that the Hong Kong stock market should be used as a springboard for companies going global [2] - The chairman of Guangyang Co., Ltd. shared insights on the journey of transitioning from A-shares to H-shares, highlighting the need to rebuild investor relations for secondary listings [2] - The meeting welcomed over 20 new members, with many listed company leaders expressing collaboration opportunities [2]

Core Insights - The "Bond Connect" program, particularly the "Northbound" channel, has significantly enhanced the accessibility of China's interbank bond market for foreign investors, marking its eighth anniversary on July 3, 2025 [1][2][3] Market Growth and Participation - The trading volume of the "Northbound" channel reached 915.6 billion RMB in May 2025, a 12.79-fold increase compared to May 2018, with an average daily trading volume of 48.2 billion RMB [3] - As of May 2025, there were 835 market participants in the "Northbound" channel, more than double the 315 participants in May 2018 [3] - The total scale of China's bond market has reached 183 trillion RMB, making it the second largest in the world [6][7] Structural Changes and Innovations - The "Northbound" channel has seen a diversification of participants, expanding from primarily asset management investors to include sovereign institutions and commercial banks [4] - Various innovations have been introduced, such as the "Swap Connect" and enhancements in risk management tools, which have improved the trading ecosystem for foreign investors [5][6] Internationalization of RMB Assets - The "Bond Connect" has become a crucial channel for foreign investors to allocate RMB assets, contributing to the internationalization of the RMB [3][4] - As of May 2025, foreign institutions held 4.35 trillion RMB in interbank market bonds, accounting for 2.6% of the total custodial volume [7] Future Outlook - There is an expectation for further product diversification within the "Northbound" channel, including bond forwards and total return swaps, which could enhance foreign participation in China's interest rate products [5][6] - The ongoing development of the "Southbound" channel is anticipated to bring additional liquidity to the Hong Kong bond market and deepen the connectivity between domestic and international bond markets [8]