Core Viewpoint - The People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange jointly issued an announcement to further support foreign institutional investors in conducting bond repurchase transactions in the interbank bond market [1] Group 1: Background and Market Context - The announcement was made in response to the increasing attractiveness and international influence of China's bond market, with 1,170 foreign institutions from 80 countries holding approximately 4 trillion RMB in bonds as of August 2025 [2] - China's bonds have been included in major international bond indices, and there is a growing demand for foreign investors to manage liquidity through bond repurchase transactions [2] Group 2: Participants in the Bond Repurchase Market - All foreign institutional investors in the interbank bond market can participate in bond repurchase transactions, including central banks, international financial organizations, sovereign wealth funds, commercial banks, insurance companies, and various asset management institutions [3] Group 3: Transaction Methods - The bond repurchase transactions will adopt international market practices, allowing for the transfer and use of pledged bonds, which aligns with the trading habits of foreign investors and enhances overall market liquidity [4] Group 4: Risk Management Measures - The announcement emphasizes a balanced approach to openness and security, with measures in place for transaction, custody, settlement, and foreign exchange processes to ensure closed-loop fund management and enhanced regulatory oversight [5] Group 5: Fund Management Requirements - Foreign institutional investors must adhere to specific fund and account management regulations when conducting bond repurchase transactions, following existing guidelines and announcements from the People's Bank of China and the State Administration of Foreign Exchange [6]

Core Viewpoint - The recent 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 bond repurchase operations is expected to enhance the liquidity management of RMB-denominated bonds and promote the internationalization of the RMB [2][3]. Group 1: Impact on Foreign Institutional Investors - The opening of bond repurchase operations to foreign institutional investors will better meet their liquidity management needs and enhance the attractiveness of RMB bonds internationally [2][3]. - Foreign investors, such as multi-strategy funds, have expressed a strong demand for liquidity management in RMB bonds, which will be facilitated by the new repurchase operations [3]. - The new policy addresses three major pain points previously faced by foreign investors when raising funds through bond sales: instability in investment strategies, increased transaction costs, and heightened investment risks [4][5]. Group 2: Operational Details and Concerns - Foreign institutional investors are particularly interested in the operational details of bond repurchase, including the transferability of underlying bonds and compliance with international practices [6]. - The bond repurchase business will initially allow for buyout-style repurchases, with plans to introduce pledge-style repurchases in the future, addressing differences in operational practices between China and international markets [6][7]. - Concerns regarding the delivery versus payment (DVP) settlement mechanism and the adequacy of repurchase limits to meet liquidity management needs have been raised by foreign investors [7]. Group 3: Regulatory Framework and Future Prospects - The repurchase limit for sovereign institutions and RMB clearing banks is set at 100% of their bond holdings, while other foreign investors will have an initial limit of 80%, with potential adjustments in the future [7]. - The central bank is also promoting the acceptance of domestic bonds as eligible collateral in Hong Kong and global markets, further enhancing the operational space for RMB bonds as liquidity management tools [8].

中新社北京9月26日电 (记者夏宾)中国央行、证监会、国家外汇管理局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。 有关负责人还提到，公告发布后，境外机构投资者在银行间债券市场开展债券回购业务，将采取国际市 场通行做法，实现标的债券过户和可使用。同时，为便利已开展银行间债券市场债券回购业务的境外机 构投资者平稳过渡，此类机构在过渡期内仍可按照原模式开展交易，过渡期为自公告实施之日起12个 月。 汇丰银行(中国)有限公司副行长兼资本市场及证券服务部联席总监徐飞对中新社记者表示，此次将回购 业务扩展至已开展银行间现券交易的"债券通"以及合格境外投资者等所有类型的境外投资者，进一步丰 富了他们流动性管理的"工具箱"，不仅有助于减少投资组合波动，还可拓宽融资渠道、控制资金成本。 (完) （文章来源：中国新闻网） 中国央行、国家外汇管理局有关负责人对记者表示，上述公告发布后，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。 具体看，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 ...

以下为原文： 银行间债券市场成员： 为支持境外机构投资者开展债券回购业务，促进我国债券市场更高水平对外开放，根据《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》（中国人民银行中国证监会国家外汇局公 告[2025]第21号，以下简称《公告》）及其他相关规定，全国银行间同业拆借中心（以下简称同业拆借 中心）、中央国债登记结算有限责任公司（以下简称中央结算公司）和银行间市场清算所股份有限公司 （以下简称上海清算所）联合为境外机构投资者开展银行间债券市场债券回购业务提供服务，现就有关 事宜通知如下： 一、本通知所称境外机构投资者是指符合《公告》要求，可在银行间债券市场开展现券交易的境外机构 投资者。 二、本通知所称债券回购业务，包含质押式回购和买断式回购两种形式。境外机构投资者初期适用的回 购形式为买断式回购。后续推出标的债券过户和可使用的质押式回购，详情将向市场另行公告。 三、境外机构投资者按照相关规定要求签署债券回购主协议后，可通过结算代理或"债券通"北向通等模 式开展银行间债券市场债券回购业务。 新华财经北京9月26日电全国银行间同业拆借中心、中央国债登记结算有限责任公司、银行间市场清算 ...

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 ...

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]

中国人民银行消息，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、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。 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 ...

•周四（2025年9月25日），港股恒科指一度涨近2%，午后，三大指数掉头向下，恒指转跌，恒科指涨 幅缩至不足1%。截止收盘，恒生指数跌0.13%或33.97点，报26484.68点，全日成交额为3148.9亿港元； 恒生国企指数涨0.01%，报9444.22点；恒生科技指数涨0.89%，报6379.19点。 【隔夜行情】 •周四（2025年9月25日），A股市场三大指数涨跌不一，截至收盘，沪指报3853.3点，跌0.01%；深证成 指报13445.9点，涨0.67%；创业板指报3235.76点，涨1.58%。总体来看，个股跌多涨少，下跌个股超 3800只。沪深两市全天成交额2.37万亿元，较上个交易日放量443亿元。 【公募基金总规模突破36万亿 今年以来第五次创历史新高】9月25日，中基协最新发布的公募基金市场 数据显示，截至2025年8月底，我国公募基金总规模为36.25万亿元。这是我国公募基金总规模今年以来 第五次创下历史新高。分类型来看，今年8月股票基金规模增长超6200亿元，混合基金规模增长超3300 亿元，货币基金规模增长超1900亿元，而债券基金规模下降超280亿元。 •周四（当地时间2025 ...

Group 1 - The article discusses the importance of bond repurchase agreements in financial markets, highlighting their role in short-term financing, liquidity management, and monetary policy transmission, which significantly promotes the development of the bond market [1] - It analyzes the similarities and differences in bond repurchase markets across various regions, including China, the United States, Europe, Japan, Australia, and some emerging markets, to reveal common and unique characteristics of the global bond repurchase market [1] Group 2 - Bond repurchase agreements are defined as transactions where one party sells bonds to another with an agreement to repurchase them at a later date for a predetermined price [2] - The article categorizes bond repurchase agreements into several types, including bilateral and tri-party repos, as well as pledge-style and buyout repos, based on the number of participants and the transfer of ownership [3][4] Group 3 - In the United States, the bond repurchase market is primarily driven by hedge funds, commercial banks, money market funds, pension funds, and insurance companies, with government bonds being the most common collateral [9] - The U.S. market predominantly employs buyout repos, with classic repos being the most common type, and tri-party repos accounting for approximately 65% of the market [9][10] Group 4 - The European bond repurchase market is characterized by commercial banks as the largest participants, with government bonds being the primary type of collateral, accounting for over 80% [11] - Similar to the U.S., Europe also primarily uses buyout repos, with classic repos being the dominant form, while tri-party repos make up about 10% of the market [11][12] Group 5 - In Japan, the bond repurchase market is mainly composed of trust banks and securities companies, with government bonds dominating the collateral, representing over 80% [13][14] - The market has seen a rapid increase in buyout repos, which now account for approximately 98% of transactions, primarily using classic repo structures [14] Group 6 - The Australian bond repurchase market is primarily composed of large banks and registered financial companies, with government bonds being the main type of collateral [15][16] - The market predominantly utilizes buyout repos, with classic repos being the most common, while tri-party repos are relatively rare, accounting for only 5% [16] Group 7 - The article compares the bond repurchase markets in emerging markets, noting that countries like South Korea, Indonesia, and Malaysia primarily use buyout repos, with varying degrees of tri-party repo participation [18] - In China, the bond repurchase market has developed rapidly over the past 30 years, with a structure characterized by a dominant interbank market and a smaller exchange market [19] Group 8 - The interbank bond market in China primarily features pledge-style repos, which account for over 90% of the settlement volume, while buyout repos are less common [19][20] - The exchange bond market includes various types of repos, with pledge-style repos being the most prominent, and buyout repos limited to government bonds [21][22] Group 9 - The article highlights key differences between domestic and international bond repurchase markets, including participant structure, types of repos, collateral types, and infrastructure [23][24] - It emphasizes the trend of increasing participant diversity and the predominance of buyout repos in international markets, suggesting that China could optimize its bond repurchase business by learning from international experiences [24]