（文章来源：期货日报网） 同日，上海清算所也发布公告，为进一步优化债券市场投资环境，推动我国债券市场高水平对外开放， 银行间市场清算所股份有限公司即日起对需在上海清算所开户的境外央行或货币当局、国际金融组织、 主权财富基金机构，不再要求提供《间接结算成员协议签署声明及承诺》。 8月11日，中央国债登记结算有限责任公司（简称中央结算）发布通知称，为落实中国人民银行相关要 求，进一步简化境外央行类机构入市投资流程，即日起不再要求境外央行类机构提供协议签署承诺书。 中央结算表示，将持续加强国家金融基础设施建设，保障安全高效运行，深化核心服务能力，更好服务 市场、服务客户。 ...

【大河财立方消息】8月11日，上海清算所发布通知，为进一步优化债券市场投资环境，推动我国债券市场高水平对外开放，银行间市 场清算所股份有限公司即日起对需在上海清算所开户的境外央行或货币当局、国际金融组织、主权财富基金机构，不再要求提供《间 接结算成员协议签署声明及承诺》。 责编:李文玉 | 审核:李震 | 监审:古筝 ...

Core Insights - The Bond Connect program, launched on July 3, 2017, serves as a significant bridge connecting domestic and international financial markets, facilitating foreign investment in China's interbank bond market [1][2] - The program has expanded over the years, with the introduction of the "Southbound" channel in September 2021, allowing domestic investors to access the Hong Kong and global bond markets [1][4] - The People's Bank of China emphasizes a focus on institutional openness, aiming to enhance the international appeal of China's bond market while ensuring financial security [7] Group 1: Performance and Growth - On its first day, Bond Connect saw 142 transactions totaling 7.048 billion yuan, indicating strong interest from foreign investors [2] - As of May 2024, the "Northbound" channel has attracted 821 investors, with a total transaction volume of 9.792 trillion yuan in May 2024, averaging 46.6 billion yuan daily compared to just 2.2 billion yuan daily in 2017 [2][6] - Foreign institutions held 4.22 trillion yuan in interbank market bonds by May 2024, accounting for approximately 3% of the total custody volume [2] Group 2: Market Integration and Internationalization - The Bond Connect program has significantly improved the accessibility of China's bond market for international investors, enhancing its international influence and integration with global markets [3][6] - The "Southbound" channel has seen substantial growth, with the number of bonds under custody increasing from 35 to 865 and the balance rising from 5.525 billion yuan to 442.02 billion yuan as of May 2024 [4] - The introduction of the "Swap Connect" in May 2023 further supports cross-border investment and risk management for both domestic and foreign investors [5] Group 3: Future Outlook - The People's Bank of China plans to continue enhancing the Bond Connect and Swap Connect frameworks, aiming to create a more favorable investment environment for foreign institutions [7] - The bond market's inclusion in major global indices like Bloomberg Barclays and JPMorgan has attracted significant long-term capital, reflecting growing confidence in China's financial market openness [6] - The ongoing reforms and enhancements in the bond market are expected to further stimulate foreign investment, driven by China's economic growth and regulatory improvements [6]

Core Insights - Recent participation of over 1,160 foreign institutions in China's bond market indicates a growing confidence in the sector, with total bond holdings reaching 4.5 trillion yuan, an increase of over 270 billion yuan since the end of 2024 [1] - The total size of China's bond market has reached 183 trillion yuan, making it the second largest in the world, with significant increases in the weight of Chinese bonds in major international indices [1] - The current foreign investor bond holding ratio is only 2.4%, suggesting substantial room for growth compared to developed and some emerging markets [2] Group 1 - Over 1,160 foreign institutions from more than 70 countries and regions are actively participating in China's bond market, with total holdings of 4.5 trillion yuan, an increase of over 270 billion yuan since the end of 2024 [1] - The issuance of Panda bonds by foreign institutions has exceeded 950 billion yuan, reflecting strong interest in China's debt instruments [1] - China's bond market has been included in major international indices, with the weight of Chinese government bonds in the Bloomberg Global Aggregate Index reaching 9.7%, an increase of 3.7 percentage points over four years [1] Group 2 - The People's Bank of China plans to continue promoting high-level openness in the bond market, aiming to attract more foreign investors, especially long-term investors [2] - The current foreign investment ratio in China's bond market is relatively low at 2.4%, indicating significant potential for future growth [2]

其中，国债发行15903.9亿元，地方政府债券发行11753.2亿元，金融债券发行10738.7亿元，公司信用类 债券发行14257.3亿元，信贷资产支持证券发行247.2亿元，同业存单发行34569.3亿元。 债券市场对外开放方面，截至6月末，境外机构在中国债券市场的托管余额4.3万亿元，占中国债券市场 托管余额的比重为2.3%。其中，境外机构在银行间债券市场的债券托管余额4.2万亿元；分券种看，境 外机构持有国债2.1万亿元、占比49.6%，同业存单1.2万亿元、占比27.2%，政策性银行债券0.8万亿元、 占比19.1%。 本报北京8月1日电(记者徐佩玉)中国人民银行7月31日发布数据显示，6月份，债券市场共发行各类债券 87939.5亿元。 ...

Report Industry Investment Rating No information provided. Core Viewpoints of the Report In the first half of 2025, China's bond market continued to strengthen its direct financing function, focusing on "improving quality and efficiency, serving the real economy." It launched the "Technology Board" of the bond market, increased targeted support for key areas such as technological innovation and private enterprises, strengthened requirements for issuance, trading, and valuation, promoted market standardization, and further advanced opening - up to promote the interconnection of domestic and foreign bond markets [5]. Summary by Relevant Catalogs 1. Key Areas: The "Technology Board" of the Bond Market Sets Sail, and Policy "Combinations" Inject New Development Momentum - **Policy for Technological Innovation**: Policies in the technological innovation field were intensively introduced. The "Technology Board" of the bond market was officially launched, supporting three types of entities to issue technological innovation bonds. The issuance scale of technological innovation bonds reached about 1 trillion yuan, a year - on - year increase of 86%. The risk - sharing tools and ETFs for technological innovation bonds made positive progress [4][6][11]. - **Support for Consumption and Sports Industries**: The bond market increased support for the consumption and sports industries. In the sports industry, relevant departments issued a guiding opinion to support sports enterprises in issuing bonds. In the consumption field, policies were introduced to support enterprises in service consumption areas to issue bonds [12][14]. 2. Weak Links: Policies Intensify to Release Positive Signals, and the Financing Situation of Private Enterprises Remains to Be Continuously Observed - **Policy Attention**: The central government deployed efforts to solve the financing problems of private enterprises. The "Private Economy Promotion Law" was officially implemented, emphasizing support for private enterprises to obtain direct financing through bonds [15][16][18]. - **Financing Situation**: Although the bond financing of private enterprises improved marginally, overall, it still faced constraints such as insufficient demand and high costs. The improvement of private enterprise bond financing requires time [21][22]. 3. Basic Systems: Adhere to the Main Line of Standardized System Construction and Promote the High - Quality Development of the Bond Market - **System Rule Optimization**: The bond market optimized rules for issuance, trading, and valuation. For example, it reduced bond trading and settlement fees, revised company bond review guidelines, and optimized bond valuation guidelines [25][26][27]. - **Risk Management**: It standardized debt - restructuring bond replacement business and improved the institutional framework of credit risk mitigation tools to enhance the flexibility of product creation [28][29]. 4. Opening - up: The Bond Connect Has Made Positive Progress, and Upgraded Measures May Accelerate the Opening - up Process - **Free - Trade Offshore Bonds**: There are expectations for the restart of free - trade offshore bonds, emphasizing the "two - ends - abroad" principle to support domestic enterprises' overseas financing and attract foreign investment [33]. - **Bond Connect Optimization**: The Bond Connect reached its eighth anniversary. The scope of "South - bound Connect" investors was expanded to non - banking institutions, and relevant mechanisms were optimized to promote the interconnection of domestic and foreign markets [34][37]. - **Bond Allocation Value**: China's bonds have good allocation value. Against the backdrop of Sino - US tariff frictions, they may attract more long - term allocation funds, and the bond market's opening - up level is expected to continue to deepen [38][39].

Core Viewpoint - The rapid expansion of the Panda bond market is a significant milestone in China's bond market's internationalization, with cumulative issuance exceeding 1 trillion yuan since the end of 2022 [1][2]. Group 1: Market Expansion - The cumulative issuance of Panda bonds reached 10,888.90 million yuan as of July 22, 2025, with 654 bonds issued [3]. - The Panda bond market has experienced two phases: a slow development phase from 2005 to 2015 and a rapid expansion phase from 2016 to the present, with issuance exceeding 1,300 million yuan in 2016 and consistently above 1,000 million yuan from 2023 onwards [3][5]. Group 2: Regulatory Improvements - Regulatory enhancements in market access, issuance pricing, information disclosure, and investor protection have simplified Panda bond issuance rules, attracting more foreign institutions [1][6]. Group 3: Low Interest Rate Environment - The low interest rate environment in China has made Panda bonds attractive for foreign issuers, with the proportion of bonds issued at a coupon rate below 2.5% increasing from 67.89% in 2024 to 89.58% in 2025 [6][7]. - The overall downward trend in interest rates, coupled with the widening interest rate differential between China and the U.S., has further highlighted the cost advantages of RMB financing [7]. Group 4: Issuer Structure Optimization - The issuer structure of Panda bonds has diversified, including international development institutions, foreign sovereign governments, financial institutions, and non-financial enterprises across five continents [9]. - The proportion of issuances from international development institutions and multinational corporations increased by 23 percentage points in the first half of 2025 compared to the previous year [9][10]. Group 5: Future Outlook - The Panda bond market is expected to continue expanding, driven by the ongoing internationalization of the RMB and favorable financing conditions [11][12]. - The emergence of innovative bond types related to sustainable development and rural revitalization is anticipated to enhance market activity and attract more foreign issuers [12].

Group 1 - The People's Bank of China (PBOC) has drafted a proposal to amend certain regulations, which is now open for public consultation [1] - The proposal clarifies the legal status of the Shanghai Clearing House as a bond registration, custody, and settlement institution [1] - The proposal aims to facilitate open market operations involving government bonds and promote a high level of openness in the bond market by removing the requirement to freeze collateral for bond repurchase agreements [1] - The proposal also includes modifications to the regulations regarding the disclosure of financial bond information based on current practices [1]

Core Viewpoint - The People's Bank of China (PBOC) is soliciting public opinions on the draft decision to amend certain regulations, which aims to enhance the legal status of the Shanghai Clearing House and improve the bond market's operational efficiency and openness [1] Group 1 - The draft decision clarifies the legal status of the Shanghai Clearing House as a bond registration, custody, and settlement institution [1] - The regulation removes the requirement to freeze pledged securities for bond repurchase agreements, facilitating open market operations for government bonds [1] - Modifications to the information disclosure management of financial bonds are made to align with current practices [1]

Core Viewpoint - The expansion of the "Southbound Bond Connect" is expected to enhance the overseas asset allocation channels for domestic non-bank institutions, improving their investment flexibility and return capabilities, while also increasing the activity and liquidity of the Hong Kong bond market, thereby reinforcing its status as a global financial center and offshore RMB hub [1]. Group 1: Expansion of Participation Institutions - The recent expansion allows non-bank institutions such as brokerages, insurance companies, and asset management firms to participate in the "Southbound Bond Connect," which previously only included banks and qualified domestic institutional investors (QDII) [3]. - This expansion is anticipated to help domestic non-bank institutions invest in global bond markets, enhancing their investment returns and risk-reward ratios, especially given the current low yield environment in the domestic bond market [3]. - The introduction of diverse investment demands is expected to boost the activity and liquidity of the Hong Kong bond market [3]. Group 2: Benefits for Non-Bank Institutions - The expansion provides a new channel for insurance companies to invest in higher-yielding foreign bonds, alleviating the pressure of "asset scarcity" in the current market [4]. - For example, the yields on 10-year government bonds are significantly higher in the U.S. (4.34%) and Eurozone (3.24%) compared to China's (1.64%), making overseas bonds more attractive for domestic investors [4]. Group 3: Opportunities for Brokerages - Brokerages are expected to benefit from multiple growth points, including enhanced self-operated investment returns and diversified asset allocation through high-yield bonds [6]. - They can also develop asset management products linked to foreign bonds, catering to high-net-worth clients and institutional investors, while launching differentiated products for various currency markets [6]. - Some brokerages may become qualified market makers for the "Southbound Bond Connect," providing liquidity and earning from bid-ask spreads [6]. Group 4: Optimization of Offshore Repo Mechanism - The optimization of the offshore repo mechanism allows for a broader range of currencies, enhancing the liquidity and attractiveness of onshore RMB bonds as collateral [9][11]. - This change is expected to deepen the interconnection between the mainland and Hong Kong bond markets, facilitating the two-way flow of capital and enhancing market linkage [11]. - The development of a multi-currency repo trading center in Hong Kong is anticipated to reduce currency hedging costs and strengthen its role as a global funding hub [11].