中央结算公司作为中国债券市场对外开放主门户，始终将境外央行类机构作为重点服务的客户群 体。今年以来，公司在中国人民银行等管理部门的指导下，推出了包括开户费减免、开户材料简化在内 的多项面向境外央行类机构的入市优化举措，助力创造更加友好、便利的投资环境。 展望未来，中央结算公司作为国家重要金融基础设施，将在管理部门指导下，持续优化金融基础设 施服务，积极搭建跨境合作桥梁，服务构建开放共赢生态，助力中国债券市场更高水平对外开放。 责任编辑：韩胜杰 本报讯 记者赵洋报道 近日，中央国债登记结算有限责任公司（以下简称"中央结算公司"）成功举 办2025年境外央行类机构线上会议。本次会议以"深化合作，共筑人民币债券市场新生态"为主题，邀请 财政部、中国人民银行上海总部、国际清算银行、中国农业发展银行、中国外汇交易中心相关专家，围 绕中国债券市场开放政策、投资经验等议题展开深度交流。来自近30家境外央行类机构的代表参会，共 话投资机遇、共促市场合作。 据统计，截至2025年9月末，已有1176家境外机构进入银行间债券市场。其中，境外央行类机构作 为境外投资者中参与中国债券市场的主力军，秉持长期投资理念，持债规模大、投资行 ...

Core Viewpoint - The article highlights the increasing participation of foreign institutions in China's interbank bond market, with a notable expansion in the number of foreign entities entering the market and the introduction of new policies facilitating bond repurchase transactions for these investors [1][6][8]. Group 1: Foreign Institution Participation - As of the end of September 2025, foreign institutions held 3.78 trillion yuan in interbank market bonds, accounting for 2.2% of the total custody volume [1]. - In September, 11 new foreign institutions entered the interbank bond market, contributing to a total of 1,176 foreign entities participating, with 612 entering through settlement agency channels and 837 through the "Bond Connect" channel [1][3]. - The total trading volume of foreign institutions in the interbank bond market was approximately 0.96 trillion yuan in September, with an average daily trading volume of about 41.7 billion yuan [1]. Group 2: Changes in Trading Volume - The trading volume of foreign institutions in September was about 0.83 trillion yuan, a slight decrease from 0.87 trillion yuan in August, indicating a limited overall scale and slight contraction [4]. - Commercial banks remained the dominant players in the interbank market, with a trading scale of 24.46 trillion yuan in September, showing a small increase from August [4]. - The trading volume of securities companies decreased to 14.98 trillion yuan in September from 15.52 trillion yuan in August, reflecting a decline in participation [4]. Group 3: New Policy Impact - On September 26, a significant policy was announced allowing foreign institutional investors to conduct bond repurchase transactions in the Chinese bond market, enhancing the market's openness [6][7]. - The new repurchase mechanism is expected to improve liquidity and attract more foreign capital into the domestic bond market, thereby increasing the efficiency of RMB bond assets [8][9]. - The introduction of this policy is anticipated to diversify the types of participants in the market, including central banks, international financial organizations, and various financial institutions, which will enhance market resilience and pricing efficiency [7][8].

Core Viewpoint - The People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange have jointly announced measures to support foreign institutional investors in conducting bond repurchase transactions in the Chinese bond market, promoting high-level opening-up and interconnectivity between onshore and offshore financial markets [1][2]. Group 1: Policy Announcement - The announcement aims to meet the liquidity management needs of foreign institutional investors through bond repurchase transactions [1]. - The policy is expected to enhance the efficiency of capital use and reduce transaction costs for foreign investors, providing them with a robust tool for stable returns and diverse investment strategies [1][3]. Group 2: Participation of Domestic Banks - Major domestic banks, including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, and China Construction Bank, have actively participated in the bond repurchase market following the policy announcement [1][2]. - Agricultural Bank of China successfully executed a cross-border repurchase transaction under the "Bond Connect" program, amounting to 1 billion RMB on September 29 [2]. - Industrial and Commercial Bank of China facilitated innovative transactions exceeding 2 billion RMB, covering multiple maturity varieties [2]. Group 3: Involvement of Foreign Institutions - HSBC China assisted foreign institutional investor Dyna Capital in completing the first bond repurchase transaction in the interbank bond market, marking a significant step in the policy's implementation [2][3]. - Dyna Capital's successful transaction highlights the growing participation of foreign investors in China's bond market, which is expected to enhance market price discovery and promote interconnectivity between domestic and international financial markets [3]. Group 4: Future Outlook - Major state-owned banks plan to continue optimizing repurchase product design and cross-border service processes to enhance transaction service capabilities [3]. - The ongoing development of the bond repurchase market is anticipated to contribute to the internationalization of the RMB and the opening-up of financial markets [3].

Core Insights - The first day of expanded access to the interbank bond repurchase market on September 29 resulted in a total buyout repurchase transaction of 58.2 billion RMB through the Bond Connect Northbound and settlement agency channels [1] - 18 foreign institutional investors participated in the interbank market repurchase, completing 44 transactions worth 39.5 billion RMB via the Bond Connect Northbound [1] - 12 foreign institutional investors engaged in 12 transactions worth 18.7 billion RMB through the domestic counterpart under the settlement agency channel [1] Industry Developments - The People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange jointly announced on September 26 to further support foreign institutional investors in conducting bond repurchase business [1] - The new measures allow all foreign institutional investors, including those entering the market directly and through the "Bond Connect" channel, to participate in bond repurchase activities, enhancing the liquidity management toolkit and trading strategies for foreign capital [1] - The market opening adopts trading models familiar to foreign investors, facilitating the transfer and usability of underlying bonds in the interbank bond market, thus promoting the integration of the domestic bond market with international markets [1]

Core Insights - China's bond market is increasingly attractive and influential internationally, with enhanced openness [1] - The People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange have jointly allowed foreign institutional investors to engage in bond repurchase transactions in the interbank bond market, boosting the appeal of RMB-denominated bonds [2][3] - The expansion of bond repurchase business is a significant step towards building a multi-tiered bond market system, enhancing the application scenarios for RMB bonds [3][4] Summary by Sections Market Opening and Attractiveness - The recent policy allows all foreign institutional investors to participate in bond repurchase transactions, increasing the international appeal of RMB assets and solidifying Hong Kong's status as an international financial center [2][3] - As of August 2023, 1,170 foreign institutions from 80 countries and regions have entered the Chinese bond market, holding approximately 4 trillion RMB in bonds [4] Liquidity Management - The bond repurchase transaction is a widely used liquidity management tool in international markets, and the new policy aligns with familiar trading models for foreign investors, facilitating their participation [4] - The demand for liquidity management is growing as foreign investors increase their holdings of RMB bonds, necessitating the expansion of repurchase business to all types of foreign investors [4][5] Regulatory Framework and Transition - The new rules will align China's repurchase operations with international practices, allowing for the transfer and use of pledged bonds, which differs from the current domestic model [7] - A 12-month transition period is provided for foreign investors to adapt to the new operational model while maintaining the original transaction method during this period [7] - Regulatory measures will be strengthened to ensure closed-loop management of funds and enhance monitoring through transaction and custody data reporting [7]

Core Viewpoint - The People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange have announced measures to support foreign institutional investors in conducting bond repurchase transactions, enhancing the attractiveness of China's bond market to these investors [1][2]. Group 1: Bond Repurchase Business - The bond repurchase business allows financial institutions to conduct short-term capital financing using bonds as collateral, which is a widely used liquidity management tool internationally [1]. - The cumulative transaction volume of bond repurchases in China reached 14.88 trillion yuan in the first eight months of this year, reflecting a year-on-year increase of 5.2% [1]. - Since 2015, certain foreign sovereign institutions and clearing banks have been able to engage in bond repurchase transactions, but the recent announcement expands this capability to a broader range of foreign institutional investors [1][2]. Group 2: Market Development and Internationalization - The opening of the bond repurchase market is expected to enhance the international competitiveness and influence of the renminbi, while also solidifying Hong Kong's status as an international financial center [2]. - The People's Bank of China has been actively supporting the development of Hong Kong as an international financial hub, promoting initiatives like the "Bond Connect" and optimizing business operation mechanisms to enhance connectivity between onshore and offshore financial markets [2]. - As of the end of August, China's bond market had a total balance of 192 trillion yuan, ranking second globally, with bond issuance exceeding 59 trillion yuan in the first eight months of the year, a 14% year-on-year increase [3]. Group 3: Foreign Investment and Market Confidence - China's bond market has seen significant international engagement, with 1,170 foreign institutions from over 80 countries holding approximately 4 trillion yuan in bonds as of the end of August [3]. - The inclusion of Chinese bonds in major international indices, such as Bloomberg Barclays and FTSE Russell, has increased global investor confidence, with the proportion of Chinese bonds in these indices rising to second and third globally, respectively [3].

Core Points - The People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange jointly announced support for foreign institutional investors to conduct bond repurchase transactions in the Chinese bond market [1] - Bond repurchase is a widely used liquidity management tool internationally, allowing financial institutions to engage in short-term capital financing using bonds as collateral [1] - The announcement enables all foreign institutional investors, including those entering through direct market access and the "Bond Connect" channel, to participate in bond repurchase transactions [1] Summary by Sections Bond Repurchase Business - The bond repurchase business will adopt international market practices, allowing for the transfer and usability of the underlying bonds [1] - Since 2015, the People's Bank of China has been promoting the opening of the bond repurchase business to foreign investors, initially supporting sovereign institutions and clearing banks [1] - A joint offshore repurchase business using "Bond Connect" northbound bonds is set to launch in 2025 with the Hong Kong Monetary Authority [1] Market Impact - Supporting foreign institutional investors in bond repurchase transactions is expected to meet market demand, enhance the attractiveness of RMB-denominated bonds, and optimize the Qualified Foreign Institutional Investor system [1] - This initiative aims to strengthen Hong Kong's position as an international financial center and facilitate the coordinated development of onshore and offshore RMB markets [1] Growth of Foreign Investment - The Chinese bond market has seen significant growth in foreign investment, with 1,170 foreign institutions from 80 countries and regions entering the market by the end of August 2025, holding approximately 4 trillion RMB in bonds [2] - The People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange will continue to enhance mechanisms for financial openness while ensuring security [2]

Core Viewpoint - The announcement by the People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange aims to support foreign institutional investors in conducting bond repurchase transactions in the Chinese bond market, marking a significant milestone in the high-level opening of the market [1][2]. Group 1: Announcement Details - The announcement allows all foreign institutional investors, including central banks, sovereign wealth funds, commercial banks, and asset management firms, to participate in bond repurchase transactions in the interbank bond market [1][2]. - The initiative is designed to meet the liquidity management needs of foreign investors and promote connectivity between onshore and offshore financial markets [2][4]. Group 2: Market Impact - As of August 2025, the Chinese bond market has a total balance of 192 trillion RMB, ranking second globally, with a bond issuance scale exceeding 59 trillion RMB from January to August 2025, reflecting a 14% year-on-year growth [2][3]. - The international influence and attractiveness of the Chinese bond market have significantly increased, with Chinese bonds included in major international indices, such as Bloomberg Barclays and FTSE Russell, indicating strong global investor confidence in RMB-denominated assets [2][3]. Group 3: Operational Changes - The announcement aligns with international practices by allowing the transfer of collateralized bonds in repurchase agreements, which enhances the appeal of the Chinese bond market to foreign investors [4][5]. - The transition to this new operational model will take place over a 12-month period, allowing existing foreign investors to continue using the previous model during the transition [5]. Group 4: Regulatory Framework - The regulatory framework emphasizes a balance between openness and security, ensuring robust management of transactions, custody, settlement, and foreign exchange processes for foreign institutional investors [6]. - The initial phase of bond repurchase transactions will utilize existing market mechanisms, with selected market makers required to demonstrate strong funding and bond quoting capabilities [6].

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 support foreign institutional investors in conducting bond repurchase transactions in the Chinese bond market, marking a significant milestone in the high-level opening of China's bond market [1] Group 1: Support for Foreign Investors - The announcement allows various foreign institutional investors to participate in bond repurchase transactions, enhancing the attractiveness of RMB-denominated bonds and optimizing the Qualified Foreign Institutional Investor system [1][2] - Eligible participants include foreign central banks, international financial organizations, sovereign wealth funds, commercial banks, insurance companies, securities firms, fund management companies, and other asset management institutions [2] Group 2: Mechanism Design - The announcement aligns the bond repurchase mechanism in the interbank market with international practices, facilitating the transfer and usability of collateralized bonds for foreign investors [3] - The bond repurchase business includes both pledged and buyout repurchase forms, with the new design addressing previous operational differences compared to international markets [3] Group 3: Financial Management and Regulation - The announcement emphasizes the importance of open and secure financial markets, implementing closed-loop fund management for foreign investors in bond repurchase transactions [4] - Enhanced monitoring and regulatory measures will be established through transaction, custody, settlement, and exchange processes [4] Group 4: Trading and Quota Management - Foreign investors using the "Bond Connect" channel will initially follow the existing bond trading mechanism, engaging in repurchase transactions with market makers [5] - Market makers will be selected based on their performance and must comply with the unified management framework for cross-border RMB interbank financing [5]

Core Insights - The Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority held the first Hong Kong Fixed Income and Currency Forum, where the Deputy Governor of the People's Bank of China, Zou Lan, emphasized the unique advantages of RMB bond assets and the robust development of China's bond market [1][2] - Zou announced four significant measures aimed at enhancing cross-border investment and financing convenience, promoting high-level financial market openness, and accelerating the development of the offshore RMB market [1][6] Group 1: China's Bond Market Development - China's bond market ranks second globally, with a market balance of 192 trillion RMB as of August 2025, and a bond issuance scale exceeding 59 trillion RMB in the first eight months of 2025, reflecting a 14% year-on-year increase [2] - The net financing from bonds accounted for 44.5% of the total social financing increment during the same period, indicating its critical role in financing the real economy [2] - The proportion of bond net financing in total social financing has risen from around 30% five years ago to over 40% currently, showcasing increased market activity and investor diversity [2] Group 2: International Investor Interest - The international appeal of China's bond market has grown, with nearly 1,170 foreign institutional investors from around 80 countries holding approximately 3.9 trillion RMB in bonds, a nearly fourfold increase since the launch of the Bond Connect [3] - Major global asset management firms have entered the Chinese bond market, with over 80 of the top 100 firms now participating [3] - Despite global market volatility, China's financial market remains stable, with Chinese bonds gaining significant representation in global indices [3] Group 3: Yield and Investment Characteristics - Chinese bonds offer competitive short-term and long-term yields, with Bloomberg data indicating a 70% return over the past decade for holders of Chinese bonds in the Bloomberg Barclays Global Aggregate Index [4] - The actual yield of RMB bonds remains relatively high even after accounting for inflation, providing a solid value retention and appreciation opportunity for global RMB holders [4] - RMB bonds exhibit low correlation with G7 and other emerging market bonds, enhancing their diversification value, while their trading liquidity is robust, with an average turnover rate close to four times [4] Group 4: Policy Measures and Future Outlook - The People's Bank of China announced four key measures to enhance cross-border investment and the offshore RMB market, including support for foreign institutional investors in bond repurchase transactions and expanding the swap market [7][8] - The measures aim to improve the efficiency of RMB bond usage and facilitate better risk management for investors [7] - The ongoing support for Hong Kong's status as an international financial center reflects China's commitment to high-level financial market openness and cooperation [8]