《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。 人民财讯9月26日电，日前，中国人民银行、中国证监会、国家外汇管理局联合发布了关于进一步支持 境外机构投资者开展债券回购业务的公告(以下简称《公告》)。中国人民银行、国家外汇管理局有关负 责人就境外机构投资者在银行间债券市场开展债券回购业务相关问题回答了记者提问。问：境外机构投 资者开展债券回购交易的方式是什么？ 答：目前，我国质押式债券回购与国际市场债券回购在操作上存在差异，未将质押式回购标的债券从正 回购方过户至逆回购方，而是冻结在正回购方。国际市场主流回购模式均采取标的债券过户和可使用的 做法，类似于银行间债券市场的买断式回购。《公告》起草过程中，境外机构投资者普遍反映，采用标 的债券过户和可使用模式权责关系清晰、违约处置便利，更加符合境外机构投资者交易习惯，且有利于 提升债券市场整体流动性。 ...

Core Points - The Ministry of Finance and the State Taxation Administration announced that from August 8, 2025, interest income from newly issued government bonds, local government bonds, and financial bonds will be subject to value-added tax (VAT) [1][2] - Existing bonds and their subsequent issuances will continue to enjoy VAT exemption until maturity, which limits the overall market impact of this policy change [1][2] - The adjustment is aimed at enhancing the benchmark nature of the government bond yield curve and improving market liquidity by reducing the liquidity premium costs associated with the previous tax exemption [2][3] Summary by Sections Policy Adjustment - The new VAT policy applies strictly to newly issued bonds after August 8, 2025, while existing bonds retain their tax-exempt status until maturity [2] - The government bond and financial bond stock and new issuance scale for 2024 are projected to be 122 trillion yuan and 33 trillion yuan, respectively, with new issuances accounting for less than 30% of the total stock [2] Market Impact - The VAT rate is set at 6%, and the policy change primarily affects domestic investors, excluding interbank certificates of deposit, which mitigates overall market pressure [2] - The previous tax exemption led to lower trading activity and higher liquidity premiums, which the new policy aims to address by increasing trading volume and reducing tax disparities among different financial assets [2][3] Financial Market Functionality - Unifying the tax standards across different types of bonds and financial assets will enhance the comparability of government bond yields with other financial instruments, thereby improving the pricing benchmark function of the government bond yield curve [3]