Core Viewpoint - The announcement aims to deepen the opening of the financial market and facilitate liquidity management for foreign institutional investors in the Chinese bond market [3]. Group 1: Definition and Scope - Foreign institutional investors are defined as entities eligible to conduct cash transactions in the Chinese bond market, including foreign central banks, international financial organizations, sovereign wealth funds, and various financial institutions registered outside China [3]. - The bond repurchase business includes both pledged repurchase and outright repurchase [4]. Group 2: Compliance and Regulations - Foreign institutional investors must comply with Chinese laws and regulations, as well as financial management department rules when conducting bond repurchase transactions [4]. - Transactions must adhere to the fund and account management regulations corresponding to their cash transaction investment channels [4]. Group 3: Market Infrastructure and Supervision - Domestic financial market infrastructures are required to develop or revise business rules and operational details, reporting to relevant regulatory bodies like the People's Bank of China and the China Securities Regulatory Commission [4]. - Self-regulatory organizations must enhance self-regulation of the bond repurchase business [6]. Group 4: Regulatory Collaboration - The People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange will strengthen regulatory collaboration and implement macro-prudential management for foreign institutional investors engaging in bond repurchase [6]. - Violations of laws, regulations, or the announcement will lead to supervisory measures and potential administrative penalties [6][10]. Group 5: Applicability - The announcement applies to institutional investors established in Hong Kong, Macau, and Taiwan [10].