Core Viewpoint - The People's Bank of China announced three new measures to enhance the interconnectivity between the mainland and Hong Kong financial markets, aiming to support the development of the offshore RMB market and promote RMB bonds as a global high-quality liquid asset [1][3]. Group 1: New Measures Announced - The three optimization measures focus on improving the "southbound" operation mechanism of the Bond Connect, allowing more domestic investors to invest in the offshore bond market [3]. - The measures include facilitating domestic investors' access to multi-currency bonds, extending settlement times, and increasing the number of custodians [3]. - The scope of domestic investors will be expanded to include four types of non-bank institutions: securities firms, funds, insurance companies, and wealth management [3]. Group 2: Offshore Repo Business Optimization - The optimization of the offshore repo business mechanism is a significant part of the reforms, broadening the tradable currencies from RMB to include USD, EUR, HKD, and others [3]. - The Hong Kong Central Moneymarkets Unit (CMU) will adopt international practices by removing the freeze on pledged bonds in repos, enhancing liquidity [3]. - Simplification of bond account opening processes in the CMU will improve operational convenience, with plans for cross-border bond repo business to be introduced in the future [3]. Group 3: International Status of RMB Bonds - As of May 2025, foreign institutions held RMB bonds totaling 4.4 trillion yuan, a nearly 400% increase since the launch of the Bond Connect [4]. - A total of 1,169 foreign institutions from over 70 countries and regions have entered the Chinese bond market, indicating strong international interest [4]. - The weight of Chinese bonds in international indices has increased, with Chinese bonds ranking second in the FTSE Global Government Bond Index and third in the Bloomberg Barclays Global Aggregate Index, surpassing initial expectations [4].

智通财经7月8日电，中国人民银行金融市场司副司长江会芬7月8日在"债券通周年论坛2025"上表示，优 化债券通项下的离岸回购业务机制安排，便于境外投资者开展流动性管理。江会芬表示，将拓宽离岸回 购应用场景，可交易币种由人民币拓宽至美元、欧元、港元等多币种，支持香港债务工具中央结算系统 （CMU系统）参照债券回购的国际通行做法，取消对回购质押券的冻结，进一步盘活质押券，支持香 港CMU系统简化债券账户开立等业务流程，提升操作便利度，后续还将择机推出跨境债券回购业务。 (上证报) 央行金融市场司江会芬：将拓宽离岸回购应用场景 可交易币种由人民币拓宽至美元、欧元、港元等多 币种 ...