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》），支持可在中国债券市场开展债券现券交易的境外机构投 资者开展债券回购业务。 《公告》发布后，银行间债券市场的境外机构投资者均可参与债券回购业务，包括通过直接入市 和"债券通"渠道入市的全部境外机构投资者。"债券回购开放顺应境外机构需求，是中国债券市场高水 平开放的重要里程碑。"有业内专家对《金融时报》记者表示。 中国债市国际影响力和吸引力显著提升 《公告》正是在这样的背景下出台的。"债券回购开放有助于巩固提升香港国际金融中心地位，进 一步提升人民币的国际竞争力和影响力。"一位机构人士表示，近年来，中国人民银行大力支持香港国 际金融中心建设，持续深化内地与香港的金融合作，先后推动"债券通"北向通、南向通及"互换通"落 地，并持续优化相关业务运行机制，提升内地与香港金融市场的联通水平。在债券回购方面，推出 以"债券通"项下债券为抵押品的离岸债券回购业务，此次债券回购开放支持"债券通"渠道入市的全部境 外机构投资者在中国债券市场开展业务，有助于促进在岸和离岸金融市场互联互通，进一步巩固提升 ...

Group 1 - The announcement aims to promote the interconnection of onshore and offshore financial markets and enhance the high-level opening of China's bond market [1] - As of August 2025, 1,170 foreign institutions from 80 countries and regions have entered the Chinese bond market, holding approximately 4 trillion RMB in bonds [1] - The new regulation allows all types of foreign institutional investors to participate in bond repurchase transactions in the interbank bond market, including central banks, sovereign wealth funds, commercial banks, insurance companies, and various asset management institutions [1] Group 2 - The announcement introduces a shift to international practices for bond repurchase transactions, allowing for the transfer of pledged bonds between parties, which enhances market liquidity [2] - A 12-month transition period is provided for existing foreign institutions to continue using the original model before fully adopting the new practices [2] - Regulatory measures will ensure a balance between openness and security, implementing closed-loop management for transactions, custody, settlement, and foreign exchange [2]

"下周初，我们就会向总部汇报债券回购新政，这对我们盘活人民币债券资产流动性管理是重大利 好。"作为一家境外资管机构亚太区债券投资总监，刘浩然在9月27日向记者直言。 9月26日，中国人民银行、中国证监会、国家外汇局联合发布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（下称《公告》），支持银行间债券市场的境外机构投资者均可参与债券回购业务，包 括通过直接入市和"债券通"渠道入市的全部境外机构投资者。 多位业内人士表示，债券回购业务面向境外机构投资者的全面放开，不仅可以更好满足境外机构投资者 的资产流动性管理需求，还能持续提升人民币债券资产的国际吸引力，助力人民币国际化。 刘浩然告诉记者，周末投资团队着手梳理债券回购所涉及的交易、托管、结算、汇兑操作流程，以及相 关操作与国际操作惯例的契合性，力争能让总部投资委员会迅速同意他们开展债券回购操作，并追加新 的投资额度。 长期参与新兴市场债券投资的亚洲多策略基金负责人谭玥向记者透露，近年他们跟随富时罗素全球国债 指数被动买入数亿元中国国债后，同样存在较高的人民币债券流动性管理需求。随着境外机构投资者获 准参与债券回购操作，他们可以通过债券回购业务及时置换资金， ...

今天分享的是：2025混沌时刻 报告共计：20页 2025年9月债市：多空博弈激烈，市场处于"混沌时刻" 2025年9月中旬，国内债市迎来了多空力量激烈争夺定价权的关键阶段，整体呈现出"混沌时刻"的特征。以10年期国债为代表的 核心品种，利率运行箱体界限愈发清晰，当利率上行至1.80%时，多头买入力量显著增强；而当利率下行至1.75%时，空头势力 开始占据优势，多空双方围绕关键点位展开反复博弈。 当前市场交易主要聚焦两大核心逻辑：一是央行是否会重启买债操作，二是公募债基赎回费规则能否优化。从央行买债相关线 索来看，9月以来部分大型银行在中长久期利率债配置上出现明显动作，不仅净买入7-10年国债93亿元（此前已连续8个月净卖 出该品种），还同期净买入3-5年国债843亿元、7-10年政金债259亿元，二级买债偏好逐步向长久期品种倾斜。不过，类似的买 债行为在今年5-6月也曾出现，当时大行时隔多月重新在二级市场配置短债，市场一度猜想6月可能成为央行重启买债的起点， 事后却证实这只是银行内部止盈后再投资的需求，因此当前大行的操作能否与央行政策关联，仍缺乏明确结论。 公募债基赎回费优化问题同样备受关注。参考过往新规落 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 来源：债券杂志 摘 要 自贸区债券是一种特殊的境外债券形式。本文聚焦2013年中国（上海）自由贸易试验区成立以来我国自贸区债券的发展阶段演变，总结其历史发行特征并 分析原因，针对市场发展所面临的问题提出引入多元化发行主体、健全信用评级体系等建议，以期推动自贸区债券向高质量发展方向迈进。 关键词 自贸区债券 跨境融资 信用评级 流动性 自贸区债券是指在我国自由贸易试验区范围内发行、流通，依托自贸区特殊政策框架和金融基础设施运作的债券品种，在审批流程、发行结构等方面与其 他离岸债券有相似之处。 自贸区债券的发展初衷是推动人民币离岸交易，便利中资企业"走出去"融资，提升人民币跨境结算功能以及稳慎推动人民币国际化。然而在实践中，受制 于参与主体及市场环境条件，境外主体发行自贸区债券数量较少，多数发行人在自贸区内并无实际业务，造成自贸区债券市场的可持续发展和国际化进程 推进相对缓慢。 2025年6月，中国人民银行负责人在陆家嘴论坛上重磅宣布，要发展自贸离岸债，拓宽"走出去"企业及"一带一路"共建国家和地区优质企业的融资渠道。 自贸区债券重新受到市场关注。从发展阶段来看， ...

Core Viewpoint - 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 engage in bond repurchase transactions in the Chinese bond market, enhancing liquidity management and promoting high-level opening of the market [1] Group 1: Announcement Details - The announcement allows all foreign institutional investors in the interbank bond market to participate in bond repurchase transactions, including those entering through direct market access and the "Bond Connect" channel [1] - Bond repurchase is a widely used liquidity management tool internationally, facilitating short-term financing among financial institutions using bonds as collateral [1] Group 2: Market Implications - Supporting foreign institutional investors in bond repurchase activities is expected to meet market demand and enhance the attractiveness of RMB-denominated bond assets [1] - This initiative is also seen as beneficial for consolidating and enhancing Hong Kong's status as an international financial center, aiding the coordinated development of onshore and offshore RMB markets [1]

Core Viewpoint - 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 engage in bond repurchase transactions in the Chinese bond market, enhancing liquidity management and promoting high-level opening of the market [1][3][9]. Group 1: Bond Repurchase Business - Bond repurchase is a short-term financing behavior between financial institutions, widely used as a liquidity management tool internationally [3]. - As of August 2025, 1,170 foreign institutions from 80 countries and regions held approximately 4 trillion RMB in Chinese bonds, indicating a growing demand for bond repurchase to improve capital efficiency [3][9]. - The announcement allows all foreign institutional investors, including central banks, sovereign wealth funds, and various financial institutions, to participate in bond repurchase transactions [4][9]. Group 2: Changes in Transaction Methods - The announcement introduces a change in the transaction method for foreign institutional investors, aligning with international practices by allowing the transfer and use of pledged bonds, which enhances clarity in rights and obligations [6][7]. - A transition period of 12 months is provided for institutions already engaged in bond repurchase to adapt to the new model [6]. Group 3: Enhancing Market Connectivity - The initiative aims to strengthen the interconnection between onshore and offshore financial markets, thereby enhancing the attractiveness of RMB-denominated bonds and supporting the development of Hong Kong as an international financial center [4][9]. - The People's Bank of China has been actively promoting financial cooperation between the mainland and Hong Kong, with significant growth in foreign institutional participation in the Chinese bond market since the launch of the Bond Connect program [9][10]. Group 4: Future Measures - The People's Bank of China announced four key measures to further enhance cross-border investment and financing convenience, including the support for bond repurchase, expanding the swap market, and increasing the availability of high-quality RMB assets in Hong Kong [10].

中国人民银行9月26日消息，中国人民银行、中国证监会、国家外汇管理局联合发布关于进一步支持境 外机构投资者在中国债券市场开展债券回购业务的公告。 业内人士表示，此次公告中关于标的债券过户等机制设计与国际主流回购实践接轨，有助于增强中国债 券市场对境外机构投资者的吸引力，进一步拓展市场的广度和深度。 具体而言，中国人民银行、国家外汇局有关负责人介绍，公告发布后，银行间债券市场的境外机构投资 者均可参与债券回购业务，包括通过直接入市和"债券通"渠道入市的全部境外机构投资者。 投资者类型包括：境外中央银行或货币当局、国际金融组织、主权财富基金；境外商业银行、保险公 司、证券公司、基金管理公司、期货公司、信托公司及其他资产管理机构等各类金融机构，以及养老基 金、慈善基金、捐赠基金等中长期机构投资者。 境外金融基础设施、自律组织和行业协会可为境外机构投资者在银行间债券市场开展债券回购业务提供 服务，相关行为应当符合中国法律法规和金融管理部门规定，境外自律组织和行业协会应将主协议标准 版本向中国人民银行备案。 提升人民币资产吸引力 债券回购是金融机构之间以债券为标的的短期资金融通行为，是国际上应用最广泛的流动性管理工具之 ...

回购业务开放顺应市场需求 作为全球第二大债券市场，中国债券市场近年来在规模扩张与国际吸引力提升方面成效显著。 将进一步提升中国债券市场的国际吸引力，同时推动人民币国际化进程稳步向前。 9月26日晚，中国人民银行、中国证监会、国家外汇管理局联合发布《关于进一步支持境外机构投资者 在中国债券市场开展债券回购业务的公告》（下称《公告》），银行间债券市场的境外机构投资者均可 参与债券回购业务，包括通过直接入市和"债券通"渠道入市的全部境外机构投资者。公告自发布之日起 施行。 债券回购是金融机构之间以债券为标的的短期资金融通行为，是国际上应用最广泛的流动性管理工具之 一。2015年起，境外主权类机构、境外人民币业务清算行和境外参加行三类机构可以在银行间债券市场 开展债券回购业务。而随着金融市场对外开放程度不断深化，其他境外机构投资者对于通过债券回购开 展流动性管理的需求也在与日俱增。 央行数据显示，截至2025年8月末，中国债券市场余额达192万亿元人民币，2025年1-8月债券发行规模 超59万亿元人民币，同比增长14%，债券净融资11.8万亿元人民币，占同期社会融资规模增量的 44.5%，已成为实体经济融资的第二大 ...

Core Viewpoint - 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, enhancing liquidity management and attracting more investment in RMB-denominated bonds [1][2]. Group 1: Market Development - The Chinese bond market has seen significant foreign participation, with 1,170 foreign institutions from 80 countries holding approximately 4 trillion RMB in bonds as of August 2025 [1]. - The announcement aims to optimize the Qualified Foreign Institutional Investor (QFII) system and strengthen Hong Kong's status as an international financial center [2]. Group 2: Business Model and Mechanism - The bond repurchase business includes both pledged and outright repurchase forms, providing greater convenience for foreign institutional investors [5]. - The People's Bank of China will align domestic and international repurchase market practices, facilitating the transfer of bond ownership and usability for foreign investors [2][5]. Group 3: Regulatory Framework - Foreign institutional investors must comply with Chinese laws and regulations when engaging in bond repurchase transactions, including adherence to fund and account management rules [5][6]. - Relevant financial market infrastructures are required to develop or revise operational rules and report to regulatory authorities [6][7]. Group 4: Implementation and Oversight - The announcement will take effect immediately, replacing previous regulations from 2015 regarding offshore bond repurchase transactions [9]. - Regulatory cooperation among the People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange will be strengthened to ensure compliance and oversight of foreign institutional investors [7][9].