Core Viewpoint - Bloomberg has played a crucial role in connecting China's financial market with the global market over the past 30 years, particularly in the bond market, enhancing transparency and efficiency through data and technology [2][3]. Group 1: Milestones in Bloomberg's Development in China - The inclusion of Chinese bonds in the Bloomberg Global Aggregate Index in 2018 marked a significant milestone, increasing the weight of RMB bonds in the index from approximately 6% to about 10%, making it the third-largest after USD and EUR bonds [3]. - Bloomberg has supported various connectivity mechanisms, becoming the first overseas electronic trading platform to support both "Bond Connect" and direct investment models in 2019, facilitating investor participation in China's financial market [4]. - Continuous collaboration with Chinese financial institutions has been a focus, helping them enhance their global capabilities through data and technology, exemplified by a recent strategic partnership with Guotai Junan, China's largest securities firm [4]. Group 2: Changes and Impacts of China's Bond Market Opening - The current phase of China's bond market opening is characterized by a shift from "channel-based" to "institutional" opening, enhancing predictability, convenience, and professionalism for global investors [5]. - As of August 2025, 1,170 foreign institutions from 80 countries have entered the Chinese bond market, holding approximately 4 trillion RMB, indicating a growing interest in RMB assets despite fluctuations due to global interest rates [5][6]. - Institutional improvements are enhancing market transparency, liquidity, and predictability, making the experience for foreign investors more aligned with international practices [6]. Group 3: International Investors' Perspectives - International investors are increasingly focused on market transparency, liquidity, and expectations regarding exchange rates and policies when considering investments in Chinese bonds [7]. - Bloomberg aids investors in understanding these factors through data and analytical tools, providing insights into the Chinese bond market and macro policies [7]. Group 4: Innovations by Bloomberg - Bloomberg has leveraged technology to enhance market transparency and efficiency, utilizing AI, machine learning, and natural language processing to help clients extract key information from vast data [9]. - The BQUANT quantitative solution integrates data, computational power, and analytical models, significantly reducing the time required for strategy development and backtesting [10]. - A recent innovation includes a RMB bond repurchase trading solution that allows global investors to use bonds held through "Bond Connect" as collateral for electronic trading, improving financing and liquidity management [10]. Group 5: Future Expectations - Looking ahead, Bloomberg anticipates a clear direction for the opening of China's financial market, with further improvements in market mechanisms and the continued internationalization of the RMB [11]. - The expectation is that more Chinese financial institutions will integrate into the global market, requiring high-quality data, timely information, and reliable trading solutions, which Bloomberg aims to provide [11].

Core Viewpoint - Bloomberg has played a crucial role in connecting China's financial market with the global market over the past 30 years, particularly in the bond market, enhancing transparency and efficiency through data and technology [1][2]. Group 1: Milestones in Bloomberg's Development in China - The inclusion of Chinese bonds in Bloomberg's Global Aggregate Index in 2018 marked a significant milestone, increasing the weight of RMB bonds in the index from approximately 6% to about 10%, making it the third-largest after USD and EUR bonds [2][3]. - Bloomberg has supported various connectivity mechanisms, becoming the first overseas electronic trading platform to support both "Bond Connect" and direct investment models in 2019, facilitating investor participation in China's financial market [3]. - The company has deepened cooperation with Chinese financial institutions, helping them enhance their global capabilities through data and technology, exemplified by a recent strategic partnership with Guotai Junan, China's largest securities firm [3]. Group 2: Changes and Impacts of China's Bond Market Opening - The current phase of China's bond market opening is characterized by a shift from "channel-based" to "institutional" opening, enhancing predictability, convenience, and professionalism for global investors [4][5]. - China has become the second-largest bond market globally, with 1,170 foreign institutions from 80 countries holding approximately 4 trillion RMB in bonds as of August 2025, indicating increasing global interest in RMB assets [4]. - The introduction of institutional reforms has improved market transparency, liquidity, and predictability, enhancing the experience for foreign investors [5][6]. Group 3: International Investor Engagement - The inclusion of Chinese bonds in global benchmarks has transformed international investment behavior, shifting from tactical to strategic asset allocation perspectives [6][7]. - International investors prioritize market transparency, liquidity, and currency/policy expectations when investing in Chinese bonds, which directly influence their confidence and investment strategies [7]. - Bloomberg aids investors in understanding these factors through data and analysis tools, providing insights into market dynamics and facilitating better decision-making [7][8]. Group 4: Innovations in Data and Trading Solutions - Bloomberg has leveraged technology innovations, including AI and machine learning, to enhance market transparency and efficiency, enabling investors to extract key information from vast data [8][9]. - The company offers a multi-level data structure that helps investors understand the relationships between issuers and securities, improving their ability to assess pricing logic and market trends [8]. - Bloomberg has introduced a RMB bond repurchase trading solution, allowing global investors to use bonds held through "Bond Connect" as collateral for electronic trading, enhancing financing and liquidity management [9]. Group 5: Future Expectations - Looking ahead, Bloomberg anticipates further opening of China's financial market, with improved market mechanisms and continued internationalization of the RMB, leading to increased global investment in China [10][11]. - The company aims to provide high-quality data, timely information, and reliable trading solutions to support this ongoing process [11].

Core Insights - Bloomberg is the first global index provider to include Chinese bonds in mainstream global indices, offering a unique perspective on the Chinese bond market through its flagship Bloomberg China Fixed Income Index series [3] - The Bloomberg China Aggregate Index recorded a return of -0.36% in September, with a year-to-date return of 0.06%, while the 30-day volatility showed a downward trend [5][7] - The China Treasury and Policy Bank Index also reported a return of -0.32% in September, while the China USD Credit (Kungfu) Index achieved a return of 0.86% for the month and 6.67% year-to-date [5][7] Index Performance Summary - The China Aggregate Index (I08271CN) had a month-to-date return of -0.36% and a year-to-date return of 0.06%, with an index level of 243.09 [7] - The China Treasury Index (I08273CN) recorded a month-to-date return of -0.44% and a year-to-date return of -0.15%, with an index level of 232.73 [7] - The China USD Credit (Kungfu) Index (I29380US) had a month-to-date return of 0.86% and a year-to-date return of 6.67%, with an index level of 202.13 [7] Market Developments - On September 26, China announced the opening of its domestic bond repurchase market to foreign investors, aligning with international practices and potentially accelerating the internationalization of Chinese bonds and the renminbi [13] - This reform aims to attract long-term capital inflows and may help mitigate short-term capital outflows, with the cross-border repurchase settlement volume through the Bond Connect expected to increase significantly [13] - Strong current account surpluses and high savings rates indicate China's robust domestic financial strength, which can act as a buffer in the event of mismatches in the dollar financial market [13]

新华财经北京9月29日电彭博29日宣布扩展其人民币债券回购交易解决方案，支持境外机构投资者从在 岸市场获得人民币流动性。此次扩展紧随中国监管机构的最新公告，允许所有可在中国债券市场开展现 券交易的境外机构投资者开展债券回购业务。 据新华财经获悉，彭博于2025年2月推出人民币债券回购交易解决方案，支持境外投资者参与离岸人民 币债券回购业务，使用合格债券作为抵押品进行回购或逆回购交易。最近宣布的跨境债券回购业务推出 后，该解决方案将继续通过统一的电子交易流程，支持投资者与指定的境内外做市商开展债券回购交 易。 东方汇理银行离岸中国交易主管卢元正对新华财经表示，"跨境债券回购交易机制搭建起连接在岸和离 岸市场的无缝桥梁，使投资者能够在债券回购交易中使用所持有的银行间债券作为抵押品，从而优化融 资渠道并提升债券使用效率。该机制是连接在岸和离岸金融市场，并盘活人民币债券持仓的重要基础设 施之一。" 中国工商银行（亚洲）高级业务总监暨金融市场部总经理詹伟基表示，"获取境内市场流动性对我们的 融资和风险管理策略而言是一次重要变革，使我们能够更充分地利用债券持仓，更高效地管理流动性。 彭博的人民币债券回购交易解决方案在帮助 ...

彭博今日宣布扩展其人民币债券回购交易解决方案，支持境外机构投资者从在岸市场获得人民币流 动性。此次扩展紧随中国监管机构的最新公告，允许所有可在中国债券市场开展现券交易的境外机 构投资者开展债券回购业务。 彭博于2025年2月推出人民币债券回购交易解决方案，支持境外投资者参与离岸人民币债券回购业 务，使用合格债券作为抵押品进行回购或逆回购交易。最近宣布的跨境债券回购业务推出后，该解 决方案将继续通过统一的电子交易流程，支持投资者与指定的境内外做市商开展债券回购交易。 东方汇理银行离岸中国交易主管卢元正 表示： " 交易开通首日，已有多家国际投资者通过彭博解决方案与境内做市商进行跨境债券回购交易，包括 中国农业银行股份有限公司香港分行、中国银行(香港)有限公司、中国银行股份有限公司澳门分 行、中国建设银行(亚洲) 、招商银行股份有限公司香港分行、中金国际、中信证券国际资本管理 有限公司、东方汇理银行、星展银行香港分行、香港上海汇丰银行有限公司、中国工商银行（亚 洲）、工银标准银行、中国工商银行股份有限公司迪拜国际金融中心分行、中国工商银行新加坡分 行、中国工商银行首尔分行、上海浦东发展银行股份有限公司香港分行、渣 ...