8月份，同业拆借加权平均利率1.40%，环比下降5个基点；质押式回购加权平均利率1.41%，环比下降5 个基点。 北京商报讯(记者岳品瑜董晗萱)9月30日，人民银行公布2025年8月份金融市场运行情况。8月份，银行 间同业拆借市场成交8.8万亿元，同比减少3.1%，环比减少10.4%；债券回购成交160.8万亿元，同比增 加11.8%，环比减少8.28%。交易所标准券回购成交52.9万亿元，同比增加18.3%，环比减少7.9%。 ...

9月30日，央行公布2025年8月份金融市场运行情况。其中，8月份，银行间同业拆借市场成交8.8万亿 元，同比减少3.1%，环比减少10.4%；债券回购成交160.8万亿元，同比增加11.8%，环比减少8.28%。 交易所标准券回购成交52.9万亿元，同比增加18.3%，环比减少7.9%。8月份，同业拆借加权平均利率 1.40%，环比下降5个基点；质押式回购加权平均利率1.41%，环比下降5个基点。 ...

企业动态 ●德益世国际保理受邀参展服贸会，出口保理服务助力企业扬帆出海 9月10-14日，中国国际服务贸易交易会（服贸会）在北京盛大举行。本届服贸会金融服务专题以 "数智 驱动，开放共赢" 为主题，德益世国际保理受邀参与此次盛会，参展内容包括出口保理和供应链金融两 大国际贸易融资服务，与现场观众分享我们在国际贸易融资与风险管理领域的实战经验。（德益世国际 保理） 微信公众号【商业保理资讯】 归类整理 财经资讯 ●2025年1—8月份全国规模以上工业企业利润增长0.9% 1—8月份，全国规模以上工业企业实现利润总额46929.7亿元，同比增长0.9%。8月末，规模以上工业企 业应收账款27.24万亿元，同比增长6.6%；产成品存货6.73万亿元，增长2.3%。规模以上工业企业每百 元资产实现的营业收入为74.0元，同比减少2.0元；应收账款平均回收期为70.1天，同比增加3.7天。（统 计微讯） ●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 9月26日，中国人民银行、中国证监会、国家外汇局联合发布公告，支持可在中国债券市场开展债券现 券交易 ...

Core Viewpoint - The article discusses China's commitment to global development and financial reforms, emphasizing the importance of creating a stable international environment and enhancing cooperation in various sectors, including finance and investment [5][6]. Group 1: Major Policies - The People's Bank of China (PBOC), the China Securities Regulatory Commission (CSRC), and the State Administration of Foreign Exchange (SAFE) jointly issued an announcement to further support foreign institutional investors in conducting bond repurchase transactions [9]. - The PBOC's monetary policy committee emphasized the need for a moderately loose monetary policy to maintain ample liquidity in the market [10]. - In August, China's foreign exchange market recorded a total transaction volume of 24.08 trillion yuan (approximately 3.38 trillion USD) [12]. - In August, profits of large-scale industrial enterprises in China surged by 20.4% year-on-year, marking a significant rebound compared to a decline of 1.5% in the previous month [12][14]. Group 2: Financial System Reform - The PBOC's Governor highlighted the deepening of financial system reforms, which have positively impacted market confidence and stability, optimized resource allocation, and enhanced international competitiveness [7]. - The PBOC's recent meeting indicated a shift in monetary policy focus from "implementation" to "enforcement," reflecting a stronger commitment to economic stability and reasonable price levels [11]. Group 3: Investment and Economic Development - The National Development and Reform Commission (NDRC) is working to enhance the synergy between industrial, investment, fiscal, and financial policies to stimulate private investment and promote economic growth [8]. - The article notes that private investment is a crucial indicator of economic activity and has been supported by the government through improved business environments and opportunities for private enterprises [8].

解读·利好频出、提供便利！全球投资者对人民币债券资产信心提升 中国银河证券首席经济学家章俊表示，近年来，我国债券市场的国际影响力和吸引力在显著提升，中国 债券已先后被纳入彭博巴克莱、摩根大通和富时罗素三大国际债券指数。目前，在富时罗素全球国债指 数中的占比升至全球第二，在彭博巴克莱全球综合指数中的占比升至全球第三，充分反映出全球投资者 对人民币债券资产的信心。 央视网消息：9月26日晚间，中国人民银行、中国证监会、国家外汇局联合发布公告，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。什么是债券回购？此次出台的政策又有那些意义？专家 进行了解读。 （文章来源：央视网） 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。此次公告发布后，可在中国债券市场开展债券现券交易的境外机构投资者均可开展债券回购业务。 具体包括境外央行、国际金融组织、主权财富基金，在境外依法注册的商业银行、保险机构、证券公司 等各类金融机构，以及养老基金等中长期机构投资者。2025年前8个月，我国债券回购交易规模累计达 到1488万亿元人民币，同比增加5.2%。 光大证券研究所宏观首席 ...

近年来，中国债券市场对外开放取得积极成效。截至2025年8月末，共有来自80个国家和地区的1170家境外机构进入中国债券市 场，持债总量约4万亿元人民币。 具体包括境外央行、国际金融组织、主权财富基金，在境外依法注册的商业银行、保险机构、证券公司等各类金融机构，以及养老 基金等中长期机构投资者。2025年前8个月，我国债券回购交易规模累计达到1488万亿元人民币，同比增加5.2%。 光大证券研究所宏观首席分析师赵格格介绍，这为更多境外机构投资者提供了灵活高效的流动性管理渠道和风险管理手段。同时， 在相关机制设计上和国际市场通行做法衔接，为境外机构投资者开展债券回购业务提供更大便利。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。 央视网消息：9月26日晚间，中国人民银行、中国证监会、国家外汇局联合发布公告，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。什么是债券回购？此次出台的政策又有那些意义？专家进行了解读。 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。此次公告发布后，可在 中国债券市场开展债券现券交易的境外机构投资 ...

Core Viewpoint - The liquidity environment in China has shifted from tight to loose, with the central bank conducting significant reverse repos to support the market, indicating a proactive stance on maintaining liquidity during the quarter-end period [1][12]. Market Overview - The bond market experienced fluctuations, with the 10-year and 30-year government bond yields reaching 1.83% and 2.14% respectively, before retreating as equity markets adjusted [1]. - The central bank's actions included a total of 900 billion yuan in 14-day reverse repos and maintaining MLF operations, reflecting a clear intention to support liquidity [1][12]. Bond Yield Changes - As of September 26, 2025, the yields on various maturities showed mixed movements compared to September 19, with the 1-year yield decreasing by 0.75 basis points and the 30-year yield increasing by 1.74 basis points [2][3]. - The 10-year government bond yield saw a slight decrease of 0.21 basis points, while the 30-year yield increased by 3 basis points over the same period [2][3]. Primary Market Activity - In the primary market, a total of 102 bonds were issued, amounting to 579.73 billion yuan, including 3 government bonds worth 247.53 billion yuan and 78 local government bonds totaling 196.05 billion yuan [7]. - Upcoming issuance plans for the week of September 28 to September 30 include 33 bonds, all of which are local government bonds, totaling 107.15 billion yuan [8]. International Market Context - The U.S. bond market saw yields rise, with the 10-year Treasury yield increasing by 5 basis points to 4.18%, reflecting ongoing discussions among Federal Reserve officials regarding future interest rate adjustments [9][10]. - The divergence in opinions among Federal Reserve officials regarding the path of interest rate cuts indicates a complex outlook for global monetary policy, which may impact investor sentiment in the bond markets [9][10][11]. Monetary Policy Insights - The People's Bank of China emphasized the need for a supportive monetary policy stance to ensure liquidity and stabilize the financial market, while also addressing the challenges of domestic demand and low inflation [13][17]. - The central bank's commitment to maintaining a stable yuan exchange rate and enhancing the resilience of the foreign exchange market was highlighted as a key focus area [1][17]. Institutional Perspectives - Analysts from Tianfeng Securities and Caitong Securities noted that the current monetary policy reflects a balance between stability and flexibility, with expectations of controlled liquidity pressure in the upcoming month [18][19]. - The overall sentiment in the bond market remains cautious, with suggestions for investors to adopt strategies focused on short-term bonds and high-quality credit instruments [19].

新华财经北京9月27日电 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（下称《公告》）。 业内专家表示，随着境外机构投资者投资我国债券市场的数量不断扩大，通过债券回购业务开展流动性 管理的需求不断增加，放开债券回购已成为顺应境外机构需求重要举措，有助于增强我国债券市场对境 外机构投资者的吸引力。 具体来看，债券回购是指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。今年前8个月，我国债券回购交易规模累计已达1488万亿元人民币，同比增加5.2%。 与此同时，我国债券市场的国际影响力和吸引力显著提升。中国债券已先后被纳入彭博巴克莱、摩根大 通、富时罗素三大国际债券指数。 "而且从占比看，目前在富时罗素全球国债指数中的占比升至全球第二，在彭博巴克莱全球综合指数中 的占比升至全球第三，都高于纳入指数时的预计占比，充分反映出全球投资者对人民币债券资产的信 心。"受访专家说。 截至8月末，来自80多个国家和地区的1170家境外机构，在中国债券市场持债约4万亿元；互换通累计成 交1.5万多笔，累计成交名义本金约8.2 ...

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。央行、外汇局有关负责人指出，《公告》发布后，将进一步满足境外机构投资者通过债券回购开展 流动性管理的需求，促进在岸和离岸金融市场互联互通。 在业务模式上，《公告》进一步加强银行间市场债券回购机制和国际市场通行做法衔接，实现标的债券 过户和可使用。此举将为境外机构投资者开展债券回购业务提供更大便利，也有利于促进优化境内债券 回购业务机制。 债券回购业务包含质押式回购和买断式回购两种形式。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。相较 而言，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。 《公告》起草期间，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。 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》），支持各类境外机构投资者在中国债券市场开展债券回 ...

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].