另一方面，我国债券回购业务以质押式回购为主，而海外成熟市场的主流回购模式是买断式。若质押券 不冻结且在回购期间可以由资金融出方支配再利用，给资金融出方所带来的效果类似于买断式回购，可 以兼顾境内债券市场现行回购业务格局与便利外资交易习惯，吸引更多外资参与境内债券市场，提升债 市的"广度"。 取消对回购质押券的冻结还可能产生深远的涟漪效应。人民银行、香港金融管理局近日在"债券通周年 论坛2025"上公布的对外开放优化举措中，就包括优化债券通项下的离岸回购业务机制安排，取消对回 购质押券的冻结，进一步盘活质押券。境内银行间市场若同样如此，有利于进一步统一在岸和离岸人民 币债市的交易规则，推动两个市场良性循环，促进人民币债券市场更好地与国际接轨。 （文章来源：证券时报） 作为全球第二大债券市场，我国债市提质扩量，需要持续提升市场交易活跃度和扩大参与主体的多样 性。近日，中国人民银行就修改部分规章公开征求意见，其中，拟取消对债券回购的质押券进行冻结的 规定引发债市广泛关注，消息一经公布，短端利率债收益率迅速翻红。 根据现行的银行间债市登记托管结算相关要求，债券登记托管结算机构可依法为债券持有人提供债券质 押登记服务， ...

证 券 研 究 报 告 【债券日报】 质押券取消冻结：境内与境外、当下与未来 ❖ 2025 年 7 月 18 日，央行发布《中国人民银行关于修改部分规章的决定（征求 意见稿）》起草说明。其中，第二方面内容取消对债券回购的质押券进行冻结 的规定，引发市场关注。 ❖ 一、现行情况：回购交易的质押券原户冻结 1、法律规定，质权自权利凭证交付时设立。按照《民法典》第四百四十一条 的相关内容，有价证券出质的质权的设立以汇票、本票、支票、债券、存款单、 仓单、提单出质的，质权自权利凭证交付质权人时设立。 2、现行情况：考虑质押物出质后质权人或存在不当使用的问题，质押券采用 原户冻结的模式。债券登记托管结算机构可依法为债券持有人提供债券质押 登记服务，对相应债券进行冻结。一方面，债券质押品被冻结在资金融入方账 户，无法继续在二级市场流通。另一方面，出现债务人违约等情况，债权人可 能无法及时处置质押物来实现债权，或面临一定的损失风险。 ❖ 二、美欧及香港经验：质押券逆回购方可再使用 1、美欧：目前美欧操作中，逆回购方可使用质押券进行再融资。相关法律规 定，对手方同意的情况下，资金融出方能够对作为抵押品的金融工具行使重复 使用 ...

Group 1 - The forum celebrated the eighth anniversary of the Bond Connect mechanism between mainland China and Hong Kong, themed "Mutual Benefit and Sustainable Development" [1] - The People's Bank of China and the Hong Kong Monetary Authority announced three measures to optimize external opening [1] - The first measure involves improving the operation mechanism of the "southbound" Bond Connect, expanding the scope of domestic investors to include non-bank institutions such as brokerages, funds, insurance, and wealth management [1] - The second measure optimizes the offshore repurchase business mechanism under Bond Connect, allowing for multi-currency transactions and enhancing liquidity management for offshore investors [1] - The third measure enhances the swap connect mechanism to better meet investors' interest rate risk management needs, including expanding the number of market makers and adjusting daily trading limits [1] Group 2 - The Hong Kong Monetary Authority announced specific measures to optimize offshore RMB bond repurchase business, including allowing collateral bonds to be reused during the repurchase period to improve efficiency [2] - The measures also support multi-currency settlements, including HKD, USD, and EUR, set to officially launch on August 25, 2025 [2]

Core Viewpoint - The People's Bank of China (PBOC) announced new measures to enhance the Bond Connect program, particularly the "southbound" channel, to facilitate offshore investors' access to RMB liquidity and strengthen Hong Kong's position as an offshore RMB business center [1][2]. Group 1: New Measures and Optimizations - The PBOC will improve the operational mechanism of the Bond Connect "southbound" channel, allowing more domestic investors to invest in offshore bond markets, expanding the range of domestic investors to include securities firms, funds, insurance, and wealth management institutions [1][2]. - The offshore repurchase business mechanism will be optimized, allowing for multi-currency transactions including USD, EUR, and HKD, and simplifying processes such as the opening of bond accounts [2][5]. - The PBOC plans to introduce cross-border bond repurchase business at an appropriate time, enhancing liquidity management for offshore investors [2][5]. Group 2: Development of Offshore RMB Market - The Hong Kong Securities and Futures Commission aims to develop the fixed income and currency markets, with a focus on RMB fixed income products, increasing the issuance of government bonds in Hong Kong [2][3]. - There is an emphasis on enhancing the liquidity of the secondary bond market and developing more attractive derivative products to diversify risk management tools available in Hong Kong [3][4]. - The establishment of a commercial repurchase market for offshore government bonds is being considered to better utilize these bonds as financing tools and promote secondary market trading [3][4]. Group 3: Future Directions and Infrastructure - The PBOC is actively researching additional measures for the opening of the bond market, aiming to make RMB bonds a globally recognized high-quality liquid asset [5]. - The Hong Kong Monetary Authority will enhance market liquidity and risk management while broadening investment channels [5]. - The development of robust infrastructure for offshore RMB products is crucial for maintaining market stability and providing efficient trading and financing platforms for investors and financial institutions [5].

新华财经北京7月8日电（王菁）"扩大南向通参与机构范围，加入券商、保险公司、理财及资产管理公司""优化离岸人民币债券回购业务，允许回购期间债 券再质押使用"......在债券通迈过八周年之际，"南向通"业务迎来更多增量支持政策。 在此前就多次提及和释放信号的基础上，7月8日，香港证券及期货事务监察委员会行政总裁梁凤仪在"债券通周年论坛2025"上表示，中国人民银行和香港金 管局宣布数项债券通优化扩容的措施，进一步推动债券市场互联互通的发展。 业内人士指出，债券通"南向通"已经平稳运行将近四年，托管规模和成交量稳步提升，市场机构需求更趋多元化，系列扩容举措从主体、业务等多角度加强 支持力度，将为债券通发展注入新动能，进一步便利境外投资者获取人民币流动性支持，提升香港作为离岸人民币业务中心的竞争力。 | 时间 | 托管数量 | 期末托管规模 | 同比 | | --- | --- | --- | --- | | | (月) | (亿元) | 増幅 | | 2023年1月 | 572 | 3614. 2 | 1.20% | | 2024年2月 | 572 | 3645. 7 | 0. 90% | | 2024年3月 ...

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) has announced optimization measures for offshore RMB bond repurchase transactions to facilitate participation from "Bond Connect" (Northbound) investors [1] Group 1: Optimization Measures - The optimization allows collateral bonds to be reused during the repurchase period, enhancing collateral efficiency and reducing financing costs for market participants [2] - The repurchase transactions can now support multi-currency settlements, including HKD, USD, and EUR, broadening liquidity management tools and increasing the attractiveness of onshore bonds [3] - These measures aim to align with international market practices and enhance the depth and breadth of the offshore repurchase market [3] Group 2: Transaction Requirements - All "Bond Connect" (Northbound) investors, including CMU members and offshore investors through Hong Kong custodians, are eligible to participate in the repurchase transactions [4] - There are no restrictions on the types of bonds that can be used as collateral in the "Bond Connect" (Northbound) framework [5] - Transactions can be conducted through various methods, including over-the-counter bilateral transactions and electronic trading platforms [9]

香港金融管理局今日公布有关离岸人民币债券回购业务的优化安排，以进一步便利"债券通"投资者参与 离岸人民币债券回购业务。现时离岸人民币回购业务仅限于以人民币单币种结算。经本次优化后，可进 一步支持多币种外币结算，包括港元、美元和欧元，以便利参与机构按实际需要，以持有的在岸人民币 债券持仓进行多币种资金融通，丰富流动性管理工具，也有助于提升在岸债券的吸引力。优化措施将于 2025年8月25日正式启动。 ...