【11月4日央行副行长提及多项金融开放举措】 11 月4日,央行副行长陆磊在2025年国际金融领袖投资 峰会上透露,今年以来支持各类境外投资者在内地 开展债券回购。还在香港推出以债券通债券为抵押 品的离岸债券回购业务,推动债券通债券在香港成 广泛接受的合格担保品。同时,优化互换通,扩充 报价商队伍,提高交易净限额。交易净限额从每日 200亿元提升到每日450亿元,便利境外投资者管理 利率风险。 本文由 Al 算法生成,仅作参考,不涉投资建议,使用风险自担 和讯财经 和而不同 迅达天下 【11月4日央行副行长提及多项金融开放举措】11月4日，央行副行长陆磊在2025年国际金融领袖投资峰 会上透露，今年以来支持各类境外投资者在内地开展债券回购。还在香港推出以债券通债券为抵押品的 离岸债券回购业务，推动债券通债券在香港成广泛接受的合格担保品。 同时，优化互换通，扩充报价 商队伍，提高交易净限额。交易净限额从每日200亿元提升到每日450亿元，便利境外投资者管理利率风 险。 本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 和讯猎报 11.04 10:21:15 周= 央行陆磊:推动债券业务,互换通交 易 ...

Core Insights - The People's Bank of China reported that as of September 2025, foreign institutions held 3.78 trillion yuan in the interbank bond market, accounting for 2.2% of the total custody volume [1] - The report indicates a significant increase in the number of foreign institutions entering the market, with 11 out of 15 new entrants in the third quarter joining in September [3] - A new policy allowing foreign investors to engage in bond repurchase transactions was introduced, enhancing the openness of the bond market and improving liquidity [6][8] Group 1: Foreign Investment in Bond Market - As of September 2025, foreign institutions held 2.00 trillion yuan in government bonds, 0.86 trillion yuan in interbank certificates of deposit, and 0.77 trillion yuan in policy financial bonds [1][3] - The number of foreign institutions participating in the interbank bond market reached 1,176, with 612 entering through settlement agency channels and 837 through the "Bond Connect" [1] - In September, the trading volume of foreign institutions in the interbank bond market was approximately 0.96 trillion yuan, with an average daily trading volume of about 41.7 billion yuan [1] Group 2: Market Dynamics and Trends - The trading volume of foreign institutions in September showed a slight decline to 0.83 trillion yuan from 0.87 trillion yuan in August, indicating a limited contraction in overall scale [3] - Commercial banks maintained a dominant position in the bond market, with a trading scale of 24.46 trillion yuan in September, while securities companies saw a decrease in trading volume [5] - The introduction of the bond repurchase business is expected to attract more foreign capital into the domestic market, enhancing the efficiency of RMB bond assets [8][9] Group 3: Impact of New Policies - The new policy allows foreign institutions to conduct bond repurchase transactions, which is expected to reduce transaction friction and enhance the willingness of foreign institutions to hold bonds [8] - The repurchase mechanism is anticipated to increase trading volume in the short term and promote a transition from scale expansion to mechanism maturity in the domestic bond market [9] - The diversification of participants in the market is expected to lead to more trading strategies and reduce market risk concentration [8][9]

记者丨 余纪昕 编辑丨方海平 10月22日，央行上海总部发布2025年9月份境外机构投资银行间债券市场简报。 内容显示，截至2025年9月末，境外机构持有银行间市场债券3.78万亿元，约占银行间债券市 场总托管量的2.2%。从券种看，境外机构持有国债2.00万亿元、占比52.9%，同业存单0.86万 亿元、占比22.8%，政策性金融债0.77万亿元、占比20.4%，其他品种债券0.15万亿元、占比 3.9%。 9月份，新增11家境外机构主体进入银行间债券市场。 截至9月末，共有1176家境外机构主体 入市，其中612家通过结算代理渠道入市，837家通过"债券通"渠道入市，273家同时通过两个 渠道入市。境外机构9月在银行间债券市场的现券交易量约为0.96万亿元，日均交易量约为417 亿元。 从持仓品种类别来看，今年9月境外机构持有国债达2.00万亿元、政策性金融债0.77万亿元， 和前两个月规模基本持平。但持有同业存单明显下降，规模从7月的0.98万亿元、8月的0.91万 亿元下降到了9月的0.86万亿元。 不过从银行间市场各类机构的参与规模看，记者注意到，不同类型债市投资机构行为倾向正呈 现一定结构性变化。 ...

Core Insights - The People's Bank of China (PBOC) reported that as of September 2025, foreign institutions held 3.78 trillion yuan in the interbank bond market, accounting for 2.2% of the total custody volume [1] - The report indicates a significant increase in the number of foreign institutions entering the market, with 11 new entities in September alone, contributing to a total of 1,176 foreign institutions [3] - The introduction of a new bond repurchase mechanism for foreign investors is expected to enhance market liquidity and attract more foreign capital into the domestic bond market [6][7] Group 1: Foreign Investment in Bond Market - As of September 2025, foreign institutions held 2.00 trillion yuan in government bonds, 0.77 trillion yuan in policy financial bonds, and 0.86 trillion yuan in interbank certificates of deposit [1][3] - The number of foreign institutions participating in the bond market has increased, with 11 out of 15 new entrants in the third quarter joining in September [3] - The trading volume of foreign institutions in the interbank bond market was approximately 0.96 trillion yuan in September, with an average daily trading volume of about 41.7 billion yuan [1] Group 2: Market Dynamics and Trends - The trading volume of foreign institutions in September showed a slight decline to 0.83 trillion yuan from 0.87 trillion yuan in August, indicating a limited contraction in overall trading activity [3] - Commercial banks maintained a dominant position in the bond market, with a trading volume of 24.46 trillion yuan in September, while securities companies saw a decrease in trading volume [4] - The new bond repurchase policy allows foreign institutions to engage in repurchase transactions, enhancing the liquidity management tools available to them [6][7] Group 3: Impact of New Regulations - The new regulations are expected to diversify the types of investors in the bond market, including foreign central banks, international financial organizations, and various financial institutions [6] - The introduction of the repurchase mechanism is anticipated to reduce transaction friction and enhance the willingness of foreign institutions to hold bonds [7] - The repurchase business is expected to improve the pricing efficiency of the domestic bond market by reflecting overseas capital market expectations [8]

Core Insights - The People's Bank of China (PBOC) has reported that as of September 2025, foreign institutions held 3.78 trillion yuan in the interbank bond market, accounting for 2.2% of the total market [1] - The report indicates a significant increase in the number of foreign institutional participants, with 11 new entities entering the market in September alone, contributing to a total of 1,176 foreign institutions [1][2] - A new policy allowing foreign institutions to engage in bond repurchase transactions in the Chinese bond market was introduced, which is expected to enhance market liquidity and attract more foreign investment [3][4] Foreign Institutional Holdings - As of September, foreign institutions held 2.00 trillion yuan in government bonds, 0.86 trillion yuan in interbank certificates of deposit, and 0.77 trillion yuan in policy financial bonds, with the latter two showing a decline compared to previous months [2] - The overall trading volume of foreign institutions in the interbank bond market was approximately 0.96 trillion yuan in September, with an average daily trading volume of about 41.7 billion yuan [1] Market Dynamics - The trading activity of different types of institutions showed structural changes, with credit cooperatives increasing their trading volume significantly from 0.36 trillion yuan in August to 0.47 trillion yuan in September [2] - Commercial banks maintained a dominant position in the market, with a trading volume of 24.46 trillion yuan, while securities companies saw a slight decline in their trading volume [2][3] New Policy Impact - The new policy introduced on September 26 allows foreign institutions to conduct bond repurchase transactions, which is expected to diversify the types of participants in the market and enhance trading convenience [3][4] - The initial response from financial institutions was swift, with major banks and securities firms engaging in multiple transactions under the new mechanism shortly after its announcement [4] Future Outlook - Analysts believe that the introduction of the bond repurchase mechanism will reduce transaction friction and enhance the willingness of foreign institutions to hold bonds, thereby stabilizing the market [5][6] - The diversification of participants is expected to lead to more trading strategies and improve the overall efficiency of the domestic bond market [6]

9月底，央行、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》），《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购业务。 中信证券、中金公司以及部分银行入选首批跨境回购做市商，并纷纷落地首批回购交易。 作为中信证券、中金公司做市机构债券通"北向通"业务唯一合作银行，中国银行北京分行积极与券商进 行对接，协助券商推进首发计划，与跨境人民币监管部门细致沟通风险管理、信息报送等工作要求。中 国银行通过自身系统，为两家券商办理了回购交易资金结算跨境，保障了交易落地。 据了解，本次新业务的落地，进一步扩大了银行间债券市场的对外开放，进一步丰富了人民币资产的投 资交易机制。 跨境回购是指境外机构在中国债券市场以人民币债券为标的，通过开展质押式回购、买断式回购交易， 进行人民币融资，是境外机构在中国境内及人民币离岸市场融资的重要路径。9月25日，中国人民银行 宣布支持境外机构通过北向通在中国债券市场开展债券回购业务，提高人民币债券的使用效率。作为首 批跨境回购做市商，9月29日，中信证券与境外机构成交多笔挂钩利率债与同业存单的买断式回购交 易。 中金公司称，公司 ...

9月26日，中国人民银行、中国证监会和国家外汇管理局联合发布公告，进一步支持境外机构投资者开 展债券回购业务，自此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，包括直接入市和通 过"债券通"渠道入市的全部境外机构投资者，有效丰富了外资流动性管理的"工具箱"和交易策略。 汇丰中国副行长兼资本市场及证券服务部联席总监张劲秋表示，本次债券回购业务的扩大开放，体现了 中国债市制度型开放的不断深化。"我们预计，未来会有更多机构参与其中，这有助于优化市场的价格 发现功能，促进境内外金融市场互联互通，持续提升中国债市的影响力和吸引力。" 9月29日，中国债券市场回购业务进一步开放的交易启动首日，汇丰银行(中国)有限公司(下称"汇丰中 国")成功协助境外机构鼎亚资本(新加坡)私人有限公司(下称"鼎亚资本")在银行间债券市场完成了市场首 笔债券回购交易，由此成为该业务扩大开放后首批支持境外机构投资者完成交易的银行。 据了解，在上述交易中，鼎亚资本作为境外资产管理机构，通过银行间债市直接投资渠道成功完成了首 笔买断式多券回购交易,成为债券回购业务进一步开放后首批参与的境外投资者。汇丰中国担任此次交 易的结算代理银行，并作为 ...

9月26日，中国人民银行、中国证监会和国家外汇管理局联合发布公告，进一步支持境外机构投资者开 展债券回购业务，自此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，有效丰富了外资流动性管理的"工具箱"和交易策略。 据悉，此次市场开放采用了境外投资者熟悉的交易模式，境外投资者在银行间债券市场开展债券回购业 务，可实现标的债券过户和可使用。这推动了境内债市与国际市场接轨，为境外机构参与回购交易创造 了更多便利。 （文章来源：国际金融报） 9月29日，《国际金融报》记者获悉，汇丰银行（中国）有限公司（下称"汇丰中国"）成功协助境外机 构鼎亚资本（新加坡）私人有限公司（下称"鼎亚"）在银行间债券市场完成了市场首笔债券回购交易， 由此成为该业务扩大开放后首批支持境外机构投资者完成交易的银行。 上述交易中，鼎亚作为境外资产管理机构，通过银行间债市直接投资渠道成功完成了首笔买断式多券回 购交易， 成为债券回购业务进一步开放后首批参与的境外投资者。汇丰中国担任此次交易的结算代理 银行，并作为交易对手方参与交易，为鼎亚提供了从交易前端到交易后服务的一揽子跨境业务支持 ...

近年来，中国人民银行有序推动银行间债券市场债券回购业务对外开放。自2015年起，支持境外主 权类机构、境外人民币业务清算行和境外参加行在银行间市场开展债券回购业务，2025年与香港金管局 共同推出以"债券通"北向通债券为标的的离岸回购业务。 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。 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，也是国际上应用最广泛的流动性管理 工具之一。记者了解到，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。境外机构投资者开展债券回购业务，将采取 国际市场通行做法，实现标的债券过户和可使用。 人民日报海外版北京9月28日电（记者徐佩玉）中国人民银行、中国证监会、国家外汇局近日联合 发布公告，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。 ...

长期以来，汇丰积极参与中国资本市场对外开放，为境外机构通过各个渠道投资中国债市提供支持。汇 丰中国是银行间债券市场首批参与"债券通"的做市商之一，也是首批参与"北向互换通"的外资银行，还 为通过QFI、银行间债市直投以及B股直接投资等渠道开展境内投资的境外机构提供托管服务。 （文章来源：新华财经） 9月26日，中国人民银行、中国证监会和国家外汇管理局联合发布公告，进一步支持境外机构投资者开 展债券回购业务，自此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，有效丰富了外资流动性管理的"工具箱"和交易策略。 此次市场开放采用了境外投资者熟悉的交易模式，境外投资者在银行间债券市场开展债券回购业务，可 实现标的债券过户和可使用。这推动了境内债市与国际市场接轨，为境外机构参与回购交易创造了更多 便利。 新华财经北京9月29日电（王菁）新华财经29日获悉，债券市场回购业务进一步开放的交易启动首日， 汇丰银行（中国）有限公司（下称"汇丰中国"）协助境外机构鼎亚资本（新加坡）私人有限公司（下 称"鼎亚"）在银行间债券市场完成了市场首笔债券回购交易，由此成为该业 ...