多家银行 跨境债券回购业务的启动，被视为继债券通、互换通后，中国债市对外开放的又一重要举措。新机制不 仅为境外投资者提供了高效的流动性管理工具，也为境内银行开辟了新的业务蓝海，实现双向利好。 业内人士认为，未来跨境人民币回购市场将实现规模与活跃度的稳步提升，这标志着中国债市正迈向更 深层次的"规则与制度"型开放，将显著提升人民币债券的国际吸引力。 首日即成交58亿元 近期，多家银行落地首批银行间债券市场跨境债券回购交易，以呼应日前出台的债券市场开放新举措 ——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 券现券交易的境外机构投资者开展债券回购业务。 跨境债券回购业务推出首日，通过债券通"北向通"渠道及结算代理渠道进行的回购交易共达成58亿元。 根据外汇交易中心披露的数据，9月29日，新机制下18家境外机构投资者与工商银行、农业银行、交通 银行、浦发银行、中国银行、建设银行、招商银行、中信银行、上海银行、中信证券、兴业银行和中金 公司等回购做市商达成债券通"北向通"买断式回购交易共计44笔、39.5亿元；12家境外机构投资者与工 商银行、交通银行、汇丰银行和中信证券等 ...

多家银行 落地首批跨境债券回购交易 近日，跨境债券回购业务正式启动，多家银行落地首批交易，首日成交规模即达58亿元。 双向利好境内外机构 跨境债券回购业务的推出，对于银行间债券市场的境外机构投资者及境内银行自身构成双向利好。 自该业务推出以后，银行间债券市场的境外机构投资者通过直接入市及债券通渠道入市，均可参与"北 向通"债券回购业务。 对于境外机构而言，新政策为持有人民币债券的境外投资者补充了流动性管理工具，有助于优化投资体 验与收益空间。中国银行研究院研究员梁斯对上海证券报记者表示，具体而言：一是通过质押式或买断 式回购灵活调配资金头寸，降低持债资产的流动性风险；二是拓展投资策略，放大投资收益，同时通过 回购对冲市场波动，减少投资组合风险；三是拓宽参与中国债市交易渠道，更好优化全球资产配置结 构。 跨境债券回购业务的启动，被视为继债券通、互换通后，中国债市对外开放的又一重要举措。新机制不 仅为境外投资者提供了高效的流动性管理工具，也为境内银行开辟了新的业务蓝海，实现双向利好。 业内人士认为，未来跨境人民币回购市场将实现规模与活跃度的稳步提升，这标志着中国债市正迈向更 深层次的"规则与制度"型开放，将显著提 ...

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一定差异。中国人民银行、国家外汇管理 局有关负责人指出，《公告》发布后，境外机构投资者在银行间债券市场开展债券回购业务，将采取国 际市场通行做法，实现标的债券过户和可使用。同时，为便利已开展银行间债券市场债券回购业务的境 外机构投资者平稳过渡，此类机构在过渡期内仍可按照原模式开展交易，过渡期为自《公告》实施之日 起12个月。 9月26日，香港金融管理局与中国人民银行、中国证券监督管理委员会和国家外汇管理局共同推动的跨 境债券回购业务正式推出。 中国人民银行、中国证监会、国家外汇管理局于9月26日联合发布了《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》），支持所有已进入内地在岸债券市场的境 外机构（包括债券通投资者）参与在岸债券回购业务，从在岸市场获得人民币流动性，并汇出境外使 用。【详见：三部门：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】 香港金管局表示，该措施是继香港金管局于今年2月推出离岸人民币债券回购业务之后的又一项重要政 策，将为香港离岸人民币市场提供更稳定的流动性，有效降低人民币融资成本。跨境回 ...

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) has officially launched a cross-border bond repurchase business, in collaboration with the People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange, to enhance liquidity in the offshore RMB market and reduce financing costs for RMB [1][2] Group 1 - The cross-border bond repurchase business allows all foreign institutions that have entered the onshore bond market, including "Bond Connect" investors, to participate in onshore bond repurchase activities [1] - This initiative follows the HKMA's introduction of offshore RMB bond repurchase business in February 2023, marking another significant policy to stabilize liquidity in the offshore RMB market [1] - The cross-border and offshore RMB repurchase businesses complement each other, meeting the asset allocation and liquidity management needs of offshore investors, thereby enhancing the international appeal of onshore bonds [1] Group 2 - HKMA's Chief Executive, Eddie Yue, expressed satisfaction with the launch of the cross-border repurchase business, emphasizing its role in optimizing the "Bond Connect" initiative [2] - The measures are expected to improve liquidity in the Hong Kong offshore RMB market and increase the willingness of foreign investors to allocate RMB assets [2] - The initiative aims to diversify offshore RMB business development and further solidify Hong Kong's position as an international financial center and offshore RMB business hub [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].