Core Insights - Qingdao Rural Commercial Bank and Qingdao Bank have successfully obtained clearing member qualifications from the Shanghai Clearing House and launched general repurchase business, marking a significant breakthrough for Shandong's financial institutions in the interbank market clearing mechanism [1] - The launch of this innovative business fills a market gap for city commercial banks and rural commercial banks in Shandong province, providing practical experience for local financial institutions to enhance fund operation efficiency and risk management capabilities [1] - The People's Bank of China has approved the general repurchase business, which will officially launch in April 2024, allowing participants to submit bonds to a collateral pool and conduct repurchase transactions through the interbank lending center [1] Summary by Sections - **Business Development** - The general repurchase business has been introduced to enhance the operational efficiency of financial institutions in Shandong [1] - A total of 17 transactions have been conducted by local financial institutions, amounting to 12.08 billion yuan [2] - **Market Impact** - The business aims to reduce counterparty risk and improve market liquidity while supporting the smooth transmission of monetary policy [1] - The Shanghai Clearing House has expanded the range of participants in the general repurchase business to include deposit-taking financial institutions and added new categories of eligible collateral [1]

业内人士表示，本次优化通过参与者扩容和合格担保品范围扩大两项核心举措，对现有业务机制进行了 重要完善，这是银行间基础设施建设的关键进展，将为债券市场注入新活力，进一步顺畅货币政策传导 效果，提升金融服务实体经济的能力。 银行间债券市场回购交易机制迎来重要升级。9月1日，全国银行间同业拆借中心与银行间市场清算所股 份有限公司（上海清算所）联合公布银行间债券市场通用回购交易清算业务机制优化措施。 提升银行间市场流动性深度参与主体与担保品范围同步扩容 近年来，债券市场基础设施服务市场参与者的决心不减，持续为机构主体提供更加丰富的流动性和风险 管理工具。 据悉，通用回购业务是指采用集中清算的三方回购交易业务。银行间债券市场业务参与者将符合上海清 算所要求的债券提交担保券库，上海清算所每日计算交易额度并发送至同业拆借中心，业务参与者在额 度范围内通过同业拆借中心达成交易，交易结算全流程均显示上海清算所为对手方，并由上海清算所进 行担保品管理和中央对手方清算，业务参与者发生结算违约时由上海清算所进行违约处置。 在本次优化机制公布之前，通用回购业务合格担保券包括开发银行、政策性银行和优质商业银行发行的 金融债券、同业存单， ...