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| Notice by China Central Depository & Clearing Co., Ltd. of Issuance of the Detailed Operating Rules of China Central Depository & Clearing Co., Ltd. for the Bond Repurchase Settlement Business for Foreign Institutional Investors in the Interbank Bond Market | | 中央国债登记结算有限责任公司关于发布《中央国债登记结算有限责任公司境外机构投资者银行间债券市场债券回购结算业务操作细则》的通知 |
| (No. 214 [2025] of China Central Depository & Clearing Co., Ltd.) | | （中债字〔2025〕214号） |
| Members of the interbank bond market: | | 银行间债券市场成员： |
| For the purposes of deepening the financial market's opening up and further facilitating the liquidity management of foreign institutional investors, China Central Depository & Clearing Co., Ltd. provides services for foreign institutional investors to conduct bond repurchase (“repo”) business in the interbank bond market, and has developed the Detailed Operating Rules of China Central Depository & Clearing Co., Ltd. for the Bond Repurchase Settlement Business for Foreign Institutional Investors in the Interbank Bond Market (see Annex), which are hereby issued with the consent of the People's Bank of China (“PBC”). | | 为深化金融市场对外开放，进一步便利境外机构投资者流动性管理，中央国债登记结算有限责任公司为境外机构投资者开展银行间债券市场债券回购业务提供服务，并制定《中央国债登记结算有限责任公司境外机构投资者银行间债券市场债券回购结算业务操作细则》（见附件），经中国人民银行同意，现予以发布。 |
| Contact information: | | 联系方式： |
| Tel.: 010-88170123 | | 电话：010-88170123 |
| Email: jiesuan@chinabond.com.cn | | 邮箱：jiesuan@chinabond.com.cn |
| Annex: Detailed Operating Rules of China Central Depository & Clearing Co., Ltd. for the Bond Repurchase Settlement Business for Foreign Institutional Investors in the Interbank Bond Market | | 附件：中央国债登记结算有限责任公司境外机构投资者银行间债券市场债券回购结算业务操作细则 |
| China Central Depository & Clearing Co., Ltd. | | 中央国债登记结算有限责任公司 |
| September 26, 2025 | | 2025年9月26日 |
| Annex | | 附件 |
| Detailed Operating Rules of China Central Depository & Clearing Co., Ltd. for the Bond Repurchase Settlement Business for Foreign Institutional Investors in the Interbank Bond Market | | 中央国债登记结算有限责任公司境外机构投资者银行间债券市场债券回购结算业务操作细则 |
| Article 1 For the purpose of regulating the settlement operations for bond repurchases conducted by foreign institutional investors in the interbank bond market, China Central Depository & Clearing Co., Ltd. (“CCDC”) has developed these Detailed Rules in accordance with the Announcement on Further Supporting Foreign Institutional Investors in Conducting Bond Repurchase Business in China's Bond Market (Announcement No. 21 [2025], PBC, CSRC and SAFE) and other relevant provisions. | | 第一条 为规范境外机构投资者在银行间债券市场开展债券回购结算业务操作行为，中央国债登记结算有限责任公司（以下简称中央结算公司）根据《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》（中国人民银行 中国证监会 国家外汇局公告〔2025〕第21号）及其他相关规定制定本细则。 |
| Article 2 For the purposes of these Detailed Rules, “foreign institutional investors” means the foreign institutional investors that may conduct spot bond transactions in the interbank bond market. | | 第二条 本细则所称境外机构投资者，是指可在银行间债券市场开展现券交易的境外机构投资者。 |
| Article 3 “Bond repurchase business” includes two forms: pledge-style “repo” and outright repo. The bond repo to which these Detailed Rules apply is the outright repo which allows the use of one or more repurchased bonds in a single transaction and features a mechanism for the return of bond interest payment and redemption funds during the repo period. Any adjustments to bond repo forms will be separately announced to the market. | | 第三条 债券回购业务包括质押式回购和买断式回购两种形式。本细则适用的债券回购为单笔交易可使用一只或多只回购债券且附加回购期间债券付息兑付资金返还机制的买断式回购。债券回购形式如有调整，将另行向市场公告。 |
| Article 4 Foreign institutional investors shall, in conducting bond repo business, comply with China's laws and regulations and the provisions issued by financial administrative and other departments, comply with the relevant business rules of CCDC, and sign master agreements on bond repo in accordance with the requirements of relevant provisions. | | 第四条 境外机构投资者开展债券回购业务，应遵守中国法律法规以及金融管理等部门的各项规定，遵守中央结算公司有关业务规则，并按照相关规定要求签署债券回购主协议。 |
| Article 5 Foreign institutional investors shall handle business operations through their settlement agents. Among them, foreign institutional investors entering the market through Bond Connect shall handle business operations through the Central Moneymarkets Unit (“CMU”) of Hong Kong, except as otherwise prescribed by the PBC. | | 第五条 境外机构投资者应通过其结算代理人代为办理业务操作。其中，通过“债券通”入市的境外机构投资者应通过香港债务工具中央结算系统（以下简称CMU）代为办理业务操作。中国人民银行另有规定的除外。 |
| Article 6 The maximum repo period for bond repo business is 365 days, and the settlement method of delivery versus payment (“DVP”) shall be adopted. | | 第六条 债券回购业务的回购期限最长为365天，采用券款对付结算方式。 |
| Article 7 The ChinaBond Integrated Operation Platform of CCDC receives the bond repo transaction data sent by the trading system, and generates settlement instructions to be confirmed. After both parties to settlement confirm settlement instructions through the ChinaBond Integrated Operation Platform, the first leg settlement contract and the second leg settlement contract are generated, and the ChinaBond Integrated Operation Platform handles settlement based on these contracts. | | 第七条 中央结算公司的中债综合业务平台接收交易系统发送的债券回购成交数据，生成待确认的结算指令。结算双方通过中债综合业务平台对结算指令进行确认后，生成首期结算合同和到期结算合同，中债综合业务平台据此办理结算。 |
| ．．．．．． | | ．．．．．． |
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