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| Notice by the China Foreign Exchange Trade System of Issuing the Business Guidelines for FX Repo Collateralized by Onshore Bond | | 中国外汇交易中心关于发布《以境内债券为抵押品的外币回购交易业务指引》的通知 |
| (No. 227 [2021] of the China Foreign Exchange Trade System) | | （中汇交发〔2021〕227号） |
| All participating institutions: | | 各参与机构： |
| For the purpose of specifying the relevant business arrangements, the China Foreign Exchange Trade System (“CFETS”) has formulated the Business Guidelines for FX Repo Collateralized by Onshore Bond (see Annex), which are hereby issued. This Notice shall come into force on the date of issuance, upon which the Guide to the Business of FX Repo Collateralized by Onshore Bond (2020) shall be repealed. | | 为明确相关业务安排，中国外汇交易中心制定了《以境内债券为抵押品的外币回购交易业务指引》（见附件），现予以发布。本通知自发布之日起施行，《以境内债券为抵押品的外币回购交易业务指南》（2020年）同时废止。 |
| | 特此通知。 |
| Annex: Business Guidelines for FX Repo Collateralized by Onshore Bond | | 附件：以境内债券为抵押品的外币回购交易业务指引 |
| China Foreign Exchange Trade System | | 中国外汇交易中心 |
| July 9, 2021 | | 2021年7月9日 |
| Annex: | | 附件 |
| Business Guidelines for FX Repo Collateralized by Onshore Bond | | 以境内债券为抵押品的外币回购交易业务指引 |
| Chapter I General Provisions | | 第一章 总则 |
| Article 1 To promote the development of the FX Repo business, the China Foreign Exchange Trade System (hereinafter referred to as "CFETS") has formulated the Guidelines in accordance with relevant national provisions of laws and regulations of competent authorities, etc. | | 第一条 为推动外币回购业务发展，中国外汇交易中心（以下简称交易中心）依据国家相关法律法规、主管部门规定等，制定本指引。 |
| Article 2 The Guidelines is applicable to FX repo collateralized by onshore bonds (hereinafter referred to as "onshore bond FX repo") that are traded through the CFETS FX trading system. | | 第二条 本指引适用于通过交易中心外汇交易系统成交的以境内债券为抵押品的外币回购交易业务（以下简称境内债外币回购）。 |
| Article 3 Onshore bond FX repo herein include pledged FX repo and outright FX repo. | | 第三条 本指引所指境内债外币回购包含外币质押式回购和外币买断式回购。 |
| Article 4 A pledged FX repo is a form of short-term financing between two trading parties where bonds are used as a pledge of rights. The repo party pledges bonds to the reverse repo party for funds, and at the same time the two parties agree that on a future date the repo party returns the amount of funds calculated at the pre-defined repo rate to the reverse repo party and the reverse repo party shall waive the pledged rights on the pledged bonds. | | 第四条 外币质押式回购是交易双方进行的以债券为权利质押的一种短期外币资金融通业务，正回购方在将债券出质给逆回购方融入外币资金的同时，双方约定在将来某一日期由正回购方按约定回购利率计算的资金额向逆回购方返还资金，逆回购方解除出质债券上质权的融资行为。 |
| Article 5 An outright FX repo is an agreement where the repo party sells the bonds to reverse repo party, and the two parties at the same time agree that on a future date the repo party buys from the reverse repo party at the pre-defined price the equal number of the bonds of the same type. The currency of the first leg settlement amount and of the second leg settlement amount shall be the same other than RMB. | | 第五条 外币买断式回购是正回购方将债券卖给逆回购方的同时，交易双方约定在未来某一日期，正回购方再以约定的价格从逆回购方买回相等数量同种债券，且首期资金结算额币种和到期资金结算额币种均为同一种非人民币币种的买断式回购的交易行为。 |
| Article 6 The collateral selection modes of onshore bond FX repo include Bilateral and Tri-party. | | 第六条 境内债外币回购的抵押品选择方式包括指定券和自动选券模式。 |
| Under the Bilateral mode, counterparties should confirm trading amount, repo rate, tenor, collateral, and other trading elements via CFETS FX Trading System. | | 指定券模式下，交易双方应通过交易中心外汇交易系统就交易金额、利率、期限和抵押品等要素达成一致。 |
| Under the Tri-party mode, counterparties should confirm trading amount, repo rate, tenor, and other trading elements via CFETS FX Trading System. There is no need for counterparties to select specific collaterals, since custodian institutions will automatically choose, calculate, pledge the collateral according to the pre- defined rules, and provide collateral management service during the repo tenor. | | 自动选券模式下，交易双方应通过交易中心外汇交易系统就交易金额、利率和期限等要素达成一致，无需指定抵押品，由债券托管机构按事先约定的规则进行抵押品自动选取、计算、质押，并提供存续期管理服务。 |
| Article 7 For onshore bond FX repo, the repo party is the borrower of FX funds, and the reverse repo party is lender of FX funds. | | 第七条 境内债外币回购业务中，正回购方为外币资金融入方，逆回购方为外币资金融出方。 |
| Article 8 Institutions with membership in the interbank foreign currency money market may trade onshore bond FX repo. | | 第八条 具备银行间外币货币市场会员资格的机构可参与境内债外币回购业务。 |
| Article 9 Other financial institutions qualified for FX repo trading may trade onshore bond FX repo after applying to CFETS for membership of foreign currency money market. For details, please refer to the Guidelines for Institutions to Access the China Interbank Foreign Exchange Market. | | 第九条 其他具备外币回购业务资格的金融机构可向交易中心申请成为外币货币市场会员后参与该业务，具体请见《银行间外汇市场入市及服务指引》。 |
| Chapter II Trading Protocols and Elements | | 第二章 交易模式和交易要素 |
| Article 10 Transactions are concluded by bilateral trading model through CFETS FX trading system and a deal ticket is generated accordingly. | | 第十条 交易双方通过交易中心外汇交易系统询价交易模式达成交易并生成成交单。 |
| Article 11 Through a FX instant messaging tool (hereinafter referred to as “iDeal”) that is connected to CFET FX trading system, the trading parties may confirm trading intention for onshore bond FX repo transactions and money broker may provide onshore bond FX repo brokerage services to the trading parties in an effort to confirm trading intention. | | 第十一条 交易双方可通过外汇即时通讯工具（以下简称iDeal）达成境内债外币回购交易意向并直连外汇交易系统，货币经纪人可通过iDeal为交易双方提供境内债外币回购经纪服务，达成交易意向并直连外汇交易系统。 |
| ．．．．．． | | ．．．．．． |
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