Foreign Exchange Trading Center: Cross -border subscription business of bonds opens from banks today

On July 4, 2022, China Foreign Exchange Trading Center (hereinafter referred to as the "Trading Center") will cooperate with bonds to launch cross -border subscription business for foreign investors and domestic underwriters.

In terms of reducing investment costs, in order to reduce the investment cost of overseas investors, the bond company of the joint venture between the trading center and the Hong Kong Stock Exchange will reduce the service fee on July 11. The total amount of 0.0020%of the total ticket was reduced to 0.0015%; if the remaining period of the transaction target was greater than one year, the service fee was reduced from 0.0040%of the total ticket to 0.0030%. The cost reduction has reached 25%.

In order to promote the high -quality opening up of the Chinese bond market and optimize the investment environment of overseas institutions, under the unified deployment of the People's Bank of China, the trading center will deepen the reform of the open service supply from the outside world from different dimensions such as improving investment convenience, optimizing service content, and reducing investment costs, and fulfilling the supply of open service supply, fulfilling the performance The duties of financial infrastructure have promoted the coordinated development of the Mainland and the Hong Kong financial market, and continued to launch innovative and convenient service measures for overseas institutions.

Based on the interconnection of the new debt system (EPRIME) of the transaction center bond issuance inheritance distribution system and providing comprehensive services for overseas bond bookkeeping, the cross -border subscription business supports overseas investors to participate in interbank bond issuance online. Domestic underwriters and overseas institutions may Use electronic distribution to confirm the alternative offline distribution agreement, solve problems such as the difficulty of signing the distribution agreement offline by overseas institutions, and realizing the online electronicization of the entire process of cross -border distribution business of bonds, improving the efficiency of the domestic bond market of overseas institutions, and further promoting the further promotion of The first and secondary market linkages of bonds will be opened to build a high -level financial market.

At the same time, in order to support China Treasury bonds into the international bond index and better meet the needs of overseas passive investors trading needs, the trading center continued to optimize relevant transactions and supporting services after the closing price transaction mechanism was launched in November last year. The transaction transaction order update time is about 17:30, and the closing price transaction mechanism will be extended to the international paid model in August. The closing price trading mechanism supports overseas institutional investors to conduct transactions based on the CFETS closing valuation rate of the CFETS closing valuation rate during the day and domestic quotes. The trading system calculates the specific value of the closing valuation after the day trading period and automatically updates the transaction information automatically , Help overseas institutions better carry out index tracking investment.

In addition, after the foreign investor is filled with the trading center, many banks can choose to handle fund exchange and foreign exchange risk hedging business to achieve multiple comparisons; support foreign investors through the main brokerage business model, agency model, and transaction ledger to enter the interbank foreign exchange exchange The market improves the initiative and convenience of its exchange rate risk management; the launch of bond foreign exchange risk management information services, the Hong Kong settlement bank can be based on the authorization of bond investors, query the data required for transaction review and monitoring, and facilitate the authenticity management of foreign exchange transactions; Recently, it is planned to further extend the transaction time of the inter -bank foreign exchange market and provide a more convenient market environment for overseas investors.

In terms of optimizing service content, on the one hand, it will improve the convenience of overseas institutions to enter the market. The trading center actively implements the "Notice of the General Office of the People's Bank of China on further optimizing the infrastructure of the interbank bond market to strengthen the opening of the event to strengthen the management of the event" and continue to improve the convenience and efficiency of overseas institutions to enter the market. According to the requirements for the filing of the main body of overseas asset management, support the choice of account opening methods by the overseas asset management institutions; streamline the account opening procedures and improve the efficiency of account opening. Complete account opening within the day; continue to coordinate and optimize the information interaction mechanism with foreign investors, CMUs, third -party platforms and bonds, and other related parties to further simplify the process of overseas institutions; support overseas investors through bonds to record foreign exchange transactions and settlement banks Information; Overseas banking groups may designate a branch of the Group to centrally handle the RMB purchase and sale business.

On the other hand, the Chinese and English version of the "China Bond Market Investment Manual" (2022). Under the guidance of the People's Bank of China, the trading center, together with the dealer association, Shanghai Clearance Institute and Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, HSBC, Oriental Securities, CITIC Securities and other institutions jointly revised the "China Bond Market Investment Manual" (2022 To. The manual introduces the organizational structure, investment varieties, trading mechanisms, and open -abroad policies and business processes of the bond market. According to the reform and development of the bond market in recent years, and the expansion and deepening of opening up to the outside world, further the market entry process, innovation mechanism, latest latest mechanism, the latest latest mechanism, the latest latest mechanism, the latest latest mechanism, the latest latest mechanism, the latest new mechanism Policies and measures have been introduced in detail. The Chinese and English version of "Bond Market Investment Manual" (2022) will be released before July 4. (Liu Qi)

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