境外机构投资者开展银行间债券市场首批T+3结算周期现券交易

8月23日，野村新加坡有限公司、株式会社三井住友银行等境外机构投资者与汇丰银行（中国）有限公司等境内机构开展银行间债券市场首批结算周期为T+3的现券交易。

中央国债登记结算有限责任公司（以下称“中央结算公司”）根据主管部门部署，积极落实境外投资者延长结算周期至T+3相关工作要求，会同外汇交易中心、上海清算所于8月23日发布联合通知，宣布参与银行间债券市场现券交易、质押式回购、买断式回购、债券借贷的交易双方，若其中至少一方为境外投资者，即可选择T+3的结算周期。

今年7月20日，国务院金融稳定发展委员会办公室按照“宜快不宜慢、宜早不宜迟”的原则，发布了11条推动金融业对外开放的具体措施。此次放开境外机构投资者选择T+3的结算周期，正是落实上述11条举措，进一步便利境外机构投资者投资银行间债券市场的具体体现。同时，也有效响应了未来富时罗素将中国债券纳入其相关指数后，部分境外投资者需适当延长结算周期的诉求，为其追踪相关指数、投资中国债券提供了便利和保障。

中央结算公司副总经理徐良堆表示：此次境外投资者参与银行间债券市场可选择T+3结算周期业务的落地，是对国家层面释放出进一步推动金融对外开放积极信号的积极响应，是对境外投资者关于银行间债券市场交易结算流程便利化需求的有效落实，将有助于中国债券纳入富时罗素等国际指数和中国债券市场的进一步国际化发展。中央结算公司作为中国债市开放的门户，将不忘初心、牢记使命，致力于为全球投资者参与中国债券市场提供便捷、高效、专业的服务。

Overseas Investors Successfully Conducted the First Batch of Cash Bond Trades using T+3 Settlement in China Inter-bank Bond Market

On August 23rd, overseas investors Nomura Singapore Limited, Sumitomo Mitsui Banking Corporation, etc., successfully conducted the first batch of cash bond trades using T+3 settlement in China Inter-bank Bond Market (CIBM) with domestic counterparties HSBC Bank (China) Company Limited, etc.

In response to competent authorities’ deployment of extending the settlement cycle for overseas investors to T+3, China Central Depository & Clearing Co., Ltd. (hereinafter referred to as “CCDC”) released a joint announcement together with China Foreign Exchange Trade System and Shanghai Clearing House on August 23rd, declaring that if overseas investors are involved in cash bond trade, pledged repo, buyout repo or bond lending in CIBM, they may choose T+3 settlement cycle.

On July 20th, 2019, the State Council’s Office of Financial Stability and Development Committee issued 11 specific measures to further opening up the financial industry in accordance with the principle of “acting faster rather than slower, and sooner rather than later”. Extending the settlement cycle to T+3 is a practical reflection of the foresaid 11 measures, facilitating overseas institutional investors to further participate in CIBM. It is also designed to address the potential need of some overseas investors for an extended settlement cycle after FTSE Russell include Chinese bonds in its global indices in the future, making it more convenient for them to track relevant indices and invest in Chinese bonds.

According to Liangdui XU, Vice President of CCDC, the launch of T+3 settlement cycle in CIBM for overseas investors is an active response to China’s signal of further opening up the financial industry and an effective measure to facilitate the investment in CIBM for the benefit of overseas investors. It will contribute to the incorporation of Chinese bonds into international indices such as FTSE Russell and the internationalization of China’s bond market. As the gateway of China’s bond market to the world, CCDC will stay committed to providing convenient, efficient and professional services for global investors to enter China’s bond market.