中央结算公司&ampICMA：2024推动人民币债券担保品参与全球回购交易白皮书（英文版）（90页）.pdf

1、Use of RMB-denominated Bonds as Collateral for Global Repo TransactionsA CCDC-ICMA Joint White PaperWith the growth and the integration of global financial markets,the international repo market has entered a new stage of accelerated transformation.On the one hand,as the financial industry pays more

2、attention to the balance between risk and efficiency,collateral has become a key factor in the decision-making process of repo transactions.Thus,the supply of high-quality collateral assets has become the new focus of the market.On the other hand,with the opening-up and the development of Chinas bon

3、d market,the higher profile of RMB bonds have introduced a new option to the global collateral market.As the CSD of Chinas bond market,China Central Depository&Clearing Co.,Ltd.(CCDC)shoulders the mission of market opening-up by providing high-quality collateral management services for global invest

4、ors,and has become one of the worlds largest collateral management platforms.With solid expertise in the field of cross-border collateral cooperation,CCDC and the International Capital Market Association(ICMA),jointly present this white paper to explore the feasibility of using RMB bonds collateral

5、in global repo transactions through a comprehensive analysis of key elements of Chinese and international repo markets including market structures,regulations,risk management and interoperability,so as to provide ideas and references for global investors.As a Chinese saying goes,“With relentless pur

6、suit,we will usher in a bright future.”Promoting RMB bonds as widely accepted qualified collateral offshore is a highly professional and systematic project.We hope that the white paper can help build consensus and promote practical cooperation.CCDC will continue to work together with market particip