中国银行间市场交易商协会：中国债券市场改革发展报告（2025年）（英文版）（76页）.pdf

1、Contents3NAFMII and Its Role in Chinas Interbank MarketOverview of Chinas macroeconomic,financial conditions and the interbank marketFramework of Market OperationBond products offeringsPrefacePart IPart IIPart III1.1 Chinas macroeconomics and financial market conditions1.2 Chinas booming interbank b

2、ond market692.1 The registration regime reform with market orientation2.2 Information disclosure system2.3 Bond offering and pricing mechanismBox I.Optimize the bond issuance mechanism and strengthen issuance pricing2.4 Investor protection toolkit2.5 Trading mechanism1618202224263.1 A broad spectrum

3、 of bond products in the CIBM3.2 CIBM supporting green development and low-carbon transformation 3.3 CIBM serving the sustainable development goals3.4 CIBM Supports Technology FinanceBox II:Hybrid sci-tech innovation notes3.5 CIBM ABS promotes inclusive financeBox III:Covered bonds(CB)for private en

4、terprise30313538394041Diversified risk hedging instrumentsSelf-regulationFurther opening up the bond marketChronicle Annex :Issuing bonds by overseas issuers in CIBMAnnex II:Investing in Chinas bond marketAnnex III:Documentation on standard derivative contracts issued by NAFMII Part IVPart VPart VI4

5、.1 Financial derivatives markets and derivatives master agreementsBox :Swap Connect Cleared Derivatives Agreement(2024 Version)4.2 Repo market and repo master agreements4.3 Bond lending market and lending master agreementsBox V:Foreign institutions Risk hedging in the interbank market44464849505.1 R

6、outine supervision and inspections5.2 Market-based evaluation of intermediaries5.3 Self-disciplinary investigations5.4 Self-disciplinary penalties5.5 Dispute resolution platform52535556596.1 Panda bond market:a financing channel of overseas issuersBox VI:Refining the mechanism for information disclo