The central bank implements macroprudential management on the bond repurchase business conducted by overseas institutional investors in accordance with the law.

The People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange issued an announcement regarding matters related to overseas institutional investors conducting bond repurchase transactions in the Chinese bond market as follows: Overseas institutional investors conducting bond repurchase transactions should comply with Chinese laws and regulations as well as the provisions of financial management departments. The related funds transfer should comply with the fund and account management regulations of the corresponding investment channel in their spot transactions. Overseas institutional investors conducting bond repurchase transactions through the Qualified Foreign Institutional Investor and Renminbi Qualified Foreign Institutional Investor channels should comply with the relevant regulations on domestic investment, account, and fund exchange management for Qualified Foreign Institutional Investors. The People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange are strengthening regulatory cooperation. The People's Bank of China implements macro-prudential management on overseas institutional investors conducting bond repurchase transactions in accordance with the law. The People's Bank of China and the China Securities Regulatory Commission carry out supervision and management on overseas institutional investors conducting bond repurchase transactions according to their respective responsibilities. The State Administration of Foreign Exchange strengthens the management of foreign exchange transactions involving overseas institutional investors conducting bond repurchase transactions in accordance with the law.