BCCL Successfully Hosted the First Sharing Session in the Repo Business
30 April 2026
On April 16, 2026, we hosted an online sharing session under the “Zooming into China's Bond Market” series, themed “Repo Business Overview for International Investors”. We have cordially invited the experts from China Foreign Exchange Trade System (CFETS), CMU OmniClear Limited and International Capital Market Association (ICMA), to share the insights and engage in discussions. The session attracted over 650 registrants, including international investors from a diverse range of regions around the world, such as Asia, Europe, Australia, Africa, the Middle East, North America, and Latin America.
During the session, the experts provided in-depth introductions to China’s bond market in repo business, covering the role of market infrastructure, trading mechanisms, access procedures, the practical insights into the GMRA framework, and the key considerations for international investors in the repo market.
During the session, the experts provided in-depth introductions to China’s bond market in repo business, covering the role of market infrastructure, trading mechanisms, access procedures, the practical insights into the GMRA framework, and the key considerations for international investors in the repo market.
Mr. Tong Wang, General Manager of Bond Connect Company Limited, delivered the opening speech and highlighted that the transition from cash bonds to derivative and more recently to liquidity management tools. He emphasized that the development of the repo market represents a critical milestone for Bond Connect. This progress not only strengthens connectivity between onshore and offshore markets, but also supports RMB internationalization and enhances its role as a global investment and funding currency.
Ms. Jenny Xu, Assistant Vice President of Sales & Marketing at Bond Connect Company Limited, shared an overview of the collaborative infrastructure framework in repo business for international investors, with a focus driven by the seamless connectivity between onshore and offshore financial utilities.
Ms. Yajun Zhang, Manager of RMB Market Department at China Foreign Exchange Trade System shared insights on the development of the China Interbank Bond Market (CIBM) repo business, cross-boarder repo trading mechanisms, and key initiatives for the next phase. The key initiatives include several system enhancements designed to improve trading efficiency and flexibility.
Ms. Yajun Zhang, Manager of RMB Market Department at China Foreign Exchange Trade System shared insights on the development of the China Interbank Bond Market (CIBM) repo business, cross-boarder repo trading mechanisms, and key initiatives for the next phase. The key initiatives include several system enhancements designed to improve trading efficiency and flexibility.
Mr. Benton Wong, Vice President, Head of Sales & Marketing at Bond Connect Company Limited, shared the company's expanded role in facilitating access to China’s bond repo market, particularly through the Cross-boundary Bond Repo and Offshore RMB Bond Repo business launched in 2025. The initiatives provide international investors with essential flexible and efficient liquidity management tool, and streamline the entire onboarding process. He emphasized that international investors are currently still in a learning phase in the repo business, with focus on operational arrangement, trading rules and settlement mechanisms.
Mr. Benny TSE, Director of China Desk at CMU OmniClear Limited, explained the role of the Central Moneymarkets Unit (CMU) in repo mechanisms, and provided an in-depth introduction of the settlement arrangement for offshore participants in the repo business. Building on Hong Kong’s role as a premier gateway to Chinese capital markets, CMU OmniClear offers a well-established market infrastructure, and flexible liquidity management channels, enabling international investors to conduct collateral management more efficiently.
Ms. Deena Seoudy, Senior Director and Associate Counsel at the International Capital Market Association, introduced the key features of the Global Master Repurchase Agreement (GMRA) and delivered a comprehensive overview of GMRA legal opinions. She also shared practical insights for participants in the repo market. In her presentation, she highlighted several important factors that international investors may wish to consider when entering into a GMRA, such as legal certainty, counterparty credit risk and operational clarity.