Webinar: Demystifying RMB Bond Repos

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In February 2024, the PBOC has published consultation draft rules for expanding CIBM bond repos to CIBM Direct as well as Bond Connect investors. Pending finalisation of the rules and detailed implementation of the scheme, market participants had been taking steps to get ready for the new launch including getting internal approvals and getting familiar with market documentation.

In this seminar, experienced practitioners from Linklaters Zhao Sheng discussed the types of repos transactions as well as documentation currently used for onshore repo market as well as cross-border repos by qualified RMB participating banks, which would inform the likely approach for the new expansion. 

  • Interbank repo markets

> Onshore Repos

- Pledged repos and title transfer repos

- NAFMI documentation

- Legal opinion

> Cross-border Repos

-  FX Repo

- Documentation: NAFMII or GMRA?

  • New repos for offshore investors

> CIBM Direct

> Bond Connect 

- Documentation

  • The Way Forward
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