On April 17, according to the "Regulations on the Management of Funds for Foreign Institutional Investors to Invest in China's Bond Market", the China Foreign Exchange Trade System (hereinafter referred to as the "Trading Center") issued and implemented the "Announcement on the Implementation and Improvement of Funds Management Arrangements for Foreign Institutional Investors and other investments in China's Bond Market" (hereinafter referred to as the "Announcement"). Arrangements for foreign institutional investors to invest directly in China's bond market have been improved.

Specifically, in terms of access to the interbank foreign exchange market, the Announcement clearly conforms to the provisions of the Announcement of the State Administration of Foreign Exchange of the People's Bank of China, China Securities Regulatory Commission (2022) No. 4 (hereinafter referred to as the Joint Announcement). Foreign institutional investors and foreign central bank institutions that directly invest in China's bond market (including the inter-bank bond market and exchange bond market) through multi-level custody and settlement agents can apply to become members of the inter-bank foreign exchange market to carry out spot settlement and sale of foreign exchange derivatives.

Among them, overseas banking institutional investors can choose to directly enter the market or participate in the inter-bank foreign exchange market through prime brokerage business; Foreign non-bank institutional investors can participate in the inter-bank foreign exchange market through prime brokerage business; Foreign central bank institutions such as foreign central banks or monetary authorities, other official reserve management institutions, international financial organizations and sovereign wealth funds shall participate in the interbank foreign exchange market in accordance with the provisions of the Relevant Matters Concerning the Entry of Foreign Central Bank Institutions into China's Interbank Foreign Exchange Market.

At the same time, the Announcement said that in accordance with the provisions of the Joint Announcement, foreign institutional investors and foreign central bank institutions that directly invest in China's bond market (including the inter-bank bond market and the exchange bond market) through multi-level custody and settlement agents and other modes can carry out spot settlement and sale of foreign exchange derivatives transactions with domestic financial institutions as customers after filing with the foreign exchange Trading Center.

According to the Announcement, foreign institutional investors participating in the interbank foreign exchange market shall fulfill their reporting obligations; Foreign institutional investors or foreign central bank institutions participating in the customer market shall be selected by the domestic financial institutions and carry out transactions to fulfill the reporting obligations. The contents submitted include the transaction date, the name of the foreign institutional investor or the foreign central bank institution and the country or region, the transaction variety, the transaction direction, the amount, the exchange rate, the purpose or source, and the type of event. The submitting entity shall submit relevant information through the Foreign Exchange Trading Center system on a daily basis. The deadline for information submission is 12:00 Beijing time on the next day of the trading day.以上翻译结果来自有道神经网络翻译（YNMT）· 通用场景