China repo markets and the ICMA China Repo Committee
ICMA has set up a dedicated webpage for industry participants to stay updated on the Association’s work related to the China repo markets.
ICMA has been at the forefront of actively promoting the internationalisation of China’s repo markets at both the cross-border and onshore levels through consultation responses, advocacy efforts and thought leadership publications. Key milestones achieved so far include the recognition of the GMRA for use in offshore RMB bond repo business using bonds held under Northbound Bond Connect as collateral and most recently, the recognition of the GMRA by the PBoC for bond repo transactions involving bonds in the China Interbank Bond Market (CIBM) in January 2026, following ICMA’s filing of the GMRA with the PBoC.
In April 2026, the China Repo Committee was established, reflecting the increasing importance of the Chinese repo market within the global fixed income landscape, supported by ongoing market and regulatory developments that promote greater international participation.
The Committee serves as a dedicated forum for market participants to discuss developments relating to China’s repo market, with a particular focus on cross-border activity, and to share perspectives and practical experience to help shape market practice.
ICMA members interested in joining the committee are encouraged to review the terms of reference or get in touch directly with co-secretaries Alex Tsang and Zhan Chen.
