ICMA welcomes the People’s Bank of China initiative to further open China’s repo market to offshore investors
26 September 2025 The International Capital Market Association (ICMA) has been proactively engaging with relevant authorities and its Chinese member firms on the development of China’s onshore repo market and its opening to global investors.
ICMA welcomes the efforts of the People’s Bank of China (PBoC) to broaden access for offshore investors to China’s repo market, including the potential application of the Global Master Repurchase Agreement (GMRA). We have been actively contributing to the consultation process as per today’s announcement from the People’s Bank of China, China Securities Regulatory Commission, State Administration of Foreign Exchange.
ICMA and its membership are currently reviewing the final rules in detail to ensure that they will effectively facilitate title-transfer repo transactions from a legal, operational, and governance perspective and will continue to closely monitor the evolving landscape of China’s repo market, both onshore and offshore. ICMA remains committed to supporting the use of the GMRA in cross-border repo transactions and to working constructively with Chinese regulators to strengthen legal certainty around close-out netting enforceability in China.
ICMA believes that these developments mark an important step in the ongoing reforms to deepen China’s capital markets and to enhance opportunities for all market participants.
