The International Capital Market Association (ICMA) welcomes the People's Bank of China's (PBoC) recognition of the GMRA for bond repo transactions involving CIBM bonds | 国际资本市场协会（ICMA）欢迎中国人民银行（PBoC）认可在涉及银行间债券市场债券的回购交易中使用《全球回购主协议》（GMRA)
30 January 2026 The International Capital Market Association (ICMA) welcomes the People's Bank of China's (PBoC) recognition of the GMRA for bond repo transactions involving CIBM bonds | 国际资本市场协会（ICMA）欢迎中国人民银行（PBoC）认可在涉及银行间债券市场债券的回购交易中使用《全球回购主协议》（GMRA)
Background
背景
Pursuant to the September 2025 announcement from the People's Bank of China, China Securities Regulatory Commission, State Administration of Foreign Exchange and related Q&A to broaden access for offshore investors to China's repo market, the PBoC has now recognised the use of the Global Master Repurchase Agreement ("GMRA") for bond repo transactions involving bonds in the China Interbank Bond Market ("CIBM"), following ICMA's filing of the GMRA with the PBoC.
根据中国人民银行、中国证券监督管理委员会、国家外汇管理局于2025年9月发布的、旨在拓宽境外投资者进入中国回购市场的渠道的公告及答记者问，继ICMA向中国人民银行备案《全球回购主协议》后，中国人民银行现已认可在涉及中国银行间债券市场（CIBM）债券的回购交易中使用《全球回购主协议》（GMRA）。
What is the GMRA?
什么是《全球回购主协议》？
The GMRA is the most widely-used market standard master agreement for repo transactions, published and maintained by ICMA, which provides a framework of standard terms and conditions to govern repos between two contracting parties. Having this framework in place means that, whenever a new repo is transacted, the parties do not need to agree all its terms and conditions again. This makes the negotiation of repos more efficient and less prone to inadvertent mistakes.
《全球回购主协议》是由ICMA发布并维护的、全球最广泛使用的回购交易市场标准主协议，为双方回购交易提供一套标准条款和条件的框架。有了这一框架，每次进行新的回购交易时，双方无需重新协商所有条款和条件，从而提高谈判效率并降低无意错误的风险。
The GMRA clarifies the rights and obligations of the contracting parties, particularly in the event of a default by one of them. Core protections against loss on default include the transfer of legal title to collateral and the operation of close-out netting. Title transfer is intended to ensure that collateral is owned outright by the transferee and, subject to applicable insolvency law, is not treated as part of the insolvent counterparty’s estate. Close-out netting mitigates credit losses by reducing and crystallising exposure to a defaulting party and, where recognised under applicable regulatory frameworks, allows counterparty exposures to be calculated on a net rather than gross basis, thereby reducing regulatory capital requirements.
《全球回购主协议》适用于银行间债券市场买断式回购，明确了交易双方的权利和义务，尤其是在一方违约的情况下。违约时的核心风险防护措施包括抵押品法律所有权的转移以及终止净额结算（close-out netting）的运作。所有权转移旨在确保抵押品由受让方完全、无条件地持有，并且在适用的破产法框架下，不会被视为纳入违约对手方的破产财产。终止净额结算通过减少并明确对违约方的风险敞口来降低信用损失，同时，在适用的监管框架允许的情况下，通过将对手方风险按净额而非总额计算，从而减少适用的监管资本要求。
ICMA member support and resources for the GMRA
ICMA的支持与《全球回购主协议》相关资源
There are special characteristics in China's repo market (including the latest developments mentioned above), where there may be potential differences in market practice and technical aspects of the relevant trading and settlement process. ICMA's member support and resources should be able to offer help in this regard.
中国回购市场具备一定独特性（包括上述最近进展），其市场惯例、交易及结算环节的技术方面可能存在潜在的差异。ICMA所能提供的支持与相关资源应该有所襄助。
ICMA annually commissions legal opinions from local counsel on the enforceability of the GMRA and its annexes in over 70 jurisdictions. Depending on the ICMA membership type, these opinions are available as one of the benefits of membership.
ICMA每年都会委托各地律师事务所，针对70多个司法管辖区，出具《全球回购主协议》（GMRA）及其附录的法律可执行性意见书。根据有关机构的类型，这些法律意见书作为会员权益之一提供。
In addition to annual legal opinions, ICMA also offers members access to a help desk to assist with queries about the GMRA, ad hoc guidance to assist members in understanding the implications of market events, as well as educational material and alerts to members on significant legal developments in jurisdictions where the GMRA is used.
除了每年的法律意见书外，ICMA还为机构提供咨询服务台，以协助解决有关《全球回购主协议》的问询，提供专门的指导以帮助机构理解市场事件的影响，还提供培训资料并在使用《全球回购主协议》的司法管辖区发生重大法律动态时向机构发布提醒。
The recommendations of relevant ICMA repo working groups are periodically published as a Guide to Best Practice in the repo market, including the members-only Guides to Asia-Pacific Repo Markets. In addition, ICMA members are able to seek specific advice from the working group, which can draw on the expertise and experience of market participants and infrastructures.
ICMA相关回购工作组的建议会被定期发布为《回购市场最佳实践指南》，包括仅限ICMA会员访问的《亚太回购市场指南》。此外，有关机构可向工作组寻求具体建议，工作组可借助市场参与者和基础设施的专业知识和经验。
ICMA also publishes rules and recommendations for the secondary market (available to ICMA members only), which continues to support efficient cross-border repo trading.
ICMA还发布二级市场的规则和建议（仅限ICMA会员访问），以持续支持高效的跨境回购交易。
For membership enquiries, please contact ICMA Asia Pacific at apac@icmagroup.org.
如需会员相关的咨询，请联系ICMA亚太区：apac@icmagroup.org。
