ICMA Welcomes Further Opening of China’s Repo Market

The International Capital Market Association (ICMA) has actively engaged with Chinese authorities and member firms to advance the development of China’s onshore repo market. The association applauds the People’s Bank of China (PBoC) for expanding offshore investor access, including potential adoption of the Global Master Repurchase Agreement (GMRA).

ICMA is scrutinizing the final rules to ensure seamless title-transfer repo transactions from legal and operational standpoints. The association remains committed to promoting GMRA usage in cross-border repos and collaborating with Chinese regulators to strengthen close-out netting enforceability.

These reforms signify a crucial milestone in China’s capital market liberalization, creating new opportunities for global participants. ICMA’s involvement underscores the growing institutionalization of China’s financial markets as they integrate with global standards.