China Eases Account Opening Requirements for Overseas Central Banks in Bond Market
Three major Chinese financial market institutions on Monday announced measures to simplify account opening procedures for overseas central banks and similar entities, in a step aimed at further improving the country's bond market environment.
The National Interbank Funding Center said it has reduced documentation requirements for account opening and system access. Under both the Bond Connect and settlement agency models, overseas central banks or monetary authorities, international financial organizations, and sovereign wealth funds will no longer be required to submit a compliance commitment statement.
The Shanghai Clearing House announced that it will no longer require overseas central banks or monetary authorities, international financial organizations, and sovereign wealth funds to provide an “Agreement Commitment Statement” when opening accounts.
Separately, the China Central Depository & Clearing Co., Ltd. confirmed that it has also removed the requirement for overseas central banks and similar institutions to submit a signed agreement commitment document when applying to open accounts.
According to the institutions, the coordinated changes are intended to enhance efficiency and convenience for qualified overseas entities investing in China's interbank bond market. Industry observers note that the measures are in line with ongoing efforts to streamline procedures and support the high-standard opening of the market.
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