ICMA enhances Chinese repo market coverage
06 July 2026 China
Image: TTstudio/stock.adobe.com
The International Capital Market Association (ICMA) has strengthened its focus on China's rapidly developing repo market with the launch of a dedicated online resource, highlighting its ongoing efforts to support greater international participation in the country’s income markets.
The webpage brings together ICMA's work on China's repo market, including consultation responses, regulatory developments, and industry guidance, as the association continues to advocate for greater alignment between Chinese and international repo market practices.
ICMA has played a central role in supporting the internationalisation of China's repo market through advocacy and engagement with regulators.
Among its recent milestones is the recognition of the Global Master Repurchase Agreement (GMRA) for offshore renminbi bond repo transactions using bonds held through Northbound Bond Connect as collateral, announced by the Hong Kong Monetary Authority in January 2025.
More recently, in January 2026, the People's Bank of China recognised the GMRA for bond repo transactions involving securities held within the China Interbank Bond Market (CIBM), following ICMA's filing of the agreement with the central bank.
The association said these developments form part of wider efforts to increase cross-border participation in China's domestic bond market while improving legal certainty and interoperability for international investors.
In April 2026, ICMA established its China Repo Committee under its Global Repo and Collateral Forum.
The committee provides a dedicated forum for market participants to discuss developments in China's repo market, particularly cross-border activity, and to share practical experience to help shape market practice.
ICMA has also continued to engage with Chinese regulators through a series of consultation responses covering reforms to the China Interbank Bond Market, bankruptcy legislation, and the draft Financial Law of the People's Republic of China.
Across these consultations, the association has consistently advocated for greater legal certainty around close-out netting, wider recognition of the GMRA, and stronger alignment with international market standards.
The association is inviting eligible market participants to join the China Repo Committee as international engagement with China's bond and repo markets continues to expand.
The webpage brings together ICMA's work on China's repo market, including consultation responses, regulatory developments, and industry guidance, as the association continues to advocate for greater alignment between Chinese and international repo market practices.
ICMA has played a central role in supporting the internationalisation of China's repo market through advocacy and engagement with regulators.
Among its recent milestones is the recognition of the Global Master Repurchase Agreement (GMRA) for offshore renminbi bond repo transactions using bonds held through Northbound Bond Connect as collateral, announced by the Hong Kong Monetary Authority in January 2025.
More recently, in January 2026, the People's Bank of China recognised the GMRA for bond repo transactions involving securities held within the China Interbank Bond Market (CIBM), following ICMA's filing of the agreement with the central bank.
The association said these developments form part of wider efforts to increase cross-border participation in China's domestic bond market while improving legal certainty and interoperability for international investors.
In April 2026, ICMA established its China Repo Committee under its Global Repo and Collateral Forum.
The committee provides a dedicated forum for market participants to discuss developments in China's repo market, particularly cross-border activity, and to share practical experience to help shape market practice.
ICMA has also continued to engage with Chinese regulators through a series of consultation responses covering reforms to the China Interbank Bond Market, bankruptcy legislation, and the draft Financial Law of the People's Republic of China.
Across these consultations, the association has consistently advocated for greater legal certainty around close-out netting, wider recognition of the GMRA, and stronger alignment with international market standards.
The association is inviting eligible market participants to join the China Repo Committee as international engagement with China's bond and repo markets continues to expand.
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