Clifford Chance He Ping advises ICMA on GMRA filing for People’s Bank of China – advancing internationalisation of China’s bond market

Clifford Chance He Ping Joint Operation Office* has advised the International Capital Market Association (ICMA) on the effect of the September 2025 Announcement, jointly issued by the People’s Bank of China (PBOC), the China Securities Regulatory Commission (CSRC), and the State Administration of Foreign Exchange (SAFE), and worked closely with the PBOC to complete the filing of the template versions of the Global Master Repurchase Agreement (GMRA).

Following the PBOC’s recognition of the GMRA filing, international investors will be able to use the GMRA to execute bond repurchase transactions in the China Interbank Bond Market (CIBM). This is a significant step in the opening-up of the PRC bond market and advancing Hong Kong’s Fixed Income and Currency (FIC) roadmap, strengthening connectivity between global markets and China, and creating new opportunities for cross-border investment and liquidity.

The team led by partner Terry Yang included Kimi Liu and Jane Chen.