People鈥檚 Bank of China recognises GMRA
30 January 2026 China
Image: Sono_Creative/stock.adobe.com
The People's Bank of China (PBoC) has recognised the use of the Global Master Agreement for Repurchase Transactions (GMRA) involving bonds in the China Interbank Bond Market (CIBM).
According to the International Capital Market Association (ICMA), the decision follows a recent announcement by the PBoC, China Securities Regulatory Commission, and the State Administration of Foreign Exchange, to broaden access for offshore investors to China's repo market.
The GMRA is a 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 intends to make the negotiation of repos more efficient and less prone to inadvertent mistakes.
The association notes that there are special characteristics in China's repo market, 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.
According to the International Capital Market Association (ICMA), the decision follows a recent announcement by the PBoC, China Securities Regulatory Commission, and the State Administration of Foreign Exchange, to broaden access for offshore investors to China's repo market.
The GMRA is a 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 intends to make the negotiation of repos more efficient and less prone to inadvertent mistakes.
The association notes that there are special characteristics in China's repo market, 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.
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