Clifford Chance He Ping advises ICMA on GMRA filing for People's Bank of China – advancing internationalisation of China's bond market
2 February 2026
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.
Terry Yang, partner at Clifford Chance, commented: "This recognition by the PBOC marks a major milestone for global market participants. It provides legal certainty for cross-border repo transactions and reinforces Hong Kong’s role as a gateway to China’s financial markets."
Kimi Liu, international partner at Shanghai He Ping Law Firm*, added: "We are delighted to have supported ICMA in achieving this important development. We look forward to working with market participants on repo netting, settlement arrangements and other regulatory initiatives that will drive the internationalisation of China’s bond market."
* Clifford Chance LLP and Shanghai He Ping Law Firm have established a Joint Operation in the China (Shanghai) Pilot Free Trade Zone under the name Clifford Chance LLP and Shanghai He Ping Law Firm (FTZ) Joint Operation Office with the approval of the Shanghai Bureau of Justice
Read the jointly issued Announcement here.
和平高伟绅联营办公室就国际资本市场协会《全球回购主协议》向中国人民银行备案提供法律服务
和平高伟绅联营办公室*为国际资本市场协会（ICMA）提供法律服务，就其落实中国人民银行（“人民银行”）、中国证监会、国家外汇管理局联合发布的2025年第21号公告，参与其与人民银行的协调沟通，协助ICMA完成《全球回购主协议》（GMRA）标准版本的备案工作。
在人民银行确认备案后，国际投资者可在中国银行间债券市场（CIBM）使用《全球回购主协议》开展债券回购交易。这一举措是中国债券市场对外开放的重要里程碑，有助于推动香港固定收益及货币（FIC）市场发展路线图的实施，进一步加强中国与全球市场的互联互通，并为跨境投资及流动性创造新的机遇。
本项目由合伙人杨大志（Terry Yang）牵头，核心团队成员包括刘天峰†和陈璟。
高伟绅合伙人杨大志表示："人民银行此次确认备案，标志着全球市场参与者迎来了重要里程碑，跨境回购交易获得了法律确定性，香港作为连接中国金融市场的重要门户地位进一步巩固。”
和平高伟绅联营办公室监管合规业务负责人刘天峰†补充道："我们非常高兴能够协助ICMA实现这一重要进展。未来，我们将继续就回购净额结算、结算安排及其他监管举措与市场参与者合作，助力中国债券市场国际化进程。”
*和平高伟绅联营办公室是经上海市司法局批准由上海市和平律师事务所与高伟绅律师事务所在中国（上海）自由贸易试验区成立的联营办公室。
†任职于上海市和平律师事务所。
