TITLE: People's Bank of China Amends Regulations Governing Interbank Bond Market Operations
BODY:
On May 22, 2026, the People's Bank of China (PBOC) published Decree No. 4 of 2026, which amends three departmental regulations governing the interbank bond market. The amendments take effect on July 1, 2026.
The PBOC modified the Measures for the Administration of Financial Bond Issuance in the National Interbank Bond Market (PBOC Decree No. 1 of 2005), the Measures for the Administration of Non-Financial Enterprise Debt Financing Instruments in the Interbank Bond Market (PBOC Decree No. 1 of 2008), and the Measures for the Administration of Bond Registration, Custody and Settlement in the Interbank Bond Market (PBOC Decree No. 1 of 2009). The amendments strengthen financial law construction and refine interbank market institutions based on market development realities.
Key changes include: standardising terminology by replacing references to "China Central Depository" with "bond central depository institution" across all three regulations; expanding the definition of financial institution legal persons to include policy banks, commercial banks, and other financial institutions; clarifying information disclosure obligations for bond issuers before issuance and during the bond's term; establishing that the bond issuance management information system is maintained by a service support institution designated by the PBOC; requiring service support institutions to forward disclosure documents to financial infrastructure operators and report disclosure violations to the PBOC; specifying that only one proprietary account may be opened per investor at each bond central depository institution; and defining the functions of bond central depository institutions, including account management, bond registration, custody, settlement, and cross-market transaction services.
Market participants, including policy banks, commercial banks, and other financial institutions operating in the interbank bond market, must comply with these amendments from July 1, 2026 onwards.