24 March 2020 -- Under the guidance of the PBC and other regulators, China Central Depository & Clearing Co., Ltd. (CCDC) launches two service optimization initiatives to enrich and supplement the settlement arrangements in the China Inter-bank Bond Market to satisfy the diverse demands of overseas investors. The Recycling Settlement Service, which allows overseas investors to rearrange the settlement of cash bond trades that has failed on the original settlement date within required period, offers overseas investors an effective tool for operational risk management; and the T+N (N≥4) Settlement Service allows them to settle cash bond trades with non-standard settlement cycles (i.e. T+N, N≥4), thereby aligning domestic settlement rules with international practices to meet the special requirements from certain overseas investors. Related implementation rules are now available on www.chinabond.com.cn.

CCDC, as an important FMI of China and the gateway of CIBM opening-up, plays an active role in the implementation of CIBM opening-up measures in collaboration with the regulators. By the end of February 2020, bonds held by overseas investors under depository of CCDC reached RMB 1.95 trillion, representing 94.5% of the total overseas bond holdings in the CIBM (or 85.7% inclusive of NCDs).

The launch of these flexible settlement services reflects CCDC's customer-focused concept of “integrated service system, one-stop service and all-around solution” and its practical action of promoting CIBM opening-up and upgrading the CCDC international services. Moving forward, CCDC will keep our mission firmly in mind, dedicating ourselves to providing convenient, efficient and professional services for overseas investors participating in the CIBM.

为进一步优化债券市场基础设施服务，提升境外机构投资者操作便利度，在中国人民银行等主管部门的指导下，中央国债登记结算有限责任公司（以下简称“中央结算公司”）将于近期推出两项措施，丰富和补充银行间市场结算安排，满足境外投资者多样化结算需求。境外投资者可通过即将推出的循环结算机制(即允许结算失败合同在一定时间窗口内再次进行结算的安排)，便利投资管理运营，缓释运营操作风险。同时中央结算公司可为境外机构投资者参与的大于四天（含）结算周期（即非标准结算周期T+N）的现券交易提供灵活的结算服务，满足境外机构投资者的特殊结算周期需求，进一步便利境外投资者参与银行间债券市场。相关实施细则已同步在中债信息网中发布。

中央结算公司作为国家重要金融基础设施，是中国债券市场开放的重要门户，一直以来积极支持和配合主管部门落实各项市场开放举措。截至2020年2月末，公司托管的境外机构投资者持有债券规模已达1.95万亿元人民币，约占银行间市场境外机构持债规模的94.5%（不含上清所存管的同业存单；若含有同业存单，则占比约为85.7%。）。

此次一系列灵活结算措施的推出，正是中央结算公司以客户为中心，“构筑一体化服务体系、完善一站式服务模式、提供一揽子服务方案”理念的体现，也是公司推动债市开放发展，打造中债国际服务升级版的实际行动。下一阶段，公司将继续不忘初心、牢记使命，致力于为全球投资者参与中国债券市场提供便捷、高效、专业的服务。