Optimizing the investment environment of the RMB bond market, overseas central bank-like institutions welcome further good news in account opening.

Against the backdrop of the continuous strengthening of the Renminbi exchange rate and the accelerated layout of foreign capital in Chinese assets, the opening of accounts for overseas central bank-type institutions has received another boost. On May 13, China Central Depository & Clearing Co., Ltd. issued a notice stating that, in order to implement the state's tax reduction and fee reduction policies, further optimize the investment environment in the bond market, and promote the opening up of China's bond market to foreign entities, overseas central bank-type institutions that open accounts at the central depository company through the settlement agents of the People's Bank of China or the interbank market after January 1, 2025, will be fully exempt from the account opening fee of 500 yuan per account. It is reported that the above preferential measures will be implemented starting from January 1, 2025. For the relevant fees incurred after January 1, 2025, and have already been paid, the central depository company will provide refunds for the portion eligible for exemption. Industry insiders believe that the central depository company's waiver of account opening fees this time is a specific manifestation of the state's tax reduction and fee reduction policies, and also an important step in promoting the high-level institutional opening-up of the bond market. "Although the scale of fees involved in this policy is not large, it sends a positive signal, indicating that China is starting from the details and continuously improving the investment experience for foreign capital," said a trading head at a foreign bank.