中国银行间市场交易商协会：2024熊猫债产品手册（英文版）（159页）.pdf

1、1 Panda Bond Manuals English Version Naonal Associaon of Financial Market Instuonal Investors 2024 2 Contents Part I Operaon Pracce of Panda Bond I.Overview of Panda Bond Market II.Operaon Pracce of Non-Financial Enterprises Panda Bond III.Operaon Pracce of Foreign Government Agency and Internaonal

2、Development Instuon Panda Bond Topic I:Panda Bonds with Sustainable Development Themes Topic II:Pilot Program for Opmizing Panda Bond Pricing and Allocaon Mechanism Part II Panda Bond Rules and Regulaons I.Regulatory Rules of the Peoples Bank of China,State Administraon of Foreign Exchange,and Minis

3、try of Finance II.Self-regulatory Rules of the Naonal Associaon of Financial Market Instuonal Investors Part III.Other Informaon 3 Part I.Operaon Pracce of Panda Bond I.Overview of Panda Bond Market(I)What is Panda Bond?According to internaonal pracce,when foreign instuons issue local currency bonds

4、 in a countrys domesc market,they are generally named aer the most characterisc elements of that country,such as Japans Samurai Bond,the United States Yankee Bond,and the United Kingdoms Bulldog Bond.The bonds denominated in RMB issued by foreign instuons in China are named Panda Bonds.(II)What is t

5、he significance of developing the panda bond market?1.Promote the opening up of Chinas bond market 2.Promote the internaonalizaon of the RMB 3.Serve the real economy(III)What types of panda bonds are there?Issuer Types Registration/Approval Authority Bond Types Representative Issuers International d

6、evelopment institution Issuer should register with NAFMII（Approved by the PBOC and five other ministries before September 2018）RMB Bond AIIB,IFC,ADB,NDB Foreign government Agency Issuer should register with NAFMII RMB Bond Republic of Poland,Hungary,Republic of Korea、Province of British Columbia Can