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China Opens Interbank Bond Market Wider to Foreign Buyers

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China issued new rules making it easier for big international investors to access its $5.7 trillion interbank bond market, a step forward toward opening its capital market as it seeks to promote the yuan as a reserve currency.

Foreign central banks, sovereign wealth funds and global financial organizations will no longer need pre-approval to trade bonds, interest-rate swaps and conduct repurchase agreements, the People’s Bank of China said in a statement Tuesday. Instead, they must only fill in a one-page registration form and can decide how much they can invest, the PBOC said.