China simplifies account opening requirements for overseas central banks investing in bond market

BEIJING, Aug. 11 (Xinhua) -- Three major Chinese financial institutions on Monday announced measures to simplify the opening of accounts by overseas central banks and similar institutions, in a move aimed at further optimizing the country's bond market environment.

The National Interbank Funding Center said that it has simplified the documentation requirements to open accounts and access related networks, noting that in both Bond Connect and settlement agency modes, a compliance commitment statement will no longer be required.

The center expects the move to further enhance efficiency and convenience for overseas central banks or monetary authorities, international financial organizations and sovereign wealth funds investing in China's interbank bond market.

The Shanghai Clearing House and China Central Depository & Clearing Co., Ltd. have also said that they have dropped their requirements for agreement commitment documents.

Industry experts say the coordinated measures will streamline investment procedures and advance the high-standard opening-up of the country's bond market.