Joint Notice on the Extension of Settlement Cycle of Overseas Institutional Investors
In order to further facilitate overseas investors’ participating China
inter-bank bond market, as per the general requirements by PBC, we hereby
inform you of the matters concerning the extension of settlement cycle for
1. The “overseas investors” mentioned here refer to all types of legit
overseas institutional investors defined in PBC Announcement  No.3 and PBC
Document  No.220.
2. The “settlement cycle” mentioned here refers to the number of working
days from transaction date to settlement date.
3. The extension of settlement cycle is arranged as follows:
1) Overseas investors can choose the settlement cycle on T+0, T+1 or T+2 basis.
2) Applicable circumstance: T+2 can be applied if at least one party of
the transaction is an overseas investor.
3) Applicable business types: Cash bond transaction; Pledge repo; Outright
repo; and Bond lending.