Institutional investors who wish to trade Government Bonds or Treasury Bills in the interbank market must apply for membership in the China Foreign Exchange Trade System & National Interbank Funding Center (CFETS) and open an account with the China Government Securities Depository Trust & Clearing Co., Ltd. (CDC). In the PRC, the interbank market is synonymous with the over-the-counter market.

Institutional or individual investors who wish to trade Government Bonds or Treasury Bills listed on the Shanghai or Shenzhen stock exchanges need to open an account with the China Securities Depository Clearing Corporation Limited (CSDCC).

CDC, Chinese site.

CSDCC, Chinese site.

Bond transactions in the interbank bond market are confirmed by the CDC and matched through the central bonds book-entry system. If matched, the transactions are settled. There is no confirmation for bond transactions in the stock exchanges.

Transactions in the interbank and stock exchange bond markets are settled trade by trade on the designated date by CDC.

Payment of interest and redemption are coursed through China Securities Depository Clearing Corporation Limited (CSDCC) for trades in the exchange markets and via China Government Securities Depository Trust & Clearing Co., Ltd. (CDC) for interbank market bond transactions.

Reopenings are the offering of new securities with the same terms and conditions as an existing issue. They are used to increase the size of an outstanding issue. A reopened bond has the same maturity date, security identifier, and coupon rate as the original security. The only difference is that they have a different issue date and usually, a different purchase price based on current market yields.

Reopening announcements may be found in the ChinaBond.com.cn website, Chinese site.