New China bond market rules more flexible than expected

New guidance and rules for accessing China’s interbank bond market (CIBM) have surprised market participants by their level of flexibility, but further clarification is still sought in respect of tax arrangements. The moves, which took effect immediately, are expected to accelerate the inclusion of Chinese bonds in global fixed income benchmarks’, which would spur more foreign investment into the world’s third largest debt market. On Friday evening, the People’s Bank of China (P…