China Central Depository & Clearing Co. (CCDC) announced fee reductions for
multiple core services and a full waiver of issuance registration fees for
international (Panda) bonds. The interest/payment settlement fee for outstanding
interbank market bonds are discounted to 95% of the current rate, resulting in
0.475 bps of face value. Interest/payment settlement fees for Sci-Tech
innovation bonds and Panda bonds are fully waived. Spot bond settlement fees for
bond types and issuers not covered by existing concessions will be cut 10% to
135 yuan/transaction. Settlement fees for pledged repos, buyout repos and bond
lending in the interbank market are reduced to 95%: pledged repo single-security
114 yuan/tx, pledged repo multi-security 190 yuan/tx; buyout repo 190 yuan/tx;
bond lending (including cross-custodian and centralized lending) 190 yuan/tx.
OTC bond transaction settlement fees are cut to 95%, set at 0.19 bps of face
value with a per-transaction cap of 120 yuan. All measures take effect from
Sept. 1, 2026 through Dec. 31, 2028.
