China Central Depository & Clearing Co. (CCDC) said it will cut fees for
multiple bond-market services, effective Sept. 1, 2026 through Dec. 31, 2028.
Key measures: full waiver of issuance registration fees for Panda
(international) bonds. Interest-payment/settlement fees for outstanding
interbank bonds reduced to 95% of prior rates, leaving a post-discount rate of
0.0000475 of face value (0.00475%, 0.475 bps); interest-payment fees for
Sci-Tech innovation bonds and Panda bonds fully waived. For interbank bond types
and issuers not covered by existing concessions, cash bond settlement fee will
be 135 yuan per trade (10% discount). Interbank repo and bond-lending settlement
fees cut to 95%: pledged repo single-security 114 yuan/trade, multi-security 190
yuan/trade; sell-out (buyout) repo 190 yuan/trade; bond lending (including
cross-custodian and centralized lending) 190 yuan/trade. Counter (OTC) bond
settlement fees cut to 95%, resulting in a rate of 0.000019 of face value
(0.0019%, 0.19 bps) with a per-trade cap of 120 yuan. CCDC said it will notify
separately of any further adjustments.
