In order to further expand the two-way opening of the financial market, the People's Bank of China and the State Administration of Foreign Exchange jointly released a notice on the second day to improve the management requirements for overseas institutions to issue bonds domestically and further facilitate overseas institutions' financing in the domestic bond market. It is reported that the Notice of the People's Bank of China and the State Administration of Foreign Exchange on the Management of Funds for Bonds Issued by Overseas Institutions issued on the same day unifies the management rules for the registration, account opening, capital exchange and use, statistical monitoring, etc. of Panda Bond funds in the inter-bank and exchange markets. At the same time, the notice standardized the registration and account opening process. Before the issuance of Panda Bonds, Panda Bonds were registered in the bank, allowing the initial registration of opening accounts in the installment issuance, and submitting issuance information one by one after the subsequent issuance, and sharing a special bond issuance account. In addition, the notice improved the foreign exchange risk management of Panda Bonds, and overseas institutions can conduct foreign exchange derivatives transactions with domestic financial institutions to manage exchange rate risk. The notice also specified that the funds raised from bond issuance can be kept in China or remitted overseas for use. The Notice shall come into force as of January 1, 2023. (Liu Xinshe)