STOCKS | CCDC Proposes Fee Cuts for Main Bond Businesses, Fully Waives Panda Bond Registration Fee

China Central Depository & Clearing Co. released a notice soliciting public opinion on lowering fees for some main businesses. According to Jin10, the notice proposes a full waiver of the issuance registration service fee for international bonds (panda bonds). It also offers a 5% discount on the interest payment and principal repayment service fee rate for outstanding bonds in the interbank bond market, reducing the post-discount rate to 0.475 per 10,000. The notice fully waives interest payment and principal repayment service fees for sci-tech bonds and international bonds (panda bonds). For spot trade settlement service fees on bond types and issuers not covered by existing preferential measures in the interbank bond market, the notice offers a 10% discount, with the post-discount spot trade fee at 135 yuan per transaction. It also offers a 5% discount on settlement service fees for pledged repurchase, outright repurchase, and bond lending transactions in the interbank bond market, with the post-discount fee at 114 yuan per transaction for single-security pledged repurchase, 190 yuan per transaction for multi-security pledged repurchase, 190 yuan per transaction for outright repurchase, and 190 yuan per transaction for bond lending, including cross-custodian bond lending and centralized bond lending. For over-the-counter bond businesses, the notice offers a 5% discount on settlement service fee rates for each transaction type, including spot trade, pledged repurchase, outright repurchase, bond lending, and bond forwards, reducing the rate to 0.19 per 10,000 of the bond settlement face value, with a cap of 120 yuan per transaction. The measures are effective from September 1, 2026, to December 31, 2028.