18 Jun According to the 21st Century Economics website, China’s National Inter-bank Funding Center has issued a detailed implementing ruling for disposing of defaulted obligations through repurchase approved by the PBOC on June 17. 关于2019年6月17日，中行发布的《全国银行间同业拆借中心回购违约处置实施细则（试行）》。
According to the 21st Century Economics website, China’s National Inter-bank Funding Center has issued a detailed implementing ruling for disposing of defaulted obligations through repurchase approved by the PBOC on 17 June 2019. The ruling applies when a repurchasing-purchaser triggers an event of default in a pledged repo transaction and the two parties fail to reach a consensus on its disposal. The reverse-repurchasing (non-defaulting) party will entrust the trading center to handle the repurchase through market-based mechanisms such as anonymous auctions. The selling price of the underlying bonds shall not be lower than the fair value (defined as the full valuation price from the previous trading day according to China Bond) except by the express written consent of the non-defaulting party.
为进一步提升银行间市场回购违约处置效率，保障银行间债券市场交易平稳有序开展，经中国人民银行批复同意，全国银行间同业拆借中心2019年6月17日发布《全国银行间同业拆借中心回购违约处置实施细则（试行）》。回购违约处置，指因银行间市场质押式回购交易中正回购方（违约方）触发违约事件且交易双方未能就违约处置协商一致，逆回购方（守约方）委托交易中心通过匿名拍卖等市场化机制处置相关回购债券的机制。标的债券的变卖价格应不低于公允价值，若低于公允价值（标的债券在拍卖或变卖的前一交易日的中债估值全价），则需出质方书面同意。