On 18 November 2022, the People's Bank of China and the State Administration of Foreign Exchange ("SAFE") jointly promulgated the Provisions on Administration of Funds Invested in China's Bond Markets by Foreign Institutional Investors (《境外机构投资者投资中国债券市场资金管理规定》, the "New Rules"). The New Rules were issued following the issuance on 27 May 2022 of the Announcement on Matters Concerning Further Facilitating Foreign Institutional Investors' Investment in China's Bond Markets (《关于进一步便利境外机构投资者投资中国债券市场有关事宜》, "Announcement No. 4 [2022]"), which aimed to provide a unified regulatory framework for foreign investors to invest in both the interbank bond market and exchange-traded bond market.