Bond repurchase includes pledge and outright. Pledge-style repurchase is a short term financing business with bonds as the pledge of rights between the two parties. It refers to the financing behavior when the fund borrower (repurchase party) pledges bonds to the fund provider (reverse repurchase party) for financial integration, the two parties agree that the repurchase party returns the funds to the reverse repurchase party at the amount calculated by the agreed repo rate and the reverse repurchase party relieves the bond pledge someday in the future. The outright repo refers to the transaction when the bondholders (repurchase party) sell the bonds to bond buyers (reverse repurchase party), the two parties agree that the repurchase party buys back the same bonds of the same quantity at an agreed price someday in the future.