央行江会芬：债券通“南向通”参与投资者将扩容至非银机构

Group 1 - The People's Bank of China announced three new measures to enhance financial market connectivity between the mainland and Hong Kong, supporting the development of the offshore RMB market [1][2] - The first measure involves improving the operation mechanism of the "Southbound Bond Connect," allowing more domestic investors to invest in the offshore bond market, with recent expansions to include non-bank institutions such as brokerages, funds, insurance, and wealth management [1] - The second measure optimizes the offshore repurchase business mechanism under the Bond Connect, broadening the range of tradable currencies and enhancing liquidity management for foreign investors [1][2] Group 2 - The third measure focuses on optimizing the swap connect mechanism to better meet investors' interest rate risk management needs, including expanding the range of products and adjusting daily trading limits [2] - The Bond Connect has seen significant growth, with cumulative transactions reaching 915.6 billion yuan and an average daily transaction volume of 48.2 billion yuan as of May, marking a 31-fold increase compared to the first month of operation [2] - Despite global market volatility due to U.S. tariff policies, the Chinese bond market remains stable, with foreign institutions increasing their holdings of Chinese bonds by nearly 200 billion yuan since the beginning of the year [3]