债券通“南向通”投资者范围将扩至非银机构

Core Viewpoint - The People's Bank of China and the Hong Kong Monetary Authority announced three measures to optimize the Bond Connect "Southbound" scheme, expanding the range of domestic investors to include non-bank financial institutions such as brokerages, funds, insurance, and wealth management firms [1][2]. Group 1: Expansion of Investor Base - The Bond Connect "Southbound" scheme, launched on September 24, 2021, aims to facilitate domestic investors' access to offshore bond markets [1]. - Currently, two types of investors can participate: 41 bank-level financial institutions and qualified domestic institutional investors (QDII and RQDII) [1]. Group 2: Benefits for Non-Bank Financial Institutions - The expansion allows non-bank institutions to diversify their global asset allocation, enhancing flexibility and potential returns [2]. - Multi-currency and multi-market allocations help mitigate the impact of interest rate fluctuations in a single market, improving risk resilience [2]. - Participation in offshore markets can enhance cross-border research, risk control, and trading capabilities for non-bank institutions [2]. Group 3: Market Impact and Future Outlook - Increased participation is expected to bring more incremental funds to the Hong Kong bond market, improving liquidity and trading volume [3]. - As of May this year, 918 bonds were held under the "Southbound" scheme, with a balance of 532.94 billion yuan [3]. - Future enhancements may include the introduction of derivatives like interest rate swaps and options to meet hedging needs [3].