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债券通再升级:架设跨境资本高效通途
Jin Rong Shi Bao·2025-08-08 08:00

Core Viewpoint - The Bond Connect program, celebrating its eighth anniversary, has shown significant growth and is set to implement new optimization measures to enhance its operation and support the internationalization of the Chinese bond market [1][6]. Group 1: Growth and Participation - As of May 2025, the Chinese interbank bond market has attracted 1,169 international investors from over 70 countries and regions, with foreign institutions holding onshore bonds worth 4.35 trillion yuan, reflecting a compound annual growth rate of approximately 12% over the past five years [1]. - In 2024, the total trading volume of the "Northbound" Bond Connect reached 10.4 trillion yuan, marking a new high, with a year-to-date trading volume of 4.66 trillion yuan as of the end of May, an increase of 205 billion yuan compared to the same period last year [2]. Group 2: New Optimization Measures - The People's Bank of China and the Hong Kong Monetary Authority announced three new measures to enhance the Bond Connect program, including improving the "Southbound" mechanism to allow more domestic investors to invest in offshore bond markets [2][3]. - The "Southbound" Bond Connect, launched in 2021, has become a key channel for domestic investors to access the Hong Kong bond market, with current restrictions on investor types and quotas [3]. - The optimization of the offshore repurchase business mechanism will facilitate liquidity management for foreign investors, expanding the tradable currencies to include USD, EUR, and HKD, and simplifying operational processes [4]. Group 3: Risk Management and Product Diversification - The "Swap Connect" will be optimized to better meet investors' interest rate risk management needs, with plans to expand the range of products and establish a dynamic management mechanism for quote providers [4][5]. - The introduction of 30-year interest rate swap contracts aims to cater to the diverse risk management needs of foreign investors, enhancing their willingness to hold RMB-denominated bonds [5]. Group 4: Future Outlook - The Bond Connect program is expected to continue strengthening Hong Kong's role as an international financial center and offshore RMB hub, with ongoing efforts to enhance the diversity of asset allocation for both domestic and global investors [7][8]. - The market anticipates more products and optimization measures to be introduced, focusing on improving liquidity and establishing robust infrastructure for offshore RMB products [7][8].