债券通“北向通”1月成交9425亿元 中长期品种持续受外资青睐

Core Insights - The bond market in China is steadily opening up, with cross-border investment facilitation levels continuously improving [1][2] - As of January 2026, the "Bond Connect" Northbound trading saw a monthly transaction volume of 942.5 billion RMB, indicating strong confidence from international investors [1] - The number of market participants in the Northbound trading has reached 836, with policy financial bonds being the most actively traded [1][2] Group 1: Market Activity - The monthly trading volume for January 2026 reached 942.5 billion RMB, with an average daily transaction of 44.9 billion RMB and 8,532 trades [1] - Policy financial bonds accounted for 51% of total trading volume, while government bonds and interbank certificates of deposit made up 34% and 14%, respectively [1] - The highest proportion of bonds traded were in the 7-10 year maturity range at 36%, followed by 0-1 year at 24% and 3-5 years at 12% [1] Group 2: Trading Patterns - A significant portion of trades were below 100 million RMB, with 38% of transactions being under 10 million RMB [1] - The settlement speed is efficient, with T+1 settlements making up 70% of transactions, indicating a streamlined clearing process [1] Group 3: Individual Bond Performance - The most actively traded bond in January was "25国开15," with a transaction amount of 290 billion RMB, followed by "25附息国债20" and "25附息国债16" at 29.7 billion RMB and 17.8 billion RMB, respectively [2] - The top five active bonds included three government bonds, highlighting the continued interest of foreign investors in sovereign assets [2] Group 4: Future Outlook - The bond market is expected to see increased participation from foreign investors due to ongoing optimization of financial market opening policies and improvements in the Bond Connect and swap mechanisms [2] - The international appeal of RMB assets is anticipated to enhance China's bond market's role in the global financial system [2]