债券通多项优化措施出台！推出八年成绩斐然，中国债市影响力吸引力显著提升

Core Viewpoint - The Bond Connect has significantly enhanced the international appeal and influence of China's bond market, with over 80 of the world's top 100 asset management firms now investing in it, reflecting a strong demand for connectivity between global and onshore markets [1][3]. Group 1: Bond Connect Overview - The Bond Connect, launched in 2017, serves as a crucial mechanism for connecting the bond markets of Hong Kong and mainland China, facilitating trading for both domestic and international investors [3]. - As of May 2025, the onshore 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 [3][4]. Group 2: Increasing Attractiveness for Foreign Investment - The bond market's appeal is rising amid a complex international landscape, with the Hong Kong Securities and Futures Commission emphasizing the importance of developing the RMB fixed income market [6][7]. - Factors contributing to the attractiveness of Chinese bonds include the market's size (second largest globally), low government debt-to-GDP ratio, low correlation with major global markets, and favorable risk-adjusted returns [7]. Group 3: Recent Optimizations and Measures - On July 8, new measures were announced to optimize and expand the Bond Connect, including broadening the scope of participants in the southbound channel to include non-bank institutions such as brokerages and funds [9][13]. - The People's Bank of China and the Hong Kong Monetary Authority introduced enhancements to the offshore RMB bond repurchase mechanism, allowing for greater liquidity management and operational convenience [14]. Group 4: Future Growth Potential - Despite the current low proportion of international investors in the Chinese bond market (approximately 3%), there is significant growth potential as global investors seek diversified asset allocations [10][12]. - The Bond Connect is expected to facilitate easier access for global investors to capitalize on China's growth opportunities, with ongoing developments in derivative products to enhance risk management [10][11].