■苏向杲 近日，中国人民银行和香港金管局宣布了多项债券通优化扩容措施，包括将扩大"南向通"参与机构范 围，加入券商、保险公司、理财及资产管理公司等四类非银行金融机构(以下简称"非银机构")。 通俗理解，债券通"南向通"是内地机构投资者投资香港债券市场的一种机制安排。结合当前内地金融机 构面临的资产配置困境来看，债券通"南向通"参与机构扩容正当其时，其对非银机构自身的发展、内地 与香港债券市场的长期稳定繁荣具有深远意义。 从这一视角来看，债券通"南向通"参与机构扩容，相当于为内地债券市场需求端安装了一个"减压阀"， 能在一定程度上分流内地债市部分优质券种需求端的压力，起到平衡内地债市供求的作用。当前，债券 通"南向通"年度总额度达5000亿元等值人民币，香港债券市场丰富的港元债、离岸人民币债、G3货币 债(美元、欧元或日元计价债券)等选项，能够对内地债市的部分同类券种形成替代效应。 其三，有助于为香港债券市场引入中长期资金，增强交易活跃度。 债券通"南向通"参与机构扩容，有利于保险资金等长线资金流入香港债券市场，增强二级市场流动性。 对于国际投资、发行机构而言，更广泛、更活跃的投资者基础意味着更具吸引力、更便利 ...

Core Viewpoint - The Bond Connect has reached its eighth anniversary, showcasing significant growth in international participation in China's bond market and announcing new optimization measures to enhance cross-border investment opportunities [1][2][3]. Group 1: Market Growth and Participation - As of May 2025, over 1,169 international investors from more than 70 countries and regions have participated in China's interbank bond market, 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, setting a new record, 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 [3]. Group 2: New Optimization Measures - The People's Bank of China announced three new measures to enhance the Bond Connect, including improving the "Southbound" mechanism to allow more domestic investors to invest in offshore bond markets, expanding the eligible investor categories to include non-bank financial institutions [3][4]. - The optimization of offshore repurchase business mechanisms will facilitate liquidity management for foreign investors, allowing transactions in multiple currencies such as USD, EUR, and HKD, and simplifying operational processes [5]. - The "Swap Connect" will also be optimized to better meet investors' interest rate risk management needs, with plans to expand the range of products and adjust daily trading limits [5][6]. Group 3: Future Outlook - The Bond Connect is expected to continue serving as a bridge between China's bond market and international investors, promoting the diversification of onshore and offshore RMB product ecosystems [2][8]. - The Hong Kong Monetary Authority emphasizes the importance of these new measures in solidifying Hong Kong's role as an international financial center and offshore RMB hub, enhancing the liquidity of offshore RMB products [8]. - Industry experts anticipate increased inflows of foreign capital, particularly long-term funds, as China's bond market continues to develop and diversify [9].

Core Viewpoint - The People's Bank of China and the Hong Kong Monetary Authority announced three measures to optimize the Bond Connect program, particularly expanding the investor base for the "Southbound" channel to include more non-bank financial institutions [1] Group 1: Expansion of Investor Base - The "Southbound" channel will now allow securities firms, funds, insurance companies, and wealth management firms to participate, broadening the investment opportunities for domestic investors [1][2] - Currently, only 41 bank-type financial institutions and qualified domestic institutional investors (QDII and RQDII) can invest through the "Southbound" channel [1] Group 2: Benefits for Non-Bank Financial Institutions - The expansion provides non-bank institutions with a wider global asset allocation channel, enhancing flexibility and potential returns on investments [2] - Multi-currency and multi-market allocations will help mitigate the impact of interest rate fluctuations in a single market, thereby increasing risk resilience [2] - Non-bank institutions can dynamically adjust their domestic and foreign asset allocation ratios, leveraging differences in monetary policies across regions to alleviate operational pressures [2] Group 3: Market Impact and Future Outlook - The increase in market participants is expected to bring more incremental funds to the Hong Kong bond market, improving liquidity and trading scale [3] - As of May this year, the "Southbound" channel has facilitated the trading of 918 bonds 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 institutional hedging needs [3]

【导读】 债券通"南向通"扩容，基金、券商等布局香港债券市场渠道便利化 中国基金报记者 吴娟娟 中国人民银行金融市场司副司长江会芬日前宣布三项对外开放优化措施，其中包括完善债券 通"南向通"运行机制，支持更多境内投资者投资离岸债券市场，将扩大境内投资者范围至券 商、基金、保险、理财等4类非银机构。相关措施将于2025年8月25日生效。 债券通"南向通"扩容后，基金、券商等非银机构对境外债券的布局便利化。有机构预测，机 构类型扩容之后，债券通"南向通"年度额度或也将扩容。 境内投资者布局境外债券渠道便利化 债券通"南向通"扩容前，其面向的内地投资机构包含两类：首先是41家银行类金融机构，均 为中国人民银行公开市场业务一级交易商。此外，合格境内机构投资者（QDII）和人民币合 格境内机构投资者（RQDII）也可通过"南向通"开展境外债券投资。在债券通"南向通"安排 下，内地投资机构的交易对手方为香港金融管理局指定的"南向通"做市商。 景顺董事总经理、亚太区固定收益主管黄嘉诚表示，债券"南向通" 扩容为非银机构拓宽了全 球资产配置渠道，有助于构建跨市场、跨币种的多元化投资组合，提升资产配置灵活性和收 益潜力。多币种 ...

非银行业点评 "南向通"参与机构扩容，非银机构投资经纪或迎机遇 2025 年 07 月 09 日 ➢ 事件：7 月 8 日，中国人民银行和香港金融管理局在债券通周年论坛 2025 公布三项对外开放优化措施，一是完善债券通"南向通"运行机制，支持更多境 内投资者走出去投资离岸债券市场。近期将扩大境内投资者范围至券商、基金、 保险、理财等 4 类非银机构。二是优化债券通项下的离岸回购业务机制安排，便 于境外投资者开展流动性管理。三是优化互换通运行机制，进一步满足投资者的 利率风险管理需求。 ➢ 同日，中国香港证监会行政总裁梁凤仪在债券通周年论坛 2025 上发表演 讲，其中提及中国香港证监会今年工作重点和三大策略方向时指出，香港证监会 一直与内地监管机构积极合作，持续推动将人民币股票交易柜台纳入港股通。目 前，相关的技术准备工作进展顺利，力争近期向市场公布实施细则。 ➢ 债券市场双向开放不断推进，"债券通"南向通运行机制持续优化。2017 年 7 月 3 日债券"北向通"正式开通，投资者通过"北向通"可实现在离岸市场买 卖内地债券。2021 年 9 月 24 日，债券通"南向通"正式开通运行，境内投资者 可通过" ...

Group 1 - The year 2025 marks the beginning of a new decade for the interconnection between mainland and Hong Kong capital markets, with expectations for deeper integration [1] - Since the launch of the Shanghai-Hong Kong Stock Connect in 2014, the range of interconnected financial products has expanded from stocks to various other financial instruments, including ETF Connect and Bond Connect [1] - The average daily trading volume for northbound and southbound trading has increased significantly, with a 21-fold and 40-fold growth respectively compared to the first month of operation in 2014 [1] Group 2 - Industry experts emphasize the need to simplify trading processes and align institutional, informational, and technical elements to enhance the integration of stock markets [1] - Current rules for the Hong Kong Stock Connect are complex, leading to difficulties for investors in understanding the criteria for inclusion and exclusion of stocks [1][2] - The calculation method for market capitalization under the Hong Kong Stock Connect has not been updated to align with the new methodology adopted by the Hang Seng Index, which could lead to misinterpretations by investors [2] Group 3 - The adjustment in the Hang Seng Index's calculation method is seen as more scientific, potentially increasing the quality of stocks eligible for the Hong Kong Stock Connect [2] - There are expectations that the rules for the Hong Kong Stock Connect will be revised to match the Hang Seng Index's calculation method by the second half of 2025 [3] - The deepening of interconnectivity is viewed as crucial for the development of both capital markets, enhancing their international competitiveness and facilitating high-quality growth [3]

7月8日，债券通周年论坛2025在港交所的香港金融大会堂举办。 对此，香港证监会行政总裁梁凤仪也指出，债券通8年来的发展令人瞩目。在过去一年，债券通下境外投 资者持有的合资格在岸债券在香港作为抵押品的应用场景不断增加，从互换通北向交易、离岸人民币回购 业务，到香港场外结算公司的衍生品交易。截至目前，香港场外结算公司已接受用作抵押品的在岸国债规 模达到30亿元。这些举措为国际投资者持有在岸债券提高了灵活性和资本效率，进一步增强了人民币资产 的吸引力。 对外资吸引力不断提升 债券通"北向通"于2017年推出，是香港与内地市场互联互通机制的重要发展里程之一，随后债券通相关制 度持续优化，2021年"南向通"和2023年"互换通"相继落地，也为两地的互联互通机制翻开了新篇章。 过去8年，债券通成绩斐然。在本次论坛上，中国人民银行金融市场司副司长江会芬表示，全球前100大资 产管理机构已有80余家进入中国债券市场投资，境外投资者交投活跃。在境内外各界的共同推动下，中国 债券市场的国际影响力和吸引力显著提升。 债券通成首选渠道 据了解，债券通是内地与香港债券市场互联互通的创新合作机制，境内外投资者可通过香港与内地债券市 ...

自2017年7月3日债券通"北向通"正式启动以来，这一连接内地与香港债券市场的创新机制已走过八年历程。八年间，债券通不断完善制度安排，相继推 出"南向通"与"互换通"，为两地金融市场互联互通开辟了全新通道。 交易规模实现跨越式增长 债券通运行八年来，交易规模呈现爆发式增长态势。2025年5月，债券通"北向通"单月成交量达到9156亿元人民币，月度日均成交482亿元。这一数字与开通 首月日均15亿元的成交额相比，增长超过31倍，充分展现了市场活跃度的显著提升。 截至2025年5月末，通过债券通"北向通"入市的海外投资者已达835家，较2018年5月的315家实现翻倍增长。投资者结构日趋多元化，从早期以资产管理类投 资者为主，逐步扩展至海外央行、主权基金、境外商业银行、保险机构、公募基金、对冲基金等多种类型。全球前100大资产管理机构中，已有80余家通过 债券通进入中国债券市场投资。 市场开放水平持续深化 境外机构对中国债券市场的参与热情不断高涨。截至2025年5月，中国银行间债券市场已吸引来自超过70个国家与地区的1169家国际投资者。境外机构持有 中国在岸债券规模达到4.35万亿元，近5年年均复合增速约12% ...

Group 1 - The forum celebrated the eighth anniversary of the Bond Connect mechanism between mainland China and Hong Kong, themed "Mutual Benefit and Sustainable Development" [1] - The People's Bank of China and the Hong Kong Monetary Authority announced three measures to optimize external opening [1] - The first measure involves improving the operation mechanism of the "southbound" Bond Connect, expanding the scope of domestic investors to include non-bank institutions such as brokerages, funds, insurance, and wealth management [1] - The second measure optimizes the offshore repurchase business mechanism under Bond Connect, allowing for multi-currency transactions and enhancing liquidity management for offshore investors [1] - The third measure enhances the swap connect mechanism to better meet investors' interest rate risk management needs, including expanding the number of market makers and adjusting daily trading limits [1] Group 2 - The Hong Kong Monetary Authority announced specific measures to optimize offshore RMB bond repurchase business, including allowing collateral bonds to be reused during the repurchase period to improve efficiency [2] - The measures also support multi-currency settlements, including HKD, USD, and EUR, set to officially launch on August 25, 2025 [2]

● 本报记者 彭扬 连润 中国人民银行金融市场司副司长江会芬7月8日在"债券通周年论坛2025"上宣布，将完善债券通"南向 通"运行机制，优化离岸回购业务机制安排，优化互换通运行机制。 业内人士表示，多项新举措将为债券通发展注入新动能，进一步便利境外投资者获取人民币流动性支 持，提升香港作为离岸人民币业务中心的竞争力。 择机推出跨境债券回购业务 "今年上半年，受美国关税政策影响，全球市场剧烈波动，但中国金融市场表现相对稳定，全球投资者 持续看好中国债券市场，境外机构持有中国债券总量较今年年初增长近2000亿元，表明境外机构在关税 事件后普遍看好人民币资产。"江会芬说。 具体来看，江会芬说，完善债券通"南向通"运行机制，支持更多境内投资者走出去，投资离岸债券市 场。扩大境内投资者范围至券商、基金、保险、理财4类非银机构。 优化债券通项下的离岸回购业务机制安排，便于境外投资者开展流动性管理。江会芬表示，人民银行将 拓宽离岸回购应用场景，可交易币种由人民币拓宽至美元、欧元、港币等多币种，支持香港CMU系统 参照债券回购的国际通行做法，取消对回购质押券的冻结，进一步盘活质押券，支持香港CMU系统简 化债券账户开立等业 ...