巨丰投顾投资顾问总监郭一鸣接受《中国经营报》记者采访时表示，债券通"南向通"完善了内地与香港 债券市场互联互通格局，加速了中国金融市场与国际融合。 在郭一鸣看来，这为内地机构投资者提供了多元化的资产配置渠道，通过投资香港离岸债券市场，有效 分散单一市场风险，提升资产收益稳定性；同时，"南向通"带来大量内地资金，提升香港债券市场活跃 度与流动性，巩固其国际金融中心地位，还推动香港离岸人民币债券市场发展，为人民币国际化注入动 能。 彭博大中华区总裁汪大海也对记者表示："'南向通'的扩容为更多境内机构投资者提供了新的境外投资 渠道，有助于优化资产配置，获得更具吸引力的投资回报。从长远来看，这也将进一步增强人民币资产 的国际吸引力。" 2025年9月24日，债券通"南向通"迎来开通四周年。 作为我国金融市场双向开放的关键举措，2021年9月24日，在债券通"北向通"平稳运行四年多的基础 上，债券通"南向通"正式上线，标志着债券通实现"双向通车"，为内地与香港债券市场互联互通按 下"加速键"。 四年间，"南向通"交出了一份亮眼的成绩单。数据显示，截至今年8月末，上海清算所通过金融基础设 施互联互通模式托管"南向通"债券 ...

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].

截至今年5月末，我国债券市场托管余额达187.2万亿元，规模位居世界前列。债市的稳健运行不仅关乎 实体经济的良性发展，更牵动整个金融体系的稳定性。然而，部分具有定价基准作用的债券利率近年来 持续下行，引发了监管部门及市场高度关注，其背后根源在于低风险优质资产供给相对不足，导致资金 过于集中于长期国债等特定品种。 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。 ■ 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 ...

Group 1 - The "Southbound Bond Connect" is set to expand significantly, allowing non-bank institutions such as insurance companies to participate, which will enhance their overseas investment channels [1][3] - As of May 2025, the "Southbound Bond Connect" has seen substantial growth, with 918 bonds and a total balance of 532.94 billion yuan, a significant increase from 35 bonds and 5.525 billion yuan in September 2021 [2] - The expansion of the "Southbound Bond Connect" is expected to provide a more efficient pathway for insurance funds to invest in overseas bonds, particularly in a high-interest-rate environment in the US and Eurozone [4] Group 2 - The current quota for net capital outflow through the "Southbound Bond Connect" is set at 500 billion yuan annually, with a daily limit of 20 billion yuan, which is crucial for managing the investment needs of insurance companies [3] - Insurance companies have been actively preparing for the opportunities presented by the "Southbound Bond Connect," with many forming specialized teams to enhance their systems for upcoming business opportunities [6] - The participation of insurance funds in the "Southbound Bond Connect" represents a significant step in the financial market's opening and a key opportunity for the insurance industry to deepen asset allocation reforms [6]

Group 1 - The "Southbound Trading" program has expanded its participating institutions, allowing non-bank financial institutions such as brokerages to enter the market [1] - The entry of non-bank financial institutions presents both opportunities and challenges, fulfilling their diversified investment needs in a low-interest-rate environment [1] - This development will test the investment research, risk control, and overseas bond investment capabilities of these non-bank financial institutions [1]

Core Viewpoint - The expansion of the "Southbound Bond Connect" provides new investment channels for non-bank financial institutions, enhancing their overseas asset allocation capabilities and increasing the liquidity and activity of the Hong Kong bond market [1][2][3]. Group 1: Expansion of Participation - The "Southbound Bond Connect" now includes non-bank financial institutions such as brokerages, insurance companies, and asset management firms, previously limited to banks and qualified domestic institutional investors (QDII) [2][3]. - This expansion allows domestic non-bank institutions to invest in global bond markets, improving their investment returns and risk-reward ratios, especially given the current low yields in the domestic bond market [2][3]. Group 2: Benefits for Non-Bank Institutions - The expansion is expected to alleviate the "asset shortage" pressure faced by non-bank institutions, particularly in the context of higher yields in the US and European markets compared to domestic rates [3]. - For instance, the 10-year government bond yields are 1.64% in China, 4.34% in the US, and 3.24% in the Eurozone, while traditional domestic life insurance products have a preset rate of 2.5% [3]. Group 3: Opportunities for Brokerages - Brokerages stand to benefit from multiple growth points, including enhanced proprietary investment returns and diversified asset allocation through high-yield bonds [4]. - They can also develop asset management products linked to overseas bonds, catering to high-net-worth clients and institutional investors [4]. Group 4: Optimization of Offshore Repo Mechanism - The optimization of the offshore repo mechanism allows for a broader range of currencies, enhancing the liquidity and attractiveness of onshore RMB bonds [6]. - This change is expected to deepen the interconnection between mainland and Hong Kong bond markets, facilitating the two-way flow of capital and promoting further opening of the bond market [6]. Group 5: Strategic Implications - The collaboration between "Southbound Bond Connect" and the "Hong Kong Stock Connect" is anticipated to create a closed-loop for asset allocation, accelerating the internationalization of the RMB [7].

Core Viewpoint - The expansion of the "Southbound Bond Connect" is expected to enhance the overseas asset allocation channels for domestic non-bank institutions, improving their investment flexibility and return capabilities, while also increasing the activity and liquidity of the Hong Kong bond market, thereby reinforcing its status as a global financial center and offshore RMB hub [1]. Group 1: Expansion of Participation Institutions - The recent expansion allows non-bank institutions such as brokerages, insurance companies, and asset management firms to participate in the "Southbound Bond Connect," which previously only included banks and qualified domestic institutional investors (QDII) [3]. - This expansion is anticipated to help domestic non-bank institutions invest in global bond markets, enhancing their investment returns and risk-reward ratios, especially given the current low yield environment in the domestic bond market [3]. - The introduction of diverse investment demands is expected to boost the activity and liquidity of the Hong Kong bond market [3]. Group 2: Benefits for Non-Bank Institutions - The expansion provides a new channel for insurance companies to invest in higher-yielding foreign bonds, alleviating the pressure of "asset scarcity" in the current market [4]. - For example, the yields on 10-year government bonds are significantly higher in the U.S. (4.34%) and Eurozone (3.24%) compared to China's (1.64%), making overseas bonds more attractive for domestic investors [4]. Group 3: Opportunities for Brokerages - Brokerages are expected to benefit from multiple growth points, including enhanced self-operated investment returns and diversified asset allocation through high-yield bonds [6]. - They can also develop asset management products linked to foreign bonds, catering to high-net-worth clients and institutional investors, while launching differentiated products for various currency markets [6]. - Some brokerages may become qualified market makers for the "Southbound Bond Connect," providing liquidity and earning from bid-ask spreads [6]. Group 4: Optimization of Offshore Repo Mechanism - The optimization of the offshore repo mechanism allows for a broader range of currencies, enhancing the liquidity and attractiveness of onshore RMB bonds as collateral [9][11]. - This change is expected to deepen the interconnection between the mainland and Hong Kong bond markets, facilitating the two-way flow of capital and enhancing market linkage [11]. - The development of a multi-currency repo trading center in Hong Kong is anticipated to reduce currency hedging costs and strengthen its role as a global funding hub [11].

Group 1 - The People's Bank of China and the Hong Kong Monetary Authority announced multiple measures to optimize and expand the Bond Connect "Southbound" scheme, including the inclusion of non-bank financial institutions such as brokerages, insurance companies, and asset management firms [1] - The expansion of the "Southbound" scheme is timely given the asset allocation challenges faced by mainland financial institutions, and it holds significant implications for the development of non-bank institutions and the long-term stability of both mainland and Hong Kong bond markets [1] Group 2 - The expansion broadens asset allocation channels for non-bank institutions, enhancing their global asset allocation capabilities. Previously, these institutions relied on the Qualified Domestic Institutional Investor (QDII) scheme, which had limited quotas and lengthy approval processes. The "Southbound" scheme acts as a "highway" for investing in overseas bonds, improving overall investment yield flexibility [2] - As of July 10, the yield on China's 10-year government bonds was 1.68%, while Hong Kong's was 2.99%, and the U.S. was 4.34%, indicating significant yield differentials that can optimize asset allocation [2] Group 3 - The expansion helps stabilize the mainland bond market and alleviates unilateral volatility caused by supply shortages. As of May, the bond market's custody balance in China reached 187.2 trillion yuan, ranking among the world's largest. The "Southbound" scheme acts as a "pressure relief valve" for the demand side of the mainland bond market, balancing supply and demand [3] - The annual total quota for the "Southbound" scheme is set at 500 billion yuan, with a variety of options available in the Hong Kong bond market, including Hong Kong dollar bonds and offshore RMB bonds [3] Group 4 - The expansion is expected to attract medium- to long-term funds into the Hong Kong bond market, enhancing trading liquidity. A broader and more active investor base will create a more attractive financing environment for international investors and issuers [4] - The diverse investment strategies and flexible trading models of non-bank institutions will significantly enhance the price discovery function and trading activity in the offshore RMB bond market, promoting the growth of the offshore RMB asset pool [4] - The expansion is anticipated to reshape the cross-border asset allocation ecosystem for mainland non-bank institutions, fostering the prosperity of both bond markets and advancing the internationalization of the RMB [4]

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]

Core Viewpoint - The "Southbound Bond Connect" is set to expand its participant base to include non-bank financial institutions, enhancing the connectivity and liquidity of the bond market, while also supporting the internationalization of the Renminbi [1][4][6]. Group 1: Policy and Market Developments - The Hong Kong Securities and Futures Commission announced several measures to optimize and expand the "Southbound Bond Connect," which will facilitate greater participation from brokers, insurance companies, and asset management firms [1]. - The optimization of offshore Renminbi bond repurchase business will allow for multi-currency settlements, enhancing liquidity management tools for participating institutions [3][4]. - The measures are expected to officially launch on August 25, 2025, marking a significant step in the opening of China's financial markets [3]. Group 2: Market Performance and Growth - As of May 2025, the Shanghai Clearing House had a total of 35,000 bonds under custody, with a total balance of 48.6 trillion yuan, reflecting a year-on-year growth of 25% [6]. - The number of bonds under the "Southbound Bond Connect" has increased significantly, from 87 bonds with a balance of 296.7 billion yuan in April 2022 to 918 bonds with a balance of 5329.4 billion yuan by May 2025, representing a growth of over five times [6]. Group 3: Investor Demand and Market Opportunities - There is a growing demand from domestic investors for overseas asset allocation, which is a key driver for the "Southbound Bond Connect" [3][4]. - The expansion to include non-bank financial institutions is seen as a crucial policy move that will broaden global asset allocation channels and enhance investment flexibility and potential returns [4][5]. - The development of a robust offshore bond market is expected to attract more issuers and enhance the international recognition of Renminbi financing [8][9].