Bond Connect Company Limited (“BCCL”) today (8 July 2025) hosted the Bond Connect Anniversary Summit 2025 to celebrate the 8th anniversary of the launch of Bond Connect, a mutual bond market access programme connecting the China Interbank Bond Market with global markets via Hong Kong.

The summit brought together key figures for an in-depth discussion on the opening-up of China’s bond market, strategic perspectives on investing in China bonds, and the value of RMB assets in international portfolios. The Summit underscored China’s ongoing role as a beacon of stability for global investors, offering reliable opportunities in an ever-evolving world.  

Zhang Yi, President of China Foreign Exchange Trade System (“CFETS”) and Chairperson of Bond Connect Company Limited (“BCCL”) delivered the welcome remarks. Bonnie Y Chan, Chief Executive Officer of Hong Kong Exchanges and Clearing Limited (“HKEX”) followed with opening remarks. Among other notable guests were Jiang Huifen, Deputy Director-General, Financial Market Department, the People's Bank of China (“the PBOC”); Eddie Yue, Chief Executive, Hong Kong Monetary Authority (“HKMA”); Julia Leung, Chief Executive Officer, Securities and Futures Commission (“SFC”); and Rong Yihua, Director-General, Financial Market Management Department and International Department, the Shanghai Head Office of the PBOC, joined by regulators from Mainland China, Hong Kong, and Macau, along with financial infrastructure services institutions, investors, and leading market participants.

At the Summit, the PBOC and HKMA announced three new measures to further optimize the openness of China’s financial markets.

First, the operation mechanism of Southbound Bond Connect will be improved to support more onshore institutional investors in accessing offshore bond markets. In the near term, the scope of eligible onshore investors will be expanded to include four major types of non-bank financial institutions—securities firms, fund managers, insurers and wealth management institutions.

Second, the offshore repo arrangement under Bond Connect will be further optimized to enhance liquidity management capabilities for overseas investors. This includes broadening application scenarios of onshore RMB bond investment as collateral for offshore repo, with tradable currencies expanded from RMB to multiple currencies, such as USD, EUR and HKD, and supporting CMU OmniClear to lift the freeze on pledged bonds in repo transactions according to international practices, further revitalizing pledged bonds. Additionally, support CMU OmniClear in simplifying business processes such as bond account opening to enhance operational convenience. Cross-border bond repo will be introduced at an appropriate time in the future.

Third, enhancements will be made to the operational framework of Swap Connect to better support investor demand for interest rate risk management. Building on this year’s expansion of product tenors and types, a dynamic dealer management mechanism will be introduced to broaden the pool of Swap Connect dealers, and the daily net trading limit will be adjusted accordingly.

Jiang Huifen, Deputy Director-General of the Financial Market Department of the PBOC said: “Looking ahead, the People's Bank of China will, in accordance with the directives of the Party Central Committee and the State Council, continue to strengthen pragmatic collaboration with Hong Kong while steadfastly advancing the high-level opening up of China's financial market, supporting the prosperous development of Hong Kong as an international financial center, and providing strong support to expedite China's unique development into a financial powerhouse.”



Eddie Yue, Chief Executive of HKMA, said: “Over the past eight years, Bond Connect has fully demonstrated Hong Kong’s critical role as a gateway connecting Mainland China and the global capital markets. The measures announced today, including broadening the investor scope for Southbound Bond Connect and enhancing the trading mechanism for the offshore RMB repo business, will further facilitate Mainland and global investors’ needs for diversified asset allocation, consolidating Hong Kong’s position as an international financial centre and the leading offshore RMB business hub.”



The SFC’s CEO Ms Julia Leung said, “The internationalisation of the renminbi (RMB) is a long-term national strategy for the Nation’s high-quality financial opening-up and a strong pillar for its development as a financial powerhouse. As the world-leading offshore RMB business hub, Hong Kong will continue to leverage its unique advantages to develop the RMB fixed-income market and make greater contributions to the stable development of the Nation’s financial markets. The SFC will adopt a three-pronged approach to expand and diversify the offshore RMB product ecosystem, enhance offshore RMB liquidity, and establish robust and reliable infrastructure. These will be our top three priorities this year.”



Rong Yihua, Director-General, Financial Market Management Department and International Department, the Shanghai Head Office of the PBOC said: “The Shanghai Head Office of the People’s Bank of China actively responds to market demands, continuously optimizing the filing process for overseas investors and successively introducing multiple facilitation measures. Going forward, under the unified deployment of the People's Bank of China, the Shanghai Head Office of the People’s Bank of China will continue to actively promote the development of the ‘Bond Connect’ and the opening-up of the China bond market.”



Zhang Yi, President of China Foreign Exchange Trade System (National Interbank Funding Center) and Chairperson of BCCL said: “Under the People’s Bank of China’s guidance, Bond Connect and Swap Connect have continued to evolve in recent years, creating a more efficient, transparent, and secure environment for international investors to access the onshore RMB bond market. Looking ahead, CFETS, BCCL, together with other stakeholders will remain committed to further enhancing the global appeal and influence of RMB bonds."



HKEX Chief Executive Officer Bonnie Y Chan said: “Over the last 8 years, Bond Connect has become the preferred channel for international investors to participate in China’s interbank bond market. And its performance reflects the demand for connectivity between global markets and China’s onshore market. At HKEX, we are committed to working with our partners to ensure Bond Connect develops to meet the evolving needs of global investors and the opportunities of our region. We will continue to reinforce Hong Kong’s role as a leading risk management centre and the global hub for offshore RMB business.”

As of May 2025, the China Interbank Bond Market has welcomed 1,169 international investors from over 70 jurisdictions, who collectively hold RMB 4.35 trillion in onshore China bonds, underscoring the growing appeal of and appetite for China’s fixed income securities. The holdings have achieved an average annual growth rate of 12 per cent over the past five years.

Since the launch of Bond Connect and Swap Connect, which are operated by BCCL— a joint venture established by CFETS and HKEX to support related trading services — international investors have benefited from well-rounded access to the Chinese interbank bond market through Hong Kong. These Connect programmes enable investors to conduct a wide range of transactions, from currency conversions to cash bond trading to derivatives hedging. Since 2025, offshore investors can utilize China Government Bonds and Policy Bank Bonds held through Bond Connect as margin collateral for Northbound Swap Connect.

From January to May 2025, cash bond trading volume in CIBM by foreign institutions totaled RMB 7.9 trillion. As of the end of May, Northbound Swap Connect has attracted 82 participating foreign institutions, with over 12,000 transactions and a total nominal principal of approximately RMB 6.9 trillion.

Celebrating its eighth anniversary, Bond Connect has enabled Mainland China and international investors to trade in each other’s bond markets through Hong Kong’s financial market infrastructure. Looking ahead, Bond Connect aims to continue fostering an ecosystem of onshore and offshore RMB products, strengthening Hong Kong’s role as an international financial centre and the intermediary for capital flows into and out of Mainland China.