On June 30, the Online One-stop Settlement Failure Reporting Service for the Northbound Trading of Bond Connect (the Service) jointly provided by the National Interbank Funding Center (CFETS), the China Central Depository & Clearing Co., Ltd. (CCDC), the Shanghai Clearing House (SHCH) and the Bond Connect Company Limited was officially launched. The Service is part of the initiatives under the guidance of the People's Bank of China (PBC) to further facilitate offshore investors' activities in China’s Inter-bank Bond Market. Parties of the Northbound Trading of Bond Connect are no longer required to submit the settlement failure reporting forms to CFETS, CCDC or SHCH if they choose to report the failed settlements using the Service, which will significantly enhance the efficiency and convenience of settlement failure reporting.

As the next step, under the guidance of the PBC, the infrastructures of the Inter-bank Bond Market and service providers of Bond Connect will make further efforts in improving the trading convenience for offshore investors and contributing to a higher-level opening up of the China bond market.