Highlights of the Month

• Northbound Bond Connect: The monthly trading volume of April was RMB 1,008.9 billion, and the monthly average daily turnover stood at RMB 45.9 billion. Chinese government bond and policy financial bond were the most popular bond types, accounting for 39% and 36% of the trading volume respectively.
• Northbound Swap Connect: 886 transactions were traded in April 2025, with volume of RMB 484.706 billion. By the end of April, 79 overseas institutions were onboarded under Northbound Swap Connect.
• Since April, BCCL started to share the list of Common Ground Taxonomy (CGT)-aligned Chinese outstanding green bonds every month. The expert group convened by the Green Finance Committee (GFC) of China Society for Finance and Banking has undertaken the relabelling work for green bonds newly issued in China’s interbank market against the CGT, which will enhance the openness of China’s green bond market to global investors.
• ePrime Issuance Service successfully facilitated 22 issuances with total issue size of RMB 33.141 billion equivalent in April. Participating underwriters of this month, listed in alphabetical order, included ABC International, Agricultural Bank of China Limited Hong Kong Branch, Bank of Communications, BOC International, China CITIC Bank International, China Galaxy International, China International Capital Corporation, China Securities International, CITIC Securities, CNCB Capital, Guotai Junan International, Huatai International, ICBC International, Industrial Bank Co., Ltd. Hong Kong Branch, Orient Securities (Hong Kong), Shanghai Pudong Development Bank Hong Kong Branch, and TF International.
• On 9 April, the Bond Connect event series featured China CITIC Bank in an insightful session titled “NCD Market Decoded: Overview & Strategies”. The speakers delivered a thorough analysis of the Chinese NCD market, discussing the primary market landscape, pricing dynamics and trading strategies. This was followed by BCCL’s presentation on NCD subscription and FX services within the Bond Connect scheme.
• On 24 April, BCCL was invited by ICBC Doha, Qatar Financial Centre, and Wind Information to serve as a guest speaker at an industry forum in Doha, Qatar. During a panel discussion, BCCL delved into opportunities within the Chinese capital and bond markets for global investors, and introduced the latest enhancements to the Bond Connect scheme.
• On 25 April, BCCL was invited by the Monetary Authority of Macao and the Legal and Judicial Training Centre of the Macao Special Administration Region Government to speak at their joint event titled “Bond Market Supervisory Mechanisms and Development Trends”. During the session, BCCL provided an overview of China’s interbank bond market and shared valuable insights on the development of cross-border connectivity mechanisms, covering Northbound Bond Connect, Swap Connect, and FX services.
• PMIP disclosed the pre- and post-issuance information of 79 primary bonds in April, including policy financial bonds and financial bonds.

Northbound Bond Connect Investors and Trading Data