Highlights of the Month

• Northbound Bond Connect: In 2024, Bond Connect reached new heights in trading volume, with a total transaction amount of RMB 10.4 trillion, marking a year-on-year increase of 4%. The monthly volume for December was RMB 750.2 billion, and the monthly average daily turnover stood at RMB 34.1 billion. Chinese government bond and policy financial bond were the most popular bond types, accounting for 37% and 42% of the monthly trading volume respectively.
• Northbound Swap Connect: 724 transactions were traded in December 2024, with volume of RMB 466.53 billion. By the end of December, 74 overseas institutions were onboarded under Northbound Swap Connect.
• ePrime Issuance Service successfully facilitated 18 issuances with total issue size of RMB 12.292 billion equivalent in December. Participating underwriters of this month, listed in alphabetical order, included Bank of China, China Industrial Securities International, China International Capital Corporation, China Securities International, CITIC Securities, CMB International, CNCB Capital, Guotai Junan International, Haitong International, ICBC International, Orient Securities (Hong Kong), and TF International.
• BCCL spoke at a networking event hosted by China Construction Bank (Asia). BCCL shared insights on the foreign participation in China’s bond market and highlighted the increasing adoption of general FX settlement banks by investors.
• PMIP disclosed the pre- and post-issuance information of 29 primary bonds in December.

Northbound Bond Connect Investors and Trading Data