Bond Connect Flash Report - December 2025
Highlights of the Month
© 2026 Bond Connect Company Limited. All rights reserved.
Disclaimer:
The information contained in this document is for general informational purposes only and does not constitute an offer, solicitation, invitation or recommendation to buy or sell any securities or to provide any investment advice or service of any kind. This document is not directed at, and is not intended for distribution to or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject any of Bond Connect Company Limited ("BCCL") and/or its affiliates to any registration requirement within such jurisdiction or country.
No section or clause in this document may be regarded as creating any obligation on BCCL and/or its affiliates. Rights and obligations with regard to the trading and settlement of any securities effected on the CFETS, including through the Bond Connect, shall be set out solely in the applicable rules of the Entities, as well as the applicable laws, rules and regulations of Mainland of China and Hong Kong in effect from time to time.
Although the information contained in this document is obtained or compiled from sources believed to be reliable, BCCL and/or its affiliates assume no responsibility or liability for any errors, omissions or other inaccuracies in the information or for the consequences thereof. **It should not be used as a substitute for investment, accounting, tax, legal or other professional advice. If you are in any doubt about the contents of this document, you should seek independent professional advice.**BCCL and/or its affiliates assume no responsibility or liability for any cost, expense, loss or damage, directly or indirectly, howsoever caused, of any kind, arising from the use of or reliance upon any information provided in this document, or in the presentation given.
**Forward-looking statements: This document may contain forward-looking statements, including but not limited to projections, estimates, forecasts, and opinions. These statements are based on assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. BCCL and/or its affiliates do not undertake any obligation to update these statements in light of new information or future events. **
- Northbound Bond Connect: In 2025, Bond Connect total trading volume reached RMB 9.7 trillion. The monthly trading volume was RMB 639.5 billion in December, and the monthly average daily turnover stood at RMB 27.8 billion. Policy financial bond and Chinese government bond were the most popular bond types, accounting for 49% and 39% of the trading volume respectively.
- Northbound Swap Connect: 885 transactions were traded in December 2025, with volume of RMB 531.892 billion. By the end of December, 87 overseas institutions were onboarded under Northbound Swap Connect.
- ePrime Issuance Service successfully facilitated 4 issuances with total issue size of RMB 4.479 billion equivalent in December. Participating underwriters of this month, listed in alphabetical order, included Bank of China, China CITIC Bank International, China International Capital Corporation, Guotai Junan International, Shanghai Pudong Development Bank Hong Kong Branch, and TF International.
- On 5 December, BCCL participated in the Interoperability of Australia, Mainland China and Hong Kong SAR Sustainable Finance Taxonomies event, where BCCL presented an overview of China’s bond market landscape and Bond Connect scheme, highlighting its initiatives to facilitate the cross-border green bond trading. The presentation also showcased examples of green bond issuance and subscription supported by ePrime, and introduced the monthly list of Common Ground Taxonomy (CGT)-aligned Chinese outstanding green bonds reposted by BCCL.
- PMIP disclosed the pre- and post-issuance information of 34 primary bonds in December.
© 2026 Bond Connect Company Limited. All rights reserved.
Disclaimer:
The information contained in this document is for general informational purposes only and does not constitute an offer, solicitation, invitation or recommendation to buy or sell any securities or to provide any investment advice or service of any kind. This document is not directed at, and is not intended for distribution to or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject any of Bond Connect Company Limited ("BCCL") and/or its affiliates to any registration requirement within such jurisdiction or country.
No section or clause in this document may be regarded as creating any obligation on BCCL and/or its affiliates. Rights and obligations with regard to the trading and settlement of any securities effected on the CFETS, including through the Bond Connect, shall be set out solely in the applicable rules of the Entities, as well as the applicable laws, rules and regulations of Mainland of China and Hong Kong in effect from time to time.
Although the information contained in this document is obtained or compiled from sources believed to be reliable, BCCL and/or its affiliates assume no responsibility or liability for any errors, omissions or other inaccuracies in the information or for the consequences thereof. **It should not be used as a substitute for investment, accounting, tax, legal or other professional advice. If you are in any doubt about the contents of this document, you should seek independent professional advice.**BCCL and/or its affiliates assume no responsibility or liability for any cost, expense, loss or damage, directly or indirectly, howsoever caused, of any kind, arising from the use of or reliance upon any information provided in this document, or in the presentation given.
**Forward-looking statements: This document may contain forward-looking statements, including but not limited to projections, estimates, forecasts, and opinions. These statements are based on assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. BCCL and/or its affiliates do not undertake any obligation to update these statements in light of new information or future events. **