Highlights of the Month

• Northbound Bond Connect: The monthly trading volume was RMB 859.9 billion in February, and the monthly average daily turnover stood at RMB 45.3 billion. Policy financial bond and Chinese government bond were the most popular bond types, accounting for 43% and 34% of the trading volume respectively.
• Northbound Swap Connect: 906 transactions were traded in February 2025, with volume of RMB 457.844 billion. By the end of February, 77 overseas institutions were onboarded under Northbound Swap Connect.
• ePrime Issuance Service successfully facilitated 12 issuances with total issue size of RMB 11.296 billion equivalent in February. Participating underwriters of this month, listed in alphabetical order, included Bank of China, China CITIC Bank International, China Galaxy International, CMB International, CNCB Capital, Guotai Junan International, Huatai International, Orient Securities (Hong Kong), Shanghai Pudong Development Bank Hong Kong Branch, and TF International.
• BCCL and CICC co-hosted an online seminar titled “China Bonds in a Global Perspective” on 27 February. The event provided a comprehensive overview of China’s bond market and Bond Connect achievements in 2024, along with an in-depth analysis of development trends for 2025. Panel discussions featured representatives from China Everbright Bank Hong Kong Branch, Dymon Asia, and Ninety One, who engaged in dialogues on global portfolio diversification, investing in China and sustainability.
• PMIP disclosed the pre- and post-issuance information of 71 primary bonds in February.

Northbound Bond Connect Investors and Trading Data