Bond Connect Flash Report - January 2026
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: The monthly trading volume of January was RMB 942.5 billion, and the monthly average daily turnover stood at RMB 44.9 billion. Policy financial bond and Chinese government bond were the most popular bond types, accounting for 51% and 34% of the trading volume respectively.
- Northbound Swap Connect: 987 transactions were traded in January 2026, with volume of RMB 576.599 billion. By the end of January, 87 overseas institutions were onboarded under Northbound Swap Connect.
- ePrime Issuance Service successfully facilitated 8 issuances with total issue size of RMB 15.662 billion equivalent in January including China Development Bank Hong Kong Branch’s 1st successful dual-tranche 3 and 5 year offshore RMB bond issuance in Macao, totaling 5.5 billion. Participating underwriters of this month, listed in alphabetical order, included Bank of China (Hong Kong), Bank of China Hong Kong Branch, Bank of Communications Hong Kong Branch, China International Capital Corporation, CITIC Securities, Guotai Junan International, Huatai International, Industrial Bank Co., Ltd. Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch, and Shenwan Hongyuan (H.K.).
- The Ministry of Finance and the State Taxation Administration jointly announced that offshore institutions investing in the onshore bond market are temporarily exempt from Enterprise Income Tax and Value-Added Tax for bond interest income from 1 January 2026 to 31 December 2027, as a continued effort to promote the opening of China's bond market.
- BCCL has expanded its service scope to support overseas investors in applying for Cross Boundary Bond Repo and Offshore RMB Bond Repo business. In conjunction with this expansion, a new “Repo” section has been launched on its official website. This dedicated portal is designed to provide market participants with access to application guidelines, trading arrangements, and other key business information through a comprehensive, one stop platform.
- PMIP disclosed the pre- and post-issuance information of 97 primary bonds in January.
© 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. **