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Bond Connect Flash Report - July 2025

18 August 2025

Highlights of the Month

  • Northbound Bond Connect: The monthly trading volume was RMB 957.6 billion in July, and the monthly average daily turnover stood at RMB 41.6 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: 1101 transactions were traded in July 2025, with volume of RMB 563.046 billion. By the end of July, 82 overseas institutions were onboarded under Northbound Swap Connect.
  • ePrime Issuance Service successfully facilitated 25 issuances with total issue size of RMB 28.822 billion equivalent in July. Participating underwriters of this month, listed in alphabetical order, included Bank of China, China CITIC Bank International, China Construction Bank (Asia), China Galaxy International, China International Capital Corporation, China Securities International, CITIC Securities, Guosen Securities (Hong Kong) Capital, Guotai Junan International, Haitong International, Huatai International, ICBC (Asia), Industrial Bank Co., Ltd. Hong Kong Branch, Orient Securities (Hong Kong), Shanghai Pudong Development Bank Hong Kong Branch, and TF International.
  • ePrime Issuance Service supported Guotai Junan International Holdings Limited on the successful issuance of USD 200 million 3-year fixed rate notes and USD 300 million 3-year floating rate digitally native notes in July. The digitally native issuances mark the first publicly issued digitally native notes by a Chinese securities firm and the first digitally native bond to utilize ePrime Issuance Service for book building.
  • The Bond Connect Anniversary Summit 2025, themed “Unlocking Value through China's Resilience”, was held on 8 July. PBOC and HKMA have announced new measures to facilitate the openness of China’s financial market. Watch the summit highlight and full playback here.
  • BCCL was invited to present on the Bond Connect Scheme on 2 July at the ABMI ASEAN+3 Bond Market Forum, hosted by the Asian Development Bank. The event brought together over 100 senior regulators and market participants from across Asia's bond markets.
  • PMIP disclosed the pre- and post-issuance information of 90 primary bonds in July, including policy financial bonds and financial bonds.

Northbound Bond Connect Investors and Trading Data








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