Highlights of the Month

• Northbound Bond Connect: In March, the monthly trading volume was RMB 998.5 billion, and the monthly average daily turnover stood at RMB 47.5 billion. Chinese government bond and policy financial bond were the most popular bond types, accounting for 39% and 38% of the trading volume respectively.
• Northbound Swap Connect: 940 transactions were traded in March 2025, with volume of RMB 495.569 billion. By the end of March, 79 overseas institutions were onboarded under Northbound Swap Connect.
• ePrime Issuance Service successfully facilitated 21 issuances with total issue size of RMB 25.332 billion equivalent in March. Participating underwriters of this month, listed in alphabetical order, included China CITIC Bank International, China Galaxy International, China Industrial Securities International, China International Capital Corporation, China Securities International, CITIC Securities, CNCB Capital, Guotai Junan International, Huatai International, ICBC International, Industrial Bank Co., Ltd. Hong Kong Branch, Orient Securities (Hong Kong), and TF International.
• BCCL participated as a supporting partner in the International Capital Market Association’s “China Debt Capital Market Annual Forum” in Beijing. During the event, BCCL engaged with financial institutions from around the globe to exchange insights on the development of China’s market.
• BCCL was invited by the China Asset Management Association of Hong Kong and Bloomberg to speak at their joint Offshore China Fund event. During the panel discussion, BCCL highlighted significant Bond Connect achievements since its inception and engaged with other market participants in a thoughtful dialogue on the contributions of Chinese funds to the opening up of China's bond market.
• PMIP disclosed the pre- and post-issuance information of 71 primary bonds in March.

Northbound Bond Connect Investors and Trading Data