Highlights of the Month

• Northbound Bond Connect: The monthly trading volume for May was RMB 915.6 billion, and the monthly average daily turnover stood at RMB 48.2 billion. Policy financial bond and Chinese government bond were the most popular bond types, accounting for 57% and 23% of the trading volume respectively.
• Northbound Swap Connect: 688 transactions were traded in May 2025, with volume of RMB 380.135 billion. By the end of May, 82 overseas institutions were onboarded under Northbound Swap Connect.
• ePrime Issuance Service successfully facilitated 9 issuances with total issue size of RMB 9.817 billion equivalent in May. Participating underwriters of this month, listed in alphabetical order, included ABC International, BOCOM International, China Galaxy International, China International Capital Corporation, China Securities International, CITIC Securities, CNCB Capital, Guotai Junan International, Huatai International, ICBC International, Orient Securities (Hong Kong), Shanghai Pudong Development Bank Hong Kong Branch, and TF International.
• As of the end of May, BCCL updated and reorganized more than 800 institution names in the universal ePrime investor database. Users may now access an expanded standardized entity name pool when inputting orders. Usage of standardized entity names will facilitate the automatic grouping of duplicate orders, reducing manual verification and cleaning. This results in faster order reconciliation and enhanced orderbook accuracy without changing existing inputting habits by users.
• On 6 May, BCCL was invited by China Construction Bank Taipei Branch to serve as a guest speaker at a financial market seminar in Taipei, China. The seminar was attended by numerous Taiwan-based securities firms, investment trusts and life insurance companies. Chaired by the Taipei Branch of China Construction Bank, BCCL shared insights into the investment value of China’s bond market and the latest developments in connectivity schemes, followed by discussions with investors on key market trends.
• On 8 May, BCCL participated as a supporting partner in a seminar on cross-border bond investment cooperation hosted by China CITIC Bank Shenzhen Branch. During the seminar, BCCL highlighted the latest dynamics of connectivity mechanisms, covering significant progress in key areas of China's bond market such as foreign exchange conversion for capital transactions, bond investment and risk hedging.
• PMIP disclosed the pre- and post-issuance information of 78 primary bonds in May.

Northbound Bond Connect Investors and Trading Data