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Bond Connect Flash Report - October 2025

18 November 2025

Highlights of the Month

  • Northbound Bond Connect: The monthly trading volume of October was RMB 572.3 billion, and the monthly average daily turnover stood at RMB 31.8 billion. Chinese government bond and policy financial bond were the most popular bond types, accounting for 58% and 29% of the trading volume respectively.
  • Northbound Swap Connect: 775 transactions were traded in October 2025, with volume of RMB 410.4 billion. By the end of October, 84 overseas institutions were onboarded under Northbound Swap Connect.
  • ePrime Issuance Service successfully facilitated 9 issuances with total issue size of RMB 10.367 billion equivalent in October. Participating underwriters of this month, listed in alphabetical order, included Bank of China, Bank of Communications, BOCOM International, CEB International, China CITIC Bank International, China Industrial Securities International, China International Capital Corporation, China Securities International, CITIC Securities, Guotai Junan International, Haitong International, Huatai International, ICBC (Asia), and TF International.
  • BCCL conducted a roadshow in Europe to promote the continuing opening of China’s financial market and engaged with local investors to collect market feedback. During the trip, BCCL participated in an event organized by Bank of China London Branch, titled Linking West and East – 2025 RMB Internationalization Roadshow. As a panelist, BCCL explored the key drivers behind RMB internationalization, recent achievements accomplished through Bond Connect and Swap Connect, alongside policy measures aimed at the global liquidity of RMB-denominated assets.
  • On 24 October, BCCL co-hosted a productive dialogue in Luxembourg with Luxembourg Financial Markets Association and ICBC Europe, joined by representatives from the Chinese Embassy in Luxembourg and leading European financial institutions to discuss opportunities in China’s bond market and the rapid development of China’s market access schemes in recent years.
  • PMIP disclosed the pre- and post-issuance information of 67 primary bonds in October.

Northbound Bond Connect Investors and Trading Data







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