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Bond Connect Flash Report - September 2025

23 October 2025

Highlights of the Month

  • Northbound Bond Connect: The monthly trading volume for September was RMB 581.0 billion, and the monthly average daily turnover stood at RMB 25.3 billion. Chinese government bond and policy financial bond were the most popular bond types, accounting for 49% and 33% of the trading volume respectively.
  • Northbound Swap Connect: 861 transactions were traded in September 2025, with volume of RMB 431.8 billion. By the end of September, 83 overseas institutions were onboarded under Northbound Swap Connect.
  • BCCL has completed the content update of the FX Services section on its official website, aiming to provide market participants with more comprehensive guidance on enabling their CNY FX services. This update does not involve any changes to existing foreign exchange policies, regulations or rules.
  • ePrime Issuance Service successfully facilitated 14 issuances with total issue size of RMB 18.324 billion equivalent in September, including Hainan People’s Government’s issuance of 3, 5 and 10 year local government bonds totaling 50 billion on 12 September 2025. Participating underwriters of this month, listed in alphabetical order, included ABC International, Agricultural Bank of China Limited Hong Kong Branch, Bank of China, BOCOM International, China CITIC Bank International, China International Capital Corporation, China Securities International, CITIC Securities, CNCB Capital, Guotai Junan International, Haitong International, Huatai International, and ICBC International.
  • On 5 September, BCCL participated in the Derivatives Risk Mitigation Business Conference held by CFETS Fintech (Shenzhen) Company (“CFIME”) in Shenzhen. BCCL presented the investment value of China's bond market, an overview of interbank market cross-border connectivity mechanisms such as Bond Connect and highlighted the latest performance updates and optimization initiatives of Swap Connect scheme.
  • On 18 September, BCCL was invited to attend a banking seminar held by Bloomberg in Macau. During the roundtable discussion, BCCL shared the development experience of the connectivity mechanisms in the interbank market such as Bond Connect and Swap Connect. BCCL also engaged in an in-depth discussion on the prospect of supporting the growth of Macau’s bond market and enhancing the bond market's capacity to serve the development of the Guangdong-Hong Kong-Macao Greater Bay Area.
  • PMIP disclosed the pre- and post-issuance information of 72 primary bonds in September.

Northbound Bond Connect Investors and Trading Data







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