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Bond links set to see further expansion

China will look to add more trading platforms to its Bond Connect with offshore markets and expand the scope of services this year to increase overseas participation in the world's second-largest bond market, monetary authorities said.

Hong Kong, where the Bond Connect program has its market infrastructure linkage, will continue to play a key role as the gateway in and out of China, especially in the financial realm, they said.

The Bond Connect, which was opened in July 2017, will allow more investors from the mainland and abroad to trade in each other's bond markets. China plans to reduce the trading fees, extend trading hours and further improve the services in the primary bond market, said Pan Gongsheng, vice-governor of People's Bank of China, the central bank.

"The Bond Connect has become an embodiment of embracing international market standards and practices, while fully complying with the rules and regulations of the Chinese market. It has also become an important bridge for the opening-up of China's financial market," said Pan.

(...) A statement from the PBOC said the steps will further improve the risk-hedge mechanism, bond ratings and taxation policies, and attract more global investors, who have increased need of yuan-denominated assets with China deepening financial opening-up.

Source China Daily


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