Northbound trading of Bond Connect commenced in July 2017, allowing offshore investors to invest in the China Interbank Bond Market through infrastructural connection established between the Mainland and offshore bond markets for the first time. Southbound trading of Bond Connect was launched in September 2021, allowing Mainland institutional investors to invest in offshore bonds through the Hong Kong bond market, further enhancing the attractiveness of Hong Kong as a bond issuing platform and the liquidity of bonds issued in Hong Kong. The Hong Kong Monetary Authority and the People’s Bank of China announced measures in January 2025 on enhancement and expansion of Southbound Bond Connect, including extending the settlement time under the Central Securities Depositories (CSDs) linkage; supporting the settlement of multi-currency bonds in RMB, Hong Kong dollar, US dollar, Euro, etc. through the CSDs linkage; and further expanding the scope of eligible Mainland investors in due course.
