Bond Connect works towards early launch

Finance | Winnie Lee 4 Mar 2021

Hong Kong Monetary Authority chief executive Eddie Yue Wai-man yesterday said the regulator is working with the People's Bank of China on the design parameters for the Southbound Bond Connect with a view to an early launch of the scheme.

The scheme recorded an average daily turnover of nearly 30 billion yuan (HK$36 billion) last year, accounting for 52 percent of foreign investors' total turnover in the China interbank bond market.

Yue said the local bond market was underestimated. According to a report released by International Capital Market Association, Hong Kong is the largest center for Asian international bond issuance, capturing 34 percent or US$196 billion (HK$1.53 trillion) of Asian international bonds in 2020, followed by the US with 18 percent, the UK with 17 percent and Singapore with 5 percent.

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