China’s Bond Connect programme has partnered with Bloomberg as it seeks to improve renminbi (RMB) bond market liquidity and boost foreign investment.
Bond Connect, run by HKEX and the China Foreign Exchange Trade System (CFETS), facilitates bond trading into and out of Mainland China.
Through this partnership, participants outside of Mainland China can negotiate repo financing rates and execute transactions using Northbound Bond Connect bonds as collateral. Designated market makers in Hong Kong will respond to request-for-quotes, sent through Bloomberg’s Electronic Repo Trading platform (BOLT REPO), via the CFETS platform and complete transactions upon confirmation.
Bing Li, head of APAC at Bloomberg, commented: “Launching the offshore repo arrangement is a thoughtful step to drive liquidity in the offshore RMB market, and to strengthen Hong Kong’s position as [an] offshore RMB hub and financial centre.”
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