The Zhitong Finance App learned that Bond Connect's September 2026 operation report was released. The transaction scale of Bond Connect (Northbound Connect) in September was 718 billion yuan, achieving a net purchase of 26.8 billion yuan, with an average monthly daily transaction of 32.6 billion yuan. Policy financial bonds and treasury bonds are the most active, accounting for 52% and 24% of monthly trading volume, respectively.
Looking at participants, as of the end of September 2026, according to the French population statistics, 848 overseas institutions entered the market under the Bond Connect model. In September, 5 new overseas institutional investors were added to the market, and the number of overseas participants continued to expand.
Based on the omni-channel overseas institutional transaction situation, overseas institutions completed a total of 118.6 billion yuan in cash transactions in September, up 23% from the previous year. The transaction volume accounted for about 4% of the total interbank cash market turnover; the total net purchase volume of omni-channel bonds was 137.1 billion yuan, of which net purchases from the settlement agency channel were 110.4 billion yuan, net bond channel purchases amounted to 26.8 billion yuan, and overseas capital as a whole maintained their willingness to allocate RMB bonds.
Compared to August data, the volume of Bond Connect transactions declined somewhat in September, but the number of institutions continued to grow. Treasury bonds and policy financial bonds are still key types of allocation by overseas institutions. According to market analysts, the relatively steady earnings performance of RMB bonds and the continuous optimization of transaction and settlement mechanisms support the medium- to long-term allocation needs of overseas institutions. As an important channel for opening up China's bond market to the outside world, Bond Connect will continue to attract diverse types of investors from around the world to participate in the domestic market.