Bloomberg announced the expansion of its RMB repo trading solution to support global investors accessing onshore liquidity in China’s bond markets. This follows the Chinese regulators’ announcement allowing all overseas institutional investors already investing in China’s bond markets to participate in the onshore repurchase (repo) business to access RMB liquidity.
Bloomberg launched its RMB repo trading solution in February 2025 to support offshore RMB repo trading, enabling global investors to conduct repo and/or reverse repo trading using eligible onshore bonds as collateral. Following these changes, Bloomberg’s solution will continue to facilitate repo trading with designated market makers — whether offshore or onshore — through a unified electronic trading workflow.
Gary Lo, head of Offshore China Trading at Crédit Agricole Corporate and Investment Bank, said in a statement: “Cross-boundary bond repo trading enables global investors who already hold Chinese bonds to participate in the onshore repo market, creating a seamless bridge between markets that optimizes funding access and enhances bond utilization efficiency. It is one of the most important infrastructures built to link onshore and offshore using Chinese bonds as collateral.”
Jimmy Jim, managing executive director and head of Global Markets at ICBC (Asia), said in a statement: “Access to onshore liquidity is a game-changer for our funding and risk management strategies, allowing us to better utilize our bond holdings and manage liquidity more efficiently and effectively. Bloomberg’s RMB repo trading solution has been instrumental in enabling us to participate in the new cross-boundary bond repo business through a familiar and efficient trading workflow.”
“Launching the cross-boundary bond repurchase arrangement significantly expands offshore investors’ access to RMB liquidity and strengthens the framework supporting foreign participation in China’s bond markets,” said Bing Li, head of Asia Pacific at Bloomberg, in a statement. “As the first offshore trading solution provider, Bloomberg has worked closely with CFETS to ensure our solution delivers an efficient workflow for global investors. This reflects our ongoing commitment to supporting our clients in navigating China’s bond markets as they internationalize and flourish.”
Global investors who have executed cross-boundary repo trades with onshore market makers using Bloomberg’s solutions on this first trading day include Agricultural Bank of China Limited Hong Kong Branch, Bank of China (Hong Kong) Limited, Bank of China Limited Macau Branch, China Construction Bank (Asia), China Merchants Bank Co., Ltd. Hong Kong Branch, CICC International, CITIC Securities International Capital Management, Crédit Agricole Corporate and Investment Bank, DBS Bank Ltd Hong Kong Branch, The Hongkong and Shanghai Banking Corporation Limited, ICBC (Asia), ICBC Standard Bank, Industrial and Commercial Bank of China Limited Dubai (DIFC) Branch, Industrial and Commercial Bank of China Limited Singapore Branch, Industrial and Commercial Bank of China Seoul Branch, Shanghai Pudong Development Bank Co. Ltd. Hong Kong Branch, and Standard Chartered Bank (Hong Kong) Limited, among others.
Recognized by the People’s Bank of China, Bloomberg offers various solutions for mutual market access schemes between Hong Kong and mainland China, including Bond Connect and Swap Connect, to support cross-border investment. It also provides a full suite of data, information and solutions for global investors to access China’s financial markets.