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INVESTMENT BANKING | Staff Reporter, China

Citi China selected as official Bond Connect Trading Dealer

It's the first and currently only American bank to be granted such status.

Citibank (China) Co., Ltd. ("Citi China") announced that it is selected as an official Bond Connect Trading Dealer by the People’s Bank of China (“PBOC”). Citi will act as a price offer agent to serve the “Northbound Link” leg of the connection between the mainland and Hong Kong Bond Markets.

Christine Lam, President and Chief Executive Officer of Citi China, said: “More overseas institutional investors are expected to be attracted to invest and participate in China’s interbank bond market as China's bond market steadily opens up, especially on the back of Bond Connect. Citi is honored to be one of the first batch of Northbound Trading Dealers. Aligned with relevant policy guidelines, we will strive to make an even greater contribution to the development of China's bond market moving forward by fully showcasing and sharing Citi’s experience and strengths in the domestic and international bond markets.”

"Since receiving the Type A Bond Settlement Agent license in February 2017, Citi has been actively participating and promoting overseas institutional investment into China," Said Eduardo Delascasas, Citi’s China Head of Markets and Securities Services: “Leveraging our global network of Markets and Securities Services business spanning over 60 markets, Citi will continue providing our clients with a complete front-to-back China fixed income solutions,” He added.

On May 16, 2017, the People's Bank of China and the Hong Kong Monetary Authority jointly announced the interconnection and cooperation plan between the Hong Kong and Mainland bond markets (the "Bond Connect") with an aim to promote the development of China’s bond market. Reaching more than 66 trillion yuan in size, China's bond market has become the third largest in the world. The Bond Connect plan is a milestone for China’s financial market opening, and it reflects the attitude and determination of the Chinese government to welcome international investors.

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