2017年7月2日,中国人民银行和香港金融管理局发布联合公告,决定批准香港与内地债券市场互联互通合作(“债券通”)上线。其中,境外投资者投资内地债券市场的机制安排“北向通”于2017年7月3日正式上线试运行。金杜律师事务所作为中国外汇交易中心暨全国银行间同业拆借中心(简称“交易中心”)的法律顾问,有幸助力“债券通”成功上线。 备受关注的“债券通”是中国银行间债券市场进一步对外开放的又一个重大成果,也是中央政府支持香港发展、推动内地和香港合作的重要举措,有利于巩固与提升香港国际金融中心地位,有利于稳步推动我国金融市场对外开放,有利于境外投资者拥有更多的投资渠道,有利于香港的长期繁荣稳定。同时,“债券通”的落地也将进一步提升人民币作为国际储备货币的市场需求,加快人民币国际化的步伐,具有里程碑意义。

On 2 July 2017, the People’s Bank of China and the Hong Kong Monitory Authority released a joint announcement on the official launch of the mutual access scheme between the bond markets in Hong Kong and the Mainland (“Bond Connect”) starting 3 July 2017. Acting as the legal adviser to China Foreign Exchange Trade System & National Interbank Funding Center (CFETS), King & Wood Mallesons (KWM) had the honour of assisting with the successful launch of Bond Connect.

The high-profile Bond Connect is another major achievement in the opening-up of China’s inter-bank bond market, and it is also an important initiative led by the central government to promote closer cooperation between the Mainland and Hong Kong for its continued support over Hong Kong’s long-term prosperity and stability. Bond Connect is conducive to further enhancing Hong Kong’s role as an international financial center as a gateway for broaden foreign investment channels in the promotion of the continued opening-up of China’s financial market. Bond Connect is another landmark development to further promote market demand for RMB as an international reserve currency, and speed up the internationalization of RMB.

债券通的概念最早在2016年1月被提出,是继“沪港通”与“深港通”之后的又一项市场开放举措。港交所将债券通纳入到了2016-2018年的战略规划,并将其作为未来互联互通策略的重要一环。2017年3月1日,港交所首次披露债券通“先北后南”路线图。3月15日,李克强总理表示今年准备在香港和内地试行“债券通”。初期开通的“北向通”,即香港及其他国家与地区的境外投资者经由香港与内地基础设施机构之间在交易、托管、结算等方面互联互通的机制安排,投资于内地银行间债券市场。可使国际投资者在基本不改变原有交易习惯的情况下,足不出户地“一点接入”境内债券市场。未来将适时扩展至“南向通”,即境内投资者经由两地基础设施机构之间的互联互通机制安排,投资于香港债券市场。

The concept of Bond Connect was initially put forward in January 2016 following the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect. Hong Kong Stock Exchange (HKEx) has incorporated Bond Connect into its strategic planning for 2016-2018 and regarded it as an important part of its mutual access strategies for the future. On 1 March 2017, HKEx disclosed the road map of “Starting with northbound trading and then southbound” for the first time. On 15 March, Premier Li Keqiang expressed a plan for the pilot launch of Bond Connect this year. Bond Connect starts with the opening up of a northbound trading, that is, through Hong Kong and the Mainland infrastructure agencies, offshore investors from Hong Kong and other countries and regions may have direct access to the mainland inter-bank bond market, custody, settlement and other aspects of the interconnection scheme. Without changing their existing trading habits, international investors can have a fast track and direct access to the China interbank bond market. Southbound trading will be explored at a later stage, that is, through the infrastructure agencies under the interconnection scheme, for Chinese domestic investors to access the Hong Kong bond market.

金杜中国及香港团队在“债券通”项目中通力协作,为交易中心提供了全方位、高质量的法律服务,包括就交易中心与港交所及境外电子交易平台就“债券通”达成的合作提供全程法律服务。金杜负责该项目的跨境团队负责合伙人是中国办公室王军、苏萌,律师团队包括贾之航和席索迪,以及香港办公室马绍基(Richard Mazzochi)、范凯敦(Hayden Flinn)和萧乃莹。

KWM PRC and Hong Kong teams collaborated seamlessly in the Bond Connect project, providing CFETS with all-around and high quality legal services, including assisting CFETS on its cooperation with HKEx and overseas electronic trading platform over Bond Connect. The KWM cross-border team was led by partner Jack Wang and Molly Su in our Shanghai office, team members include Jia Zhihang and Xi Suodi, and Richard Mazzochi, Hayden Flinnand Minny Siu from our Hong Kong office.

王军律师表示,“在香港回归20周年之际,金杜团队很荣幸协助‘债券通’这项具有里程碑意义的重要项目顺利上线。伴随中国经济的发展历程,数次见证中国金融及资本市场领域的划时代意义成果,我们为能够参与其中并贡献专业力量而感到自豪。借助根植本土的领先实力和经验,结合金杜的全球平台和资源,我们始终着眼未来,置身行业最前沿。”

Jack Wang commented, “On the occasion of the 20th anniversary of the reunification of Hong Kong, KWM was honored to assist with the milestone launch of Bond Connect. With the development of China’s economy, we’ve witnessed several times epoch-making achievements of China’s financial and capital market, and we are proud to have participated and contributed our professional services. Leveraging our local roots and global platform, we always focus on the future and being at the forefront of the industry.”