More global custodians approved as FX settlement banks by China

But list of eligible Bond Connect entities incomplete and some global custodians unable to provide CNY funding


As of September, China has recognised a total of 30 foreign exchange settlement agent banks under the Bond Connect scheme, a boost for onshore Chinese bonds as it streamlines the trading process for foreign investors.

The number of eligible FX settlement agent banks increased to 30 from 22 in January 2019, according to China Foreign Exchange Trading System, while the monthly turnover for August rose to a record high of 338.6 billion yuan ($47.5 billion), up from 132.3 billion yuan in January.

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