截至2026年1月底，以法人为统计口径，626家境外机构投资者通过结算代理模式入市，本月新增3家；836家境外机构投资者通过债券通模式入市，本月无新增。

By the end of January2026,in terms of incorporated entities,626overseas investors have registered through CIBM Direct scheme,adding3new entities over last month.836overseas investors through Bond Connect scheme,with no new entity over last month.

截至1月底境外机构入市情况

Registered number of overseas investors by the end of January

1月，境外机构投资者共达成现券交易13591亿元1，同比减少8%、环比增加27%，交易量占同期现券市场总成交量的约4%。1月，境外机构投资者买入债券6909亿元，卖出债券6682亿元，净买入227亿元。其中，通过结算代理模式达成4166亿元(代理交易3539亿元、直接交易627亿元)，净买入353亿元；通过债券通模式达成9425亿元，净卖出126亿元。

In January,the cash bond trading turnover of overseas investors amounted to1359.1billion yuan,with decrease of8%YoY and increase of27%MoM.This amount represented about4%of the total turnover for interbank cash bond market of the same month.The total monthly figure comprised690.9billion yuan of bond purchase and668.2billion yuan of bond sell,giving a net purchase of22.7billion yuan.The turnover reached416.6billion yuan for CIBM Direct(353.9billion yuan through agent trade and62.7billion yuan through Direct-RFQ Service（SCI）)with net purchase of35.3billion yuan,and942.5billion yuan for Bond Connect with net sell of12.6billion yuan.

1月，境外机构投资者在延长时段共成交1570亿元，占同期境外机构交易量的约12%。

In January,overseas investors traded157.0billion yuan during extended trading hours,which accounted for12%of the total turnover of overseas investors.

1月境外机构投资债券类型分布

(Bond Type)

1月境外机构投资债券待偿期分布

(Bond Tenor)

1月境外机构现券交易结算周期分布

(Settlement Cycle)

由于进位原因，各项数字加总或与总计数字略有出入。

Due to rounding,some totals may not correspond with the sum of the separate figures.

南向通方面，1月境内机构持续投资交易境外债券，主要为离岸人民币债、美元债等。

In January,onshore investors mainly traded CNH bonds,USD bonds and others through Southbound Bond Connect.

2026年1月，“北向互换通”共达成交易987笔、5765.99亿元，累计入市境外机构87家。

In January,987transactions were traded through the Northbound Swap Connect,with volume of576.599billion yuan.By the end of January,87overseas institutions participated under Northbound Swap Connect.