The train is heading
southbound towards Atlanta.
这列火车正向南方的亚特兰大驶去。
We took the
southbound freeway to reach the beach faster.
我们走了一条南行的高速公路以便更快地到达海滩。
The traffic on the
southbound lane was moving smoothly.
南行车道上的车流很顺畅。
They decided to catch the next
southbound bus to avoid the rush hour.
他们决定乘坐下一班南行的公交车以避开高峰时段。
She's planning a
southbound road trip along the coast this summer.
她计划今年夏天沿着海岸线进行一次往南的公路旅行。
Due to construction, all
southbound lanes will be closed tonight.
因为施工，今晚所有南行车道将关闭。
The
southbound flight was delayed due to bad weather conditions.
南飞航班因恶劣天气条件而延误。
He spotted his friends waving from the
southbound platform.
他看到朋友们在南行月台上挥手。
The
southbound train arrived earlier than expected, much to passengers' relief.
南行的火车比预期早到，这让乘客们松了口气。
They packed their bags and hit the road for a spontaneous
southbound adventure.
他们收拾好行李，踏上了一场即兴的南下冒险之旅。
In terms of expanding drivers of growth, ICBC was approved as one of the first pilot institutions for Southbound Trading under China's Bond Connect program and gained the qualifications for providing foreign exchange payment and settlement for parties to a cross-border e-commerce transaction.
在拓展增长动力方面，中国工商银行被批准为中国债券通项目下首批南向交易试点机构之一，并获得为跨境电子商务交易各方提供外汇支付和结算的资格。
As of Sept 1, about 1.04 billion yuan worth of trading was completed under the northbound leg of the ETF connect, while the trading value under the southbound leg was HK$12.5 billion ($1.59 billion).
During the news conference, Pan Gongsheng, deputy governor of the People's Bank of China, the central bank, said the central authorities will soon launch the Cross-Boundary Wealth Management Connect and start the southbound trading of the Bond Connect, which are new channels for investors in the Chinese mainland to buy financial products in Hong Kong and Macao.
In September 2017, a Chongqing-Guangxi-Xinjiang regular train set out southbound from Qinzhou Port, officially launching China-Singapore connectivity initiatives.
We can consider opening the southbound (to Hong Kong) trading to connect the international bond market.
The Hong Kong Monetary Authority said on Thursday it is looking to widen the products eligible via the Southbound scheme of the Wealth Management Connect program in the Guangdong-Hong Kong-Macao Greater Bay Area, potentially incorporating stock-focused products.
Stressing that deepening the connect program's mechanisms with the onshore financial market is one of HKMA's priorities, Yu said efforts are also being made to facilitate the investment of US dollar-denominated bonds via southbound trading of the Bond Connect program and introduce offshore futures of China's government bonds at an early date.
The program extended the southbound connect program in September 2021, allowing mainland investors to invest in overseas bonds via Hong Kong, thus realizing "North-South two-way" interconnectivity of the bond market.
Edward Au, southern region managing partner at Deloitte China, expects market liquidity to be further improved after the dual counter model is included in the Southbound Stock Connect, and he thinks the first new stocks in Hong Kong adopting the dual counter model will be listed before the end of the year, depending on the exchange rate trend of renminbi.
Hong Kong Exchanges and Clearing Chief Executive Officer Nicolas Aguzin said the bourse will continue to negotiate with Hong Kong and mainland regulators to incorporate the dual counter model into the southbound trading of Hong Kong Stock Connect, thus improving capital flows of southbound connect, and attracting international issuers to trade using the arrangement.
Authorities in the mainland and Hong Kong will also study starting southbound trading of the Swap Connect when appropriate, according to the PBOC.
The Hong Kong Exchanges and Clearing Limited (HKEX) said the enhancements will add up to over 10 trading days to Northbound and Southbound Connect each year and will enable Northbound trading under Stock Connect on all trading days that are mutual to the Hong Kong and mainland markets.
Similar adjustments will also be made to the Southbound arrangements of Stock Connect.
In addition, the scope of stocks available through the southbound link will be broadened to overseas companies which are constituents of the Hang Seng Composite large-cap and mid-cap indexes, as well as the small-cap index, with a market capitalization of at least HK$5 billion ($642.3 million).
"The access widening under southbound trading can attract quality international companies to list in Hong Kong and enhance the competitiveness of the city's fundraising platform, Chan said.
Together with the proposed initiative of allowing mainland investors to trade renminbi-denominated securities through southbound Stock Connect, this should further enhance trading liquidity of relevant stocks, which should be most welcomed by relevant listed issuers and investors," said Cliff Ip, CPA Australia Greater China deputy president 2022.
Dual counter market makers engaged in market making and liquidity providing activities may be qualified for stamp duty exemption for their eligible transactions, subject to relevant legislative amendments being passed by Hong Kong's Legislative Council, paving the way to support the initiative of allowing mainland investors to trade renminbi-denominated securities through the southbound Stock Connect, currently being explored with the mainland authorities.
A total of six real estate giants were removed from the southbound leg of the stock connect mechanism between the Shenzhen and Hong Kong bourses, the Shenzhen Stock Exchange announced on Monday.
During the same period, the southbound capital buying into the Hong Kong bourse via the stock connect mechanisms between Shanghai, Shenzhen and Hong Kong also reported net capital inflows of HK$61.1 billion.
As at Nov 10, the average daily southbound turnover had reached HK$44.1 billion ($5.66 billion) for the year — up 87 percent from the same period in 2020.
The cumulative southbound Stock Connect turnover has reached HK$23.1 trillion since its launch, bringing a net capital inflow of HK$2.1 trillion into the Hong Kong market.
Other refinements made include removing the aggregate quota, increasing daily quotas and launching an investor identification model for both northbound and southbound trading.
Ever since Sept 24, eligible Chinese mainland institutional investors have been able to plow their money into Hong Kong's bond market via the Southbound Bond Connect with a daily quota of 20 billion yuan.
Ever since the services were launched, we have seen strong interest among our clients to make investments, especially in hybrid funds, via the Cross-boundary WMC, which consists of the southbound scheme and the northbound scheme," said Daniel Chan, head of Greater Bay Area at HSBC Bank (China) Co Ltd.
Currently, under the southbound scheme, HSBC's clients can invest in many products whose risks stand at a low or medium level, such as multicurrency money market funds and multi-asset funds managed by global fund managers－as well as bonds issued by international companies or government agencies.
"As the investors in Guangdong province and Hong Kong keep deepening their understanding of the investment rules and products of the Cross-boundary WMC, we believe we'll see increased client participation in the program via the southbound and northbound schemes and a steady growth of the client investment in products under the program," Chan added.
The bank said Shenzhen and Guangzhou residents warmly embraced its investment channels via the southbound scheme in terms of investment account opening.
In other pilot cities in Guangdong, including Guangzhou, Zhuhai and Dongguan, net capital inflow via the northbound scheme reached about 110 million yuan before Nov 22, while net capital outflow via the southbound scheme was 98.21 million yuan, said the Guangzhou Branch of the PBOC.
Meanwhile, mainland banks helped lenders in Hong Kong and Macao open 115 Southbound Scheme investment accounts for mainland individual investors in the Guangdong-Hong Kong-Macao Greater Bay Area, remitting eight investment funds totaling 398,000 yuan.
The Southbound Scheme refers to eligible residents in the mainland's GBA cities investing in wealth management products distributed by banks in Hong Kong and Macao via designated channels, according to the Hong Kong Monetary Authority.
Bank of China (Hong Kong) successfully opened the first account under the Northbound Scheme and the Southbound Scheme on Tuesday.
Other products can also be available, for example, such as allowing mainland investors to use the renminbi currency to purchase Hong Kong shares through the Southbound Stock Connect, thus eliminating currency exchange rate risks, Mak added.
Shenzhen's bond debut may aid the country's Southbound Bond Connect and help boost global investors' demand in the fourth quarter, said Stephen Chiu, Asia FX and rates strategist of Bloomberg Intelligence.
The southbound channel, which was launched last month, will enable institutional investors on the Chinese mainland to invest in the Hong Kong bond market through eligible institutions.
The nation took a significant step to further open up the capital account last week, permitting capital net outflows equivalent to as much as 500 billion yuan ($77.4 billion) per year through the so-called Southbound Connect－the opposite direction of the northbound investment under the Bond Connect program that channels funds between the mainland and Hong Kong bond markets.
The daily cap of capital net outflows through the Southbound Connect is equivalent to 20 billion yuan.
The opening of southbound trading will support the overseas development strategies of enterprises from the mainland.
The central bank will continually work with the Hong Kong Monetary Authority and infrastructure providers to improve the policy of the Southbound Connect, it said.
Li Bing, head of Asia-Pacific at Bloomberg, told China Daily the Southbound Bond Connect will be a gateway to new opportunities and has a sizable impact on Hong Kong's bond market.
The Bond Connect program between the mainland and Hong Kong opened its southbound trading on Friday, offering a new channel for domestic financial institutions to invest overseas.
Standard Chartered Bank announced on Friday morning that it closed multi-currency deals and completed the bank's first foreign currency purchase transaction through the Southbound Bond Connect.
The daily cap of capital net outflows through the Southbound Connect is equivalent to 20 billion yuan ($3.1 billion), and the annual quota is 500 billion yuan, a measure taken to manage the cross-border capital flows, according to the PBOC.
One day before the launch of the Southbound Connect, China's Ministry of Finance issued 8 billion yuan of RMB sovereign bonds in Hong Kong, providing mainland financial institutions with high-quality and low-risk investment targets, analysts said.
Under the Southbound Bond Connect program, market makers are gearing up to become real liquidity providers with more onshore investors participating in the offshore bond market.
"We expect more onshore companies to look at issuing more dim-sum bonds in Hong Kong, as their pool of investors in Hong Kong expands with the Southbound Bond Connect," said Li.
The central bank will continually work with the Hong Kong Monetary Authority and infrastructure providers to improve the policy of the Southbound Connect, according to a statement issued by the PBOC.
Southbound trading under the Bond Connect program between the Chinese mainland and Hong Kong will be launched on Sept 24, the People's Bank of China and the Hong Kong Monetary Authority said on Wednesday, and immediately drew plaudits from market mavens.
Southbound trading will allow mainland investors to trade offshore bonds through Hong Kong.
Eddie Yue, chief executive of the HKMA, said given that the demand of mainland financial institutions for overseas asset allocation has continued to grow, "the southbound trading will enable mainland financial institutions to increase the allocation of offshore bond assets through Hong Kong in a convenient and secure manner".
He expressed confidence that southbound trading will further deepen the opening up of mainland financial market and enhance the vibrant bond market landscape in Hong Kong, which will help consolidate the special administrative region's unique and irreplaceable status as an international financial center.
He added that one option is to apply quotas to control daily southbound and northbound trading through the Shanghai, Shenzhen and Hong Kong stock connect programs.
"However, the banks' potential revenue from the program will be limited, as northbound and southbound investments are initially capped at 150 billion yuan," Hsu added.
The pilot will likely have both southbound and northbound components, according to the PBOC document.
Southbound investors should be residents of the nine cities in Guangdong province and have a minimum of two years of investment experience, with no less than 1 million yuan in net family financial assets at the end of each month over the last three months.
"We're mulling southbound trading of the Bond Connect to be implemented in the second half of this year," Yue said in an interview.
"Southbound trading for the Bond Connect will adopt the closed-loop system, with one-to-one bundling of designated remittance and bond purchases.
If launched, southbound trading will enable mainland investors to buy bonds issued in Hong Kong and international markets.
Last year, the turnovers for northbound trading under the two stock market connect trading programs soared by 119 percent year-on-year, while southbound trading volumes swelled by 128 percent, compared with 2019.
Given the ever-increasing southbound capital－the amount of capital flowing into the Hong Kong stock market from Chinese mainland investors via stock connect programs－as well as the systemic advantages of the Hong Kong stock exchange, the return of US-listed Chinese mainland companies is expected to accelerate.
Wang Chunying, a SAFE spokeswoman, said on Saturday that China maintained net inflows of FDI in January, and foreign investors increased their net holdings of onshore bonds and stocks by $41.6 billion, while domestic investors increased overseas investments mostly through southbound trading in the Shanghai－and Shenzhen-Hong Kong Stock Connect programs.
At the same time, about HK$13.7 trillion was traded on the southbound leg, with a net inflow of HK$1.62 trillion.
The record high daily trade value for northbound trading was set on July 7, reaching 191.16 billion yuan; while the daily trade value of southbound trading reached a new record high of HK$60.17 billion on July 6.
According to Hong Kong Exchanges and Clearing Ltd, the operator of the Hong Kong bourse, southbound trading volume－investment made by Chinese mainland investors in the Hong Kong stock market－has been valued at over HK$8.7 trillion ($1.1 trillion) cumulatively as of Oct 31.
Since its launch, Stock Connect has seen sustained volume growth of both northbound (to the mainland) and southbound (to Hong Kong) trading to meet rising global investor demand, data from Hong Kong Exchanges and Clearing Limited (HKEX) showed.
Meanwhile, total cumulative southbound trading turnover was HK$8.75 trillion ($1.12 trillion), bringing net capital inflows of HK$987 billion into the Hong Kong market.
In addition, following the consensus reached in August between HKEX and the Shanghai and Shenzhen stock exchanges on the criteria for inclusion of Hong Kong-listed companies with weighted voting rights (WVR) in Stock Connect, the first eligible WVR companies were successfully included in southbound trading on Oct 28, 2019.
According to Hong Kong Exchanges and Clearing Market (HKEX), the operator of the Hong Kong bourse, southbound trading volume - investment made by Chinese mainland investors in the Hong Kong stock market - has been valued over HK$8.7 trillion ($1.1 trillion) cumulatively as of Oct 31.
Hong Hao, head of research at the securities and asset management company Bocom International, said southbound investment accounts for 10 percent of the total trading volume at the Hong Kong stock market.
HKEX said in the plan that it will extend its product coverage to more stocks, ETFs, listed bonds and primary issuance, and work with onshore regulators to introduce stock borrowing and lending for southbound holdings and to allow short-selling by northbound capital under existing mechanism on the onshore markets.
Net purchases through northbound trading, or money invested from Hong Kong into the Chinese mainland, reached 266.84 billion yuan, while net purchases through southbound trading totaled 156.54 billion yuan, resulting in net capital inflows into the Chinese mainland of 110.3 billion yuan, the data showed.
Before the vow of China's cabinet on Wednesday, in July, mainland and Hong Kong stock exchanges said they will work on detailed rules for incorporating Hong Kong-listed companies with dual-class structures into southbound trading under the stock connects.
"According to China International Capital Corp Ltd, 34 stocks, including Ping An Good Doctor, are expected to soon be included in southbound trading, which allows investors in the Chinese mainland to buy Hong Kong stocks.
The Hong Kong stock exchange, together with the Shanghai and Shenzhen stock exchanges, will form a group to work on detailed rules of including the companies with dual-class structures in southbound trading under the Stock Connect, according to a statement from Hong Kong Exchanges and Clearing Ltd. Dual-class share structures allow for weighted voting rights.
"Although detailed information hasn't been released, it is very possible that Xiaomi will gain approval for investment via southbound trading in the near future, given the company's market capitalization has surpassed many other eligible securities and its positive profit performance in the past few years," said Castor Pang Waisun, head of research at Core Pacific-Yamaichi International.
The northbound daily quota was increased from 13 billion yuan to 52 billion yuan for each stock connect, while the southbound daily quota was increased from 10.5 billion yuan to 42 billion yuan.
For the southbound trading of the two direct equity market links, the utilized quota was 12.15 billion yuan, only about 29 percent of the increased quota, the website of the Hong Kong Stock Exchange revealed.
In addition, the southbound daily quota is being increased from 10.5 billion yuan for each of the Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect to 42 billion yuan.
The daily quota for southbound trading, which allows investors in the Chinese mainland to buy Hong Kong stocks, will be boosted to 42 billion yuan from 10.5 billion yuan.
The daily northbound quota would be lifted to 52 billion yuan from 13 billion yuan, and the southbound quota will be increased to 42 billion yuan from 10.5 billion yuan.
"With the sustained southbound equity flows under Hong Kong's two direct stock market trading link programs with the mainland, we see little chance of a sharp fall in the (Hong Kong) stock market," Li continued.
Lam, in her first official event since taking office as the first female leader of Hong Kong on Saturday, said the next step－to be taken at the proper time－is to launch "southbound trading", which will allow mainland investors to buy and sell Hong Kong-listed bonds.
Southbound trading, which will enable mainland investors to invest in Hong Kong's bond market, will be "explored in due course", according to a joint statement from the PBOC and the monetary authority.
Southbound trading, in which mainland investors invest in the Hong Kong bond market, will be explored in due course, according to the PBOC and HKMA joint statement.
The date for the official launch of Bond Connect will be disclosed later and "southbound trading" will commence at the proper time, regulators said in a joint statement.
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