截至2025年12月底，以法人为统计口径，624家境外机构投资者通过结算代理模式入市，本月新增5家；839家境外机构投资者通过债券通模式入市，本月新增3家。
By the end of December2025,in terms of incorporated entities,624overseas investors have registered through CIBM Direct scheme,adding5new entities over last month.839overseas investors through Bond Connect scheme,adding3new entities over last month.
截至12月底境外机构入市情况
(Registered number of overseas investors by the end of December)
12月，境外机构投资者共达成现券交易10679亿元1，同比减少13%、环比增加0.3%，交易量占同期现券市场总成交量的约3%。12月，境外机构投资者买入债券5519亿元，卖出债券5160亿元，净买入360亿元。其中，通过结算代理模式达成4283亿元(代理交易3875亿元、直接交易409亿元)，净买入293亿元；通过债券通模式达成6395亿元，净买入67亿元。
In December,the cash bond trading turnover of overseas investors amounted to1067.9billion yuan,with decrease of13%YoY and increase of0.3%MoM.This amount represented about3%of the total turnover for interbank cash bond market of the same month.The total monthly figure comprised551.9billion yuan of bond purchase and516.0billion yuan of bond sell,giving a net purchase of36.0billion yuan.The turnover reached428.3billion yuan for CIBM Direct(387.5billion yuan through agent trade and40.9billion yuan through Direct-RFQ service)with net purchase of29.3billion yuan,and639.5billion yuan for Bond Connect with net purchase of6.7billion yuan.
12月，境外机构投资者在延长时段共成交918亿元，占同期境外机构交易量的约9%。
In December,overseas investors traded91.8billion yuan during extended trading hours,which accounted for9%of the total turnover of overseas investors.
12月境外机构投资债券类型分布
(Bond Type)
12月境外机构投资债券待偿期分布
(Bond Tenor)
12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，12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 December,onshore investors mainly traded CNH bonds,USD bonds and others through Southbound Bond Connect.
2025年12月，“北向互换通”共达成交易885笔、5318.92亿元，累计入市境外机构87家。
In December,885transactions were traded through the Northbound Swap Connect,with volume of531.892billion yuan.By the end of December,87overseas institutions participated under Northbound Swap Connect.
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