Chinese bank wealth management firms have been granted two market access
approvals. On June 16 Bank of China Wealth Management completed the first
interbank FX trade by a wealth manager via the China Foreign Exchange Trade
System with Bank of China, executing USD/CHF spot and forward trades.
Separately, three wealth managers received first-batch qualification to
participate in Bond Connect Southbound; the inaugural Southbound transaction
landed at the end of last month and was executed by CMB Wealth Management with
Bank of Communications’ Hong Kong branch, which said it proactively coordinated
and completed preparations after the participant expansion. Industry sources say
the other two initial Bond Connect-qualified firms are wealth-management arms of
two state-owned banks.
