Supporting the use of offshore Chinese government bonds as collateral

Hong Kong, 2 February 2026 – Euroclear today announced that it is supporting Crédit Agricole Corporate and Investment Bank (Crédit Agricole CIB) and the Bank of China in the use of offshore Chinese government bonds as eligible collateral under triparty arrangements for uncleared margin requirements.

This development reflects increasing market recognition of Chinese government bonds as high-quality collateral and underscores Euroclear’s role in enabling the efficient mobilisation of Chinese assets within the global markets. Onshore RMB bonds now represent a pool of high-quality collateral totalling approximately €5 trillion, with ongoing market and regulatory initiatives further supporting their use in cross-border financing activities.

Wendy Zhu, Head of the Global Markets Division, Crédit Agricole CIB China, commented: “As a forerunner in facilitating the internationalisation of Chinese sovereign bonds, Crédit Agricole CIB is among the first to embrace multi-currency Chinese sovereign bonds, including CNH-denominated government bonds, as eligible collateral for derivatives margin. This step helps establish a practical model for expanding the international application of Chinese bonds.”

Philippe Laurensy, CEO of Asia Pacific, Euroclear said: “Asia is a cornerstone of Euroclear’s global strategy, where we are working to deepen collaborations across the region, enhancing interoperability leveraging our neutrality to partner with local players and initiatives. We have been supporting the use of offshore Chinese government bonds as collateral for many years and are very pleased to see wider adoption of this asset class as eligible collateral by the industry. It demonstrates our commitment to supporting market participants as the Chinese market continues to open and to facilitating efficient, secure cross-border collateral flows.”

Euroclear group is the financial industry’s trusted provider of post trade services. Guided by its purpose, Euroclear innovates to bring safety, efficiency and connections to financial markets for sustainable economic growth. Euroclear provides settlement and custody of domestic and cross-border securities for bonds, equities and derivatives and investment funds. As a proven, resilient capital market infrastructure, Euroclear is committed to delivering risk-mitigation, automation and efficiency at scale for its global client franchise. The Euroclear group comprises Euroclear Bank, the International CSD, as well as Euroclear Belgium, Euroclear Finland, Euroclear France, Euroclear Nederland, Euroclear Sweden, Euroclear UK & International.