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Regulators in China and Hong Kong have approved a “bond connect” scheme which will allow foreign investors to trade mainland bonds through Hong Kong, reports CNBC. The scheme will, however, for the time being be limited to “northbound” trading from Hong Kong, while “southbound” flow from the mainland will be considered at a later time.

The move comes as China continues efforts to attract foreign investment in the mainland bond market. Less than 2% of Chinese bonds are held by foreign investors currently.