BEIJING — China’s Bond Connect program saw more overseas clients and capital flooding into Chinese mainland’s interbank bond market in May, according to China Foreign Exchange Trade System (CFETS).

The trading volume of the program reached 158.6 billion yuan ($23 billion) with an average daily turnover approaching 7.6 billion yuan last month.

In breakdown, policy bank bonds accounted for 48 percent of the total trading volume in May to 75.6 billion yuan, while the Negotiable Certificates of Deposits contributed 47.7 billion yuan, 30 percent of the total monthly trading volume, CFETS said.

Last month, the program also attracted 108 new clients worldwide and saw the debut of investors from Thailand, expanding its coverage to 28 countries and regions.

By the end of May, a total of 947 overseas institutional investors got into the China Interbank Bond Market, according to CFETS.

The Bond Connect program was launched in 2017, enabling overseas investors to invest in the Chinese mainland’s interbank bond market using financial institutions of the mainland and Hong Kong.

In April, trading volume under Bond Connect program was 116.9 billion yuan, representing an average daily trading volume of 5.31 billion yuan. The number of transactions under the bond hit a record high of 1,692.