BEIJING — China officially launched the Southbound Trading channel of its Bond Connect program on Sept 24, recording transactions worth 4 billion yuan (about $619 million) on the first day, according to the country's central bank.

Over 40 mainland institutional investors completed over 150 transactions with 11 market makers in the Hong Kong Special Administrative Region (HKSAR), buying a wide range of bond products that traded on the Hong Kong market, data from the People's Bank of China (PBOC) shows.

In July 2017, China commenced the Bond Connect scheme, with the northbound trading channel initially opening to offer offshore investors access to the world's second-largest bond market. The southbound link of the scheme allows mainland investors to trade overseas debt in Hong Kong.

Southbound Trading, as an important channel linking the Chinese mainland and HKSAR to international financial markets, will further promote the connection and integration of the financial markets in the Chinese mainland and HKSAR, said Pan Gongsheng, deputy governor of the PBOC.

It will help mainland investors to invest in the HKSAR and global financial markets, and inject fresh vitality and energy into the HKSAR, Pan added.

The PBOC will continue to work with the Hong Kong Monetary Authority, financial infrastructure services providers in the two regions, and various market institutions to improve relevant institutional arrangements in Southbound Trading in a bid to promote the reform and opening up of the Chinese bond market and realize the market's high-quality development, said the PBOC.