China mulls doubling Southbound Bond Connect to one trillion yuan
Regulators in the country have held early talks about expanding the so-called Southbound Bond Connect programme to as much as one trillion yuan (S$178 billion), said the sources, who asked not to be identified because the details are private. The expansion would be through an up to 500 billion yuan annual quota to non-bank financial institutions, which are currently left out of the trading link.
Any such move would allow onshore firms to ramp up their exposure to international bonds that are tradeable through Hong Kong's stock exchange, including those denominated in US dollars. The country's biggest mutual funds would be among the firms eligible for the new quota, the sources said.
No final decisions have been taken and any eventual plan would need approval from relevant regulators, the sources said.
The proposal is the latest sign of Beijing's increasing determination to boost two-way flows in its financial market, something that may ultimately bolster the international appeal of the yuan. Chinese policymakers for years kept a tight grip on investments into and out of the country, wary of putting pressure on their currency. But as the US dollar has plummeted this year, they have seized their chance.
The potential doubling of the southbound link comes after a flurry of moves including an expansion of a cross-border payment system, a broadening of the contracts foreigners can trade and a separate move to allow Chinese funds to invest more of their money overseas.
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The People's Bank of China did not immediately respond to a request for comment. The Hong Kong Monetary Authority declined to comment.
A Bond Connect anniversary summit will take place on Tuesday (Jul 8) in Hong Kong, though there is no indication that any announcements concerning the southbound programme would be made there.
Currency ambitions
Although any expanded southbound investment link would not directly spread the international use of the renminbi, it could help chip away at one of the main criticisms from yuan sceptics: that China's capital controls mean its market is effectively closed off to the world, limiting the appeal of its currency.
If any expansion were to eventually go ahead, it could also spark stronger demand for offshore yuan-denominated bonds, giving a boost to the dim sum market. Chinese investors can get a big pick-up by putting their money into offshore yuan debt, where yields are frequently higher than the same issuers pay onshore.
China's central bank governor Pan Gongsheng delivered a speech last month outlining what it would take to challenge the US dollar's place at the heart of the global trading system. He suggested a shift away from a global system reliant on the US dollar to one where several currencies play a big role.
Foreign investors can buy onshore bonds through a similar northbound link, which is not subject to a quota.
Bloomberg LP, the parent company of Bloomberg News, provides services related to Bond Connect.
Investors already had a hint that such a move could be coming: In January, the People's Bank of China and the Hong Kong Monetary Authority tentatively agreed to expand the list of eligible investors for the southbound bond link, saying they wanted to include securities firms and insurers.
Bond Connect operates in a closed-loop system, meaning investors are not permitted to buy bonds through the trading link and then use the proceeds from selling them to invest elsewhere outside mainland China.
The annual quota for the southbound link has been unchanged at 500 billion yuan since it was launched in 2021. BLOOMBERG
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Sign up now: Get ST's newsletters delivered to your inbox (Clockwise from left) Teas from ChaPanda, Origin Teahouse at Kada and Petale Tea. SINGAPORE – Tea is brewing up fresh excitement in Singapore's beverage scene. Once overshadowed by coffee, it is now embraced for its health benefits and as a lifestyle drink. Riding on themes of health, wellness and mindfulness, a new wave of tea purveyors is enticing customers with fruit-laden brews, fragrant leaves and modern presentation. The market has seen an influx of entrants over the past year. These range from Chinese brands such as ChaPanda and Luli both making their Singapore debut, to home-grown concepts like LimCha Teahouse Cafe and Golden Seed, which focus mainly on Chinese tea with a modern spin. Floral and herbal infusions, as well as tea balls incorporating Chinese and Western teas, are also gaining popularity. Fresh fruit teas are a major draw. 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ChaPanda Singapore's country manager Joanna Jia with the brand's Shine Muscat Grape Jasmine Tea and Mango Pomelo Sago at its *Scape outlet. ST PHOTO: GAVIN FOO Singaporean Jovalene Teo, 44, introduced Chinese tea brand Luli to the local market to offer a healthier, functional alternative to sugary bubble tea. Ms Jovalene Teo, chief executive of Luli Singapore, which opened its first local outlet at Marina Square on Aug 10. ST PHOTO: LIM YAOHUI Luli Singapore, which opened its first outlet at Marina Square on Aug 10, sells modern lifestyle beverages rooted in traditional Chinese medicine. An example is its Lingzhi Dragon Ginseng ($9.80), which is exclusive to Singapore. The blend of lingzhi and ginseng is said to support immunity, reduce fatigue and promote longevity, while jasmine tea and milk are added to make the drink palatable to younger consumers. Luli Singapore's Lingzhi Dragon Ginseng. 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Perfume lemon, imported from Guangdong, adds an aromatic citrus lift. Roselle Tangerine Peel Zest at Luli Singapore's Marina Square outlet. ST PHOTO: LIM YAOHUI In September, the store will launch an AI Mirror, which uses artificial intelligence to scan a customer's face and tongue, and provide a diagnostic report on body constitution and recommend suitable brews. The device will also give lifestyle tips on herbal tonics and recipes for herbal soups. Luli Singapore will soon launch an AI Mirror, which customers can use to get TCM-based diagnostic reports on their body constitution and recommendations on brews. ST PHOTO: LIM YAOHUI Luli Singapore will open a second outlet at Keppel South Central in Tanjong Pagar in October. LimCha Teahouse Cafe: Modern spin on Teochew tea culture Where: Level 2, 93 East Coast Open: 11am to 8pm (Wednesdays and Thursdays), noon to 10pm (Fridays to Sundays), closed on Mondays and Tuesdays Info: Go to @limcha_teahousecafe on Instagram or call 8509-2526 LimCha Teahouse Cafe in Joo Chiat invites customers to slow down and savour traditional Teochew tea culture in a modern space. Opened on May 1 by owner Gladys Lim, 24, the 1,200 sq ft cafe offers five varieties of premium Dancong teas from Phoenix Mountain in Guangdong, China. Dancong is a type of oolong prized for its aroma. Prices start at $8.90+ for teas such as iced Longan Ya Shi Xiang and go up to $79.90+ for the Signature Premium Cold Tea Set. Good for up to four people to share, the set includes two 500ml bottles of cold brew Honey Orchid and Orchid Vanilla teas, desserts, fresh fruit and snacks. The iced Longan Ya Shi Xiang blends longan flavouring with Ya Shi Xiang tea, known for its earthy, woody notes. Iced Longan Ya Shi Xiang at LimCha Teahouse Cafe. ST PHOTO: HESTER TAN For a traditional experience, the Gong Fu Cha Dancong Hot Tea Ceremonial Set ($35+) features Mi Lan Xiang Dancong with a rich scent of honey and fruit, paired with Chaozhou-sourced spiral nut biscuits and roasted peanuts. The Gong Fu Cha Dancong Hot Tea Ceremonial Set at LimCha Teahouse Cafe. ST PHOTO: HESTER TAN For a lighter entry into the world of tea, try the Dancong Milk Grass Jelly ($8.90+), a tea-infused dessert of grass jelly. Ya Shi Xiang tea is added to the whole milk, which tops the grass jelly. Dancong Milk Grass Jelly is a tea-infused dessert at LimCha Teahouse Cafe. ST PHOTO: HESTER TAN Golden Seed: Sleek take on artisanal teas Where: 01-71/72 Millenia Walk, 9 Raffles Boulevard Open: 11am to 7pm daily Info: Go to or call 9477-4610 At Millenia Walk, Golden Seed brings together old-world tea heritage and contemporary presentation. 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ST PHOTO: HEDY KHOO The Li Shan High Mountain Tea ($88+) is a Taiwanese oolong with a velvety, fruity profile preserved through delicate roasting. While each Grand Tea Experience set serves up to two, each Tea Awakening Journey set serves one, such as the Liu Bao ($36+), a fermented tea from Guangxi that has earthy, medicinal notes. Liu Bao Tea Awakening Journey at Golden Seed. ST PHOTO: HEDY KHOO Beyond the drinks menu, the space includes a retail section with the in-house designed Harmony Teapot ($108), made of glass and created to make tea brewing accessible at home without complex rituals. Origin Teahouse: Natural tea beverages Where: 01-05A Kada, 5 Kadayanallur Street Open: Noon to 8pm (Mondays), noon to 9.30pm (Tuesdays to Sundays) Info: Go to @originteahouse on Instagram or call 8089-1608 At Origin Teahouse, the Roasted Tie Guan Yin Latte ($6.80) offers a coffee-like experience without the jitters or crash. Roasted Tie Guan Yin Latte at Origin Teahouse at Kada. ST PHOTO: HEDY KHOO Co-founders Lee Wenxi, 31, and Ethan Keng, 33, came up with a process of deep-roasting tie guan yin leaves from China's Fujian to bring out chocolatey, toasty aromas before grinding them into powder for a 'tea espresso'. Mr Ethan Keng (left) and Mr Lee Wenxi, co-founders of Origin Teahouse at Kada. ST PHOTO: HEDY KHOO Extracted using a calibrated Taiwanese espresso machine, the concentrated shot is blended with fresh local milk from Viknesh Dairy Farm and Madagascar vanilla beans. French Elle & Vire cream, not non-dairy creamers, goes into the blend for a silky finish. Origin Teahouse, which positions itself as a 100 per cent fresh and natural tea beverage brand, does not use artificial flavourings, additives or sweeteners in its beverages. Opened in December 2024 at Kada, the 30-seat teahouse reflects the founders' commitment to transparency and accountability to customers in terms of the source and quality of ingredients used. The duo took numerous trips to China's tea-growing regions for research and development of their products over a period of 16 months. Also on the menu is its signature Berry Nice Tea ($9.20), a lively brew of gardenia green tea with fresh strawberry puree, finished with the distinct floral citrusy scent and flavour from perfume lemon slices. The perfume lemon, a hybrid lemon, is air-flown weekly from Guangdong. Origin Teahouse's Berry Nice Tea features perfume lemons. ST PHOTO: HEDY KHOO The brand launched its second outlet, a takeaway kiosk at The Arcade, in June and has a third outlet at Tang Plaza in Orchard set to open on Aug 18. Tea Therapy Singapore: Caffeine-free infusions Info: Go to or call 9844-1415 Online store Tea Therapy Singapore focuses on floral, herbal and freeze-dried fruit infusions, which eschew tea leaves, are free of caffeine and are best consumed unsweetened. Launched in September 2024 by Ms Sheena Lim, 53, it is dedicated to sharing plant-based remedies, with a focus on the restorative benefits of herbal and floral infusions. Ms Sheena Lim, owner of Tea Therapy, an online tea retailer which specialises in caffeine-free floral, herbal and freeze-dried fruit teas. ST PHOTO: HEDY KHOO Her interest in these began in 2018 after she suffered a mini stroke triggered by stress, during which she was unable to see out of her right eye for 30 minutes. She was subsequently hospitalised for four days. Not keen to take the prescribed blood thinners on a long-term basis, she learnt to prepare folk remedies for herself using plants and herbs. Eventually, her interest in plant-based remedies developed into a business plan to sell floral and herbal infusions online. 'I am not just selling tea for drinking. I want to promote a healthier lifestyle with more thought to incorporating plants into the diet in the form of floral and herbal infusions,' she says. 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ST PHOTO: HEDY KHOO Petale Tea: Sip on stories Where: 05-33 Ubi Techpark, 10 Ubi Crescent Open: Pick up of orders by appointment only Info: Go to call 8065-7687 or e-mail enjoythemoments@ Opened in 2018 by founder Rosemary Kwa, 42, Petale Tea specialises in handcrafted blooming teas aimed at making tea-drinking a mindful, sensory ritual. Petale Tea founder Rosemary Kwa with a selection of handcrafted tea at her Ubi Techpark office. ST PHOTO: GIN TAY Its newest launch, the Classic Storytelling Tin series, brings narrative flair to premium tea. Released in June, the 10-flavour collection is named after attributes such as Elegance, Passion and Resilience. Each tin by Petale Tea, which specialises in gift sets, contains eight blooming tea balls and loose tea leaves. One standout is Gratitude (launch price of $58 until Sept 30, usual price $63). The ondeh ondeh-inspired tea promotes the value of noticing what is going well and using that awareness to shift one's outlook. The tin has eight blooming tea balls made of lily and gomphrena, hand-sewn with cotton string to green tea leaves. When steeped in water, the tea ball unfurls into a floral display. The loose tea leaves are a blend of black Ceylon tea with mint, coconut bits and pandan extract. Petale Tea's best-selling Gratitude is inspired by the flavour of ondeh ondeh. ST PHOTO: GIN TAY Another tin is Growth (launch price of $58 until Sept 30, usual price $63), which stands for how personal growth happens gradually, just as how a tea bud slowly unfurls. The tin has eight blooming tea balls in muscat and apple flavour, made with carnation and jasmine flowers, and green tea leaves. The loose tea leaves are a blend of muscat white tea, marigold and rose petals.
Straits Times
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Mr Lin himself has sat the O-level examinations 10 times since 2015, usually taking two to four subjects each time, while Ms Ho Meng Yeng, 45, another co-founder at Keynote Learning and its head of English, has been sitting the English language O-level paper since 2013, sometimes taking literature as well. The trio are taking their O-level exams again in 2025. The centre's other four tutors are part-time staff and do not take these exams. Keynote Learning offers group tuition, online and in-person, for primary and secondary school levels in English, science, mathematics and Chinese. Fees start at $240 for four weekly lessons for primary school pupils. Top stories Swipe. Select. Stay informed. 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Ms Ho, a former Ministry of Education secondary school teacher, took the English and literature O-level exams in 2013 because she wanted to be 'really in touch' with the syllabus changes that year. She was working as a private tutor by then, and was not briefed by education authorities on the changes, unlike school teachers. After 12 years of taking O-level papers and having had the jitters while waiting for the oral exam, she knows how to advise her own students, some of whom have told her they 'blank out' during the exam, or get palpitations when they feel anxious. She guides them on how to stay calm during the oral exam, by teaching them square breathing, also known as box breathing. This deep-breathing relaxation technique involves inhaling, holding one's breath and exhaling for equal counts, typically for four seconds each time. Ms Ho Meng Yeng, a former Ministry of Education secondary school teacher, took the English and literature O-level exams in 2013 because she wanted to be 'really in touch' with the syllabus changes that year. ST PHOTO: MARK CHEONG She has views on the type of pen to use because 'handwriting matters'. She recommends using a pen with a fine 0.38mm nib for English Paper 2 – all the better to cram more words in the space provided in the exam booklet – and a 0.5mm ballpoint pen that flows well for the masses of writing required in Paper 1. Going into battle together Mainly, the tutors say they take the O-level exams repeatedly to empathise more fully with their charges. Working through 10-year series, compilations of national examination papers like the O- and A-levels, pales in comparison to the 'live action' of the exam hall. Mr Lin, who has been a tuition teacher since his 20s, says: 'I experience the change in the way the questions are designed and phrased over the years. The 10-year series is helpful but the difference is doing it at your own pace and taking the exam under time pressure. I can understand what my students are going through.' 'After the exam is over, it's easier to discuss the paper and how we have done. I can tell lots of stories afterwards and remind them not to make mistakes. It's also useful to teach them about handling anxiety and time management,' he says, describing himself and his students as 'war mates'. Mr Lim, who took the English paper in 2023 and 2024, adds: 'The first time I took the O-level paper was an eye-opener. I thought, 'Most educators are war theorists.'' His right hand ached badly after the writing-heavy Paper 1 in the first English language exam he took, which features Situational Writing and Continuous Writing. Mr Ivan Lim took the English paper in 2023 and 2024. ST PHOTO: MARK CHEONG After decades out of school, he was asked to respond to a statement like 'All you need to succeed in life is a positive attitude'. Mr Lim realised then that the O levels are 'quite demanding in terms of students' maturity'. 'I doubt I was so introspective at 16,' he reflects. The grades a tuition teacher gets The three tutors' result certificates, seen by The Straits Times, are a sea of A grades, mostly A1s (75 per cent and higher), followed by A2s (70 to 74 per cent). Their grades dip, sometimes drastically, when they embark on what they call 'experiments' and 'challenges'. For instance, in 2020, Ms Ho decided to 'leave all the difficult questions blank', resulting in a C6 grade, which ranges from 50 to 54 per cent. 'It was like a wake-up call for the very weak students at the beginning of the following year,' she says. Mr Lin has tackled different self-imposed 'challenges' in the 10 years he has taken the exams, often in response to students' questions. In 2016, he took the English paper in addition to the two subjects he teaches, physics and chemistry. 'In science, we need to have a good command of English to express our answers well. English was my worst subject in school. I hope it can be a message to my students that as long as you're willing to continue to improve, you can still achieve,' says Mr Lin, who got an A2 that year for English. His worst English grade as a student was C6. Mr Linus Lin once took a combined social studies and history paper to see what it was like, since social studies did not exist as an O-level subject when he was young. ST PHOTO: MARK CHEONG In 2020, besides English, physics and chemistry, he took the biology O-level exam, a subject he had never studied in school, because his students often ask him if physics or biology is 'easier'. (He found the latter easier to score well in.) While he usually does not study for the exams since he teaches the subjects, he spent several days mugging for the biology paper, for which he got a B3. He once took a combined social studies and history paper to see what it was like, since social studies did not exist as an O-level subject when he was young. The O-level examination fees for private candidates differ according to subject and citizenship. For example, Singapore citizens pay $105 each for subjects such as English and chemistry, and $100 for a humanities subject like combined social studies and history. While Keynote Learning foots the bill for the subjects the tutors teach and take exams in, Mr Lin paid his own fees for subjects he does not teach, like English and humanities. Mr Lin, who has been mistaken for an invigilator during one of his papers, says: 'Every time I take the exams, I feel happy because it's like I am 16 again.'
