CICC’s fixed income franchise stood out for the breadth of its platform, its central role in China’s bond market infrastructure and its contribution to the internationalisation of the renminbi. More than two decades after establishing its fixed income business, the firm has built one of the few Chinese securities platforms with full cross-border licences spanning bonds, FX and commodities, serving a client base that ranges from sovereign wealth funds and central banks to global asset managers and multinational corporates.
Scale remains a key differentiator. In 2025, CICC generated more than RMB3 billion ($448 million) in fixed income revenue and recorded domestic market making volume exceeding RMB10 trillion across fixed income securities and derivatives. Its market making activity spans key trading venues and products across the Chinese market, while its coverage of government, policy bank and local government bonds extends across the full maturity spectrum.
What particularly distinguished CICC during the review period was its role in connecting China’s capital markets with international investors
The firm also strengthened its position in cross-border markets, ranking second among securities firms for China Interbank Bond Market Direct trading volume and gaining recognition as a leading market maker in the Bond Connect cross-border market access scheme.
What particularly distinguished CICC during the review period was its role in connecting China’s capital markets with international investors. The firm expanded relationships with sovereign institutions in countries part of the Belt and Road Initiative, executed landmark transactions with overseas central banks and played a significant role in promoting offshore renminbi financing. Notable assignments included supporting China’s first offshore renminbi green sovereign bond, arranging the inaugural offshore renminbi bond from the Development Bank of Kazakhstan and underwriting a green dim sum bond issue for Hungary’s OTP Bank.
Alongside these achievements, the firm continued to invest heavily in technology. Its proprietary Fixed Income Clearing Corporation platform and real-time pricing infrastructure have enhanced execution and market making capabilities while improving access for institutional clients globally. Together, these strengths reinforce CICC’s position as one of the leading fixed income houses in China.
