Trading volume under China's Bond Connect program in August reached 338.6 billion yuan (about 47.8 U.S. dollars), according to the China Foreign Exchange Trade System (CFETS).

The reading, up 68.5 percent month on month, broke record highs in monthly trading volume, the CFETS noted in its monthly report for the program.

The program saw a total of 3,338 trade tickets, with an average daily turnover at 15.39 billion yuan last month, the report showed.

In breakdown, policy financial bonds accounted for 55.7 percent of the total trading volume in August to 188.6 billion yuan, while Chinese government bonds contributed 97.8 billion yuan, 28.9 percent of the total monthly trading volume.

Trading in negotiable certificates of deposit saw a turnover of 44.1 billion yuan, accounting for 13 percent of the monthly trading volume, according to CFETS.

"By the end of August, Bond Connect has drawn in 1,244 institutional investors, with another 110 investors onboard during the month," the report said.

The Bond Connect program, launched in July 2017, is a mutual market access scheme which allows overseas investors to invest in the Chinese mainland's interbank bond market using financial institutions on the mainland and in Hong Kong.