梁凤仪：三策并举 发展香港离岸人民币中心

Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) is implementing three strategic measures to enhance Hong Kong's position as an offshore RMB center, focusing on expanding the bond market and improving liquidity for international investors [1][2][3]. Group 1: Bond Market Development - The SFC aims to increase the issuance of fixed income products in the primary market, particularly offshore RMB bonds, which saw a 37% year-on-year increase, surpassing 1 trillion RMB in 2024 [4]. - The People's Bank of China and the Hong Kong Monetary Authority announced measures to optimize the Bond Connect program, expanding the range of participating institutions and enhancing the offshore RMB bond repurchase business [2][4]. - The SFC encourages more institutions and enterprises to issue "dim sum bonds" in Hong Kong, capitalizing on favorable financing conditions due to low offshore RMB interbank offered rates [4]. Group 2: Liquidity Enhancement - The SFC is focused on improving liquidity in the secondary bond market, which is essential for providing competitive pricing conditions for issuers and attracting a broader investor base [6]. - Development of derivative products is crucial for bond investors to hedge risks and manage liquidity, with a notable increase in trading volumes for RMB-related derivatives [7]. Group 3: Infrastructure Optimization - The SFC is researching the establishment and optimization of supporting infrastructure for offshore RMB products, including trading systems and back-office support [8]. - Collaboration with financial market infrastructure providers aims to enhance the robustness of Hong Kong's financial system and improve the efficiency and transparency of offshore RMB asset transactions [8].