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人民币柜台纳入港股通细则近期有望公布
Zheng Quan Ri Bao·2025-07-10 16:16

Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) is actively collaborating with mainland regulatory bodies to incorporate a Renminbi (RMB) stock trading counter into the Stock Connect program, aiming to enhance cross-border investment opportunities and facilitate RMB internationalization [1][4]. Group 1: RMB Trading Counter Implementation - The SFC plans to announce implementation details for the RMB stock trading counter soon, which is expected to encourage more companies to consider issuing RMB-denominated stocks [1]. - The Hong Kong Stock Exchange (HKEX) launched the "HKD-RMB Dual Counter" model on June 19, 2023, allowing investors to purchase Hong Kong stocks directly in RMB, with 24 blue-chip stocks, including Tencent and Alibaba, participating [1]. - From June 19, 2023, to July 10, 2025, the cumulative trading volume for the RMB counters of the first 24 dual-counter securities reached approximately 50.116 billion RMB [1]. Group 2: Benefits for Mainland Investors - The inclusion of the RMB counter in the Stock Connect allows mainland investors to trade Hong Kong stocks directly in RMB, eliminating the need for currency conversion and associated costs [2]. - As of July 10, 2023, there are 550 stocks eligible for Stock Connect, with a total market capitalization of 66.36 trillion HKD [2]. - The RMB counter is expected to reduce exchange rate risks and improve actual investment returns for mainland investors by avoiding currency conversion losses [2][3]. Group 3: Impact on RMB Internationalization - The incorporation of the RMB trading counter is anticipated to accelerate the internationalization of the RMB, expanding its role in cross-border investments and enhancing pricing consistency for RMB assets globally [4]. - The HKEX is seen as a testing ground for various cross-border financial mechanisms, reinforcing its position as a hub for international capital accessing the Chinese market [4]. - Future developments may include the introduction of RMB-denominated bond futures and other tools to help investors manage interest rate risks [3][4].