香港固定收益及货币市场路线图公布

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) have jointly released a "Roadmap for the Development of the Fixed Income and Money Markets," focusing on consolidating existing advantages and seizing new opportunities, particularly in digital finance and RMB internationalization [1][2]. Group 1: Key Measures - The roadmap is structured around four pillars and includes ten specific measures aimed at enhancing market arrangements, funding programs, market promotion, and financial infrastructure development [1]. - The HKMA's key measures focus on three main areas: the primary bond market, RMB business, and technological innovation [2]. Group 2: Primary Bond Market - Hong Kong aims to maintain its status as Asia's international bond issuance center by continuing to promote market development and providing benchmark products through government bond programs [2]. - The HKMA plans to improve the "Southbound Bond Connect" to allow more mainland investors to participate in the Hong Kong bond market [2]. Group 3: RMB Business - As the largest offshore RMB center globally, Hong Kong will expand the scope of offshore RMB business and enhance liquidity arrangements [2]. - New tools will be introduced, including cross-border repurchase arrangements announced by the People's Bank of China [2]. - The HKMA will collaborate with the SFC to encourage more issuers to launch RMB-denominated products, including RMB counter stocks [2]. Group 4: Technological Innovation - The HKMA will develop a new generation of financial infrastructure to support the issuance and payment of digital bonds [2]. - Research will be conducted in collaboration with the Financial Secretary's office to explore optimization measures for Hong Kong's legal and regulatory framework regarding digital bonds, with details expected to be released by mid-next year [2]. Group 5: Market Liquidity Enhancements - The People's Bank of China announced measures to enhance market liquidity, including the listing of RMB government bond futures in Hong Kong and increasing the daily quota of the "Swap Connect" from 20 billion RMB to 45 billion RMB [3].