央行多措并举深化内地香港金融互联互通 强固香港离岸人民币枢纽地位

Core Viewpoint - The People's Bank of China announced measures to deepen the financial market connectivity between mainland China and Hong Kong, enhancing opportunities for offshore investors and optimizing trading mechanisms [1][2]. Group 1: Measures Announced - The People's Bank of China will support offshore institutions in conducting repurchase transactions in the mainland bond market [1]. - The daily quota for northbound trading will be increased more than double to 45 billion RMB [1]. - There will be an expansion of the swap market participants and optimization of management mechanisms [1]. Group 2: Hong Kong Government's Response - The Hong Kong government welcomed the measures, emphasizing the growing importance of Hong Kong as a hub for offshore RMB business and risk management [2]. - The government aims to deepen and expand financial market connectivity with the mainland, enhancing RMB-denominated investment products and risk management tools [2]. - The measures announced by the People's Bank of China provide strong support for the Hong Kong government's efforts to promote the coordinated development of the fixed income markets [2]. Group 3: Market Developments - The issuance of RMB bonds in Hong Kong is expected to exceed 1 trillion RMB in 2024 [3]. - Since the implementation of the swap mechanism in 2023, the business volume has steadily increased, with the average daily nominal principal reaching 20 billion RMB by August 2025, more than five times the volume in the first month of its launch [3]. - The optimization of the swap mechanism will facilitate overseas investors in hedging risks associated with mainland assets, aiding in better portfolio management [3].