香港金管局拓宽人民币流动性安排 巩固离岸人民币中心优势

Core Insights - The Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) jointly released a "Roadmap for the Development of Fixed Income and Money Markets" focusing on four pillars: enhancing bond issuance, improving secondary market liquidity, expanding offshore RMB business, and building new infrastructure [1][2] Group 1: Bond Market Development - The HKMA plans to expand offshore RMB business, including improving liquidity arrangements and providing new tools, with specific details on cross-border repurchase agreements to be announced soon [1] - The daily trading net limit for the "Swap Connect" has been significantly increased from 20 billion RMB to 45 billion RMB, reflecting strong demand from international investors to manage RMB interest rate risks [1][2] Group 2: Repurchase Transactions - The People's Bank of China announced support for foreign institutions to participate in the domestic repurchase market, allowing international investors in the "Bond Connect" northbound to repatriate RMB funds raised in the domestic repurchase market [2] - The SFC aims to promote repurchase transactions, particularly for offshore government bonds in Hong Kong, and will explore the feasibility of establishing a central counterparty clearing mechanism [2][3] Group 3: Tokenized Products - Hong Kong has approved five publicly offered tokenized currency funds and continues to receive new applications, with regulatory support for the tokenization of bonds and other investment products [3] - The first batch of tokenized bonds was issued in February 2023, totaling 100 million USD, and a second batch of 750 million USD is set for February 2024, marking Hong Kong's position in the global tokenized bond market [3] - The HKMA is preparing for the issuance of a third tokenized bond, aiming for a breakthrough in the near term [3] Group 4: Government Commitment - The "Roadmap" was developed over nearly a year through consultations with industry stakeholders and reflects the Hong Kong government's commitment to advancing the fixed income market, with all ten measures included in this year's policy report [3]