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今天 香港重要发布
Zhong Guo Ji Jin Bao·2025-09-25 14:57

Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) have jointly released a "Roadmap for the Development of Fixed Income and Money Markets," aiming to position Hong Kong as a global hub for fixed income and currency markets through strategies that enhance demand, liquidity, and innovation [1][5]. Group 1: Key Pillars and Measures - The roadmap outlines four key pillars and ten measures to enhance Hong Kong's fixed income and money markets [2]. - Pillar 1: Promote Issuance - Lead market development through government bond issuance [2]. - Promote Hong Kong's advantages to target issuers and investors [2]. - Expand the investor base, including family offices, funds, and corporate treasury centers [2]. - Pillar 2: Increase Liquidity - Implement an over-the-counter fixed income and currency derivatives system [2]. - Promote the development of a central counterparty for repurchase transactions in Hong Kong [2]. - Pillar 3: Expand Offshore RMB Business - Increase the application of offshore RMB [2]. - Improve connectivity mechanisms to enhance offshore RMB liquidity and increase the supply of RMB-related products [2]. - Pillar 4: New Generation Infrastructure - Prepare infrastructure for the future of fixed income and money markets [2]. - Support the development of new electronic trading platforms [2]. - Promote market innovation and implement use cases for tokenized fixed income and currency products [2]. Group 2: Implementation and Future Plans - The roadmap, developed after extensive consultation with industry participants, will serve as a blueprint for the SFC and HKMA's policy-making and implementation over the coming years [5]. - The SFC is working on facilitating the listing of government bond futures in Hong Kong and is collaborating with the industry to establish a central counterparty clearing system for repurchase transactions [6][7]. - The HKMA aims to enhance the primary market for bonds, expand offshore RMB business, and develop future-oriented digital financial infrastructure [8].