香港固定收益及货币市场发展路线图公布

Core Insights - The Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority jointly released the "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 ten key measures focused on demand, liquidity, and innovation [1][2] Group 1: Key Measures and Objectives - The roadmap outlines four pillars: primary market issuance, secondary market liquidity, offshore RMB business, and new generation infrastructure [1] - The measures are designed to support the sustainable and diversified development of Hong Kong's capital markets over the coming years [1] Group 2: Market Positioning - Hong Kong is recognized as Asia's leading bond market and international financial center, with a strong international reputation in fixed income [1] - The unique advantage of Hong Kong's bond market lies in its ability to connect mainland investors with international issuers, facilitated by the Bond Connect "southbound" scheme [1] Group 3: Offshore RMB Market - Hong Kong remains the largest offshore RMB center and the primary location for the issuance of dim sum bonds, with total issuance reaching 475 billion RMB by the end of August 2023 [2] - The annual issuance of dim sum bonds is expected to exceed the previous record of 700 billion RMB, indicating robust market growth [2] Group 4: Market Sustainability - The health and sustainability of the bond market depend on the availability of efficient risk management tools, which include optimizing offshore bond repurchase agreements and enhancing secondary market liquidity [2] - Expanding the variety of products available in the market will not only increase potential returns for bondholders but also help to grow the RMB liquidity pool in Hong Kong [2]