香港固定收益及货币市场发展路线图出炉

Core Viewpoint - Hong Kong is taking significant steps to enhance its fixed income and currency markets, aiming to establish itself as a global hub for these sectors through a newly released roadmap that includes ten measures across four key areas [1][2][3] Group 1: Roadmap Overview - The roadmap focuses on four main areas: primary market issuance, secondary market liquidity, offshore RMB business, and next-generation infrastructure [1][2] - A dedicated task force for fixed income and currency was established in 2024 to explore market needs and develop the ecosystem [1] Group 2: Primary Market Issuance - Hong Kong plans to lead market development by issuing government bonds and promoting its advantages to target issuers and investors [1] - The goal is to expand the investor base, including family offices and funds, to attract more local and overseas issuers [1] Group 3: Secondary Market Liquidity - The implementation of an over-the-counter fixed income and currency derivatives system is aimed at enhancing liquidity [2] - Development of a central counterparty for repurchase transactions will provide necessary tools for managing financing, liquidity, and risk [2] Group 4: Offshore RMB Business - Hong Kong will enhance the application of offshore RMB and improve connectivity mechanisms to boost liquidity and product supply [2] - The focus is on adapting to global market changes and meeting diverse trends [2] Group 5: Next-Generation Infrastructure - Preparations for fixed income and currency infrastructure will include supporting the development of new electronic trading platforms [2] - The roadmap emphasizes innovation and the implementation of tokenized fixed income and currency products to maintain competitiveness [2] Group 6: Future Initiatives - The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) are collaborating with market participants to advance the measures outlined in the roadmap [2][3] - The SFC aims to expand the issuance of RMB fixed income products and enhance secondary market liquidity while optimizing risk management mechanisms [3]