香港发布路线图，打造全球固定收益及货币中心

Group 1 - The Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority jointly released a "Roadmap for the Development of Fixed Income and Money Markets," aiming to strategically position Hong Kong as a global fixed income hub through demand, liquidity, and innovation [1] - The roadmap outlines four key pillars: primary market issuance, secondary market liquidity, offshore RMB business, and next-generation infrastructure, serving as a blueprint for future policy formulation and implementation [1] - Ten initiatives are proposed to consolidate Hong Kong's existing advantages, including attracting issuers to use Hong Kong as a fundraising hub and enhancing the scale and liquidity of offshore RMB usage [1] Group 2 - Tianfeng Securities noted that the current bond market is characterized by volatility, driven by market sentiment, institutional behavior, and liquidity, which influence the pricing of both bullish and bearish factors [2] - Guosheng Securities observed a significant increase in the turnover rate of ultra-long bonds in 2023, indicating a shift from a holding to a trading strategy, which has led to a premium in ultra-long bond prices [5] - Despite a recent decline in ultra-long bond prices, interest in these bonds remains high, with a monthly turnover rate of 7.6% in August, reflecting strong liquidity [5]