澳门金管局：港澳债券市场直接联网一周年效果显著

Core Insights - The direct connection between Macau's Central Securities Depository (CSD) and Hong Kong's Central Moneymarkets Unit (CMU) has shown significant results in its first year, with transaction data continuously increasing and a settlement amount projected to reach 10 billion Macanese Patacas by the end of 2025 [1] Group 1: Market Development - The direct connection was officially launched on January 21, 2025, marking the first integration of Macau's bond market infrastructure with an overseas central securities depository, facilitating international investor participation in the Hong Kong-Macau bond market [1] - Over the past year, the connected business has completed more than 140 transactions in both primary and secondary markets [1] - Approximately 50% of the investment subscriptions for bonds issued by the national and local governments in Macau during 2025 came from CMU members through the bilateral connection, including hedge funds and asset management companies [1] Group 2: System Upgrades - The Macau Monetary Authority is advancing the comprehensive upgrade of the CSD system according to established plans, aiming to align with international practices and standards [2] - The system optimization will support multi-currency fund clearing and settlement, as well as an internationally accepted multi-tier custody account system, enhancing the capability to connect with international markets [2]