中国人民银行副行长邹澜：深化互联互通 坚定支持离岸人民币市场建设

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the rapid development and global influence of China's financial markets, highlighting the ongoing efforts to enhance the connectivity between mainland China and Hong Kong's financial markets [1][2]. Group 1: Bond Market Developments - The "Bond Connect" has significantly enhanced Hong Kong's role as a global financial hub, with over 800 foreign institutions investing in mainland China's bond market through the "Northbound" channel, holding a total of 810 billion RMB, which accounts for 25% of foreign holdings in Chinese bonds [1] - The total trading volume for 2025 is projected to reach 9.7 trillion RMB, representing over 60% of the market [1] - The "Southbound" channel has facilitated mainland investors in acquiring Hong Kong dollar, US dollar, and RMB-denominated bonds, with current holdings nearing 1.2 trillion RMB [1] Group 2: Stock Market Developments - The Shanghai-Hong Kong Stock Connect mechanism continues to expand, with mainland investors holding over 60 billion HKD in Hong Kong stocks through the "Hong Kong Stock Connect," while global investors hold over 2.5 trillion RMB in mainland stocks via the "Shanghai-Hong Kong Stock Connect" [1] Group 3: Currency and Liquidity Management - In February and October 2025, the PBOC and the Hong Kong Monetary Authority launched offshore and cross-border RMB repurchase agreements, with 34 foreign institutions engaging in offshore repurchase transactions totaling 119.1 billion RMB, and 46 new institutions participating in cross-border repurchase agreements amounting to 150.3 billion RMB, enhancing liquidity in the Hong Kong RMB market [2] - The "Swap Connect" has seen 87 foreign investors accessing the mainland derivatives market through Hong Kong, with a cumulative nominal principal of over 9.9 trillion RMB in interest rate swap transactions [2] Group 4: Gold Market Developments - The Shanghai Gold Exchange has established a delivery warehouse in Hong Kong and listed related contracts, enriching the offshore RMB asset allocation tools [2] - The PBOC supports the construction of Hong Kong's gold market, aiming to strengthen its role as an international gold trading center [4] Group 5: Future Initiatives - The PBOC plans to increase the RMB business funding arrangement scale for Hong Kong's offshore market from 100 billion to 200 billion RMB to enhance liquidity [3] - Continued efforts will be made to improve financial market connectivity and expand liquidity management and risk hedging tools for foreign investors [3] - The PBOC will also increase the annual issuance of offshore RMB government bonds to meet the demand for quality RMB asset allocation from foreign investors [3]