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 Insights - The People's Bank of China (PBOC) emphasizes the rapid and healthy development of China's financial market, maintaining a leading position globally in terms of market size, depth, and breadth, with increasing international influence [1][5] Bond Market - The "Bond Connect" significantly enhances Hong Kong's role as a global hub, with over 800 foreign institutions investing in the mainland bond market via the "Northbound" channel, holding a total of 810 billion RMB, which accounts for one-quarter of foreign holdings in Chinese bonds. The total trading volume for 2025 is projected to reach 9.7 trillion RMB, representing over 60% of the market [6] - The "Southbound" channel supports mainland investors in allocating HKD, USD, and RMB bonds, with current holdings nearing 1.2 trillion RMB [6] Stock Market - The Shanghai-Hong Kong Stock Connect continues to expand, with mainland investors holding over 6 trillion HKD in Hong Kong stocks through the Stock Connect, while global investors hold over 2.5 trillion RMB in mainland stocks [6] Currency and Liquidity Management - In 2025, the PBOC and the Hong Kong Monetary Authority (HKMA) will jointly launch offshore and cross-border RMB repurchase agreements, with 34 foreign institutions already participating in offshore repurchases totaling 119.1 billion RMB, and 46 new institutions involved in cross-border repurchases of 150.3 billion RMB, significantly enhancing liquidity and attractiveness in the Hong Kong RMB market [2][6] Derivatives Market - The "Swap Connect" is increasingly significant, with 87 foreign investors accessing the mainland derivatives market through Hong Kong, conducting interest rate swap transactions with a cumulative nominal principal exceeding 9.9 trillion RMB [2][6] Gold Market - The Shanghai Gold Exchange has established a delivery warehouse in Hong Kong and listed related contracts, enriching offshore RMB asset allocation tools. The RMB's role as the second-largest trade financing currency and third-largest payment currency globally is further solidified, ranking third in the IMF Special Drawing Rights (SDR) currency basket [7] Future Developments - 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 provide more liquidity support [3][7] - Continued efforts will be made to enhance financial market connectivity, improve liquidity management and risk hedging tools for foreign investors, and explore the listing of RMB government bond futures in Hong Kong [3][8] - The PBOC will also increase the supply of offshore RMB government bonds to meet foreign investors' demand for quality RMB assets and establish a market-making mechanism to enhance trading activity and RMB pricing capabilities [3][8] - Support for the construction of Hong Kong's gold market will be provided to strengthen its offshore RMB market functions and enhance connections with global gold markets [4][8]