陈茂波：配合国家发展策略 推进人民币国际化

Core Viewpoint - The Hong Kong government aims to leverage its unique advantages to promote the internationalization of the Renminbi (RMB) and enhance capital account openness in alignment with national development strategies [1] Group 1: RMB Internationalization - The total quota for RMB business funding arrangements has doubled to 200 billion RMB, facilitating broader use of RMB in trade and cross-border activities by financial institutions and clients [1] - Efforts will be made to enable more convenient foreign exchange quoting and trading of RMB with other regional currencies, thereby reducing transaction costs [1] Group 2: Offshore RMB Market Development - Regular issuance of RMB bonds with varying maturities will be conducted to enrich the offshore RMB market and improve the offshore RMB bond yield curve [1] - Collaboration with the industry will focus on expanding the offshore RMB interest rate curve and exploring measures to enhance the price discovery function of short- to medium-term interest rates [1] - The government aims to attract high-quality issuers to increase RMB bond issuance in Hong Kong, targeting emerging markets to facilitate more cross-border RMB transactions [1] Group 3: Connectivity Initiatives - Hong Kong will actively collaborate with the mainland to expedite the launch of government bond futures in Hong Kong and include Real Estate Investment Trusts (REITs) in the connectivity framework [1] - There are plans to incorporate RMB trading counters into the Stock Connect program and continuously optimize the Bond Connect initiative [1]