港交所陈翊庭最新发声！

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is focusing on developing its fixed income and currency markets, recognizing the growing interest from global investors in Chinese opportunities, particularly through the Hong Kong market [1][4]. Group 1: Market Sentiment and Activity - The atmosphere at the World Economic Forum in Davos was notably different this year, with a more optimistic outlook among global participants regarding finding opportunities amid volatility, particularly in relation to China [1]. - Since the second half of last year, the securities market in Hong Kong has become increasingly active, with daily trading volumes reaching new highs, driven by strong interest from global investors in Chinese investments [1]. - The average daily trading volume of the Stock Connect program increased by 55% in 2024, indicating heightened activity from mainland Chinese investors in the Hong Kong market [1]. Group 2: Product Ecosystem and Diversification - HKEX is actively expanding its product ecosystem to enhance its resilience against market fluctuations and to align with evolving global investor demands [3]. - The fixed income and currency (FIC) markets are identified as key areas for future growth, with plans to develop a rich product ecosystem similar to that of the existing securities market [4]. - The mainland China's fixed income market has grown fivefold over the past decade, reaching $24.6 trillion, making it the second largest globally, which presents significant opportunities for HKEX [4]. Group 3: Infrastructure and Collaboration - HKEX is enhancing its fixed income and currency market infrastructure through partnerships, such as the collaboration with Xunqing Clearing Limited to improve post-trade securities infrastructure [9]. - The Bond Connect program has become a crucial channel for international investors to access the mainland fixed income market, with its northbound trading volume hitting new highs annually since its launch in 2017 [5]. - The nominal value of derivatives contracts settled by HKEX's OTC clearing company reached a record high of $1.19 trillion in 2024, reflecting a 142% increase from 2023 [5]. Group 4: Future Outlook - The development of the fixed income and currency markets is seen as a long-term effort, with the recent collaboration marking a significant breakthrough towards building a comprehensive fixed income product ecosystem [9]. - HKEX aims to enhance its position as an international financial center and a hub for offshore RMB, believing that a rich product ecosystem will facilitate global capital in seizing historic opportunities presented by China's economic growth [10].