香港金管局公布人民币流动资金安排优化措施，将于10月9日生效

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) announced optimization measures for the offshore RMB liquidity arrangement, effective from October 9, 2025, to better meet the liquidity demands arising from the growth of offshore RMB business [2][4]. Summary by Sections Optimization Measures - The HKMA will replace the existing "RMB Trade Financing Liquidity Arrangement" with the "RMB Business Liquidity Arrangement," implementing several optimization measures [4]. - The daily and overnight RMB liquidity limits will be adjusted from 200 billion RMB each to 300 billion RMB for daily and 100 billion RMB for overnight, maintaining a total of 400 billion RMB [4][5]. - New T+1 repo agreements for two-week and one-month terms will be introduced, alongside existing one-day and one-week options, providing banks with greater flexibility in managing funds [5]. Implementation Phases - The optimization will be rolled out in three phases: - Phase 1 (Starting October 9, 2025): Banks will access RMB liquidity at lower rates, based on the Shanghai Interbank Offered Rate, eliminating a previous 25 basis points premium [7]. - Phase 2 (Starting December 1, 2025): Specific RMB capital expenditures and working capital loans will be included in the eligible business scope, enhancing predictability and stability in RMB funding costs for banks [8]. - Phase 3 (Starting February 2, 2026): Introduction of a third-party repo service by the Central Moneymarkets Unit (CMU), allowing banks to automate collateral management and enhance market liquidity [8]. Support for Offshore RMB Business - The HKMA's measures aim to support the robust growth of offshore RMB business, with indicators showing a significant increase in the demand for RMB as a financing currency [11]. - The loan-to-deposit ratio for RMB in the banking sector rose from approximately 20% in September 2022 to over 90% by June 2025, indicating a growing demand for long-term RMB loans [11]. - The HKMA's initiatives are designed to ensure sufficient liquidity in the market to expand offshore RMB business and promote its use in the real economy [11][12].