精彩回顾 | 澳门银行业研讨会：外汇、债市与跨境资产管理新机遇

Core Insights - The recent Bloomberg Macau Banking Seminar highlighted Macau's strategic importance in the national development and the Guangdong-Hong Kong-Macau Greater Bay Area, emphasizing its role in the internationalization of the Renminbi [1] Group 1: Offshore RMB Bonds and Market Dynamics - The issuance of offshore RMB bonds in Macau has been increasing, attracting more international investors and promoting further integration with global financial markets [3] - The recent 25 basis point interest rate cut by the Federal Reserve indicates a shift towards a more accommodative monetary policy, with "de-dollarization" becoming a focal point of market discussions [4] - Trump's trade policies are exacerbating the trend of "de-dollarization" by imposing high tariffs, which reduces the liquidity of the dollar in global trade [6] Group 2: Global Bond Market Outlook - The annual interest expenditure of the U.S. federal government is approximately $1.13 trillion and is on an upward trend, presenting a dilemma for the Federal Reserve between maintaining high rates or cutting rates to combat inflation [11] - As the dollar weakens, emerging market assets are expected to receive strong support, with central banks in these markets having ample room for rate cuts [13] Group 3: Cross-Border Investment and Infrastructure Upgrades - The direct connection between the Macau Central Securities Depository (MCSD) and the Hong Kong Monetary Authority's Central Moneymarkets Unit (CMU) is set to enhance the bond market in both regions by 2025 [14] - The integration of the Macau bond market with Hong Kong has led to increased issuance and subscription scales, improved investor structure, and clearer sustainable development paths for the market [16] Group 4: Bloomberg's Solutions and Market Support - Bloomberg's FXGO platform supports various trading activities, including spot, forward, swap, and precious metals trading, facilitating the entire trading process [8] - Bloomberg's sell-side solutions cater to banks at different development stages, focusing on real-time trading data, risk analysis, and asset-liability management [24] - The automation and digitization of processes are essential for banks to reduce costs and enhance competitiveness, with Bloomberg's data products offering extensive coverage and high-quality customer service [30]