Core Insights - The offshore RMB market in Hong Kong has significantly grown over the past 20 years, with daily foreign exchange trading volume increasing over sixfold to $670 billion last year, elevating its global ranking from 6th to 4th [1] - The total amount of outstanding bonds denominated in HKD has risen from HKD 664 billion in 2005 to over HKD 2.8 trillion last year [1] - The Hong Kong Treasury Markets Association, celebrating its 20th anniversary, has played a crucial role in promoting practices, enhancing industry collaboration, and improving market competitiveness [1] - A newly announced "Fixed Income and Currency Market Development Roadmap" aims to coordinate efforts to make Hong Kong's fixed income and currency markets more competitive, reflecting extensive communication with the industry [1]