Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) plans to advance a series of key initiatives over the next six months to enhance the fixed income and currency markets in Hong Kong, focusing on four main pillars: promoting issuance, increasing liquidity, expanding offshore RMB business, and developing new generation infrastructure [1][2] Group 1: Key Initiatives - The SFC aims to attract more local and overseas issuers to utilize Hong Kong as a financing hub, thereby promoting issuance [1] - To increase liquidity, the SFC will implement an over-the-counter fixed income and currency derivatives system and promote the development of a central counterparty for repurchase transactions in Hong Kong [2] - The expansion of offshore RMB business will involve enhancing the application of offshore RMB, improving connectivity mechanisms, and increasing the supply of RMB-related products [2] Group 2: Infrastructure Development - The SFC will prepare for infrastructure development in the fixed income and currency markets to support the new generation of electronic trading platforms [2] - The application of tokenized fixed income and currency products will be implemented as part of the new generation infrastructure initiatives [2]

Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) plans to advance a series of key initiatives over the next six months to enhance the fixed income and currency markets in Hong Kong, focusing on four main pillars: promoting issuance, increasing liquidity, expanding offshore RMB business, and developing new generation infrastructure [1][2] Group 1: Promotion of Issuance - The SFC aims to attract more local and overseas issuers to utilize Hong Kong as a financing hub [1] - The government will lead market development through the issuance of government bonds [1] - Efforts will be made to promote Hong Kong's advantages to target market issuers and investors [1] Group 2: Increasing Liquidity - The SFC plans to implement an over-the-counter fixed income and currency derivatives system to enhance liquidity [2] - Development of a central counterparty for repurchase transactions in Hong Kong is also a focus [2] - Tools will be provided to issuers and investors to manage financing, liquidity, and risk [1] Group 3: Expanding Offshore RMB Business - The SFC intends to expand the application of offshore RMB and improve the connectivity mechanism to enhance offshore RMB liquidity [2] - There will be an increase in the supply of RMB-related products [2] Group 4: New Generation Infrastructure - The SFC will prepare for infrastructure development in the fixed income and currency markets to support new electronic trading platforms [2] - The application of tokenized fixed income and currency products will be implemented [2] - This initiative aims to solidify Hong Kong's position as a leading international financial center [1]