9月25日，香港证券及期货事务监察委员会与香港金融管理局联合举办首届香港固定收益及货币论 坛，中国人民银行副行长邹澜发表主旨演讲。邹澜回顾了近年来内地与香港在金融市场的务实合作，介 绍了人民币债券资产的独特优势和中国债券市场的繁荣发展成果，强调中国人民银行将继续支持香港国 际金融中心建设，推动中国金融市场高水平对外开放。 "过去几年，随着我国经济增长动能不断激活，我国债券市场高质量发展稳步推进，人民币债券资 产进一步展现出良好的投资价值。"有业内人士表示。 在本次论坛上，邹澜还宣布了四项重磅措施，旨在进一步提升跨境投融资便利化水平，推动金融市 场高水平开放，加快离岸人民币市场发展。据悉，中国人民银行近期将重点推动这些举措落地。 从收益率看，中国债券的短期与长期收益率、名义与实际收益率均位居全球前列。根据彭博数据， 在过去10年内持有彭博巴克莱全球综合指数中的中国债券组合，无论是否进行外汇对冲，都可以获得约 70%的收益。在全球高通胀背景下，剔除通货膨胀因素，人民币债券的实际收益率仍然相对较高，为全 球人民币持有者提供了一个非常不错的保值增值途径。 我国债券市场规模居世界第二 近年来，我国债券市场在服务实体经济 ...

强吸引力 境外机构看好中国债券市场 这些政策的落地让我国债券市场的国际影响力和吸引力不断提升。 2025年9月25日，香港证券及期货事务监察委员会与香港金融管理局联合举办首届香港固定收益及货币 论坛，中国人民银行副行长邹澜发表主旨演讲。邹澜回顾了近年来内地与香港在金融市场的务实合作， 介绍了人民币债券资产的独特优势和中国债券市场的繁荣发展成果，强调了人民银行将继续支持香港国 际金融中心建设，推动中国金融市场高水平对外开放。 "过去几年，随着中国经济增长动能不断激活，中国债券市场高质量发展稳步推进，人民币债券资产进 一步展现出良好的投资价值。"有业内人士表示。 在本次论坛上，邹澜还宣布了四项重磅措施，旨在进一步提升跨境投融资便利化水平，推动金融市场高 水平开放，加快离岸人民币市场发展。据悉，人民银行近期将重点推动这些举措落地。 中国债券市场规模居世界第二 近年来，中国债券市场在服务实体经济、优化融资结构中发挥关键作用，实现健康快速发展。债券市场 的国际影响力和吸引力显著提升。"中国人民银行通过完善市场化运行机制，加强债券市场基础设施统 筹，提高市场运行效率，健全规则统一的违约风险防范与处置机制，持续推动市场统一 ...

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) has officially launched the optimized offshore RMB bond repurchase business on August 25, 2023, to support collateral bond reuse and foreign currency settlement [1]. Group 1: Optimized Offshore RMB Bond Repurchase Business - The HKMA announced the optimization of the offshore RMB bond repurchase business in July 2023, aimed at facilitating "Bond Connect" (Northbound) investors' participation [1]. - The first trading day recorded over 60 transactions from at least 25 financial institutions, involving amounts exceeding 3 billion RMB equivalent, with settlement currencies including RMB, HKD, USD, and EUR [1]. - The optimization measures include allowing collateral bonds to be reused during the repurchase period and supporting foreign currency settlements, enhancing liquidity management tools [2]. Group 2: Market Development and Policy Support - The HKMA plans to continue promoting the offshore RMB repurchase business in collaboration with relevant mainland departments and the industry, creating more policy space to foster a favorable market environment [1]. - The two optimization measures aim to align with international market practices, improve operational convenience, and expand the depth and breadth of the offshore repurchase market [2]. - The enhancements are expected to improve the attractiveness of onshore bonds in the offshore market as collateral [2].

Group 1 - The Hong Kong Monetary Authority (HKMA) has officially launched the optimized arrangement for offshore RMB bond repurchase operations on August 25 [1] - The arrangement, announced in July 2025, supports the reuse of collateral bonds and foreign currency settlement, receiving positive market feedback [1] - The first transaction was orderly, with participation from at least 25 financial institutions, involving over 60 transactions and an amount exceeding 3 billion RMB equivalent, settled in RMB, HKD, USD, and EUR [1] Group 2 - The HKMA will collaborate with relevant mainland departments and the industry to promote offshore RMB repurchase operations, creating policy space and a favorable environment to support the development of Hong Kong's offshore RMB market [1]

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) has officially launched an optimized arrangement for offshore RMB bond repurchase operations to support the reuse of collateral bonds and foreign currency settlements [1] Group 1: Market Response - The market has reacted positively to the optimization measures, indicating strong support for the initiative [1] - On the first trading day, transactions were orderly, with over 60 trades recorded from at least 25 financial institutions, including market makers, banks, securities firms, asset management companies, and hedge funds [1] Group 2: Transaction Details - The total transaction amount exceeded the equivalent of 30 billion RMB, with settlement currencies including RMB, HKD, USD, and EUR [1] Group 3: Future Developments - The HKMA will continue to promote offshore RMB repurchase operations in collaboration with relevant mainland departments and the industry, aiming to create more policy space and foster a favorable market environment for the development of Hong Kong's offshore RMB market [1]