邹澜表示，香港已成为全球最大、最具影响力的人民币离岸业务枢纽。下一步，中国人民银行将坚定支 持并继续稳步推进香港离岸人民币市场建设。 一是增加人民币业务资金安排规模，为香港离岸市场提供更加充裕的流动性支持。为更好满足市场需 求，中国人民银行支持香港金管局将人民币业务资金安排规模由1000亿元增加至2000亿元。同时支持香 港人民币清算行通过发行同业存单、账户融资等多种方式，从境内市场获取不同期限人民币流动性，多 措并举提升香港离岸人民币流动性水平。 1月26日，中国人民银行副行长邹澜在第19届亚洲金融论坛上表示，近年来中国金融市场健康快速发 展，市场规模、深度与广度稳居全球前列，国际影响力持续增强。中国人民银行持续推进内地与香港金 融市场互联互通机制，全面覆盖债券、股票、货币衍生品、黄金等多个子市场，有效支持全球投资者通 过香港开展人民币投融资活动。 在债券市场方面，"债券通"显著提升香港的全球枢纽功能。截至2025年，已有超800家境外机构通过"北 向通"经由香港投资内地债券市场，持仓规模达8100亿元人民币，占境外机构持有中国债券总额的四分 之一；2025年全年交易额达9.7万亿元人民币，占比超60%。同 ...

新华财经上海1月26日电中国人民银行副行长邹澜在第19届亚洲金融论坛上表示，中国人民银行持续推 进内地与香港金融市场互联互通机制，全面覆盖债券、股票、货币衍生品、黄金等多个子市场，有效支 持全球投资者通过香港开展人民币投融资活动。 （文章来源：上海证券报） 邹澜表示，香港已成为全球最大、最具影响力的人民币离岸业务枢纽。下一步，中国人民银行将坚定支 持并继续稳步推进香港离岸人民币市场建设。一是增加人民币业务资金安排规模，为香港离岸市场提供 更加充裕的流动性支持。二是将继续推进金融市场互联互通，丰富境外投资者流动性管理和风险对冲工 具。三是增加离岸人民币国债供给规模，提高市场流动性。四是支持香港黄金市场建设，增强香港离岸 人民币市场功能。 ...

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the rapid development and global influence of China's financial markets, highlighting the ongoing efforts to enhance the connectivity between mainland China and Hong Kong's financial markets [1][2]. Group 1: Bond Market Developments - The "Bond Connect" has significantly enhanced Hong Kong's role as a global financial hub, with over 800 foreign institutions investing in mainland China's bond market through the "Northbound" channel, holding a total of 810 billion RMB, which accounts for 25% of foreign holdings in Chinese bonds [1] - The total trading volume for 2025 is projected to reach 9.7 trillion RMB, representing over 60% of the market [1] - The "Southbound" channel has facilitated mainland investors in acquiring Hong Kong dollar, US dollar, and RMB-denominated bonds, with current holdings nearing 1.2 trillion RMB [1] Group 2: Stock Market Developments - The Shanghai-Hong Kong Stock Connect mechanism continues to expand, with mainland investors holding over 60 billion HKD in Hong Kong stocks through the "Hong Kong Stock Connect," while global investors hold over 2.5 trillion RMB in mainland stocks via the "Shanghai-Hong Kong Stock Connect" [1] Group 3: Currency and Liquidity Management - In February and October 2025, the PBOC and the Hong Kong Monetary Authority launched offshore and cross-border RMB repurchase agreements, with 34 foreign institutions engaging in offshore repurchase transactions totaling 119.1 billion RMB, and 46 new institutions participating in cross-border repurchase agreements amounting to 150.3 billion RMB, enhancing liquidity in the Hong Kong RMB market [2] - The "Swap Connect" has seen 87 foreign investors accessing the mainland derivatives market through Hong Kong, with a cumulative nominal principal of over 9.9 trillion RMB in interest rate swap transactions [2] Group 4: Gold Market Developments - The Shanghai Gold Exchange has established a delivery warehouse in Hong Kong and listed related contracts, enriching the offshore RMB asset allocation tools [2] - The PBOC supports the construction of Hong Kong's gold market, aiming to strengthen its role as an international gold trading center [4] Group 5: Future Initiatives - The PBOC plans to increase the RMB business funding arrangement scale for Hong Kong's offshore market from 100 billion to 200 billion RMB to enhance liquidity [3] - Continued efforts will be made to improve financial market connectivity and expand liquidity management and risk hedging tools for foreign investors [3] - The PBOC will also increase the annual issuance of offshore RMB government bonds to meet the demand for quality RMB asset allocation from foreign investors [3]

Core Insights - The People's Bank of China (PBOC) emphasizes the rapid and healthy development of China's financial market, maintaining a leading position globally in terms of market size, depth, and breadth, with increasing international influence [1][5] Bond Market - The "Bond Connect" significantly enhances Hong Kong's role as a global hub, with over 800 foreign institutions investing in the mainland bond market via the "Northbound" channel, holding a total of 810 billion RMB, which accounts for one-quarter of foreign holdings in Chinese bonds. The total trading volume for 2025 is projected to reach 9.7 trillion RMB, representing over 60% of the market [6] - The "Southbound" channel supports mainland investors in allocating HKD, USD, and RMB bonds, with current holdings nearing 1.2 trillion RMB [6] Stock Market - The Shanghai-Hong Kong Stock Connect continues to expand, with mainland investors holding over 6 trillion HKD in Hong Kong stocks through the Stock Connect, while global investors hold over 2.5 trillion RMB in mainland stocks [6] Currency and Liquidity Management - In 2025, the PBOC and the Hong Kong Monetary Authority (HKMA) will jointly launch offshore and cross-border RMB repurchase agreements, with 34 foreign institutions already participating in offshore repurchases totaling 119.1 billion RMB, and 46 new institutions involved in cross-border repurchases of 150.3 billion RMB, significantly enhancing liquidity and attractiveness in the Hong Kong RMB market [2][6] Derivatives Market - The "Swap Connect" is increasingly significant, with 87 foreign investors accessing the mainland derivatives market through Hong Kong, conducting interest rate swap transactions with a cumulative nominal principal exceeding 9.9 trillion RMB [2][6] Gold Market - The Shanghai Gold Exchange has established a delivery warehouse in Hong Kong and listed related contracts, enriching offshore RMB asset allocation tools. The RMB's role as the second-largest trade financing currency and third-largest payment currency globally is further solidified, ranking third in the IMF Special Drawing Rights (SDR) currency basket [7] Future Developments - The PBOC plans to increase the RMB business funding arrangement scale for Hong Kong's offshore market from 100 billion to 200 billion RMB to provide more liquidity support [3][7] - Continued efforts will be made to enhance financial market connectivity, improve liquidity management and risk hedging tools for foreign investors, and explore the listing of RMB government bond futures in Hong Kong [3][8] - The PBOC will also increase the supply of offshore RMB government bonds to meet foreign investors' demand for quality RMB assets and establish a market-making mechanism to enhance trading activity and RMB pricing capabilities [3][8] - Support for the construction of Hong Kong's gold market will be provided to strengthen its offshore RMB market functions and enhance connections with global gold markets [4][8]

Core Viewpoint - The Hong Kong International Financial Leaders Investment Summit highlighted the importance of Hong Kong's role in global finance and the opportunities presented by the "15th Five-Year Plan" for its future development [1][2]. Group 1: Economic and Financial Developments - Hong Kong is recognized as the world's freest economy and has achieved significant rankings in global talent and competitiveness, with a rise to fourth in the World Talent Ranking and third in the World Competitiveness Report [5]. - The Hong Kong stock market has seen a year-to-date increase of over 30%, with a significant rise in daily trading volume, nearly doubling compared to the previous year [5]. - In the first ten months of the year, Hong Kong completed 80 IPOs, raising over $26 billion, making it the top global market for IPO fundraising [5]. Group 2: Financial Infrastructure and Innovation - The Hong Kong government is working on reforms to enhance the listing mechanism, facilitate overseas financing, and improve transaction and risk management efficiency [5]. - A roadmap for the development of fixed income and currency markets was released, aiming to enhance primary market issuance and increase secondary market liquidity [6]. - Hong Kong has over 1,200 fintech companies and is committed to becoming a global hub for digital assets, supported by a forward-looking regulatory framework [6]. Group 3: Cross-Border Financial Cooperation - The People's Bank of China is focused on deepening the interconnection between mainland and Hong Kong financial markets, enhancing the offshore RMB market, and optimizing cross-border financial services [9][10]. - Initiatives such as "Bond Connect" and "Wealth Management Connect" have been expanded to facilitate cross-border investment and improve market access for foreign investors [9][10]. - The Chinese government is committed to supporting Hong Kong's development as an international financial center, particularly in the context of the Greater Bay Area and the Belt and Road Initiative [12][14]. Group 4: Regulatory and Risk Management - The China Securities Regulatory Commission is set to introduce more measures to enhance the openness of the capital market and improve cross-border investment facilitation [16][18]. - There is a focus on strengthening regulatory cooperation to prevent financial risks and ensure the stability of the financial system [19]. - The regulatory framework will be enhanced to support the development of green finance and digital currency, promoting sustainable financial practices [15][19].

Core Viewpoint - The People's Bank of China (PBOC) aims to deepen the interconnection between the financial markets and services of mainland China and Hong Kong, enhancing Hong Kong's status as an international financial center while promoting high-level financial openness [1][2]. Group 1: Financial Market Development - The PBOC will strengthen the construction of the offshore RMB market in Hong Kong [2]. - Continuous efforts will be made to enhance the integration of financial services between mainland China and Hong Kong [2]. Group 2: Financial Technology and Innovation - The PBOC plans to utilize financial technology innovations to provide efficient and convenient cross-border payment services for economic integration [2]. - Exploration of new cooperation schemes for cross-border payments using central bank digital currency (CBDC) is underway [2]. - The PBOC will enhance communication and collaboration in the field of financial technology with various parties [2]. Group 3: Contribution to Digital Economy - The initiatives are aimed at contributing to the high-quality development of the digital economy [2].

Core Viewpoint - The People's Bank of China (PBOC) is committed to supporting Hong Kong's development as an international financial center through enhanced financial market connectivity and practical cooperation [1][2]. Group 1: Financial Market Connectivity - As of the end of September, 1,176 foreign institutions have entered the domestic bond market, with a total bond holding scale of 3.8 trillion yuan [1]. - By the end of July, over 160,000 individual investors participated in the "Cross-Border Wealth Management Connect," with a remittance amount of 120.9 billion yuan [1]. - As of the end of August, the cumulative nominal principal amount of transactions under the "Swap Connect" reached approximately 8.15 trillion yuan [1]. Group 2: Offshore Renminbi Market Development - The PBOC supports the Hong Kong Monetary Authority in launching a trade financing liquidity arrangement with a total scale of 100 billion yuan [1]. - From January to September, the PBOC issued seven batches of central bank bills in Hong Kong, totaling 255 billion yuan, with a balance of 170 billion yuan, an increase of 30 billion yuan from the end of the previous year [1]. Group 3: Financial Services for Residents and Enterprises - The number of bank accounts opened by residents of Hong Kong and Macau has expanded to eight banks in nine cities of the Greater Bay Area, totaling 475,000 accounts with a transaction amount of 41.8 billion yuan, of which 72% are linked to mobile payments [2]. - As of the end of September, there are 113 direct and indirect participating institutions in Hong Kong under the Renminbi Cross-Border Payment System (CIPS) [2]. - By the end of September, 78 Hong Kong-funded enterprises in Shenzhen have obtained 2.1 billion yuan in bank financing through credit cooperation [2]. Group 4: Continued Support for the Greater Bay Area - The PBOC will continue to enhance financial support for the construction of the Guangdong-Hong Kong-Macao Greater Bay Area and promote high-level opening-up in the financial sector [2].

Core Viewpoint - The People's Bank of China is actively supporting the development of Hong Kong as an international financial center, focusing on enhancing market connectivity and building the offshore RMB market [1][2]. Group 1: Financial Market Connectivity - The People's Bank of China is deepening financial market connectivity between the mainland and Hong Kong, responding to market demands by optimizing mechanisms such as Bond Connect, Cross-Border Wealth Management Connect, and Swap Connect [1]. - In 2023, the bank has supported various foreign institutional investors in conducting bond repurchase transactions in the mainland and launched offshore bond repurchase business in Hong Kong using Bond Connect bonds as collateral [1]. Group 2: Offshore RMB Market Development - The People's Bank of China is actively supporting the construction of the offshore RMB market in Hong Kong, facilitating services such as account opening, cross-border payments, and credit reporting [1]. - As of the end of September, 1,176 foreign institutions have entered the domestic bond market, covering 80 countries and regions, with a total bond holding scale of 3.8 trillion yuan [2]. Group 3: Financial Services Statistics - By the end of July, 164,600 individual investors participated in the Cross-Border Wealth Management Connect business, with a total remittance amount of 120.9 billion yuan [2]. - As of the end of August, Swap Connect has recorded over 15,000 transactions, with a total nominal principal amount of approximately 8.15 trillion yuan [2].

Core Insights - The People's Bank of China (PBOC) is actively supporting the development of the offshore RMB market in Hong Kong through various initiatives [1] Group 1: Financial Initiatives - In February 2025, the PBOC supported the Hong Kong Monetary Authority (HKMA) to launch a trade financing liquidity arrangement with a total scale of 100 billion RMB [1] - As of the end of September this year, nearly 30 billion RMB in transactions have been initiated under this arrangement [1] - The PBOC has normalized the issuance of RMB central bank bills in Hong Kong, with a cumulative issuance scale of 255 billion RMB across seven issues [1] Group 2: Market Development - The balance of central bank bills stood at 170 billion RMB as of the end of September, reflecting an increase of 30 billion RMB compared to the end of the previous year [1] - The PBOC is collaborating with relevant departments to promote the issuance of high-credit-quality RMB assets, such as RMB government bonds, in Hong Kong [1]

Core Viewpoint - The People's Bank of China (PBOC) is committed to supporting the development of Hong Kong as an international financial center, focusing on enhancing market connectivity and the offshore RMB market [1][2]. Group 1: Support for Hong Kong Financial Development - The PBOC has been actively supporting the construction of Hong Kong's international financial center in recent years [1][2]. - Specific measures include deepening financial market connectivity between the mainland and Hong Kong, and strengthening the offshore RMB market [1][2]. Group 2: Financial Cooperation and Investment Environment - The PBOC aims to continue collaboration with various departments to support Hong Kong's development and deepen financial market cooperation [1][2]. - There is an emphasis on increasing financial support for the Greater Bay Area, promoting financial openness, and enhancing cross-border investment and financing convenience [1][2].