Core Insights - The direct connectivity service between the Central Money Unit (CMU) and the Macau Central Securities Depository has shown steady growth in subscription and usage over the past six months, indicating strong investment interest and capital flow between Hong Kong and Macau [1] Group 1 - The CMU, operated by Xunqing Settlement Co., has been in operation since January 21, 2025, and has seen a consistent increase in service volume [1] - On July 23, the Ministry of Finance of the People's Republic of China successfully settled offshore RMB government bonds issued in Macau, with a total issuance scale of 6 billion RMB, of which nearly 50% was held by CMU members through bilateral connectivity [1]