本报讯(记者韩昱)财政部2月4日发布消息称，根据有关工作安排，财政部将于2月11日在香港特别行政 区发行2026年第一期人民币国债，发行规模为140亿元，具体发行安排将在香港金融管理局债务工具中 央结算系统(CMU)公布。 ...

Core Insights - The Macau bond market has rapidly developed from a nascent stage to surpassing 1 trillion MOP in just a few years, driven by infrastructure connectivity, the accumulation of RMB assets, and innovations in green finance [1][2]. Group 1: Market Growth and Development - The total scale of bonds listed by the Macau (MOX) has increased from less than 5 billion MOP at its inception in 2018 to 10,638.73 billion MOP by 2025, representing over 200 times growth with a compound annual growth rate exceeding 100% [1]. - The number of bond issuances has surged from 24 in 2020 to 322 by 2025, an increase of 298 issuances over five years [1]. - The Macau bond market has transitioned from a "concept market" to one that is understandable and usable by international investors, laying a foundation for future scalable development [2]. Group 2: Infrastructure and Connectivity - The Macau Central Securities Depository (CSD) has been operational for four years and successfully connected with Hong Kong's Central Moneymarkets Unit (CMU) by 2025, facilitating 100 billion MOP in settlement amounts across over 140 transactions [3]. - Approximately 50% of the bonds issued by the Macau government in 2025 were subscribed by CMU members through bilateral connectivity, enhancing international investor participation [3]. - The CSD and CMU connection has created conditions for cross-market allocation and secondary trading, contributing to a more liquid market [3]. Group 3: Regulatory and Legal Framework - The new Investment Fund Law, effective from January 1, 2026, aims to align with international regulatory standards and remove barriers to fund management, thereby creating a conducive environment for market development [4]. - The issuance of RMB-denominated bonds by the Ministry of Finance in Macau has become a regular practice, enhancing market credibility and providing quality asset supply [5]. Group 4: Product Innovation - The stock of green bonds in Macau reached 1,772.36 billion MOP, with 36 new issuances in 2025, reflecting a 16.1% year-on-year growth [6]. - The Macau government has established a certification committee for technology innovation bonds, which are aimed at supporting tech enterprises and investment institutions [6]. - Future product innovations will focus on expanding green bonds and technology innovation bonds, as well as exploring asset securitization products [7]. Group 5: Market Participation and Structure - The issuer base has diversified beyond government entities to include enterprises from various provinces, with Shandong leading in bond issuance at 587.26 billion MOP [8]. - The investor structure is becoming more international and institutional, with significant participation from international hedge funds and asset management companies through the CMU [8]. - The market is striving for a balance between economic and social benefits, contributing to the stability of the international financial market [8]. Group 6: Challenges and Future Directions - Current challenges include weak liquidity in the secondary market and the need for a more internationalized and institutionalized investor structure [9]. - Macau is positioned to leverage its unique advantages in cross-border financing and sustainable finance, aiming to become a financial bridge for Portuguese-speaking countries and Belt and Road Initiative partners [9]. - The Chief Executive of Macau has prioritized the cultivation of the bond market in the 2026 policy report, indicating a commitment to enhancing issuance processes and legal frameworks [10].

Core Viewpoint - The People's Bank of China (PBOC) is committed to supporting the development of Hong Kong as a major offshore RMB business hub, with several initiatives aimed at enhancing liquidity and market infrastructure for offshore RMB transactions [1][2]. Group 1: Liquidity Support - The PBOC supports the Hong Kong Monetary Authority in increasing the RMB business funding arrangement from 100 billion to 200 billion, providing more liquidity for the offshore market [2]. - The PBOC encourages Hong Kong RMB clearing banks to obtain RMB liquidity through various means, including issuing interbank certificates of deposit and account financing [2]. Group 2: Financial Market Connectivity - The PBOC aims to enhance financial market connectivity, enriching liquidity management and risk hedging tools for overseas investors by improving mechanisms like Bond Connect and Swap Connect [2]. - The PBOC plans to explore the use of RMB bonds as offshore eligible collateral and to promote the listing of RMB government bond futures in Hong Kong [2]. Group 3: Offshore RMB Government Bonds - The PBOC will work with relevant departments to increase the annual issuance of offshore RMB government bonds to meet the demand from foreign investors for quality RMB assets [2][3]. - A market-making mechanism for the offshore market will be established to enhance trading activity and improve RMB pricing capabilities [2]. Group 4: Gold Market Development - The PBOC supports the Shanghai Gold Exchange in participating in the construction of Hong Kong's gold clearing system, aiming to strengthen Hong Kong's position as an international gold trading center [3]. - The establishment of a delivery warehouse by the Shanghai Gold Exchange in Hong Kong has enriched the offshore RMB asset allocation tools [4]. Group 5: Cross-Border Use of RMB - The RMB's status as the second-largest trade financing currency and the third-largest payment currency globally has been further solidified, with its weight in the IMF Special Drawing Rights (SDR) basket ranking third [4]. - The Bond Connect has significantly enhanced Hong Kong's global hub function, with over 800 foreign institutions investing in the mainland bond market through the "Northbound" channel, holding a total of 810 billion RMB [3].

21世纪经济报道记者 唐婧 继在岸、离岸人民币兑美元汇率双双升破7关口之后，人民币对美元汇率中间价亦悄然破7。 1月26日，中国人民银行授权中国外汇交易中心公布，当日银行间外汇市场人民币汇率中间价为1美元对人民币6.9843元，相较前一交易 日中间价6.9929，调升86基点，续创2023年5月以来的新高。 人民币汇率中间价是指中国外汇交易中心根据中国人民银行授权，每日上午9:15发布的基准汇率，覆盖人民币对美元、欧元、日元、港 元、英镑等主要外汇币种。中间价由中国外汇交易中心根据做市商报价计算得出，是银行间外汇交易市场和银行挂牌汇价的重要参考指 标。 人民币兑美元汇率升值对个人和企业都会带来深刻影响。居民跨境消费、留学和旅游成本降低，换汇时可兑换更多美元。而对持有美元 存款或美元理财产品的居民来说，其资产以人民币计价会出现缩水。对美出口企业的价格竞争力可能会相对削弱，结汇环节的利润有所 减少。相反，依赖进口原材料、零部件的制造业企业则受益于进口成本降低，改善企业盈利状况。 不过，从高层表态来看，人民币汇率升值对进出口贸易的影响整体有限。中国人民银行副行长邹澜此前在国新办新闻发布会上表示，外 贸企业以人民币开 ...

记者丨 唐婧 编辑丨曾芳 继在岸、离岸人民币兑美元汇率双双升破7关口之后，人民币对美元汇率中间价亦悄然破7。 1月26日，中国人民银行授权中国外汇交易中心公布，当日银行间外汇市场人民币汇率中间价 为1美元对人民币6.9843元， 相较前一交易日中间价6.9929，调升86基点，续创2023年5月 （32个月）以来的新高。 图/21世纪经济报道 还有多名受访人士告诉记者，美联储降息背景下美元指数持续走弱、岁末年初时点企业结汇需 求上升，以及中国经济基本面整体形势改善是本轮人民币汇率升值的重要动力，且部分积极因 素仍将延续至2026年。 例如，长城证券首席经济学家汪毅预计，展望2026年，弱美元格局或将延续，美联储继续降息 成为大概率事件，而中国经济和出口存在支撑，人民币仍然处于双向波动区间，但升值节奏可 能转为平稳。 人民币避险属性进一步增强 人民币汇率中间价是指中国外汇交易中心根据中国人民银行授权，每日上午9:15发布的基准汇 率，覆盖人民币对美元、欧元、日元、港元、英镑等主要外汇币种。中间价由中国外汇交易中 心根据做市商报价计算得出，是银行间外汇交易市场和银行挂牌汇价的重要参考指标。 人民币兑美元汇率升值对 ...

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 ...

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]

Group 1 - The People's Bank of China (PBOC) announced an increase in the offshore RMB funding arrangement for Hong Kong from 100 billion to 200 billion RMB to enhance liquidity [2] - The RMB has become the second largest trade financing currency and the third largest payment currency globally, with its weight in the IMF's Special Drawing Rights (SDR) basket ranking third [2] - The PBOC and the Hong Kong Monetary Authority (HKMA) will promote offshore RMB bond repurchase and cross-border repurchase operations in Hong Kong in 2024, with participation from 34 offshore institutional investors totaling 119.1 billion RMB [3] Group 2 - The PBOC plans to increase the supply of offshore RMB government bonds to meet the demand for quality RMB assets from foreign investors [4] - A cooperation agreement was signed between Hong Kong and the Shanghai Gold Exchange to enhance the offshore RMB market and support the establishment of a gold delivery warehouse in Hong Kong [4] - The PBOC will continue to improve financial market connectivity and enhance risk management tools for offshore investors, including the steady promotion of RMB government bond futures listings in Hong Kong [3][4]

Group 1 - The Macau government is promoting the development of the modern financial industry and strengthening the bond market infrastructure to enhance the ecosystem of the Macau bond market [1] - The Central Securities Depository (CSD) in Macau is undergoing a comprehensive upgrade, with the new Investment Fund Law effective from January, which aims to protect investors' rights and boost confidence in the bond market [1] - MCSD, as the core infrastructure operator of the Macau bond market, is committed to providing secure and robust financial services to market participants, aiming for high-quality and sustainable development [1] Group 2 - By 2025, the Ministry of Finance has issued RMB government bonds in Macau for four consecutive years, increasing the issuance scale and introducing long-term bond varieties [2] - The CSD in Macau has directly connected with the Central Moneymarkets Unit (CMU) in Hong Kong, facilitating international investors' participation in the Hong Kong-Macau bond market [2] - The settlement amount for the CSD and CMU connection reached 10 billion Macau Patacas by the end of 2025, with over 140 transactions completed, indicating significant growth in trading data [2] Group 3 - The direct connection has significantly increased the issuance and subscription scale of Macau bonds, with about 50% of the investment subscriptions coming from CMU members through bilateral connections [3] - The collaboration between CSD and CMU has led to a substantial increase in market participation and activity, enhancing the integration of financial infrastructures between Hong Kong and Macau [3] - The ongoing cooperation is expected to promote the prosperity of the Guangdong-Hong Kong-Macau Greater Bay Area and strengthen the competitive advantage of Hong Kong and Macau as international financial hubs [3]

Core Viewpoint - The Hong Kong Stock Exchange welcomes the Ministry of Finance of China for the issuance of three RMB government bonds, reinforcing Hong Kong's position as an international offshore RMB hub [1] Group 1: Bond Issuance Details - The total scale of the bond issuance is 7 billion RMB, which includes 2 billion RMB for a 2-year bond, 3 billion RMB for a 3-year bond, and 2 billion RMB for a 5-year bond [1] - The issuance aims to provide global investors with more high-quality RMB asset options and promote the internationalization of the RMB [1] Group 2: Market Impact - The Hong Kong Stock Exchange will continue to support the issuance of dim sum bonds, further solidifying its role in the offshore RMB market [1] - As of today, there are nearly 300 RMB-denominated bonds listed on the Hong Kong Stock Exchange, with 107 of them listed this year, accumulating a financing amount exceeding 200 billion RMB [1]