Bank of China (Hong Kong): Multiple new measures to enhance Hong Kong's offshore RMB business hub status.

Bank of China (Hong Kong) welcomes and supports the series of measures announced today by the People’s Bank of China, together with the Hong Kong Monetary Authority and the Securities and Futures Commission. These new measures will help further optimize the trading mechanism of the offshore renminbi market, enrich the range of offshore renminbi products and trading platform options, enhance the renminbi’s international monetary functions, strengthen Hong Kong’s role as a global offshore renminbi business hub and risk management center, and consolidate and enhance the competitiveness and influence of Hong Kong as an international financial center.

The bank said that, amid current global fluctuations in interest rates and inflation, the advantages of diversified allocation of Chinese financial assets have become even more prominent, and it continues to attract international investors’ demand for increased allocation. In this favorable market environment, deepening financial market cooperation between the mainland and Hong Kong—from jointly building a new comprehensive trading platform, launching offshore renminbi government bond futures, to further expanding the size and scope of Bond Connect (Southbound Trading), and expanding the applicable scope for renminbi bonds to be used as eligible collateral in the offshore market—will inject more momentum into the development of Hong Kong’s offshore renminbi bond market, and will also help promote global market participants’ use of and holding of renminbi.

Bank of China (Hong Kong) will continue to follow up on the implementation of all policy measures, fully leverage its advantages in renminbi businesses, support financial market interconnectivity and mutual access, and make greater contributions to advancing the international use of the renminbi.