Hong Kong Exchanges and Clearing Limited (HKEX) today (Tuesday) joined the Hong Kong Monetary Authority (HKMA), the Securities and Futures Commission (SFC) and Bond Connect Company Limited (BCCL) in co-organising the Hong Kong FIC & Bond Connect Summit, welcoming a host of strategic initiatives to advance Hong Kong’s position as a leading global fixed-income and currency (FIC) centre.
The flagship Summit brought together over 650 policymakers, regulators and senior executives from leading financial institutions to discuss the latest FIC developments in Hong Kong and the Chinese Mainland, and set the agenda on key opportunities that will propel the growth of Hong Kong’s FIC ecosystem. The Summit opened with keynote speeches from Pan Gongsheng, Governor of the People’s Bank of China (PBOC), and John Lee, Chief Executive of the HKSAR Government, where they announced a number of important measures to support the FIC market development.
Other distinguished guests included Zhang Yong, Deputy Director of the Central Government’s Liaison Office in Hong Kong; Paul Chan, Financial Secretary of the HKSAR Government; Michael Wong, Deputy Financial Secretary of the HKSAR Government; Christopher Hui, Secretary for Financial Services and the Treasury of the HKSAR Government; Gao Fei, Chairman of China Foreign Exchange Trade System (CFETS); Wang Hongbo, Chairman of CIPS Co; Yu Wenjian, Chairman of the Shanghai Gold Exchange; Georges Elhedery, Group Chief Executive of HSBC; Bill Winters, Group Chief Executive of Standard Chartered; and Zhang Hui, Vice Chairman and President of Bank of China.
HKEX Chairman, Carlson Tong, said: “Building a vibrant and world-class fixed-income and currency market is central to Hong Kong’s next chapter of growth and its long-term competitiveness as an international financial centre. This summit, co-hosted by the HKMA, the SFC, HKEX and BCCL — and the many initiatives unveiled today — reflect our shared commitment to realising this vision, developing a complete FIC ecosystem in Hong Kong that supports RMB internationalisation and facilitates greater global investor access to Chinese Mainland bonds and related instruments. We look forward to working closely with regulators, market participants and stakeholders across the industry to shape a more diversified, vibrant and resilient capital market for Hong Kong.”
HKEX Chief Executive Officer, Bonnie Y Chan, said: “In an increasingly dynamic global environment, Hong Kong’s markets play a key role in connecting capital with opportunity and supporting investors as they manage exposure and risk across asset classes and currencies. Building on the success of the Connect programmes, today’s announcements mark meaningful progress in turning Hong Kong’s FIC roadmap into action. Through continued product innovation, infrastructure enhancements and deeper market connectivity, HKEX is committed to working with regulators, market participants and industry stakeholders to deliver on these advancements that will form the foundations of Hong Kong’s FIC ecosystem, further strengthening the city’s role as a superconnector in global capital markets and as the preeminent offshore RMB trading centre.”
HKEX welcomes a series of strategic initiatives announced at the Summit today that together mark important progress in strengthening Hong Kong’s FIC infrastructure, broadening product and risk-management solutions, and enhancing connectivity across the bond, derivatives and Renminbi (RMB) markets, including:
- Launch of an electronic bond trading platform to be developed through a collaboration between HKEX and China Foreign Exchange Trade System (CFETS)
- Support for the inclusion of onshore bonds issued by the Ministry of Finance and Mainland policy banks held through Bond Connect as eligible non-cash collateral at HKEX’s clearing houses HKFE Clearing Corporation Limited and The SEHK Options Clearing House Limited
- Enhancement of Southbound Bond Connect to include HKD and CNH bond related products, as well as increasing annual investment quotas and developing bond repurchase business using Southbound Bond Connect bonds as collateral
- Memorandum of Understanding between HKEX and China’s Cross-border Interbank Payment System (CIPS) to explore strategic cooperation in cross-border RMB business (see separate news release)
- Exploring a new RMB-denominated Gold Futures contract with physical delivery support from the Shanghai Gold Exchange
- Enhancement of Northbound Bond Connect operational arrangements to extend settlement time and improve efficiency
As Swap Connect marks its third anniversary, plans to further enhance the mutual market access programme were also unveiled. OTC Clearing Hong Kong Limited, HKEX’s clearing subsidiary, will work closely with CFETS and Shanghai Clearing House to support the addition of the 7-Day Fixing Depository-Institutions Repo Rate (FDR007) as a new reference rate for CNY interest rate swaps under Swap Connect. Targeted for launch in the fourth quarter of 2026, subject to regulatory approval, the enhancement will further support international investors in managing RMB interest rate risk through Hong Kong.
Further details on all these enhancements will be shared in due course. Together, these initiatives support the next phase of Hong Kong’s FIC market development by bringing debt market growth, risk management, clearing and RMB connectivity into an integrated ecosystem.
Hong Kong Chief Executive John Lee delivers a keynote speech at the Hong Kong FIC & Bond Connect Summit.
Governor of the People's Bank of China Pan Gongsheng delivers a keynote speech at the Hong Kong FIC & Bond Connect Summit.
Hong Kong Financial Secretary Paul Chan delivers a keynote address at the Hong Kong FIC & Bond Connect Summit.
About HKEX
Hong Kong Exchanges and Clearing Limited (HKEX) is a publicly-traded company (HKEX Stock Code: 388) and one of the world’s leading global exchange groups, offering a range of equity, derivative, commodity, fixed income and other financial markets, products and services, including the London Metal Exchange.
As a superconnector and gateway between East and West, HKEX facilitates the two-way flow of capital, ideas and dialogue between China and the rest of the world, through its pioneering Connect schemes, increasingly diversified product ecosystem and its deep, liquid and international markets.
HKEX is a purpose-led organisation which, across its business and through the work of HKEX Foundation, seeks to connect, promote and progress its markets and the communities it supports for the prosperity of all.
www.hkexgroup.com
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