Latest news with #BondConnect
Bahrain News Gazette
20-03-2025
- Business
- Bahrain News Gazette
Hong Kong – World No.3 Global Financial Centre
HONG KONG SAR – Media OutReach Neswire – 20 March 2025 – Hong Kong has maintained its World No.3 ranking in the latest Global Financial Centres Index (GFCI) after New York (No.1) and London (No.2). Hong Kong's overall rating increased by 11 points to 760, remaining top in the Asia-Pacific region. The biannual GFCI, published today (March 20) by the Z/Yen from the United Kingdom and the China Development Institute from Shenzhen, also rated Hong Kong No.4 globally for fintech offerings, a leap of five places compared to the previous report. Hong Kong continues to be No. 1 in the Asia-Pacific region in the latest Global Financial Centres Index. The Hong Kong Special Administrative Region (HKSAR) Government welcomed the report, saying the positive assessment fully recognises Hong Kong's leading status and strengths as an international financial centre. Among the various areas of competitiveness of the GFCI, Hong Kong rose to second place for 'human capital', 'infrastructure' and 'financial sector development' and third in the 'business environment' and 'reputational and general'. 'The ratings reflect that our continued efforts to enhance the diversity and the competitiveness of Hong Kong as an international financial centre have fully received international recognition,' said the Financial Secretary of the HKSAR, Mr Paul Chan. 'I have full confidence that as long as we adhere to fundamental principles while breaking new ground, stay bold in reform, flexible in our responses and strive to seize the opportunities presented by the new era and new landscape, Hong Kong's status as an international financial centre will surely reach new heights.' Among financial industry sectors, the latest GFCI ranked Hong Kong first in 'investment management', 'insurance' and 'finance', and third globally in 'banking'. This reflects positively on the various government initiatives, including those announced in the 2025-26 Budget, to promote development of the financial market and create more new growth areas. Some recent strategies include enhancing the timeframe for listing application process and listing requirements for specialist technology companies, which have injected new impetus into the Hong Kong market and improved its liquidity. To deepen the financial mutual access between the Mainland and Hong Kong, a number of measures have been implemented to enrich and support offshore Renminbi (RMB) business, such as enhancing the settlement arrangements of Bond Connect and launching offshore RMB bond repurchase business using Northbound Bond Connect bonds as collateral. The Government has also implemented measures to promote development of asset and wealth management business over the past year, including enhancements to the Cross-boundary Wealth Management Connect Scheme in the Guangdong-Hong Kong-Macao Greater Bay Area, Exchange-traded Fund Connect, and the Mainland-Hong Kong Mutual Recognition of Funds arrangement. Also looking ahead, Chief Executive of the HKSAR, John Lee, in his 2024 Policy Address, proposed developing Hong Kong into becoming a gold trading centre. The Working Group on Promoting Gold Market Development will formulate a plan this year, covering measures to enhance storage facilities, optimise trading and regulatory mechanisms, expand exchange products, and conduct market promotion. In terms of promoting fintech, the Government's multi-pronged approach includes enhancing relevant infrastructure; building a more active fintech ecosystem; nurturing fintech talent; as well as strengthening co-operation with the Mainland and overseas. The Government will soon promulgate a second policy statement on the development of virtual assets to explore the integration of traditional finance and virtual assets. In October 2024, the Government issued a policy statement, setting out its stance and approach towards the responsible application of Artificial Intelligence (AI) in the financial market. In addition, the Hong Kong Monetary Authority (HKMA) and Hong Kong Cyberport have launched a new Generative AI Sandbox to foster innovation in the banking industry. The HKMA has also launched a stablecoin issuer sandbox to allow institutions with plans to issue stablecoins in Hong Kong to conduct testing on their operational plans. The Government will continue to leverage our distinctive strengths to accelerate the cultivation of new quality productive forces and create more new growth areas, so as to sustain the high-quality development of Hong Kong's financial market.
Zawya
20-03-2025
- Business
- Zawya
Hong Kong - World No.3 Global Financial Centre
Hong Kong continues to be No. 1 in the Asia-Pacific region in the latest Global Financial Centres Index. HONG KONG SAR - Media OutReach Neswire - 20 March 2025 - Hong Kong has maintained its World No.3 ranking in the latest Global Financial Centres Index (GFCI) after New York (No.1) and London (No.2). Hong Kong's overall rating increased by 11 points to 760, remaining top in the Asia-Pacific biannual GFCI, published today (March 20) by the Z/Yen from the United Kingdom and the China Development Institute from Shenzhen, also rated Hong Kong No.4 globally for fintech offerings, a leap of five places compared to the previous Hong Kong Special Administrative Region (HKSAR) Government welcomed the report, saying the positive assessment fully recognises Hong Kong's leading status and strengths as an international financial the various areas of competitiveness of the GFCI, Hong Kong rose to second place for "human capital", "infrastructure" and "financial sector development" and third in the "business environment" and "reputational and general"."The ratings reflect that our continued efforts to enhance the diversity and the competitiveness of Hong Kong as an international financial centre have fully received international recognition," said the Financial Secretary of the HKSAR, Mr Paul Chan. "I have full confidence that as long as we adhere to fundamental principles while breaking new ground, stay bold in reform, flexible in our responses and strive to seize the opportunities presented by the new era and new landscape, Hong Kong's status as an international financial centre will surely reach new heights."Among financial industry sectors, the latest GFCI ranked Hong Kong first in "investment management", "insurance" and "finance", and third globally in "banking".This reflects positively on the various government initiatives, including those announced in the 2025-26 Budget, to promote development of the financial market and create more new growth recent strategies include enhancing the timeframe for listing application process and listing requirements for specialist technology companies, which have injected new impetus into the Hong Kong market and improved its deepen the financial mutual access between the Mainland and Hong Kong, a number of measures have been implemented to enrich and support offshore Renminbi (RMB) business, such as enhancing the settlement arrangements of Bond Connect and launching offshore RMB bond repurchase business using Northbound Bond Connect bonds as Government has also implemented measures to promote development of asset and wealth management business over the past year, including enhancements to the Cross-boundary Wealth Management Connect Scheme in the Guangdong-Hong Kong-Macao Greater Bay Area, Exchange-traded Fund Connect, and the Mainland-Hong Kong Mutual Recognition of Funds looking ahead, Chief Executive of the HKSAR, John Lee, in his 2024 Policy Address, proposed developing Hong Kong into becoming a gold trading centre. The Working Group on Promoting Gold Market Development will formulate a plan this year, covering measures to enhance storage facilities, optimise trading and regulatory mechanisms, expand exchange products, and conduct market terms of promoting fintech, the Government's multi-pronged approach includes enhancing relevant infrastructure; building a more active fintech ecosystem; nurturing fintech talent; as well as strengthening co-operation with the Mainland and overseas. The Government will soon promulgate a second policy statement on the development of virtual assets to explore the integration of traditional finance and virtual October 2024, the Government issued a policy statement, setting out its stance and approach towards the responsible application of Artificial Intelligence (AI) in the financial market. In addition, the Hong Kong Monetary Authority (HKMA) and Hong Kong Cyberport have launched a new Generative AI Sandbox to foster innovation in the banking HKMA has also launched a stablecoin issuer sandbox to allow institutions with plans to issue stablecoins in Hong Kong to conduct testing on their operational Government will continue to leverage our distinctive strengths to accelerate the cultivation of new quality productive forces and create more new growth areas, so as to sustain the high-quality development of Hong Kong's financial #hongkong #brandhongkong #asiasworldcity The issuer is solely responsible for the content of this announcement. Information Services Department, Hong Kong SAR Government
Associated Press
20-03-2025
- Business
- Associated Press
Hong Kong - World No.3 Global Financial Centre
HONG KONG SAR - Media OutReach Neswire - 20 March 2025 - Hong Kong has maintained its World No.3 ranking in the latest Global Financial Centres Index (GFCI) after New York (No.1) and London (No.2). Hong Kong's overall rating increased by 11 points to 760, remaining top in the Asia-Pacific region. The biannual GFCI, published today (March 20) by the Z/Yen from the United Kingdom and the China Development Institute from Shenzhen, also rated Hong Kong No.4 globally for fintech offerings, a leap of five places compared to the previous report. The Hong Kong Special Administrative Region (HKSAR) Government welcomed the report, saying the positive assessment fully recognises Hong Kong's leading status and strengths as an international financial centre. Among the various areas of competitiveness of the GFCI, Hong Kong rose to second place for 'human capital', 'infrastructure' and 'financial sector development' and third in the 'business environment' and 'reputational and general'. 'The ratings reflect that our continued efforts to enhance the diversity and the competitiveness of Hong Kong as an international financial centre have fully received international recognition,' said the Financial Secretary of the HKSAR, Mr Paul Chan. 'I have full confidence that as long as we adhere to fundamental principles while breaking new ground, stay bold in reform, flexible in our responses and strive to seize the opportunities presented by the new era and new landscape, Hong Kong's status as an international financial centre will surely reach new heights.' Among financial industry sectors, the latest GFCI ranked Hong Kong first in 'investment management', 'insurance' and 'finance', and third globally in 'banking'. This reflects positively on the various government initiatives, including those announced in the 2025-26 Budget, to promote development of the financial market and create more new growth areas. Some recent strategies include enhancing the timeframe for listing application process and listing requirements for specialist technology companies, which have injected new impetus into the Hong Kong market and improved its liquidity. To deepen the financial mutual access between the Mainland and Hong Kong, a number of measures have been implemented to enrich and support offshore Renminbi (RMB) business, such as enhancing the settlement arrangements of Bond Connect and launching offshore RMB bond repurchase business using Northbound Bond Connect bonds as collateral. The Government has also implemented measures to promote development of asset and wealth management business over the past year, including enhancements to the Cross-boundary Wealth Management Connect Scheme in the Guangdong-Hong Kong-Macao Greater Bay Area, Exchange-traded Fund Connect, and the Mainland-Hong Kong Mutual Recognition of Funds arrangement. Also looking ahead, Chief Executive of the HKSAR, John Lee, in his 2024 Policy Address, proposed developing Hong Kong into becoming a gold trading centre. The Working Group on Promoting Gold Market Development will formulate a plan this year, covering measures to enhance storage facilities, optimise trading and regulatory mechanisms, expand exchange products, and conduct market promotion. In terms of promoting fintech, the Government's multi-pronged approach includes enhancing relevant infrastructure; building a more active fintech ecosystem; nurturing fintech talent; as well as strengthening co-operation with the Mainland and overseas. The Government will soon promulgate a second policy statement on the development of virtual assets to explore the integration of traditional finance and virtual assets. In October 2024, the Government issued a policy statement, setting out its stance and approach towards the responsible application of Artificial Intelligence (AI) in the financial market. In addition, the Hong Kong Monetary Authority (HKMA) and Hong Kong Cyberport have launched a new Generative AI Sandbox to foster innovation in the banking industry. The HKMA has also launched a stablecoin issuer sandbox to allow institutions with plans to issue stablecoins in Hong Kong to conduct testing on their operational plans. The Government will continue to leverage our distinctive strengths to accelerate the cultivation of new quality productive forces and create more new growth areas, so as to sustain the high-quality development of Hong Kong's financial market.
Yahoo
05-03-2025
- Business
- Yahoo
Hong Kong boosts yuan hub status by expanding mainland China bond collateral initiative
Hong Kong will expand the use of mainland Chinese bonds as collateral to obtain yuan liquidity, furthering efforts to enhance the currency's internationalisation and the city's role as an offshore yuan hub. CMU OmniClear, a wholly owned subsidiary of the Exchange Fund managed by the Hong Kong Monetary Authority, and Hong Kong Exchanges and Clearing (HKEX) signed a memorandum of understanding (MOU) on Tuesday that would allow the two entities to enhance cooperation in many areas. The MOU would lead to the realisation of "cross-asset class efficiencies across equities and fixed income, expanding the use of mainland bonds as collateral [and] enhancing Hong Kong's [role] as a bond issuance centre and [for] developing an international central securities depository in Asia", according to a statement from the HKMA. Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. Hong Kong is stepping up efforts to improve the post-trade securities infrastructure of its capital markets and support the long-term development of the city's fixed-income and currency ecosystem. HKMA chief executive Eddie Yue said the MOU will support the development of Hong Kong's capital markets. Photo: Edmond So alt=HKMA chief executive Eddie Yue said the MOU will support the development of Hong Kong's capital markets. Photo: Edmond So> "This MOU signifies an important milestone and our shared commitment to supporting the development of Hong Kong's capital markets," said Eddie Yue, chief executive of the HKMA. On January 13, China's central bank governor Pan Gongsheng announced a slew of measures to support the city's development and optimise the cross-border connect schemes, including allowing global investors to use onshore Chinese bonds under the northbound Bond Connect scheme as collateral in a repurchase, or repo, agreement. A repo is a short-term borrowing transaction to sell securities and repurchase them later at a slightly higher price. The seller could obtain funds, in this case in Chinese yuan, at lower rates. "We look forward to working closely with the HKMA and CMU OmniClear to advance the development of Hong Kong's fixed-income market, enabling the next chapter of [yuan] internationalisation and enhancing Hong Kong's status as an international financial centre, a global risk management centre and an offshore [yuan] business hub," said Bonnie Chan Yiting, CEO of HKEX. Implemented on February 10, global investors have shown strong interest in using onshore Chinese bonds as collateral for repo agreements. Financial institutions including Citic Securities International Capital Management, GF Global Capital and Eastfort Asset Management were among the first investors to complete such transactions, according to Standard Chartered, one of the programme's 11 market makers. The programme effectively revitalised foreign investors' onshore bond positions and improved the attractiveness of yuan assets for international investors and further Hong Kong's leading position as an offshore yuan business centre, according to experts. Onshore Chinese bonds were considered a less flexible investment option for overseas investors because they could not be used as collateral in repos, collateral financing transactions, or as margin collateral for other activities. This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2025 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2025. South China Morning Post Publishers Ltd. All rights reserved.
South China Morning Post
13-02-2025
- Business
- South China Morning Post
Allowing repurchase agreements gives Hong Kong the edge on last mile
First it was Stock Connect. Then came Bond Connect. Now it's 'Repo Connect'. Well, the last is not the official name, but market insiders have taken to calling it that because it amounts to the same thing. It is part of a long-awaited 'last mile' opening promised by Beijing last year to promote mainland bond liquidity, ease capital controls, internationalise the yuan, and finally, further promote Hong Kong as an offshore yuan hub. Using the Bond Connect's foreign exchange trade system, investors outside the mainland can now offer China's domestic bonds – for now the highest-rated ones – they own as collateral to borrow from financial institutions in Hong Kong. With a repurchase agreement, or repo, they agree to buy back the collateral at a later date, usually with interest. Failure to repurchase means the buyers or lenders can sell the collateral. With the mainland's capital controls, it has been difficult to take assets out of the country. Creating an offshore repo market will enhance the attractiveness and liquidity of Chinese bonds to foreign investors, and to internationalise bonds issued by mainland financial institutions. For now, 11 designated market makers in Hong Kong help provide price quotes on request for interested parties.
