Hong Kong Monetary Authority's Chen Weimin: will gradually increase the issuance of renminbi bonds in future debt plans

The 2026 China Debt Capital Market Annual Conference of the International Capital Market Association (ICMA) was held in Beijing on the 31st. Chan Wai-Man, Deputy Chief Executive of the Hong Kong Monetary Authority, pointed out that the Hong Kong SAR government will gradually increase the issuance of renminbi bonds in its future debt issuance plans, forming a yield curve for the Hong Kong government's renminbi bonds. He stated that in the future, Hong Kong will continue to deepen its various bond-related cross-border connectivity arrangements and attract more international institutions to invest in onshore renminbi bonds through the Bond Connect program, increasing the proportion of foreign capital in the mainland bond market and enhancing the global market share of renminbi bonds. The implementation of the cross-currency swap has been well received since its launch, and Hong Kong will continue to improve it as needed and strive to introduce government bond futures in Hong Kong as soon as possible. He also mentioned that one of the priorities in optimizing market infrastructure is to establish and improve an offshore renminbi bond yield curve that reflects market supply and demand. Currently, the Chinese government has continuously issued renminbi sovereign bonds in Hong Kong, forming a basic yield curve. In terms of infrastructure enhancement, Chan Wai-Man introduced that the Central Money Market Unit (CMU) currently holds balances of over 1.4 trillion yuan in bond instruments. The HKMA aims to develop CMU into a leading international central securities depository platform in Asia and has already introduced the Hong Kong Stock Exchange as a strategic investor. CMU is vigorously promoting the establishment of a digital asset platform to support the issuance and settlement of digital bonds.