Hong Kong, CSRC deepen financial ties ahead of first yuan bond futures launch Hong Kong’s leader has met the head of mainland China’s securities regulator to discuss deepening links between the two financial markets ahead of the launch of the city’s first yuan-denominated bond futures. Chief Executive John Lee Ka-chiu said on Sunday evening that he met China Securities Regulatory Commission (CSRC) chairman Wu Qing at Government House in Central to exchange views on deepening mutual access between the financial markets in Hong Kong and the mainland. The high-level meeting with the CSRC delegation took place ahead of the debut on Monday of China’s first yuan-denominated five-year bond futures on the Hong Kong stock exchange. Lee said the launch of the first of its kind of product in the city would provide an “effective” offshore risk management tool and help attract international investors to the mainland bond market and to hold Chinese treasury bonds on a long-term basis. “This is a key step in enhancing the RMB [renminbi] product ecosystem, and further consolidates Hong Kong’s status as the world’s offshore RMB business hub,” he said. Financial Secretary Paul Chan Mo-po, the Acting Secretary for Financial Services and the Treasury, Joseph Chan Ho-lim, the chairman of Securities and Futures Commission of Hong Kong, Kelvin Wong Tin-yau, and SFC CEO Julia Leung Fung-yee were present at the meeting. Lee said Hong Kong sought to further deepen cooperation with the mainland and boost the liquidity of the yuan to “facilitate the prudent and solid advancement of the RMB’s internationalisation.” He pointed out that the Hong Kong government was pressing ahead “at full speed” with the drafting of the city’s first five-year development plan, with a focus on enhancing its status as an international financial centre and supporting the high-level opening up of the mainland’s financial markets. He added that Hong Kong would continue to work closely with mainland regulators to jointly implement “pragmatic measures” to deepen cooperation between the two markets. “Hong Kong will continue to expand the mutual access between Hong Kong and mainland financial markets, building on the existing foundations of Stock Connect, Bond Connect and Cross-boundary Wealth Management Connect scheme, to offer a wide range of investment and risk management products to the market,” Lee said. https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3362724/hong-kong-csrc-deepen-financial-ties-ahead-first-yuan-bond-futures-launch?pgtype=live (ICE HONG KONG)

Fonte notizia: South China Morning Post