Securities and Futures Commission of Hong Kong Ye Zhiheng: Plans to lead market development in the next 6 months by issuing government bonds.

On October 22, the 2025 HKEX China Opportunities Forum was held in Shanghai, where the Executive Director of the Hong Kong Securities and Futures Commission, Ye Zhiheng, delivered a speech on the latest developments in Hong Kong's fixed income and currency markets. Ye Zhiheng stated that the Securities and Futures Commission of Hong Kong will be advancing a series of key initiatives in the next 6 months. In terms of promoting issuance, the market will be led through the issuance of government bonds; promoting Hong Kong's advantages to issuers and investors in target markets; and expanding the investor base, including family offices, funds, and corporate treasury centers. Ye Zhiheng mentioned that Hong Kong continues to expand its investor base and enhance market liquidity, strengthening the attractiveness of bond issuers and global investors. The total trading volume of collective investment schemes reached a historical high, with sales increasing by 76% to 2.24 trillion Hong Kong dollars, and the proportion of money market funds rose from 76% in 2023 to 80% in 2024. This is attributed to investors' strong demand for low-risk and stable return collective investment schemes in the face of continued uncertainty in the macro economy, as well as central banks' slower-than-expected pace of interest rate cuts, further increasing investors' interest in money market funds. Regarding the expansion of offshore renminbi business, the Securities and Futures Commission of Hong Kong will expand the use of offshore renminbi, improve the connectivity mechanism, and enhance the liquidity of offshore renminbi and increase the supply of renminbi-related products. In preparation for next-generation infrastructure, the Securities and Futures Commission of Hong Kong will prepare for the infrastructure of fixed income and money markets, support the development of next-generation electronic trading platforms, promote market innovation, and implement use cases for tokenized fixed income and currency products.