Hong Kong Monetary Authority: All three major bond markets in Hong Kong are expected to achieve growth by 2025.

On March 31, the Hong Kong Monetary Authority released a special issue of the "Overview of the Hong Kong Bond Market in 2025." In 2025, Hong Kong saw growth in its local currency, offshore renminbi, and G3 currency bond markets. The issuance of Hong Kong dollar-denominated bonds in 2025 increased by 58.6% year-on-year to HK$16.293 trillion. In terms of issuance amount, issuers outside Hong Kong, non-multilateral development banks, and recognized institutions remained the most active categories, accounting for approximately 56% and 26% of the total issuance in 2025, respectively; the issuance amount of local companies and multilateral development banks increased by 79% and 37%, respectively. In the same year, the issuance amount of Hong Kong SAR government's Hong Kong dollar bonds increased by 1.4% year-on-year to HK$93 billion. By the end of 2025, the total outstanding Hong Kong dollar-denominated bond securities increased by 33.3% to HK$20.176 trillion. The issuance of offshore renminbi-denominated bond securities in Hong Kong in 2025 increased by 2.7% year-on-year to RMB 1.1009 trillion. By the end of 2025, the total outstanding amount of offshore renminbi-denominated bond securities issued in Hong Kong increased by 27.6% year-on-year to RMB 1.6073 trillion. Issuers took advantage of the ideal financing environment brought about by declining interest rates, leading to continuous growth in the Hong Kong bond market's issuance amount. The issuance amount of G3 currency bonds issued in Hong Kong in 2025 increased by 26% year-on-year to US$101.5 billion. This growth was mainly driven by the continued demand from Mainland issuers. By the end of 2025, the total outstanding amount of G3 currency bonds in Hong Kong was US$533.6 billion. Meanwhile, Hong Kong continued to make breakthroughs in innovation, green finance, and connectivity, further consolidating its position as an international bond financing hub through infrastructure optimization and policy support. To showcase and promote innovation in the Hong Kong bond market, the Hong Kong Monetary Authority issued the first batch of digital bonds in 2025, which utilize central bank digital currencies in settlement procedures for both Hong Kong dollars and renminbi. The most recent issuance in November 2025 set a record in terms of scale with an issuance amount of around HK$10 billion, with subscriptions exceeding HK$130 billion. This issuance attracted many investors to subscribe to digital bonds for the first time, leading to an increase in the number of arranging banks and direct participants on digital asset platforms, reflecting an increased market acceptance of digital bonds. Furthermore, the introduction of options for settlement using central bank digital currencies in Hong Kong dollar and renminbi bonds lays the foundation for future integration of other forms of digital currencies and promotes interoperability and synergy between different digital infrastructure. According to the International Capital Markets Association (ICMA), Hong Kong has maintained its leading position in the Asia-Pacific region for the eighth consecutive year in arranging international green and sustainable bond issuances, with a total issuance amount of US$37.7 billion in 2025, accounting for a 40% market share. Among the bonds arranged in Hong Kong, private issuers account for approximately 76%, with financial institutions accounting for about one-fourth of the total. Bond Connect continues to strengthen Hong Kong's role as a gateway for access to the Mainland. The Northbound trading volume of Bond Connect in 2025 averaged over RMB 39 billion per day, slightly lower than 2024's RMB 41.7 billion, partly due to international investors reallocating assets from onshore bonds to onshore stocks. Bond Connect's Northbound channel remains a major channel for foreign investors to access the onshore bond market in the Mainland, accounting for 61% of total trading volume of foreign investors in the Mainland's interbank bond market.