Chen Maobo: The total amount of funds for RMB business arrangements doubled to 200 billion RMB at the beginning of the month.

Hong Kong SAR Government Financial Secretary Paul Chan Mo-po stated that in order to support the recommendations of the "Five-Year Plan" to promote the internationalization of the Renminbi, the total amount of funds allocated for Renminbi business arrangements has doubled to 200 billion RMB at the beginning of the month. This will help financial institutions facilitate the use of Renminbi in trade and cross-border transactions for businesses and customers. At the same time, the Hong Kong government will promote more convenient foreign exchange quoting and trading for Renminbi and other regional currencies to reduce transaction costs. Additionally, the Hong Kong government will regularly issue Renminbi bonds of different tenors to enrich the offshore Renminbi market products and improve the offshore Renminbi bond yield curve. They will also work with the industry to actively expand the construction of the offshore Renminbi interest rate curve and study specific measures to enhance the price discovery function of the short-to-medium-term interest rate market. The government will also attract high-quality issuers to increase the issuance of Renminbi bonds in Hong Kong, explore emerging markets, and promote more cross-border Renminbi transactions in Hong Kong.