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

On February 25th, Financial Secretary of the Hong Kong Special Administrative Region government Paul Chan Mo-po delivered the government's budget for the fiscal year 2026-2027 at the Legislative Council. Chan Mo-po stated that the "15th Five-Year Plan" proposed advancing the internationalization of the renminbi and increasing the level of capital account openness. Hong Kong will leverage its unique advantages to actively cooperate with national development strategies, with specific measures including: doubling the total amount of funds for renminbi business arrangements to 200 billion renminbi at the beginning of the month, facilitating financial institutions to facilitate enterprises and customers to use the renminbi more widely in trade and cross-border transactions; promoting more convenient foreign exchange quotation and trading between renminbi and other currencies in the region, reducing transaction costs; regularly issuing renminbi bonds of different maturities to enrich the offshore renminbi market products and improve the offshore renminbi bond yield curve; actively collaborating with the industry to expand the construction of the offshore renminbi interest rate curve, researching specific measures to strengthen the price discovery function of short-medium term interest rate markets; attracting high-quality issuers to increase the issuance of renminbi bonds in Hong Kong, opening up new markets, and encouraging more cross-border renminbi transactions to be conducted in Hong Kong.