Eddie Yue: Response to media regarding the new measures announced by People Bank of China's Governor Pan Gongsheng

At the Hong Kong FIC & Bond Connect Summit, People's Bank of China Governor Pan Gongsheng unveiled 11 measures to bolster financial ties between Hong Kong and the mainland. Chief Executive of the Hong Kong Monetary Authority, Eddie Yue, praised the collaboration with PBoC and expressed gratitude to his counterparts from the PBoC and the Securities and Futures Commission (SFC).

Six measures aim to boost Hong Kong's fixed income and currency markets, while the remaining five bolster the offshore RMB market. Policy arrangements are based on market and investor feedback, offering greater policy flexibility and operational benefits for the industry.

Enhancements for Bond Connect, such as expanding Southbound Bond Connect and extending Northbound Bond Connect settlement time, will provide investors with more options and improve settlement efficiency. The HKMA is also collaborating with PBoC to promote Hong Kong's offshore RMB business and internationalization, introducing measures like increasing the RMB Business Facility's quota and exploring a tendering mechanism for 7-day offshore RMB liquidity.

These initiatives aim to reinforce Hong Kong's position as a global financial hub and reinforce financial collaboration between Hong Kong and the mainland.