PBoC Enhances Mainland-Hong Kong Financial Market Access, Boosts RMB Trading Opportunities

HKSAR Government expresses gratitude for People's Bank of China's support to deepen mutual access between Mainland and Hong Kong financial markets

The People's Bank of China (PBoC) announced today (September 25) its support for further deepening mutual access between the Mainland and Hong Kong financial markets, including supporting various types of offshore institutional investors to conduct repurchase (repo) business in the Mainland bond market, expanding the list of Swap Connect dealers and enhancing relevant management mechanisms, increasing the daily quota of Northbound trading of Swap Connect by more than double to RMB45 billion, working with relevant authorities to provide more Renminbi (RMB) assets in the Hong Kong market including treasury bonds, and continuing to communicate and co-operate closely with different parties to accelerate the launch of RMB treasury bond futures in Hong Kong. The Hong Kong Special Administrative Region (HKSAR) Government welcomed the announcement.

The Financial Secretary, Mr Paul Chan, said, "As global investors' demand for RMB-denominated products grows, Hong Kong's role as a global offshore RMB business hub and risk management centre becomes increasingly important. With the strong support from our country, the HKSAR Government is committed to deepening and expanding mutual access between the Mainland and Hong Kong financial markets, continuously enriching RMB-denominated investment products and risk management tools to meet the needs of investors both domestically and internationally. The series of measures announced today by the PBoC, ranging from supporting overseas institutional investors in conducting repo business in the Mainland's bond market, expanding and optimising the Swap Connect mechanism and increasing its trading quota, supporting the Hong Kong market in providing more offshore RMB assets, to accelerating the listing of RMB treasury bond futures in Hong Kong, all provide strong support for our efforts and further promote the co-ordinated development of the fixed income markets in both places. We sincerely thank the Central People's Government and relevant authorities for the care and support for Hong Kong, and will continue to do our utmost to contribute greater efforts to our country's development into a financial powerhouse."

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, "The issuance of RMB bonds in Hong Kong has increased year by year, exceeding RMB1 trillion in 2024. Since the implementation of Swap Connect in 2023, it has operated smoothly with steadily increasing business volume. The average daily notional principal amount traded in August 2025 reached RMB20 billion, an over five-fold increase from the first month of its launch in 2023. With increasing participation by offshore investors in the Mainland's bond market, demand for related risk management tools is growing. Enhancing the Swap Connect mechanism will further facilitate overseas investors in hedging risks in Mainland assets, thereby helping them better manage their portfolios. We will also communicate and work closely with relevant Mainland institutions to enrich the options of RMB products in Hong Kong and implement the launch of offshore treasury bond futures expeditiously. We are grateful to the Central People's Government and relevant Mainland regulators for their strong support."

Market institutions in both places will finalise the implementation details and announce the relevant launch dates.

Source: AI-found images

Police complete identifications and forensic examinations of remains from Tai Po Wang Fuk Court fire

The Police announced today (January 15) that the identifications and forensic examinations of the remains from the Tai Po Wang Fuk Court fire have been completed, with a total of 168 deceased persons confirmed. The deceased comprise 58 males and 110 females, aged between 6 months and 98 years. Four of the deceased were certified dead after being taken to the hospital, while the remains of the other 164 were recovered at the scene.

Among the deceased were a fireman, two interior decorators, five construction workers, and 10 foreign domestic helpers (nine Indonesians and one Filipina).

All bereaved families have been notified of the confirmed identities of the deceased. The Police stated that all remains recovered in the incident have been positively identified, leaving no unidentified remains outstanding. Moreover, all enquiries regarding the Wang Fuk Court fire received by the Casualty Enquiry Unit have been verified, with no missing persons unaccounted for.

The Police continue to investigate the fire, with a death investigation report to be submitted to the coroner, who will review it and decide whether an inquest should be held. Should a court hearing be convened, the deceased's particulars shall be submitted to the court by the Police. Respecting the wishes of the grieving relatives, the Police will not disclose the deceased's particulars at this stage.

For enquiries, members of the public can contact the Police casualty enquiry hotline at 1878 999.

Source: AI-found images