PBoC Governor Pan Supports Hong Kong Launching Offshore RMB Bond Futures, Upgrading Trading Platform on July 7

According to remarks by PBoC Governor Pan Gongsheng on July 7, China's central bank will support Hong Kong in launching offshore renminbi government bond futures and building a comprehensive financial trading platform. The People's Bank of China announced it will support Hong Kong in introducing five-year RMB government bond futures to facilitate offshore market risk management. Additionally, the central bank will guide China Foreign Exchange Trade System to collaborate with Hong Kong's financial regulator and Securities and Futures Commission to upgrade the Bond Connect operator into a trading platform entity, providing financial infrastructure services for bonds, currencies, and foreign exchange markets. The PBoC also plans to expand the scope of RMB bonds as qualified collateral in offshore markets.
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