The Securities and Futures Commission (SFC) welcomes new measures announced by the People’s Bank of China (PBoC) today to support the further development of Hong Kong’s fixed income and currency (FIC) markets.
Two key initiatives in relation to the Roadmap for the Development of Fixed Income and Currency Markets (FIC Roadmap), jointly launched by the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) in 2025, were unveiled at the Hong Kong FIC & Bond Connect Summit (Summit) (Note 1) today. They include:
- The development of an electronic FIC trading platform (the FIC Trading Platform) in Hong Kong by the China Foreign Exchange Trade System (CFETS) in collaboration with Hong Kong Exchanges and Clearing Limited (HKEX), with further details, including the launch timeline, to be announced in due course;
- The acceptance of onshore China Government Bonds and policy bank bonds held under Northbound Bond Connect as eligible collateral for HKEX’s two clearing houses – HKFE Clearing Corporation Limited and The SEHK Options Clearing House Limited – targeted for the end of 2026.
Together with the launch of the Five-Year China Government Bond Futures slated for 3 August 2026, these new measures will enrich the FIC market ecosystem in Hong Kong, advancing its development as a global FIC hub (Note 2).
In addition, the SFC is now in discussion with the PBoC to further enhance Swap Connect by including the interbank seven-day fixing depositary institutions repo rate (FDR007) as a reference rate, which is planned for the fourth quarter of 2026.
Ms Julia Leung, Chief Executive Officer of the SFC, said: “The initiatives announced today mark a big step forward in supporting the internationalisation of RMB and advancing Hong Kong’s critical role as a global risk management hub. They provide effective hedging tools, expand the offshore use case of China Government Bonds, and enhance the efficiency and transparency in FIC trading in Hong Kong.”
The SFC extends its gratitude to the Central Government, the PBoC and the China Securities Regulatory Commission for their efforts and support, and will continue to work with relevant authorities to promote the internationalisation of RMB and the development of Hong Kong’s FIC markets.
Details of the initiatives announced at the Summit can be found on the SFC’s website (Note 3).
Notes:
- The Summit brought together senior Hong Kong and Mainland officials, regulators and leaders from major financial institutions to discuss the evolving global FIC market landscape, RMB internationalisation as well as the progress made and the next steps in relation to the implementation of the initiatives under the FIC Roadmap.
- Please refer to the SFC’s press releasedated 18 June 2026.
- Please refer to the Initiatives to Advance Hong Kong’s Fixed Income and Currency Markets.
