The Securities and Futures Commission (SFC) is pleased to announce that Hong Kong is targeting to launch Five-Year China Government Bond (CGB) Futures on 3 August 2026.
Following an evaluation of market demand and macro environment, five-year CGBs were chosen as the underlying assets for the debut of CGB futures contracts to be traded on the Hong Kong Exchanges and Clearing Limited (HKEX). HKEX has been making the necessary preparations for the launch, which requires the SFC’s approval, and will announce the contract details separately.
In recent years, international investors have steadily increased their holdings in CGBs particularly via Bond Connect. At the end of May 2026, the holding of CGBs by foreign investors was about RMB2 trillion. The launch of CGB futures in Hong Kong will provide international investors with an effective offshore hedging tool to meet their growing need for government bond risk management, thereby facilitating greater participation in the Mainland treasury bond market.
With the introduction of CGB futures in Hong Kong, Hong Kong will further strengthen its position as an offshore RMB centre and risk management hub for RMB assets. “The launch comes at a time when asset managers’ demand for RMB-denominated fixed income assets has increased as part of their diversification strategy,” said Ms Julia Leung, the SFC’s Chief Executive Officer. “It also shines a light on the critical role Hong Kong plays as a regional fixed income and offshore RMB hub.”
“The launch of CGB futures is an important initiative for Hong Kong in aligning its financial sector with the nation’s 15th Five-Year Plan and further deepening mutual access between Hong Kong and the Mainland financial markets. Its introduction is also a milestone in Hong Kong’s efforts to support the internationalisation of RMB and develop into a global fixed income and currency hub,” said Dr Kelvin Wong, the SFC’s Chairman.
The SFC wishes to thank the Central Government, the People’s Bank of China and the China Securities Regulatory Commission for their support for this product to be introduced in Hong Kong.
