Pan Gongsheng: Support the Hong Kong Monetary Authority in using swap funds to enhance offshore market RMB liquidity, and normalize the issuance of RMB government bonds and central bank bills in Hong Kong

Wallstreetcn
2025.01.13 03:38

Pan Gongsheng, the Governor of the People's Bank of China, stated at the opening ceremony of the Asian Financial Forum that efforts will be made to enhance Hong Kong's position as a hub for offshore RMB business. Hong Kong is the largest offshore RMB business center in the world. We will coordinate the roles of RMB clearing banks and currency swap arrangement mechanisms. We have signed a swap fund arrangement of 800 billion RMB with the Hong Kong Monetary Authority, supporting the HKMA in using swap funds to enrich the liquidity of the offshore RMB market, regularly issuing RMB government bonds and central bank bills in Hong Kong, and enriching the products and services of the offshore RMB market. The People's Bank of China and the HKMA have established a dedicated working team to investigate, research, and design relevant policies and products

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