Hong Kong Unveils Fixed Income and Currency Market Roadmap to Establish Global Hub

On September 25, the Securities and Futures Commission of Hong Kong and the Hong Kong Monetary Authority jointly published the Fixed Income and Currency Market Development Roadmap, a strategic blueprint designed to position Hong Kong as a leading global centre for fixed income and currency markets.

The Roadmap structures its approach around four pillars—issuance facilitation, liquidity enhancement, offshore renminbi business expansion, and next-generation infrastructure development—and details ten key initiatives ranging from government bond-led market formation and investor base broadening to the implementation of an OTC derivatives framework and tokenisation use cases for fixed income and currency instruments.

Hong Kong Monetary Authority Chief Executive Yu Wai-man underscored that as global landscapes evolve and investor demands increasingly prioritise sustainable finance and digital innovation, the development of robust fixed income and currency markets is essential to sustaining Hong Kong’s market dynamism.

Securities and Futures Commission Chief Executive Officer Julia Leung Fung-yee highlighted that strengthening these markets is critical for reinforcing Hong Kong’s status as a capital-raising and investment hub, and she confirmed that the SFC will collaborate with industry stakeholders to explore central counterparty clearing and expand tokenised product offerings.

The Roadmap has drawn considerable attention from Hong Kong’s financial sector. Yuen Wai-yee, Chair of the Hong Kong Association of Banks and Chief Executive of Standard Chartered Bank Hong Kong and Greater China, noted that the Roadmap reflects the Hong Kong SAR Government’s determination to establish the city as a global nexus for fixed income and currency products. She pledged that the banking community will fully support measures to drive increased bond issuance, broaden offshore renminbi activities, and enhance market liquidity.

Liao Yijian, Co-Chief Executive Officer for Asia and the Middle East at HSBC, observed that Hong Kong remains the only Asian bond market connecting mainland Chinese investors with international issuers, a unique advantage that can attract more global issuers seeking lower renminbi funding costs and enable mainland participants to diversify their portfolios with international bonds.

Financial Services sector Legislative Council member Lee Wai-hung expressed confidence that the Roadmap’s phased implementation will create a richer and more efficient investment environment, elevate the quality of Hong Kong’s fixed income and currency markets, and contribute to the deepening two-way opening of China’s financial markets and the internationalisation of the renminbi.