Xu Zhengyu: Dim sum bonds and yanqian bonds have jointly built the twin wings of the Hong Kong bond market. In the future, efforts will be made to enhance market attractiveness and liquidity.

After the offshore renminbi "dim sum bond" market set issuance records for two consecutive years, the "wonton bond" denominated in Hong Kong dollars has also become a new favorite in the market. Christopher Hui, Hong Kong's Secretary for Financial Services and the Treasury, said that on this "financial dining table," dim sum bonds and wonton bonds are gradually forming a pattern of "main course and new dish," like the two wings of Hong Kong's bond market, enriching market choices and attracting international funds. Wonton bonds refer to Hong Kong dollar-denominated bonds issued by international multilateral development banks, sovereign entities, financial institutions, and corporations in Hong Kong. Since the beginning of this year, several international institutions including the Asian Infrastructure Investment Bank, the World Bank, the International Finance Corporation, the African Development Bank, the Korea Export-Import Bank, and the National Australia Bank have successively issued wonton bonds in Hong Kong. At the same time, in May of this year, the Ministry of Finance of China issued 6 billion yuan of green sovereign bonds in Hong Kong for the first time, with total subscriptions reaching 62.4 billion yuan, reflecting the continuous attractiveness of high-quality renminbi assets to international investors. The related issuance will also help to further refine the offshore renminbi yield curve, providing a clearer pricing benchmark for the market. Christopher Hui mentioned that, at the policy level, the Hong Kong government is continuously improving the "kitchen facilities" to support market development. The financial budget has proposed multiple measures, including promoting the "Roadmap for the Development of the Fixed Income and Money Markets," facilitating primary market issuances and secondary market liquidity, and launching a bond electronic trading platform in the second half of the year to enhance market efficiency. In addition, the Hong Kong government is actively promoting innovation, such as the continuous issuance of tokenized bonds and encouraging more market participants to adopt new technologies through the "Digital Bond Grant Scheme." He also pointed out that they will continue to support the internationalization of the renminbi, regularly issuing renminbi bonds of different maturities, improving the yield curve, and exploring enhancements to the Bond Connect and other connectivity mechanisms to attract more high-quality issuers and investors to participate in the market. From a market perspective, this can be understood as "the main course and the new dish complement each other," while policy measures are like continuously upgrading "kitchen equipment." The key in the future lies in how to increase actual trading activity and market participation, making this financial feast not only rich in dishes but also more attractive and liquid, further consolidating Hong Kong's position as an international financial center.