China Securities Journal: The issuance of RMB government bonds in Hong Kong has become normalized, broadening the channels for foreign capital to allocate Chinese assets.

On August 5, the Ministry of Finance launched a tender in the Hong Kong Special Administrative Region to issue the fourth phase of 150 billion yuan of 2026 government bonds to institutional investors, which was widely welcomed by investors, resulting in a subscription multiple of 4.67 times. Experts believe that the regular issuance of RMB bonds in Hong Kong is conducive to meeting the demand for international capital allocation, improving the offshore RMB benchmark interest rate curve, and continuously promoting the internationalization of the RMB.