The President of the Hong Kong Monetary Authority, Yu Weiwen, stated on the 4th that interconnecting Hong Kong and mainland financial markets is one of the key tasks for the future development of Hong Kong's international financial center. Hong Kong will continue to leverage the advantages of an international financial center, further optimize and expand connectivity mechanisms, and help the mainland financial market better serve the high-quality development of the real economy. Yu Weiwen made the above statement at the 2023 China Financial Society Academic Annual Meeting and China Financial Forum Annual Meeting held in Beijing on the same day. In his view, in recent years, new breakthroughs have been made in the interconnectivity between the mainland and Hong Kong financial markets, which not only serves as the driving force for the development of Hong Kong's financial market, but also provides more convenience for international investors. It is reported that nearly 70% of A-share assets of international investors are held through "Stock Connect", and 60% of transactions in the inter-bank bond market are conducted through "Bond Connect". "There is still a huge space for mainland finance to open up to the outside world." Yu Weiwen believes that at present, "Bond Connect" investors still lack effective interest rate risk management means, and investors generally hope to enter the onshore interest rate swap market, reduce transaction costs and improve hedging efficiency. Hong Kong and mainland financial regulatory agencies will closely cooperate to quickly open the "Swap Connect" northbound trading. At the same time, we hope to expand the investment target of the bond "North Link" and provide more comprehensive asset allocation options for international investors. Yu Weiwen believes that connectivity has greatly increased the recognition and participation of international investors in the mainland financial market, and can also enhance the international influence of RMB assets, thereby enhancing the vitality and international competitiveness of the mainland financial market. Hong Kong will continue to leverage its advantages of relying on the motherland and connecting with the world, strengthen exchanges and cooperation with mainland financial regulatory authorities and industries, deepen mainland financial reform and opening up, and promote the financial industry to play a better role in real economic activities. (New News Agency)
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