Five-Year RMB Government Bond Futures Launch in Hong Kong, CSRC Chairman Says

On August 3, five-year RMB government bond futures were officially launched in Hong Kong. Government bond futures are among the most representative interest rate derivatives in international financial markets and serve as important risk management tools in modern financial systems. The government bond yield curve connects interest rates on bonds of different maturities, providing a benchmark for corporate bond issuance, bank pricing, and mortgage rates. The China Financial Futures Exchange has listed four government bond futures contracts with maturities of two, five, ten, and thirty years, of which the five-year contract, launched in 2013, has the deepest deliverable bond inventory and liquidity. The listing in Hong Kong will enrich the use of offshore RMB, strengthen Hong Kong's role as the global offshore RMB business hub, and promote close linkage between the Mainland and Hong Kong cash, futures, and derivatives markets for government bonds. Hong Kong enjoys social stability, strong economic recovery, and a thriving financial market. The Hong Kong Stock Exchange has ranked among the world's top IPO venues for two consecutive years, and bond issuance has reached new highs, making Hong Kong the world's largest cross-border wealth management center. The filing process for overseas listings has been continuously optimized; since 2024, more than 270 Mainland companies have completed filings to list in Hong Kong, raising over HKD 650 billion. Currently, Mainland companies account for 80% of total market capitalization and 90% of total turnover on the Hong Kong Stock Exchange, with leading and emerging companies in new energy, new consumption, biomedicine, and artificial intelligence undertaking listings. Stock Connect has operated smoothly for over ten years, with its scope and product types expanding; the market capitalization coverage of eligible stocks in both directions has exceeded 90%. The China Securities Regulatory Commission is working with Hong Kong authorities to prepare for the inclusion of RMB stock trading counters and infrastructure real estate investment trusts in Stock Connect. A total of 103 Mainland securities, fund, and futures companies have set up branches in Hong Kong, with steadily expanding business scope. The MSCI A50 stock index futures have been launched in Hong Kong, and arrangements such as mutual ETF listing and mutual fund recognition have deepened, enriching the cross-border product system.