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Enoch Yiu

Beijing and Hong Kong are laying the groundwork for a new phase of offshore yuan development and other goals after the city unveiled its first five-year plan, with banking and securities regulators set to provide more details on Wednesday.
The city’s market regulator, the Securities and Futures Commission (SFC), would outline further details of the blueprint, chairman Kelvin Wong Tin-yau said on Monday.
Hong Kong Monetary Authority chief executive Eddie Yue Wai-man is also expected to elaborate on yuan internationalisation in a keynote speech at the Treasury Markets Summit 2026 on Wednesday. The summit is one of the city’s most important annual banking conferences, attracting hundreds of senior bankers.
Yue, together with SFC CEO Julia Leung Fung-yee, joined Financial Secretary Paul Chan Mo-po in Beijing on Monday to meet senior officials, including People’s Bank of China (PBOC) governor Pan Gongsheng and National Financial Regulatory Administration Minister Ding Xiangqun.
Hong Kong officials and regulators briefed mainland Chinese officials on the city’s first five-year financial development plan unveiled last week, according to a Hong Kong government statement on Monday.
The exchanges between policymakers and regulators were expected to pave the way for additional measures aimed at strengthening Hong Kong’s role as an offshore yuan trading centre, according to analysts.
The Hong Kong five-year plan explicitly stated that internationalisation of the yuan and establishing significantly closer links with China’s financial products and markets were key priorities, said Tommy Ong, managing director of financial advisory firm T.O. & Associates Consultancy.
Ong said Hong Kong was expected to build more infrastructure to support international investors trading yuan-denominated products, including a proposed fixed-income and currency trading platform jointly developed by the China Foreign Exchange Trade System (CFETS) and bourse operator Hong Kong Exchanges and Clearing (HKEX).
The SFC’s Leung said in July that the platform had applied for a licence from the commission.
The new platform would connect with the Bond Connect schemes, allowing global funds to trade onshore sovereign bonds through streamlined offshore access channels, Ong said.
“At a later stage, the platform could be expanded to serve short-term treasury and cash management desks, enhancing bond repo transactions involving non-cash collateral denominated in yuan and Hong Kong dollars,” he said. “This would improve price discovery and execution for both northbound and southbound instruments.”
Northbound trading allows global funds to invest in mainland Chinese markets, while southbound trading permits mainland investors to buy assets listed in Hong Kong.
⁠Beijing increased the Bond Connect quota to 800 billion yuan (US$119 billion) from 500 billion yuan in July. It also allowed HKEX in August to launch the first offshore government bond futures contracts.
“These measures would improve international demand for onshore yuan bonds while enhancing Hong Kong’s role as the leading offshore pricing centre for yuan products,” Ong said.
Tom Chan Pak-lam, honorary president of the Institute of Securities Dealers, said Hong Kong regulators had spent months advancing a multi-year effort to expand the offshore yuan ecosystem.
The Hong Kong government also pledged in its five-year plan to explore wider use of the yuan in official payments.
“All of these measures will strengthen Hong Kong as a leading yuan trading centre,” Chan said.


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HKMA, SFC officials expected to outline new measures to deepen yuan usage and cross-border market links following meetings in Beijing


HKMA, SFC officials expected to outline new measures to deepen yuan usage and cross-border market links following meetings in Beijing.


Hong Kong regulators to flesh out new yuan strategy after Beijing meetings

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}HKMA, SFC officials expected to outline new measures to deepen yuan usage and cross-border market links following meetings in Beijing

HKMA, SFC officials expected to outline new measures to deepen yuan usage and cross-border market links following meetings in Beijing