Yu Xueqin, managing director and head of marketing at the Hong Kong Stock Exchange, said that the HKMA and the Securities Regulatory Commission jointly formulated a road map for the development of the fixed income and money markets last year, and many of the details were implemented by the Hong Kong Stock Exchange. He mentioned the launch of 5-year treasury bond futures in August this year. The number of outstanding contracts has increased from about 900 in the first week to nearly 3,000, attracting market participants from the Middle East, Europe, America, Southeast Asia, etc., reflecting a direction worth developing. He revealed at the Treasury Market Summit that it is expected that gold futures contracts denominated in RMB and settled in Hong Kong will be launched early next year, and more investment products such as precious metals denominated in RMB will be launched one after another to enrich the selection of RMB denominated assets. Assistant Chief Executive of the HKMA Ho Hanjie said at the forum that the biggest challenge in promoting the internationalization of the RMB is that the international community is still accustomed to using the US dollar, and enterprises also lack corresponding treasury management and financing tools. He pointed out that some banks provide customized solutions for major customers, believing that banks can transform these solutions into ready-made products and then promote them to other customers. He also said that Hong Kong's RMB pool is about 1.1 trillion yuan, and the HKMA earlier expanded the RMB liquidity arrangement to 500 billion yuan, which is equivalent to 40-50% of the deposit base. He believes it can provide solid backing for the banking system and meet the liquidity needs of market operations, trade and investment financing.

Yu Xueqin, managing director and head of marketing at the Hong Kong Stock Exchange, said that the HKMA and the Securities Regulatory Commission jointly formulated a road map for the development of the fixed income and money markets last year, and many of the details were implemented by the Hong Kong Stock Exchange. He mentioned the launch of 5-year treasury bond futures in August this year. The number of outstanding contracts has increased from about 900 in the first week to nearly 3,000, attracting market participants from the Middle East, Europe, America, Southeast Asia, etc., reflecting a direction worth developing. He revealed at the Treasury Market Summit that it is expected that gold futures contracts denominated in RMB and settled in Hong Kong will be launched early next year, and more investment products such as precious metals denominated in RMB will be launched one after another to enrich the selection of RMB denominated assets. Assistant Chief Executive of the HKMA Ho Hanjie said at the forum that the biggest challenge in promoting the internationalization of the RMB is that the international community is still accustomed to using the US dollar, and enterprises also lack corresponding treasury management and financing tools. He pointed out that some banks provide customized solutions for major customers, believing that banks can transform these solutions into ready-made products and then promote them to other customers. He also said that Hong Kong's RMB pool is about 1.1 trillion yuan, and the HKMA earlier expanded the RMB liquidity arrangement to 500 billion yuan, which is equivalent to 40-50% of the deposit base. He believes it can provide solid backing for the banking system and meet the liquidity needs of market operations, trade and investment financing.