Hong Kong Business News

The Hong Kong Special Administrative Region Government welcomed today's announcement by the People's Government of Guangdong Province that it will issue offshore renminbi (RMB) local government bonds in Hong Kong, which will be listed on the Hong Kong Stock Exchange.
 
The People's Government of Guangdong Province will issue offshore RMB local government bonds not exceeding RMB5 billion this month. The bonds will be issued in two, three and five-year tenors.

The proceeds of the two-year bonds will be used for projects in Nansha, Guangzhou, those of the three-year bonds will be used for major infrastructural projects in the Pearl River Delta region, and the five-year bonds are green bonds.
 
Noting that the Third Plenary Session of the 20th Central Committee of the Communist Party of China has raised reinforcing and enhancing Hong Kong's status as an international financial centre and deepening co-operation in the Guangdong-Hong Kong-Macao Greater Bay Area, Chief Executive John Lee welcomed the issuance of RMB bonds by the Guangdong Provincial Government through the city's financing platform for the first time.
 
Mr Lee said: “Fully demonstrating Hong Kong's significant strengths in issuing RMB debt products, this bond issuance also further solidifies its position as a global offshore RMB business hub, contributes to the prudent and solid advancement of RMB internationalisation, and enables the bay area to better serve as the momentum for high-quality development.
 
“In the process of our country's promotion of high-level financial opening up, Hong Kong will continue to play its important roles as a 'super-connector' and 'super value-adder' in making proactive contributions."
 
Financial Secretary Paul Chan also welcomed the issuance of RMB bonds by the Guangdong Provincial Government in Hong Kong for the first time.
 
“This further enriches the RMB financial products suite in the Hong Kong market and fully leverages its advantage as a bridge connecting international capital to the financial needs of high-quality projects on the Mainland, thereby encouraging Mainland enterprises and institutions to participate in the city’s bond market, promoting its status as a bond centre and supporting RMB internationalisation,” Mr Chan said.

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