PBoC and HKMA co-organise exchange for Hong Kong’s asset managers and owners

The People’s Bank of China (PBoC) and the Hong Kong Monetary Authority (HKMA) co-organised an exchange on 16 May in Beijing for the Hong Kong asset management industry on the China inter-bank bond market (CIBM), renminbi internationalisation and other macroeconomic issues of the Mainland.

Participants in the exchange included representatives from over 20 leading private and public sector asset managers and owners that have fixed income operations in Hong Kong. These institutions manage over US$9 trillion of assets globally. The exchange was led by Mr Bu Yongxiang, Deputy Director General of PBoC Research Bureau (on behalf of Dr Ma Jun, Chief Economist of PBoC Research Bureau) and Mr Vincent Lee, Executive Director (External) of the HKMA. Other Mainland authorities that participated in the exchange included the Ministry of Finance, State Administration of Taxation, the State Administration of Foreign Exchange, the National Association of Financial Market Institutional Investors, and the China Foreign Exchange Trade System and National Interbank Funding Center.

China has the world’s third largest bond market, with outstanding bond value totalling RMB65 trillion (about US$9.4 trillion). Mainland authorities have in recent years taken steps to open up the CIBM to international investors. The exchange gave asset managers and owners an opportunity to meet and exchange views directly with the Mainland authorities, as well as to discuss the technical and operational issues of investing in CIBM.

A spokesperson of the HKMA said, “As Asia’s premier asset management and risk management centre, Hong Kong has always been the gateway for international asset managers and owners to invest in the Mainland and manage the attendant risks. Today’s exchange is another example where Hong Kong leverages its connections with and knowledge of both the Mainland and international markets to bring the two sides closer together.”

Hong Kong Monetary Authority
16 May 2017