The Hong Kong SAR Government is actively promoting the development of the offshore RMB ecosystem to solidify its position as a key gateway for RMB internationalization. In September, Hong Kong Chief Executive John Lee unveiled the first five-year plan, prioritizing offshore RMB business as a top financial objective, aiming to transform Hong Kong from an offshore RMB reservoir into a self-sustaining currency ecosystem.

Julia Leung, CEO of the Hong Kong SFC, stated that investment platforms for stocks, bonds, and wealth management are being built to invigorate the offshore RMB market. Currently, Hong Kong is the world's largest offshore RMB hub, handling approximately 76% of offshore RMB payments in June, with bank RMB deposits reaching RMB 1.1 trillion by the end of August. To support this development, the People's Bank of China and the HKMA have an RMB 800 billion standing swap facility, and the HKMA increased its RMB business financing facility to RMB 500 billion in July. Additionally, the Hong Kong government issued a RMB 7.5 billion five-year digital green bond in September, and Hong Kong Exchanges and Clearing (HKEX) launched a five-year China Treasury Bond Futures contract on August 3.