suit. two weeks ago, the guangdong provincial government issued its first offshore rmb bond in hong kong, a much - welcomed addition to the list of local government issuers such as shenzhen and hainan. together with cmof bonds, these official - sector issuances provide much - needed benchmark yield curves that can be referenced by the market. earlier this week, the hkma co - hosted an industry event with the national development and reform commission to facilitate mainland corporates to issue bonds in hong kong. all these efforts will promote the development of a vibrant and sustainable dim sum bond market in hong kong. in the foreign exchange market, it is encouraging to see the continued growth of rmbrelated activities in hong kong. according to the tma's semi - annual surveys, the us dollar and rmb have consistently been the most traded currency pair in our fx market. the total value of fx transactions involving the rmb in april 2024 more than doubled year on year. in terms of risk management products, good progress has been made as well. the swap connect commenced operation in 2023. earlier this year, the hkma accepted onshore cmof and policy bank bonds as collateral for obtaining rmb liquidity. this has opened a tremendous window to explore other possibilities for investors to put their onshore bond holdings to more productive use, including efficiency enhancement and obtaining liquidity. there are other rmb - related risk management products in the pipeline, and we look forward to the early opportunity of the product launch. infrastructure the unsung hero behind the more visible business of liquidity or products is hong kong's robust rmb infrastructure that provides the highly efficient and reliable plumbing in handling vast volumes of rmb flows, including 80 % of global offshore rmb transactions. infrastructure enhancement is critical to maintaining our hub status. one important initiative is the upgrading of the central moneymarkets unit ( cmu ), which is a key platform for the lodging of dim sum bonds and the smooth functioning of bond connect. 3 / 4 bis - central bankers'speeches to achieve our vision of transforming the cmu into an icsd ( international central securities depository ), the system upgrade is in full swing. its business model and product offerings are also undergoing a major revamp to make its operation more commercialised, customer - oriented and market - based. another ground - breaking initiative is project mbridge, which is a multi - central bank digital currency ( cbdc ) platform shared among participating central

eddie yue : keynote speech - treasury markets summit 2024 keynote speech by mr eddie yue, chief executive of the hong kong monetary authority, at the treasury markets summit 2024, hong kong, 27 september 2024. * * * distinguished guests, members and friends of the tma, ladies and gentlemen : good afternoon. it gives me great pleasure to see so many old and new friends at this year's treasury markets summit. let me first extend my heartfelt thanks to the distinguished group of experts, who shared their invaluable insights and perspectives on china's economic outlook, defi and cbdc. these topics are timely as well as forward - looking. the discussions provided much food for thought as we navigate the dynamic landscape of global finance. as we get back to work after the summer break, let's not forget the exciting moments when we cheered the remarkable achievements of our athletes in the paris olympic and paralympic games. this small city always dreams big, works hard, and delivers well, or what we call the " can - do spirit ". rmb internationalisation the same can be said of our journey in growing hong kong's offshore rmb business. that journey started in 2004, exactly twenty years ago, when hong kong became the first city outside of the mainland that allowed individual residents to open an rmb bank account. in the following ten years, multiple milestones were achieved, including the launch of the rmb rtgs ( real - time gross settlement ), the first dim sum bond, the first bond issued by the ministry of finance of china ( cmof ), trade settlement, the first participants in the china interbank bond market ( cibm ) and the renminbi qualified foreign institutional investor ( rqfii ). the eventful decade ended with the launch of liquidity facilities backed by the hkma in 2012 and the introduction of the cnh hibor fixing by the tma in 2013. in the second decade, we continued to achieve major breakthroughs in our cnh infrastructure. the year 2014 marked the birth of the ground - breaking stock connect. in the following years, from equities to bonds to funds to wealth management to risk management, the suite of connect schemes kept expanding the scope and enhancing their features. they seamlessly link up mainland and international financial markets, through the critical node here in hong kong. two decades on, our offshore rmb business ecosystem has expanded by leaps and bounds. market participants are now more active and