HKSAR Government welcomes issuance of bonds in Hong Kong by People's Government of Guangdong Province
The Government of the Hong Kong Special Administrative Region welcomes the People's Government of Guangdong Province's announcement today (September 5) that they will issue offshore Renminbi (RMB) local government bonds in Hong Kong, which will be listed on the Stock Exchange of Hong Kong.
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-year tenor, three-year tenor and five-year tenor. 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.
The Chief Executive, Mr John Lee, said, "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 (GBA). The Government of the Hong Kong Special Administrative Region welcomes the issuance of RMB bonds by the People's Government of Guangdong Province through Hong Kong's financing platform for the first time. Fully demonstrating Hong Kong's significant strengths in issuing RMB debt products, this bond issuance also further solidifies Hong Kong's position as a global offshore RMB business hub, contributes to the prudent and solid advancement of RMB internationalisation, and enables the GBA 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."
The Financial Secretary, Mr Paul Chan, said, "We welcome the issuance of RMB bonds by the People's Government of Guangdong Province in Hong Kong for the first time. This further enriches the RMB financial products suite in the Hong Kong market and fully leverages Hong Kong's 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 Hong Kong's bond market, promoting Hong Kong's status as a bond centre and supporting RMB internationalisation."
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