Hong Kong's Financial Services and the Treasury Bureau announced that Secretary for Financial Services and the Treasury Christopher Hui attended the 2025 Lujiazui Forum in Shanghai and signed an Action Plan with Shanghai to promote the collaborative development of the two international financial centres, with a stated focus on building a “dual hub” landscape and supporting renminbi internationalisation. The Action Plan includes measures to support the Shanghai Clearing House in strengthening cooperation with Hong Kong banks and offshore Chinese banks in Hong Kong, encourage Mainland banks and financial institutions headquartered in Shanghai to establish regional headquarters in Hong Kong, and press ahead with linking Hong Kong’s Faster Payment System to the Mainland’s Internet Banking Payment System. In parallel, Mr Hui highlighted the expansion of Mainland–Hong Kong mutual market access beyond Stock Connect through initiatives including Bond Connect, the inclusion of exchange traded funds in Stock Connect, and Swap Connect, and set out four priority areas to further develop Hong Kong’s offshore renminbi market: enhancing liquidity, increasing products, improving infrastructure, and expanding new markets. He also described Hong Kong’s stablecoin regulatory framework as covering transparent reserve assets, regular independent third-party audits, and risk assessment mechanisms, and noted that the Hong Kong Monetary Authority is engaging the industry on initial exploration of wholesale central bank digital currencies. The Bureau indicated it expects closer collaboration with Shanghai in areas such as financial innovation and green finance, alongside follow-through on the infrastructure and institutional linkages set out in the Action Plan.
Financial Services and the Treasury Bureau (Hong Kong) 2025-06-19
Hong Kong's Financial Services and the Treasury Bureau signs action plan with Shanghai to deepen financial centre cooperation
Hong Kong's Financial Services and the Treasury Bureau signed an Action Plan with Shanghai to enhance collaboration, focusing on building a "dual hub" and supporting renminbi internationalisation. The plan includes strengthening cooperation between Shanghai Clearing House and Hong Kong banks, encouraging Mainland banks to establish regional headquarters in Hong Kong, and linking Hong Kong's Faster Payment System with the Mainland's Internet Banking Payment System. Hong Kong also aims to expand mutual market access, develop its offshore renminbi market, and engage the industry on wholesale central bank digital currencies.