Pan Gongsheng: Increase the asset allocation ratio of national foreign exchange reserves in Hong Kong

On January 13, Pan Gongsheng, Governor of the People's Bank of China, said in his speech at the opening ceremony of the Asian Financial Forum that he will support the development of Hong Kong's capital markets and continue to deepen the interconnection of financial marekt between the two places. The prosperity and development of capital markets is the core and cornerstone of Hong Kong's international financial center. We will explore expanding the macro-prudential and financial stability functions of the central bank, and coordinate with Hong Kong's financial management department to support the healthy development of mainland and Hong Kong capital markets. Support more high-quality enterprises to list and issue bonds in Hong Kong, continuously optimize and expand the connectivity between the mainland and Hong Kong in the fields of stocks, bonds, wealth management, and interest rate swaps, deepen financial cooperation in the Guangdong-Hong Kong-Macao Greater Bay Area, and increase the asset allocation ratio of the national foreign exchange reserves in Hong Kong. This will open up a broader space for Hong Kong's financial development.