The HKMA welcomes the launch of the HKD-RMB Dual Counter Model and the Dual Counter Market Making Programme

The Hong Kong Monetary Authority, HKMA has issued a press statement in view of the upcoming new HKD-RMB Dual Counter Trading Model which is expected to begin on June 19, 2023. Therein, the Authority expresses its full support of the upcoming new trading model which will promote the utilization of the RMB in equity trading within Hong Kong and enhance the scope of RMB investments, thereby strengthening Hong Kong’s position as the primary offshore center for RMB-related business activities.
The HKMA has been all along collaborating extensively with the Securities and Futures Commission (SFC) and Hong Kong Exchanges and Clearing Limited (HKEX) to facilitate and encourage the issuance and trading of securities denominated in RMB within Hong Kong. The new trading model will be another key milestone in this direction.
To conclude, the HKMA states that it plans to further collaborate with regulators and market participants in Hong Kong and Mainland China in an effort to foster the growth of the offshore RMB market in Hong Kong, including initiatives to bolster offshore RMB liquidity, broaden the assortment of offshore RMB products, and improve Hong Kong’s financial infrastructure.