On March 13, the Ministry of Finance issued the first issue of RMB treasury bond bonds in 2024 to institutional investors in Hong Kong. The market subscription is enthusiastic, with a subscription multiple of 3.16 times. Data shows that in 2024, the first issue of 12 billion yuan of treasury bond will be 3.16 times the subscription multiple. Specifically, it includes a 2-year term of 3 billion yuan and a subscription multiple of 3.27 times; 3-year term of 3 billion yuan, with a subscription multiple of 3.51 times; 5-year term of 3 billion yuan, with a subscription multiple of 3.01 times; A 10-year term of 3 billion yuan, with a subscription multiple of 2.85 times. Industry insiders have stated that this issuance is earlier than in previous years and has been well received by the market. Chen Shaoping, Chief Executive Officer of the Hong Kong Treasury Market Association: Judging from the issuance of treasury bond in the past, we can see that international investors are widely welcomed, including central banks, monetary authorities, commercial banks, fund asset management companies and international financial organizations in Asia, Europe, Africa, the Americas and other countries and regions, who are actively participating. The international market is very interested in the allocation of RMB bond assets. Industry insiders said that the issuance of offshore RMB treasury bond can provide international investors with high-quality RMB investment products, effectively broaden the channels for RMB asset allocation, and has positive significance for improving the yield curve of the RMB bond market. The Secretary for Financial Affairs and Treasury of the Hong Kong Special Administrative Region Government, Hsu Cheng yu, said: These issuances are very positive for our bond market, reflecting the country's support for Hong Kong. They are also the country's strategy to promote the internationalization of the renminbi, and also assist Hong Kong in continuously improving and extending the yield curve in the bond market, especially in the renminbi bond market. The Ministry of Finance has issued RMB treasury bond in Hong Kong for 16 consecutive years. In fact, this is the 16th consecutive year that the Ministry of Finance has issued RMB treasury bond in Hong Kong. The responsible person said that the Ministry of Finance would continue to maintain the regular issuance of RMB treasury bond bonds in Hong Kong in the next step, so as to continue to consolidate and enhance Hong Kong's status as an international financial center. The Secretary for Financial Affairs and Treasury of the Hong Kong Special Administrative Region Government, Xu Zhengyu: Our country has been issuing bonds in Hong Kong for 16 consecutive years since 2009, with a total issuance volume exceeding 310 billion yuan. This reflects the central government's support for Hong Kong in all aspects and consolidates its role as an international financial center. Next, we will also actively promote the development of the bond market, truly reflecting Hong Kong's role as an international bond hub in Asia. Industry insiders analyze that the regular issuance of offshore RMB treasury bond will help expand the scale of the Hong Kong bond market, thus driving other institutions to increase the scale of bond issuance and financing in Hong Kong, and consolidating Hong Kong's position as the center of offshore RMB. Chen Shaoping, Chief Executive Officer of the Hong Kong Financial Market Association: The regular issuance of offshore RMB treasury bond has expanded the scale of RMB funds in Hong Kong, and is also conducive to driving other institutions to increase the scale of bond issuance and financing in Hong Kong, and has also played a leading role for various overseas issuers. (Lai Xin She)