Global Market: Beijing, Hong Kong unveil measures to boost Yuan, bond and gold markets

Beijing and Hong Kong announced a series of measures to strengthen Yuan internationalisation and boost bond and gold markets. Key initiatives include expanding the southbound Bond Connect quota to 800 billion yuan from 500 billion yuan, increasing yuan liquidity support for Hong Kong to 500 billion yuan from 200 billion yuan, launching a central gold clearing system, and studying yuan-denominated gold futures. Hong Kong also plans to scale gold storage capacity beyond 2,000 metric tonnes by 2030 and introduce a new electronic trading platform for secondary bond and FX trading in partnership with the People's Bank of China.