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Hong Kong Exchanges and Clearing Limited (HKEX) has welcomed an announcement by the Securities and Futures Commission (SFC) confirming the target launch of 5-year China Government Bond (CGB) Futures in Hong Kong on 3 August 2026.
The new contract, with the 5-year tenor set to be the first to launch, will add to HKEX's suite of China-related risk management tools and is intended to support the continued growth of Hong Kong's RMB product ecosystem.
Carlson Tong, HKEX Chairman
Carlson Tong, HKEX Chairman, commented on the development:
"The debut of CGB Futures in Hong Kong with the 5-year tenor as the first contract marks an important milestone in the development of Hong Kong's Fixed-Income and Currencies (FIC) ecosystem. We thank the regulators in Hong Kong and the Chinese Mainland for their staunch support, and we look forward to working closely with our partners and stakeholders to ensure the successful rollout of this new risk-management tool and further enhance two-way capital flows between China and the world."
Bonnie Y Chan, HKEX Chief Executive Officer
Bonnie Y Chan, HKEX Chief Executive Officer, said:
"The launch of CGB Futures is another exciting step that enriches HKEX's China-related product suite and FIC offering. Complementing Bond Connect and following the success of Swap Connect, these unique CGB Futures will provide investors of Chinese bonds with an efficient risk management tool, supporting the growth of Hong Kong's RMB product ecosystem and cementing Hong Kong's role as the world's leading offshore RMB hub. We will continue to work with all stakeholders in building Hong Kong's FIC ecosystem and enriching global investors' options." Bonnie Y Chan, Chief Executive Officer, HKEX
Further details about the CGB Futures contract are expected to be announced in due course.
The new futures will form part of HKEX's broader RMB and Mainland-related product suite, which already includes Stock Connect, Bond Connect, Swap Connect and MSCI China A50 Connect Index Futures. The exchange said the contract is designed to help regional and global investors with exposure to the Chinese Mainland manage interest rate risk more effectively, in turn supporting greater international participation in the domestic equities and fixed-income markets.
Bond Connect, launched in 2017 as part of HKEX's mutual market access programme with the Chinese Mainland, has been a significant driver of international participation in the Mainland's bond market. Swap Connect, which followed in 2023, enables international investors to access the onshore RMB interest rate swap market. According to HKEX, international investors' holdings of onshore bonds in the China Interbank Bond Market have grown from RMB0.8 trillion in June 2017 to around RMB3.2 trillion by the end of May 2026.
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