China and the US will start high level trade talks on May 9 in Switzerland.

The HKMA and CMU Omniclear are leading Hong Kong’s ambitions to internationalise the use of Chinese bonds in global trading. The development of the innovative infrastructure represents a breakthrough for Rmb repos, clearing, settlement and custody.

A wide range of factors have paved the way for a larger offshore Renminbi fixed income market, according to senior bankers.

Rmb internationalisation faces challenges from Trump’s determination to keep the US dollar as the leading global currency; FA understands that Hong Kong is taking a more "commercial" approach.

The commodities group has returned to the market for the first time in three years and the PBOC has given approval for the funds to be repatriated offshore.

The new US president issues orders for the US to leave the World Health Organisation and Paris climate agreement, with digital app TikTok emerging as one potential leverage point between the US and China over tariffs.

Slowing loans, M&A and ECM hit banks' fees last year. Technology, exports and bonds are bright spots, while Hong Kong is increasingly being seen as a place to raise foreign capital. PBOC's governor Pan Gongsheng wants a proactive policy approach.

The offshore tender of six-month bills will be launched on January 15 via the HKMA's Central Moneymarkets Unit and comes with the currency under pressure.

Chaoni Huang, at the Hong Kong Green Finance Association and BNP Paribas, tells FA that taxonomy and definition uncertainties are hampering Apac’s transition finance market, and that growing interest and standardisation attempts should help.

Outstanding mortgage rates for individual borrowers will be cut by 0.5%, potentially helping around 50 million households, while the reserve requirement ratio (RRR) for most banks will also be cut by 0.5%.