In the context of Hong Kong actively embracing digital assets and accelerating the construction of new digital financial infrastructure, a milestone development has emerged. On September 27, 2025, according to Caixin, the Assistant President (Foreign Affairs) of the Hong Kong Monetary Authority, Xu Huaizhi, disclosed that the third batch of tokenized bonds in Hong Kong will not only focus on asset-side tokenization but will also consider implementing funding-side tokenization. Given that the most mature development of funding-side tokenization in Hong Kong is the Central Bank Digital Currency (CBDC), it is possible that the funding side of this batch of tokenized bonds will connect to CBDC subscriptions. This initiative will not only further promote the digital transformation of Hong Kong's fixed income and currency markets but may also provide a new and efficient digital path for the internationalization of the Renminbi.
- Hong Kong Tokenized Bonds: Comprehensive Digitalization from Asset Side to Funding Side
Since 2019, the Hong Kong Special Administrative Region government has issued bonds totaling approximately HKD 386 billion in Renminbi, Hong Kong dollars, euros, and US dollars, and successfully issued two batches of tokenized green bonds in February 2023 and February 2024, with scales of USD 100 million and USD 750 million, respectively. These practices have positioned Hong Kong at the forefront of the global tokenized bond sector.
Innovation of the Third Batch of Tokenized Bonds: The innovation of this third batch of tokenized bonds lies in the fact that it will not only focus on asset-side tokenization but will also consider implementing funding-side tokenization. This means that, in addition to the bonds themselves being issued, registered, and traded on the blockchain, the funds used to subscribe to the bonds will also be in digital form.
Possibility of Connecting to CBDC Subscriptions: Given that the most mature development of funding-side tokenization in Hong Kong is the Central Bank Digital Currency (CBDC), it is possible that the funding side of this batch of tokenized bonds will connect to CBDC subscriptions. This will represent a significant breakthrough in the real financial market application of CBDC and provide a model for the future deep integration of digital assets and central bank digital currencies.
- "Fixed Income and Currency Market Development Roadmap": Blueprint for New Digital Financial Infrastructure
On September 25, the Hong Kong Securities and Futures Commission and the Monetary Authority jointly released the "Fixed Income and Currency Market Development Roadmap," outlining a clear blueprint for Hong Kong to become a global fixed income and currency center.
Four Pillars and Ten Initiatives: The "Roadmap" proposes ten key initiatives centered around four pillars: primary market issuance, secondary market liquidity, offshore Renminbi business, and new generation financial infrastructure.
Empowering Market Innovation: The "Roadmap" emphasizes exploring new opportunities, including enhancing the scale and liquidity of offshore Renminbi usage and developing new generation financial infrastructure to empower market innovation. The connection of tokenized bonds to CBDC subscriptions is a concrete manifestation of this empowerment.
Seizing Opportunities for Renminbi Internationalization: The President of the Monetary Authority, Yu Weiwen, emphasized the need to seize opportunities for Renminbi internationalization and market digitization to promote innovation and development. The connection of tokenized bonds to CBDC subscriptions will undoubtedly provide a new and efficient digital path for Renminbi internationalization.
- Hong Kong Listed Companies Actively Layout: Digital Asset Investment Boom
While Hong Kong actively promotes new digital financial infrastructure, listed companies in Hong Kong are also actively laying out digital asset investments.
ZhiYun International Acquires Bitcoin: On September 27, the Hong Kong-listed company ZhiYun International disclosed that its wholly-owned subsidiary, ZhiYun Kuangshi Limited, has completed the opening of a Bitcoin account on a regulated virtual asset trading platform in Hong Kong and has purchased over one Bitcoin through internal resources of the group, with an average purchase price of approximately USD 118,000. This indicates that Hong Kong-listed companies' enthusiasm for digital asset allocation continues to rise.
- New Digital Financial Infrastructure: Promoting Diversification of the International Monetary System
The connection of tokenized bonds to CBDC subscriptions is not only an important component of Hong Kong's new digital financial infrastructure but will also have a profound impact on the international monetary system.
Enhancing Cross-Border Payment Efficiency: The connection to CBDC will make the subscription and settlement of tokenized bonds more efficient and cost-effective, further enhancing the efficiency of cross-border payments.
Promoting Renminbi Internationalization: If the connected CBDC is the digital currency of the People's Bank of China, this will provide new scenarios and momentum for the use of the Renminbi in international financial markets, accelerating the process of Renminbi internationalization.
Building a Diversified Digital Currency Ecosystem: Tian Xuan, Director of the National Institute of Financial Research at Tsinghua University, believes that the strategic value of the digital Renminbi international operation center goes far beyond technological breakthroughs and institutional innovations. Its deeper significance lies in promoting the evolution of the international monetary system towards diversification by building a "multilateral cooperation, win-win for all" digital currency ecosystem. The connection of tokenized bonds to CBDC subscriptions is an important part of this ecosystem.
Conclusion:
The potential connection of Hong Kong's third batch of tokenized bonds to central bank digital currency subscriptions marks a key step for Hong Kong in the digital finance field. This will not only accelerate the digital transformation of Hong Kong's fixed income and currency markets but may also provide a new and efficient digital path for Renminbi internationalization. With the gradual implementation of the "Fixed Income and Currency Market Development Roadmap," Hong Kong is expected to become an important hub for global new digital financial infrastructure, playing an increasingly significant role in promoting the diversification of the international monetary system and building a secure and efficient digital financial ecosystem.
Related Reading: Hong Kong Releases "Fixed Income and Currency Market Development Roadmap," Ten Initiatives Targeting Global Center
Original Article: “Hong Kong's Third Batch of Tokenized Bonds May Accept CBDC Subscriptions, Accelerating Digital Financial Infrastructure”
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