Hong Kong Makes Bold Move: 10-Year RMB Bonds Relaunch in August 2025

Hong Kong's monetary authority just fired a shot across the bow of traditional finance—RMB bonds are back on the menu.

Why this matters now

With mainland China's economy showing cracks in its Great Wall of capital controls, Hong Kong's 10-year RMB bond reopening isn't just financial engineering—it's a geopolitical chess move dressed in banking clothes. The HKMA knows dollar dominance isn't what it used to be.

The cynical take

Another 'strategic diversification' play that'll have asset managers scrambling to justify fees while retail gets crumbs. But hey—at least it's not another stablecoin collapse.

What's next?

Watch how Beijing reacts. When the HKMA sneezes, Shanghai catches a cold. These bonds might be denominated in RMB, but the real currency here is trust—and that's in shorter supply than a honest VC pitch.

The Hong Kong Monetary Authority (HKMA) is set to reopen its 10-year RMB HKSAR Institutional Government Bonds through a tender scheduled for August 7, 2025, according to the HKMA's announcement on August 1, 2025. The reopening will offer an additional RMB1.5 billion of the outstanding bonds, identified by issue number 10GB3505001, under the Infrastructure Bond Programme.

Tender Details

The bonds on offer will mature on May 15, 2035, and carry an interest rate of 2.29% per annum, payable semi-annually. The indicative pricing as of August 1, 2025, is 104.23, with a semi-annualized yield of 1.816%. The tender is exclusively available to primary dealers appointed under the Infrastructure Bond Programme, and applications must be submitted in amounts of RMB50,000 or its multiples.

The tender results will be available on multiple platforms, including the HKMA's website, the Hong Kong Government Bonds website, Bloomberg, and Refinitiv, no later than 3:00 pm on the tender day. Successful bidders will be required to pay accrued interest of RMB276.05 per RMB50,000 denomination on the issue date, August 11, 2025.

Infrastructure Investment

The proceeds from the bond issuance will be directed towards infrastructure projects, adhering to the Infrastructure Bond Framework outlined on the Hong Kong Government Bonds website. The bonds will be fully fungible with the existing issue 10GB3505001, listed on the Stock Exchange of Hong Kong under stock code 85024.

Market Context

This reopening of the RMB bonds comes amidst a backdrop of increasing interest in Hong Kong's bond market, as investors seek stable returns amidst global economic uncertainties. The HKMA's strategic bond issuance aligns with its broader goals of enhancing financial stability and funding key infrastructure developments within the region.

For more details, the official announcement can be accessed on the HKMA website.

• hong kong
• bonds
• hkma
• rmb