Abstract: As an international financial center, Hong Kong can play a unique and crucial role in promoting high-level financial opening up. First, it can continue to act as a key bridge connecting Chinese mainland with global capital markets and investors, working to incorporate more risk management tools into crossborder linkages to meet investor needs. Second, Hong Kong can promote the internationalization of the RMB by strengthening RMB infrastructure, offering a wider range of RMB products and risk management tools, supporting the issuance of RMB bonds in Hong Kong, and facilitating faster, more cost-effective crossborder settlements through the “Multilateral Central Bank Digital Currency Bridge” project. Third, Hong Kong can enhance its connectivity with emerging markets by actively attracting more high-quality issuers and capital from these markets into its capital markets.
