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���� ������Ň�(gu��)�H���춨��(ji��n)��(sh��)�Įa(ch��n)Ʒ���Ј�(ch��ng)���A(ch��) Part 1 ��Ʊ 01 ���A���׷���(w��)�Ї�(gu��)120ָ��(sh��)��؛ �羳Ͷ�Y�x����(du��)�_�ĺù��� 02 ����ͨ�c���ͨ�µĻ�“(li��n)��ͨ ��(n��i)�ؼ�ȫ��Ͷ�Y�ߵ�“��ͬ�Ј�(ch��ng)” 03 �¹�ͨ ��(n��i)���c����Ј�(ch��ng)��“(li��n)��ͨ������Ň�(gu��)�H����ͻ�������C(j��) 04 ���A���׷���(w��)�۹�ͨ���x100ָ��(sh��) ��“(li��n)��ͨ�C(j��)���¸۹�ͨͶ�Y����Ҫָ��(bi��o) 05 �½�(j��ng)��(j��)�a(ch��n)�I(y��)������ ���Y������۵��½�ɫ Part 2 ��Ϣ��؛�Ůa(ch��n)Ʒ 06 ��ɭ·͸/��۽����������؛��ָ��(sh��) 07 ��۽������������Ї�(gu��)ؔ(c��i)������(gu��)����؛ ȫ����ֻ�ɹ��x��Ͷ�Y�߽��׵�����ł�ȯ�����a(ch��n)Ʒ 08 �M(j��n)܊�Ї�(gu��)����(n��i)��ȯ�Ј�(ch��ng)�ć�(gu��)�Hҕ�� 09 ��۽�������Ԫ������ţ���ۣ��ڙ�(qu��n)�ϼs �����؛���L(f��ng)�U(xi��n)�����Ĺ��� 10 �����Ї�(gu��)�����Ј�(ch��ng)�_(k��i)�� ��ȯͨ���ƶȄ�(chu��ng)�¼�Ӱ� Part 3 ������Ʒ 11 ����~�����S�𶨃r(ji��)���� 12 ��۰l(f��)չ�F�Vʯ�����a(ch��n)Ʒ�Ј�(ch��ng)�ęC(j��)�� Part 4 ������x���a(ch��n)Ʒ���� 13 �x�����������(d��ng)�Թ���(y��ng)�C(j��)�ƵĬF(xi��n)����Ӱ푼����Ʒ��� 14 ��۽������~��ɞ� �x������Ůa(ch��n)Ʒ���׼��L(f��ng)�U(xi��n)�������� 15 ����Ї�(gu��)��(n��i)�ؿ羳�����a(ch��n)Ʒ�����c�վ����Ĉ�(ch��ng)��Y(ji��)�㷽�� �L(f��ng)�U(xi��n)�c��؟(z��)•�� ��ӛ �l(f��)�]��������������x���Ј�(ch��ng)�l(f��)չ�еĪ�(d��)������ Contents Preface Laying a Solid Product and Market Foundation for Renminbi Internationalism Part �� Equity 01 CES China 120 Futures A useful offshore hedging tool for cross-border investment 02 Shanghai and Shenzhen Stock Connect A “mutual market” for Mainland and global investors 03 Primary Equity Connect A breakthrough opportunity for Mainland-Hong Kong mutual MARKET connectivity and RMB internationalisation 04 CES Stock Connect Hong Kong Select 100 Index A key measure of Hong Kong market investment under Stock Connect 05 The rise of China's new economy sector Financing needs and Hong Kong’s new role Part �� Fixed Income and Currency (FIC) 06 TR/HKEX RMB CURRENCY INDICES (RXY) 07 HKEX's Five-Year China Ministry of Finance Treasury Bond Futures The world's first RMB bond derivatives accessible to offshore investors 08 Tapping into China's domestic bond market in an international perspective 09 The HKEX USD/CNH Options Contract A RMB currency risk management tool 10 Supporting the Opening up of the Mainland Financial Market Innovations and Implications of Bond Connect Part �� Commodities 11 Hong Kong is Building Up itself to be an Asian Gold Pricing Centre 12 The Opportunities for Hong Kong to Develop an Iron Ore Derivatives Market Part �� Offshore RMB Products Centre 13 The Liquidity Provision Mechanism for Offshore RMB Market Current status, impact and possible improvements 14 HKEX Towards an Offshore RMB Product Trading and Risk Management Centre 15. OTC Clearing Solution for Mainland China's Increasing Cross-border Derivatives Trading Risk Statements and Disclaimer Afterword Playing the Exchange's Unique Role in the Development of the Renminbi Offshore Market