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Pan Gongsheng, Governor of the People's Bank of China (PBOC), made a significant announcement at the Asian Financial Forum. He stated that the PBOC will extend its support to the Hong Kong Monetary Authority (HKMA) in establishing a liquidity arrangement for Renminbi (RMB) trade financing, with a total funding of RMB 100 billion. This arrangement will offer flexible terms of 1 month, 3 months, and 6 months, tailored to provide Hong Kong's commercial banks with a reliable and cost-effective funding source. Moreover, the PBOC revealed plans to introduce an offshore bond repo service under the Bond Connect program, further diversifying investors' liquidity management options. Looking ahead, the PBOC intends to launch a cross-border bond repo service at an opportune time, aimed at bolstering the appeal of RMB bond assets.
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