Hong Kong’s domestic financial markets are among the most dynamic and advanced of the Asia Pacific region. The local financial system features a vibrant equity market with substantial primary and secondary activity from both domestic and offshore participants. The local currency market is also very active and features unrestricted trading of spot and forward Hong Kong dollars. The fixed income market, while less developed than the equity and currency markets, is growing on both a primary and secondary basis; although the Hong Kong bond market has historically been corporate in nature (featuring regular private sector issuance of fixed and floating rate bonds and certificates of deposit (CDs)), government borrowing has become more apparent in recent years through rejuvenated bill and bond programmes. As a result of its vibrant cash markets, Hong Kong’s derivative market has developed into an important component of the domestic financial system: listed and OTC derivatives are common, innovation is considerable, and liquidity is on the rise.
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