Hong Kong SFC to Launch 5-Year China Government Bond (CGB) Futures in 2026 August (3/8/26) to Provide International Investors with Offshore Hedging Tool for Risk Management & Participation in China Mainland Treasury Bond Market, Foreign Investors Held $295 Billion (RMB 2 Trillion) China Government Bonds (CGBs) in 2026 May
19th June 2026 | Hong Kong
Hong Kong Securities and Futures Commission (SFC) has announced the launch of 5-Year China Government Bond (CGB) Futures in 2026 August (3/8/26) to provide international investors with offshore hedging tool for risk management & participation in China mainland treasury bond market. In 2026 May, foreign investors held $295 billion (RMB 2 trillion) China Government Bonds (CGBs). Hong Kong SFC (18/6/26): “The Securities and Futures Commission (SFC) is pleased to announce that Hong Kong is targeting to launch Five-Year China Government Bond (CGB) Futures on 3 August 2026. Following an evaluation of market demand and macro environment, five-year CGBs were chosen as the underlying assets for the debut of CGB futures contracts to be traded on the Hong Kong Exchanges and Clearing Limited (HKEX). HKEX has been making the necessary preparations for the launch, which requires the SFC’s approval, and will announce the contract details separately. In recent years, international investors have steadily increased their holdings in CGBs particularly via Bond Connect. At the end of May 2026, the holding of CGBs by foreign investors was about RMB2 trillion. The launch of CGB futures in Hong Kong will provide international investors with an effective offshore hedging tool to meet their growing need for government bond risk management, thereby facilitating greater participation in the Mainland treasury bond market. With the introduction of CGB futures in Hong Kong, Hong Kong will further strengthen its position as an offshore RMB centre and risk management hub for RMB assets. The SFC wishes to thank the Central Government, the People’s Bank of China and the China Securities Regulatory Commission for their support for this product to be introduced in Hong Kong.” Hong Kong Exchange (18/6/26): “Hong Kong Exchanges and Clearing Limited (HKEX) welcomes the announcement today (Thursday) by the Securities and Futures Commission (SFC) on the target launch of 5-year China Government Bond (CGB) Futures in Hong Kong on 3 August 2026. More details about the CGB Futures will be announced in due course. The launch of the contract, part of HKEX’s RMB and Mainland-related suite of products that includes Stock Connect, Bond Connect, Swap Connect and MSCI China A50 Connect Index Futures, will help regional and global investors interested in accessing the Chinese Mainland to more effectively manage their interest rate risks. This will support greater international participation in the domestic equities and fixed-income markets and further broaden investment and risk management opportunities in Hong Kong’s markets. The launch of Bond Connect in 2017, part of HKEX’s unique mutual market access programme with the Chinese Mainland, was an important development in driving international participation in the Mainland’s bond market, whilst Swap Connect, which launched in 2023, allows international investors to tap the onshore RMB interest rate swap market. International investors’ onshore bonds holdings in the China Interbank Bond Market have grown steadily from RMB0.8 trillion in June 2017 to around RMB3.2 trillion at the end of May 2026.”
“ Hong Kong SFC to Launch 5-Year China Government Bond (CGB) Futures in 2026 August (3/8/26) to Provide International Investors with Offshore Hedging Tool for Risk Management & Participation in China Mainland Treasury Bond Market, Foreign Investors Held $295 Billion (RMB 2 Trillion) China Government Bonds (CGBs) in 2026 May “
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Julia Leung, Hong Kong SFC Chief Executive Officer: “The launch comes at a time when asset managers’ demand for RMB-denominated fixed income assets has increased as part of their diversification strategy. It also shines a light on the critical role Hong Kong plays as a regional fixed income and offshore RMB hub.”
Kelvin Wong, Hong Kong SFC Chairman: “The launch of CGB futures is an important initiative for Hong Kong in aligning its financial sector with the nation’s 15th Five-Year Plan and further deepening mutual access between Hong Kong and the Mainland financial markets. Its introduction is also a milestone in Hong Kong’s efforts to support the internationalisation of RMB and develop into a global fixed income and currency hub.”
HKEX Chairman, Carlson Tong: “The debut of CGB Futures in Hong Kong with the 5-year tenor as the first contract marks an important milestone in the development of Hong Kong’s Fixed-Income and Currencies (FIC) ecosystem. We thank the regulators in Hong Kong and the Chinese Mainland for their staunch support, and we look forward to working closely with our partners and stakeholders to ensure the successful rollout of this new risk-management tool and further enhance two-way capital flows between China and the world.”
HKEX Chief Executive Officer, Bonnie Y Chan: “The launch of CGB Futures is another exciting step that enriches HKEX’s China-related product suite and FIC offering. Complementing Bond Connect and following the success of Swap Connect, these unique CGB Futures will provide investors of Chinese bonds with an efficient risk management tool, supporting the growth of Hong Kong’s RMB product ecosystem and cementing Hong Kong’s role as the world’s leading offshore RMB hub. We will continue to work with all stakeholders in building Hong Kong’s FIC ecosystem and enriching global investors’ options.”
Hong Kong SFC to Launch 5-Year China Government Bond (CGB) Futures in 2026 August (3/8/26) to Provide International Investors with Offshore Hedging Tool for Risk Management & Participation in China Mainland Treasury Bond Market, Foreign Investors Held $295 Billion (RMB 2 Trillion) China Government Bonds (CGBs) in 2026 May
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