香港正向更多主权债务发行人敞开怀抱，因为本周的亚太经合组织财长会（FMM）提供了一个良好机会，以展示该市金融市场的深度和优势。
Hong Kong is opening its arms to more sovereign debt issuers, as this week’s Apec Finance Ministerial Meeting (FMM) provides a good opportunity to demonstrate the depth and advantages of the city’s financial markets.
根据分析师的说法，其特色的“点心债”市场可以利用相较于发达市场更低的融资成本以及风险分散考量，使香港成为主权借款人的磁石，其中包括亚太经合组织的许多成员。
Its signature dim sum bond market could leverage low fundraising costs relative to that of developed markets and risk diversification considerations to make the city a magnet for sovereign borrowers, including many members of the Asia-Pacific organisation, according to analysts.
“美国利率居高不下增加了美元借款的成本，使得以其他货币发行——包括离岸人民币——对许多发行人（如主权政府）更具吸引力，”穆迪信用评级机构主权风险组助理副总裁Marcus Yin表示。
“Elevated US interest rates have increased the cost of dollar borrowing, making issuance in alternative currencies – including offshore renminbi – more attractive for many issuers, such as sovereign governments,” said Marcus Yin, assistant vice-president of the sovereign risk group at Moody’s, a credit rating agency.
根据FTSE Russell的数据，截至9月下旬，境外发行的人民币计价债券（“点心债”）的到期收益率为2.01%；而根据美国财政部的数据，截至10月中旬，美国国债的到期收益率约为5.1%。
The yield to maturity for dim sum bonds, yuan-denominated bonds issued outside the mainland, is 2.01 per cent as of late September, according to FTSE Russell, while the yield to maturity for US Treasury bonds is roughly 5.1 per cent as of mid-October, according to the US Treasury Department.
亚太经合组织21个成员经济体的财长预计将在本周的会谈中讨论债务问题以及主权借款成本上升带来的日益加大的压力。这些经济体占全球GDP的62%。
The finance ministers of Apec’s 21 member economies, which account for 62 per cent of global GDP, are expected to address debt issues and the mounting pressures of rising sovereign borrowing costs in their talks this week.
香港财政司司长陈茂波曾在周日的博客中强调香港在发展中经济体债务融资中的独特作用，他可能在部长级会谈期间加大游说力度。
Hong Kong’s Financial Secretary Paul Chan Mo-po, who highlighted the city’s unique role in debt financing for developing economies in his blog on Sunday, could step up lobbying during the ministerial talks.
“作为全球最大的离岸人民币中心，[香港]提供流动性、结算系统、做市能力和专业投资者基础，这些是少数竞争性金融中心所能匹敌的，”Yin表示。
“As the world’s largest offshore renminbi centre, [Hong Kong] offers liquidity, settlement systems, market-making capacity and a specialised investor base that few competing financial centres can match,” Yin said.
中国内地和印度尼西亚过去已经转向香港发行点心债券。中国财政部在2025年于香港发行创纪录的680亿元人民币（102亿美元）国债，预计今年将达到840亿元人民币。
Mainland China and Indonesia have already turned to Hong Kong for dim sum bonds in the past. The Chinese Ministry of Finance issued a record 68 billion yuan (US$10.2 billion) in treasury bonds in Hong Kong in 2025 and is expected to reach 84 billion yuan this year.
印度尼西亚政府于2025年在香港首次发行点心债券，总额为60亿元人民币。
The Indonesian government issued its inaugural dim sum bonds in Hong Kong in 2025, totalling 6 billion yuan.
点心债券发行是香港政府五年计划中提到的关键组成部分。尹表示，该市承诺扩大高质量人民币计价资产的供应，并增加离岸人民币流通。
Dim sum bond issuance is a key component mentioned in the Hong Kong government’s five-year plan. Yin said the city vowed to expand the supply of high-quality yuan-denominated assets and increase offshore yuan circulation.
根据港交所数据，截至9月底，香港点心债券发行规模达到2669亿元人民币，同比增长13.8%。未偿还规模接近1.9万亿元人民币，使其成为全球最大的市场。
Hong Kong’s dim sum bond issuance reached 266.9 billion yuan as of late September, up 13.8 per cent year-on-year, according to HKEX data. The outstanding size is close to 1.9 trillion yuan, making it the world’s largest market.
A&O Shearman律师事务所合伙人曾雅诗表示，2021年推出的南向债券通计划允许内地机构投资者投资点心债券，从而“为日益增长的内地机构投资者群体提供准入渠道，与国际需求并行”。
Agnes Tsang, partner at legal firm A&O Shearman, said the Southbound Bond Connect scheme, launched in 2021, allowed mainland institutional investors to invest in dim sum bonds, thereby “add[ing] access to a growing pool of mainland institutional investors alongside international demand”.
香港还提供多种货币计价的债券以及可能吸引亚太经合组织成员兴趣的数字绿色债券。
Hong Kong also offers bonds in various currencies and digital green bonds that might attract Apec members’ interest.
亚太经合组织成员国马来西亚过去曾在香港上市苏克uk，亦称为伊斯兰债券，最近一次是在今年7月发行15亿美元。
Malaysia, an Apec member, has listed Sukuk, also referred to as Islamic bonds, in Hong Kong in the past, most recently US$1.5 billion in July this year.
上个月，香港在九月以四种货币发行价值约200亿港元（25.5亿美元）的数字绿色债券，打破全球纪录，这是自2023年以来系列发行的第四期。数字绿色债券是用于融资环境可持续项目的原生数字债务证券。
Last month, Hong Kong broke global records by issuing digital green bonds worth around HK$20 billion (US$2.55 billion) in four currencies in September, the fourth in a series of issuances since 2023. Digital green bonds are digitally native debt securities used to finance environmentally sustainable projects.
曾雅诗自该政府首次发行数字绿色债券以来一直担任顾问，她强调了“香港在初始发行结算过程中整合不同形式的数字货币的工作，包括代币化央行货币和代币化存款”。
Tsang, who had advised the government since its first digital green bond issuance, highlighted “Hong Kong’s work on integrating different forms of digital money, including tokenised central bank money and tokenised deposits, in the primary issuance settlement process”.
她补充说，这“可能使香港成为主权国家考虑发行首只数字绿色债券的领先场所”。
This “could position Hong Kong as a leading venue for sovereigns considering their first digital green bonds”, she added.