Study On Development Path Of Offshore RMB Green Bond Market In Hong Kong

Since the reform and opening up.China’s rapid economic development has greatly enhanced China’s voice in the international arena with the tremendous improvement of China’s economic strength and overall national strength.However,with the remarkable improvement of China’s international status,it shows a serious asymmetry between China’s international status and the internationalization of the RMB.Therefore,in recent years,China is vigorously promoting the development of the internationalization of the RMB.China’s RMB internationalization strategy is divided into three steps: the first step becomes a generally accepted settlement currency;the second step becomes an important investment currency;the third step becomes the reserve currency.Since the pilot of the RMB cross-border trade settlement,significant results have been achieved in settlement.All import and export enterprises can choose to calculate,settle and collect in RMB.The first step of the planned three-step internationalization of the RMB has been Step by step.In this process,the renminbi is continuously used by overseas entities,and the amount of renminbi overseas is gradually increasing,which will inevitably form a strong investment demand.Therefore,the second step of the gradual process of renminbi internationalization will become the international investment currency.Based on China’s economic situation,China should not open the capital market completely too quickly,which requires a gradual process.Therefore,the development of the offshore renminbi bond market is the most correct transitional solution in the absence of full capital opening.The offshore market in Hong Kong,as China’s largestoffshore market,plays a huge role in the internationalization of the renminbi.Domestic bond issuers can raise offshore RMB bonds in Hong Kong to raise funds,and international investors can also invest in RMB products through the offshore market in Hong Kong.Therefore,the existence of the offshore RMB bond market in Hong Kong has accelerated the process of RMB internationalization.However,the problems in the operation of the offshore RMB bond market in Hong Kong and the development difficulties faced by it are also exposed little by little,restricting the development of the RMB bond market in Hong Kong and affecting the development speed of RMB internationalization.The green bond has been over-subscribed in the issuance process in recent years.The development of the offshore RMB green bond market can inject fresh vitality into the offshore RMB bond market in Hong Kong,making Hong Kong offshore.The renminbi bond market is developing healthily and rapidly,and it can better serve the internationalization of the renminbi.Therefore,we should actively develop the offshore renminbi green bond market in Hong Kong.This paper finds that the offshore renminbi green bond market in Hong Kong is in its infancy,with fewer types of bonds and a small number of issuances.Based on the experience and lessons learned in the development of the international green bond market and the domestic green bond market,Hong Kong offshore in terms of increasing the number of RMB green bond issuance,improving the transparency of green bonds,unifying the definition of green bonds,strengthening the cultivation of mature green investors,strengthening the construction of supporting trading platforms,strengthening the supervision of green bonds,and increasing government policy support.The development path of the RMB green bond market puts forward its own suggestions.