Conference retrospective · Macau
Macau Securities Finance Gathering: Regional Cross-Border Insights
Gatherings in Macau gave securities finance practitioners a vantage point on the Pearl River Delta and the links between mainland China, Hong Kong and Macau. This page is our independent summary of those themes, not an official record of any event.
Last reviewed 27 October 2026
Cross-border liquidity distribution
A central theme was how liquidity and collateral flow between onshore China and offshore centres. Schemes such as Stock Connect, Bond Connect and Swap Connect changed what overseas investors can hold and finance, while capital controls continue to shape how cash and securities move.
Greater Bay Area financial flows
The Greater Bay Area initiative aims to integrate financial services across Guangdong, Hong Kong and Macau. For securities finance, the questions are practical: which wealth and investment channels exist, how custody and settlement work across the three systems, and how much onshore demand for lending might emerge.
Offshore renminbi liquidity
Hong Kong is the largest offshore renminbi (CNH) centre. CNH repo, the HKMA's renminbi liquidity facilities and the use of Chinese government bonds as collateral offshore are recurring discussion points. Macau's own role as an offshore renminbi and Portuguese-speaking markets platform also features.
Institutional lending takeaways
- Mainland lending remains largely onshore and tightly regulated, with gradual opening for qualified investors.
- Hong Kong is the practical hub for borrowing China-related equities offshore.
- Chinese government bonds are increasingly considered as collateral, subject to mobility and eligibility.