Upon the 20th anniversary of Hong Kong’s return to the motherland in 2017, Bond Connect was officially put into operation, which has connected the bond markets of the Chinese mainland and Hong Kong, marking a major milestone in deepening the opening-up of China’s financial markets.
22 The general conclusion that emerges from these considerations is that monetary analysis has become more challenging in the global economy as it has to explicitly take account of changes in domestic money and credit markets induced by, or accompanying, financial globalisation.