Given that the stock market constitutes an important part of our financial market, promoting the use of RMB in this segment would help drive underlying RMB FX, derivatives or financing activities and enrich the RMB product space in Hong Kong. What needs to be thought through, however, is how to drive the demand from both issuers and investors, and how to ensure price convergence and reduce the risk of market fragmentation if there are parallel counters in both RMB and HKD for Hong Kong-listed stocks. We hope to be able to come up with some practical suggestions soon. 17. The third factor that is needed is an efficient and robust infrastructure. The financial blueprint and plumbing underpinning our system is the unsung hero of our success as a financial centre. Without it, liquidity will be denied and product innovation will never leave the planning room. The RMB infrastructure in Hong Kong is the most developed one among the offshore markets. We have the RMB RTGS system in place since June 2007, and the daily turnover through the system now amounts to over RMB1.5 trillion, which is already larger than that of its HKD counterpart. The equities and bond clearing and settlement systems in Hong Kong also already have capabilities to process RMB transactions, and both are linked to the RMB RTGS system to achieve Delivery versus Payment settlement. 3/4  BIS central bankers' speeches  18.
Some of the ideas that I have just mentioned will take time to materialise. Some may need a testing ground to pilot before being scaled up. On this, the Guangdong-Hong Kong-Macao Greater Bay Area or Qianhai could function as pilot zones in the Mainland to test new crossboundary initiatives with Hong Kong. The Wealth Management Connect is a case in point. Conclusion 21. Ladies and gentlemen, what I have presented to you is a very brief summary of our thoughts on the role of Hong Kong in promoting the international use of RMB, but even that, I am sure you will agree, is already quite a menu. And we are already actively exploring some of these policy initiatives with our Mainland counterparts. But we cannot do it all on our own. While we need to create the necessary policy headroom, the market should be the one driving the process of RMB internationalisation. The active participation of market players is critical. I would therefore warmly welcome views and suggestions from Members of TMA and its subcommittees on ways to enhance the liquidity, to expand the product diversity and to build an efficient infrastructure in order that we can further develop the role of the Hong Kong markets in the process of the internationalisation of the RMB. 22. With its 76 institutional members and over 3,000 individual members, the TMA has been providing broad-based support to foster market development in Hong Kong. We believe the HKMA and the TMA’s relationship can also be a mutually beneficial one.