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.
Joseph Yam: The Asian Bond Fund initiative Keynote remarks by Joseph Yam, Chief Executive of the Hong Kong Monetary Authority, at the Global Bond Summit, Hong Kong, 14-16 November 2005. *  *  *  Introduction Ladies and gentlemen, I am very glad to have the opportunity to speak at this Global Bond Summit, all the more so because it is being held here in Hong Kong and because development of a deep and liquid bond market in Asia is a subject that is very close to my heart. 2. It has been suggested that I should talk specifically about the Asian Bond Fund (ABF) initiative. I am happy to do so not only because ABF is an important initiative for promoting the development of bond markets in the region but also because of the active involvement of the HKMA in the past three to four years in the project, including chairing the EMEAP Working Group that gave birth to it. But I cannot, of course, speak for the eleven central banks and monetary authorities comprising the EMEAP group, but only for the HKMA, and so my comments today are those of the HKMA. Asian finance 3. Let me begin at the more macro level and draw your attention to one aspect of Asian finance that has always struck me as odd, and this is how financial integration in Asia is lagging behind economic integration.