The monetary authorities of Hong Kong and Macau will establish a direct link between their clearing, settlement, and custodian systems to promote bond market development and deepen financial cooperation under the Greater Bay Area initiative. According to a joint announcement, the Hong Kong Monetary Authority (HKMA) will connect its Central Moneymarkets Unit (CMU) with the central securities depository unit of the Macau Central Securities Depository and Clearing. This linkage will allow investors to clear, settle, and hold bonds lodged in each other’s systems. The collaboration aims to enhance financial integration and support the growth of bond markets in both regions, facilitating greater access for investors and promoting regional economic development.