On the 21st, Huang Shanwen, Acting Chairman of the Administrative Management Committee of the Monetary Authority of Macau (HKMA), stated that the direct connection between the Macau Central Securities Depository and Clearing System (CSD) and the Hong Kong Central Depository and Clearing System (CMU) has achieved significant results for one year, with trading data continuing to grow, and settlement amounts reaching MOP 10 billion equivalent by the end of 2025. On the morning of that day, the award ceremony for the 2025 Macau Bond Market Awards was held at the Macau Science Museum. Huang Shanwen made the above statement when summarizing the development of the Macau Bond Market in 2025 at the award ceremony. On January 21, 2025, CSD and CMU officially launched direct networking, achieving the first connection between the infrastructure of the Macau bond market and the overseas central securities custody system, providing convenient channels for international investors to participate in the Macau bond market. Over the past year, the online business has completed more than 140 primary and secondary market transactions. Huang Shanwen pointed out that with the help of the direct networking mechanism, the subscription scale of Macau's bond issuance has significantly increased, the trading volume has steadily increased, and the participants have become increasingly diverse. About 50% of the investment subscriptions for bonds issued by the Ministry of Finance and local governments in Macau in 2025 will come from CMU members through bilateral networking, including market buying investment institutions such as hedge funds and asset management companies. By directly connecting to the internet, we can comprehensively improve the operational efficiency and overall attractiveness of the market, which will help Macau become one of the more options for issuing high-quality bonds. Huang Shanwen said that the Macau Monetary Authority is currently advancing the comprehensive upgrade of the Macau CSD system according to the established plan. System optimization will be upgraded to benchmark international conventions and professional practices, supporting multi currency fund clearing and settlement, as well as an internationally recognized multi-level custody account system, to enhance the ability to connect with the international market. (New Society)