Hong Kong on Thursday unveiled a roadmap to transform itself into a global hub for fixed income and currency (FIC) trades, listing a string of measures to attract global investors and bond issuers and tapping into opportunities brought by the internationalisation of the renminbi.

The blueprint, containing 10 initiatives, was released by the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC).

The measures were centred around four major pillars – boosting issuance in the primary market, enhancing liquidity in the secondary market, expanding offshore renminbi business and forming next-generation infrastructure.

Investors such as family offices, hedge funds and corporate treasury centres are encouraged to invest in the city's debt market.

"The HKMA will continue to provide some benchmarks for the market through the government debt schemes," Eddie Yue, HKMA's chief executive, told reporters as he introduced the new blueprint.

"And we hope to lead innovation and attract more investors and bond issuers to Hong Kong for their investment and financing activities.

"In addition, the HKMA will continue to improve the southbound leg of the Bond Connect scheme, so that more mainland investors will participate more extensively and deeply in the bond market in Hong Kong."

Other measures include broadening the offshore yuan's usage and promoting the issuance of digital bonds, with details expected to be announced next year.

The SFC's chief executive, Julia Leung, said Hong Kong will finalise the implementation of the over-the-counter FIC derivatives regime and facilitate the development of a repo central counterparty.

"We are currently conducting a public consultation on the activities of the over-the-counter derivatives market. And we'll have a new licensing [regime] for such activities," she said.

"One of our proposals is to lower the funds required if the repo transaction is settled on the central counterparty, which will also help develop the city as a regional risk management centre."

Leung also said the authorities will seek to develop the next-generation electronic trading platforms, and lead market innovation by implementing more use cases of tokenised FIC products.