Hong Kong, Asia's leading hub for bond underwriting for more than a decade, is capitalizing on a record flurry of offshore yuan debt issuance as financial center rivalry intensifies. Chief Executive John Lee announced the city would launch an index for such securities, betting a benchmark can boost trading. The Hong Kong Exchanges and Clearing Ltd.'s Offshore RMB Bond Index will serve as a reference for market trends.

People familiar with the matter suggest it may launch before year-end. This move underscores Hong Kong's strategy to maintain its competitive edge amid growing competition from other financial hubs seeking yuan-denominated business. The initiative reflects the city's commitment to deepening yuan market infrastructure and solidifying its role in offshore RMB debt markets.