The HKMA's involvement in a range of initiatives during 2006 helped consolidate Hong Kong's position as a leading international financial centre. A "1-3-5 financial development blueprint" was prepared to foster closer financial co-operation with the Mainland. Considerable progress was achieved in expanding renminbi business in Hong Kong, paving the way for the issuance of renminbi-denominated bonds in Hong Kong by approved Mainland financial institutions. And Hong Kong’s credit rating was upgraded to the AA category, the highest rating ever assigned to Hong Kong.