Hong Kong's advanced financial market infrastructure was further strengthened in 2006 following a comprehensive review in 2005. The Renminbi Settlement System and the link between Malaysia's ringgit RTGS system and Hong Kong's US dollar RTGS system were launched. The Exchange Fund Bills and Notes programme was reviewed to refine and make it more attractive to market makers. The Treasury Markets Association had a productive inaugural year with the launch of the Spot USD/HKD fixing and the Renminbi Non-deliverable Interest Rate Swap.