One of the priorities in 2007 is to implement the remaining recommendations identified in the financial infrastructure review to build a safe and efficient multi-currency, multi-dimensional clearing and settlement platform, and facilitate the development of Hong Kong into a regional payment and settlement hub. The HKMA will monitor the progress of the SWIFTNet migration and the cross-border correspondent banking projects closely to ensure that they can be completed on schedule. The HKMA will continue to ensure the safe and efficient operation of the RTGS systems and the CMU, which are instrumental to maintaining the stability and integrity of the monetary and financial systems in Hong Kong.

As part of the effort to develop Hong Kong into a regional payment and settlement hub, the HKMA will explore opportunities to link Hong Kong's clearing and settlement systems with their counterparts in the region. Marketing efforts to promote the use of Hong Kong's clearing and settlement platform and cross-border correspondent banking services by banks in the region and on the Mainland will continue.

Following the State Council's approval for the issuance of renminbi bonds in Hong Kong by Mainland financial institutions, the HKMA will move ahead to upgrade the Renminbi Settlement System to cope with the settlement needs arising from the new business.